Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

We attended the 2016 IoT Exhibition &amp; International Conference (Seoul) yesterday, which is the largest one for the IoT sector in Korea. We wanted to kick some tires and see in person some of the interesting developments in the IoT sector. Internet of Things will likely be one of the key investment themes over the next decade. Korea is well positioned to capitalize on this trend, driven by its high penetration of smartphones and broadband as well as its leadership on high-tech products and…

We attended the 2016 IoT Exhibition &amp; International Conference (Seoul) yesterday, which is the largest one for the IoT sector in Korea. We wanted to kick some tires and see in person some of the interesting developments in the IoT sector. Internet of Things will likely be one of the key investment themes over the next decade. Korea is well positioned to capitalize on this trend, driven by its high penetration of smartphones and broadband as well as its leadership on high-tech products and…

Internet of Things Will Change the World (Part 7) - 2016 IoT Exhibition & Conference in Seoul

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Event-Driven

Hanwha Techwin said in a regulatory filing that it will acquire 30% shares (6.3 million shares) in Pratt &amp; Whitney (P&amp;W) Manufacturing Company Singapore Pte. Ltd. (PWMS), a subsidiary of P&amp;W.  This equity investment allows Hanwha Techwin to co-manage PWMS which produces and manages engine parts for aircrafts.As a part of this equity investment agreement, PWMS is expected to supply US$4.5bil worth of high-pressure turbine engine parts to P&amp;W until 2056. In addition, Hanwha Techwin retains a call…

Hanwha Techwin said in a regulatory filing that it will acquire 30% shares (6.3 million shares) in Pratt &amp; Whitney (P&amp;W) Manufacturing Company Singapore Pte. Ltd. (PWMS), a subsidiary of P&amp;W.  This equity investment allows Hanwha Techwin to co-manage PWMS which produces and manages engine parts for aircrafts.As a part of this equity investment agreement, PWMS is expected to supply US$4.5bil worth of high-pressure turbine engine parts to P&amp;W until 2056. In addition, Hanwha Techwin retains a call…

Hanwha Techwin's JV Deal with Pratt for Production of Critical Engine Parts

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

<blockquote>
“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.”
―Nassim Nicholas Taleb, Ten principles for a Black Swan-proof world (2009)
</blockquote>This morning, Hanjin Shipping Co. said it will apply for court receivership after lenders decided to halt all support. We have been highlighting these risks from 2013 and in our last update on troubled container shipping company, we had highlighted the…


“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.”
―Nassim Nicholas Taleb, Ten principles for a Black Swan-proof world (2009)
This morning, Hanjin Shipping Co. said it will apply for court receivership after lenders decided to halt all support. We have been highlighting these risks from 2013 and in our last update on troubled container shipping company, we had highlighted the…

Hanjin Shipping(117930 KS) - Borrowed Time Comes to an End

The "One-Shot Act" (also called The Special Act on the Corporate Revitalization) effectively started in Korea on 16 August when <a href="https://www.smartkarma.com/entities/8656" target="_blank" data-smartkarma-citation="entities:8656:1">Hanwha Chemical Corp (009830 KS)</a> became the first company to proactively file its application. The One-Shot Act was passed into law in February 2016. The One-Shot Act will help companies to accelerate spin-offs and mergers through simplified structures as well as provide tax benefits and subsidies for R&amp;D. The companies that want to benefit from the One-Shot Act need to…

The "One-Shot Act" (also called The Special Act on the Corporate Revitalization) effectively started in Korea on 16 August when Hanwha Chemical Corp (009830 KS) became the first company to proactively file its application. The One-Shot Act was passed into law in February 2016. The One-Shot Act will help companies to accelerate spin-offs and mergers through simplified structures as well as provide tax benefits and subsidies for R&amp;D. The companies that want to benefit from the One-Shot Act need to…

Start of One-Shot Act - The Good, Bad, and the Ugly

Hanwha Techwin officially said that it would buy Thales' 50% stake in their unlisted JV Hanwha Thales (KRW718bil in sales and KRW29bil in OP in 2015) for KRW288bil (USD257mil). In a regulatory filing, Hanwha Techwin said Thales exercised a put option.This deal is subject to South Korean government approval, but it will likely be approved by the government. Hanwha Thales would be Hanwha Techwin's wholly-owned subsidiary should the deal be approved. The book value of 50% shares in Thales is…

Hanwha Techwin officially said that it would buy Thales' 50% stake in their unlisted JV Hanwha Thales (KRW718bil in sales and KRW29bil in OP in 2015) for KRW288bil (USD257mil). In a regulatory filing, Hanwha Techwin said Thales exercised a put option.This deal is subject to South Korean government approval, but it will likely be approved by the government. Hanwha Thales would be Hanwha Techwin's wholly-owned subsidiary should the deal be approved. The book value of 50% shares in Thales is…

Hanwha Techwin's Buying 50% Stake in Thales JV: Price Soars but Cautions for Recapitalization

South Korea

Hanwha Aerospace Co., Ltd. operates as an aircraft parts manufacturing company. The Company produces and sells aircraft gas turbine engine products, aircraft compressors, low pressure turbines, and other products. Hanwha Aerospace markets its products worldwide.

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Hanwha Aerospace (012450 KS)

Internet of Things Will Change the World (Part 7) - 2016 IoT Exhibition & Conference in Seoul

We attended the 2016 IoT Exhibition & International Conference (Seoul) yesterday, which is the largest one for the IoT sector in Korea. We...

Douglas Kim

Hanwha Techwin's JV Deal with Pratt for Production of Critical Engine Parts

Hanwha Techwin said in a regulatory filing that it will acquire 30% shares (6.3 million shares) in Pratt & Whitney (P&W) Manufacturing...

Sanghyun Park

Hanjin Shipping(117930 KS) - Borrowed Time Comes to an End

“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a...

Drewry Maritime Financial Research

Start of One-Shot Act - The Good, Bad, and the Ugly

The "One-Shot Act" (also called The Special Act on the Corporate Revitalization) effectively started in Korea on 16 August when Hanwha Chemical...

Douglas Kim

Hanwha Techwin's Buying 50% Stake in Thales JV: Price Soars but Cautions for Recapitalization

Hanwha Techwin officially said that it would buy Thales' 50% stake in their unlisted JV Hanwha Thales (KRW718bil in sales and KRW29bil in OP in...

Sanghyun Park

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