Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Hanwha Group plans to create a new holding company called Hanwha Machinery &amp; Service Holdings which will be headed by Kim Dong-Sun (third son of Hanwha Group Chairman Kim Seung-Yeon). </li>
<li>The newly established entity will be incorporated on 1 August (the spin-off date). The listing date for Hanwha Machinery &amp; Service Holdings is 25 August.</li>
<li>My NAV valuation of Hanwha Corporation (000880 KS) is 238,189 won which is 81% higher than current price. </li>
</ul>


Hanwha Group plans to create a new holding company called Hanwha Machinery &amp; Service Holdings which will be headed by Kim Dong-Sun (third son of Hanwha Group Chairman Kim Seung-Yeon). 
The newly established entity will be incorporated on 1 August (the spin-off date). The listing date for Hanwha Machinery &amp; Service Holdings is 25 August.
My NAV valuation of Hanwha Corporation (000880 KS) is 238,189 won which is 81% higher than current price. 


Creation of Hanwha Machinery & Service Holdings, Impact on Galleria and Vision, & NAV of Hanwha Corp

<ul>
<li>On 11 March, Hanwha Corporation (000880 KS) announced that it plans to cancel 4.45 million treasury shares (5.9% of outstanding shares) on 9 April. </li>
<li>This share cancellation should have a positive impact on Hanwha Corp's share price by raising its EPS and ROE. It will also raise the overall ownerships of existing shareholders. </li>
<li>Our updated NAV valuation of Hanwha Corp is 253,573 won (96% higher than current price). The largest portion of Hanwha Corp's value is its 34% stake in Hanwha Aerospace. </li>
</ul>


On 11 March, Hanwha Corporation (000880 KS) announced that it plans to cancel 4.45 million treasury shares (5.9% of outstanding shares) on 9 April. 
This share cancellation should have a positive impact on Hanwha Corp's share price by raising its EPS and ROE. It will also raise the overall ownerships of existing shareholders. 
Our updated NAV valuation of Hanwha Corp is 253,573 won (96% higher than current price). The largest portion of Hanwha Corp's value is its 34% stake in Hanwha Aerospace. 


Hanwha Corp: Cancellation of 5.9% of Outstanding Shares & Updated NAV Analysis

<ul>
<li>Hanwha Corp announced that it will create two separate holding companies for the Hanwha Group - Hanwha Corp and Hanwha Machinery &amp; Service Holdings.  </li>
<li>Hanwha Corp will also cancel 4.45 million treasury shares (5.9% of outstanding shares) to improve shareholder value.</li>
<li>We have raised our NAV valuation of Hanwha Corp. Our upgraded NAV analysis of Hanwha Corp is target price of 204,800 won per share (up 63% from current price).</li>
</ul>


Hanwha Corp announced that it will create two separate holding companies for the Hanwha Group - Hanwha Corp and Hanwha Machinery &amp; Service Holdings.  
Hanwha Corp will also cancel 4.45 million treasury shares (5.9% of outstanding shares) to improve shareholder value.
We have raised our NAV valuation of Hanwha Corp. Our upgraded NAV analysis of Hanwha Corp is target price of 204,800 won per share (up 63% from current price).


Hanwha Corp: Creation of Two Separate Holding Companies & Cancellation of 5.9% of Outstanding Shares

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

<ul>
<li>This is an intra-family carve-up, but it also streamlines Hanwha’s portfolio, driving positive street sentiment and fueling today’s pop in Hanwha Corp and NewCo affiliates.</li>
<li>Key play: NewCo’s post-listing price could grab a growth/AI premium, with high P/Es and pre-suspension positioning potentially giving Hanwha Corp a last-minute pop.</li>
<li>Longer-Term, market will watch intra-family stake swaps, but with Hanwha Energy’s listing delayed, the brothers likely hold current stakes for now, with a soft IPO target around 2031.</li>
</ul>


This is an intra-family carve-up, but it also streamlines Hanwha’s portfolio, driving positive street sentiment and fueling today’s pop in Hanwha Corp and NewCo affiliates.
Key play: NewCo’s post-listing price could grab a growth/AI premium, with high P/Es and pre-suspension positioning potentially giving Hanwha Corp a last-minute pop.
Longer-Term, market will watch intra-family stake swaps, but with Hanwha Energy’s listing delayed, the brothers likely hold current stakes for now, with a soft IPO target around 2031.


Hanwha Corp Spin-Off: Key Plays to Watch from the Tape

<ul>
<li>Minority shareholders of Hanwha Corp preferred shares are demanding better protection (such as converting preferred shares into common shares) and are criticizing the potential delisting of its shares. </li>
<li>We provide four major scenarios that could occur for Hanwha Corp preferred shares (000885 KS) in the coming weeks. </li>
<li>The fact that Hanwha Group companies are on such positive momentum, it would be in the best interest for Hanwha to improve shareholder value of the Hanwha Corp's preferred shares.</li>
</ul>


Minority shareholders of Hanwha Corp preferred shares are demanding better protection (such as converting preferred shares into common shares) and are criticizing the potential delisting of its shares. 
We provide four major scenarios that could occur for Hanwha Corp preferred shares (000885 KS) in the coming weeks. 
The fact that Hanwha Group companies are on such positive momentum, it would be in the best interest for Hanwha to improve shareholder value of the Hanwha Corp's preferred shares.


Minority Shareholders of Hanwha Corp Preferred Shares Demand Better Protection

South Korea

Hanwha Corporation imports and exports petrochemicals, machinery, automotives, electronics, and steel.  The Company also produces explosives for the defense and construction industries.  In addition, Hanwha manufactures automotive airbag inflators and telecommunication equipment, such as wireless phones and provides financial services through its subsidiaries.

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Hanwha Corporation (000880 KS)

Creation of Hanwha Machinery & Service Holdings, Impact on Galleria and Vision, & NAV of Hanwha Corp

The newly established entity (Hanwha Machinery & Service Holdings) will be incorporated on 1 August (the spin-off date). The listing date for...

Douglas Kim

Hanwha Corp: Cancellation of 5.9% of Outstanding Shares & Updated NAV Analysis

On 11 March, Hanwha Corporation (000880 KS) announced that it plans to cancel 4.45 million treasury shares (5.9% of outstanding shares) on 9 April.

Douglas Kim

Hanwha Corp: Creation of Two Separate Holding Companies & Cancellation of 5.9% of Outstanding Shares

We have raised our NAV valuation of Hanwha Corp. Our upgraded NAV analysis of Hanwha Corp is target price of 204,800 won per share (up 63% from...

Douglas Kim

Hanwha Corp Spin-Off: Key Plays to Watch from the Tape

This post looks into the Hanwha Corp spin-off, covering key tape angles: NewCo’s growth/AI premium, pre-suspension flows, and potential intra...

Sanghyun Park

Minority Shareholders of Hanwha Corp Preferred Shares Demand Better Protection

Hanwha Corporation (000880 KS) announced today that it has decided to purchase the remaining shares of Hanwha Corp (000885) preferred shares that...

Douglas Kim

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