Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 3 May, it was reported that Hankook Tire &amp; Technology agreed to purchase a 25% in Hanon Systems for 1.37 trillion won from Hahn &amp; Co private equity firm. </li>
<li>After this deal, Hankook Tire &amp; Technology will own a controlling 50.5% stake in Hanon Systems.</li>
<li>We have a negative view on Hankook Tire &amp; Technology's additional purchase of Hanon Systems, which has experienced a declining profit margins in the past several years.</li>
</ul>


On 3 May, it was reported that Hankook Tire &amp; Technology agreed to purchase a 25% in Hanon Systems for 1.37 trillion won from Hahn &amp; Co private equity firm. 
After this deal, Hankook Tire &amp; Technology will own a controlling 50.5% stake in Hanon Systems.
We have a negative view on Hankook Tire &amp; Technology's additional purchase of Hanon Systems, which has experienced a declining profit margins in the past several years.


Hankook Tire & Technology to Become the Controlling Shareholder of Hanon Systems

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>KKR's Offer for <a href="https://www.smartkarma.com/entities/alps-logistics-co-ltd" target="_blank" data-smartkarma-citation="entities:3935:1" rel="noopener">Alps Logistics (9055 JP)</a> is a knock-out price. HUGE MINORITY WIN. This trades a little wide because the "gap risk" is so large, but it's still safe.</li>
<li>It's reasonable to expect the listing of various components of <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a> other than in HK, would (should) be hugely accretive; for those investors who can (or may) participate.</li>
<li>
<a href="https://www.smartkarma.com/entities/hankook-tire-technology" target="_blank" data-smartkarma-citation="entities:20031:1" rel="noopener">Hankook Tire &amp; Technology (161390 KS)</a> seeks a controlling stake in <a href="https://www.smartkarma.com/entities/hanon-systems" target="_blank" data-smartkarma-citation="entities:11506:1" rel="noopener">Hanon Systems (018880 KS)</a>.</li>
</ul>


KKR's Offer for Alps Logistics (9055 JP) is a knock-out price. HUGE MINORITY WIN. This trades a little wide because the "gap risk" is so large, but it's still safe.
It's reasonable to expect the listing of various components of L'Occitane (973 HK) other than in HK, would (should) be hugely accretive; for those investors who can (or may) participate.

Hankook Tire &amp; Technology (161390 KS) seeks a controlling stake in Hanon Systems (018880 KS).


Last Week in Event SPACE: Alps Logistics, L'Occitane, Hanon Systems, Perpetual Ltd

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>Carlyle's renewed interest in acquiring Hanon Systems is evident from recent local market news, indicating outreach to bankers for a potential buyout, as confirmed by a local brokerage.</li>
<li>Carlyle eyes majority control of Hanon Systems, targeting 50.5% from Hahn &amp; Co and 19.5% from Hankook Tire. Carlyle may extend a tender offer for the remaining 30%.</li>
<li>Still early stages; no solid info on deal certainty or specifics. Limited immediate trading opportunities, but worth monitoring as it progresses.</li>
</ul>


Carlyle's renewed interest in acquiring Hanon Systems is evident from recent local market news, indicating outreach to bankers for a potential buyout, as confirmed by a local brokerage.
Carlyle eyes majority control of Hanon Systems, targeting 50.5% from Hahn &amp; Co and 19.5% from Hankook Tire. Carlyle may extend a tender offer for the remaining 30%.
Still early stages; no solid info on deal certainty or specifics. Limited immediate trading opportunities, but worth monitoring as it progresses.


Local Observations on Carlyle's Possible Buyout of Hanon Systems

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology</li>
<li>Portfolio changes: Five stock remains, nine stocks added to our portfolio</li>
<li>Since its inception, it has generated a before-fee total return of 188% versus the MSCI Asia ex Japan of 68%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: Five stock remains, nine stocks added to our portfolio
Since its inception, it has generated a before-fee total return of 188% versus the MSCI Asia ex Japan of 68%


<ul>
<li>Even if you were an activist, or a trader with an activism tilt, be long <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> vs. <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>.</li>
<li>Reportedly, <a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a> is negotiating a sale of Optus. Both Singtel and Optus scotch those rumours. </li>
<li>
<a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</a> and <a href="https://www.smartkarma.com/entities/alcoa-corp" target="_blank" data-smartkarma-citation="entities:6510:1" rel="noopener">Alcoa (AA US)</a> enter into a Scheme. As expected. The key question: is CITIC, with 18.9% of shares out, supportive?</li>
</ul>


Even if you were an activist, or a trader with an activism tilt, be long Keisei Electric Railway Co (9009 JP) vs. Oriental Land (4661 JP).
Reportedly, Singtel (ST SP) is negotiating a sale of Optus. Both Singtel and Optus scotch those rumours. 

Alumina Ltd (AWC AU) and Alcoa (AA US) enter into a Scheme. As expected. The key question: is CITIC, with 18.9% of shares out, supportive?


Last Week in Event SPACE: Keisei Electric /Oriental Land, SingTel, Alumina/Alcoa, Li Ning

South Korea

Hankook Tire & Technology Co. Ltd. develops and manufactures radial tires for passenger cars, light trucks, trucks, and buses.  The Company also produces batteries and aluminum alloy wheels and operates real estate business.

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Hankook Tire & Technology (161390 KS)

Hankook Tire & Technology to Become the Controlling Shareholder of Hanon Systems

We have a negative view on Hankook Tire & Technology's additional purchase of Hanon Systems, which has experienced a declining profit margins in...

Douglas Kim

Last Week in Event SPACE: Alps Logistics, L'Occitane, Hanon Systems, Perpetual Ltd

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Local Observations on Carlyle's Possible Buyout of Hanon Systems

Hankook Tire has entered into a MoU with Hahn & Co to acquire shares in Hanon Systems. The deal structure entails acquiring 25% of SO, half of Hahn...

Sanghyun Park

The Stocks to Own in Asia – Vol. 44

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Five stock remains, nine stocks added...

A. Stotz Investment Research

Last Week in Event SPACE: Keisei Electric /Oriental Land, SingTel, Alumina/Alcoa, Li Ning

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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