External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

HD Hyundai Heavy Industries  / Equity Bottom-Up

<ul><li>HD HHI’s merger of HD HMD through absorption to unlock stronger synergy</li><li>Aims to build new shipyards and expand defense businesses with policy support</li><li>Efficiency-led CAPA expansion underscores both qualitative &amp; quantitative growth</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

HD HHI’s merger of HD HMD through absorption to unlock stronger synergyAims to build new shipyards and expand defense businesses with policy supportEfficiency-led CAPA expansion underscores both qualitative &amp; quantitative growthContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HD Hyundai Heavy Industries (329180 KS) - HD Hyundai Mipo Merger Takeaways

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

HD Hyundai Heavy Industries  / Event-Driven

<ul>
<li>It was announced today that HD Hyundai Heavy Industries will merge with HD Hyundai Mipo. The merger ratio between HD Hyundai Heavy Industries and HD Hyundai Mipo is 1:0.4059146. </li>
<li>HD Korea Shipbuilding &amp; Offshore Engineering (009540 KS) will own a 66.29% stake in the merged entity.</li>
<li>HD KSOE is proceeding with this merger of its two major subsidiaries ahead of the full-scale launch of the MASGA ("Make America Shipbuilding Great Again") project.</li>
</ul>


It was announced today that HD Hyundai Heavy Industries will merge with HD Hyundai Mipo. The merger ratio between HD Hyundai Heavy Industries and HD Hyundai Mipo is 1:0.4059146. 
HD Korea Shipbuilding &amp; Offshore Engineering (009540 KS) will own a 66.29% stake in the merged entity.
HD KSOE is proceeding with this merger of its two major subsidiaries ahead of the full-scale launch of the MASGA ("Make America Shipbuilding Great Again") project.


A Merger Between HD Hyundai Heavy Industries and HD Hyundai Mipo

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Aug 22nd. The aggregated short interest was USD10.3bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in COSMAX, SAMSUNG LIFE, SK Hynix, Hyundai Motor, HD HYUNDAI HEAVY INDUSTRIES.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 22nd. The aggregated short interest was USD10.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in COSMAX, SAMSUNG LIFE, SK Hynix, Hyundai Motor, HD HYUNDAI HEAVY INDUSTRIES.


KRX Short Interest Weekly (Aug 22nd): COSMAX, SAMSUNG LIFE, SK Hynix, Hyundai Motor

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>HHI–Mipo merger spread looks minimal, but today’s MASGA-driven pop signals momentum flows—likely to mean-revert toward appraisal rights once the theme dissipates.</li>
<li>Froth lifted prices past fundamentals—once it unwinds, HHI–Mipo could diverge from swap ratio, creating the spread window where traders can get paid.</li>
<li>This isn’t classic merger arb—it’s about fading a policy-fueled pop, riding the snapback toward appraisal baseline, with flow-driven swings creating short-term tactical arb setups.</li>
</ul>


HHI–Mipo merger spread looks minimal, but today’s MASGA-driven pop signals momentum flows—likely to mean-revert toward appraisal rights once the theme dissipates.
Froth lifted prices past fundamentals—once it unwinds, HHI–Mipo could diverge from swap ratio, creating the spread window where traders can get paid.
This isn’t classic merger arb—it’s about fading a policy-fueled pop, riding the snapback toward appraisal baseline, with flow-driven swings creating short-term tactical arb setups.


HHI–Mipo Merger Swap: Deal Mechanics & Spread Play Opportunities

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Aug 8th. The aggregated holding was USD649.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD271mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Samsung Electronics, NAVER, KEPCO, Kakao, HYUNDAI ROTEM.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 8th. The aggregated holding was USD649.4bn.
We estimate that foreign flows to be outflows of USD271mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics, NAVER, KEPCO, Kakao, HYUNDAI ROTEM.


KRX Foreign Holding Weekly (Aug 8th): Samsung Electronics, NAVER, KEPCO, Kakao, HYUNDAI ROTEM

South Korea

HD Hyundai Heavy Industries Co., Ltd. operates as a shipbuilding company. The Company provides naval shipbuilding, industrial shipbuilding, crude oil tanker, bulk carrier, container carrier, and other related services. HD Hyundai Heavy Industries also offers offshore and engineering, engine and machinery, offshore, industrial, and marine plant services.

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HD Hyundai Heavy Industries (329180 KS)