Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<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

<ul>
<li>Kim Dong-Won and Kim Dong-Sun decided to sell nearly 1.1 trillion won (US$750 million) worth of Hanwha Energy.</li>
<li>Through this sale, Hanwha Energy's value is estimated at approximately 5.5 trillion won. </li>
<li><em><strong>This large scale stake sale could result in negative sentiment/impact on Hanwha Corp and Hanwha Systems. </strong></em></li>
</ul>


Kim Dong-Won and Kim Dong-Sun decided to sell nearly 1.1 trillion won (US$750 million) worth of Hanwha Energy.
Through this sale, Hanwha Energy's value is estimated at approximately 5.5 trillion won. 
This large scale stake sale could result in negative sentiment/impact on Hanwha Corp and Hanwha Systems. 


Sale of 1.1 Trillion Won Worth of Hanwha Energy by Kim Dong-Won and Kim Dong-Sun

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>Link REIT from Hong Kong has completed the sale of a Singapore shopping center for $196.3 million.</li><li>Mapletree's Australian office fund has reported a significant loss of $58 million from a Brisbane property sale.</li><li>Australian AI startup Firmus has successfully raised $505 million in equity funding, led by Coatue.</li></ul>

Link REIT from Hong Kong has completed the sale of a Singapore shopping center for $196.3 million.Mapletree's Australian office fund has reported a significant loss of $58 million from a Brisbane property sale.Australian AI startup Firmus has successfully raised $505 million in equity funding, led by Coatue.

Asia Real Estate Tracker (09-Apr-2026): Hong Kong's Link REIT sells Singapore mall for $196.3M.

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)

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

Sale of 1.1 Trillion Won Worth of Hanwha Energy by Kim Dong-Won and Kim Dong-Sun

Kim Dong-Won and Kim Dong-Sun decided to sell nearly 1.1 trillion won (US$750 million) worth of Hanwha Energy which could result in negative...

Douglas Kim

Asia Real Estate Tracker (09-Apr-2026): Hong Kong's Link REIT sells Singapore mall for $196.3M.

Link REIT sold a Singapore shopping center for $196.3M, while Mapletree's fund faced a $58M loss; Firmus raised $505M, and Digital Realty expanded...

Asia Real Estate Tracker

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