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

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

The four major construction stocks in Korea <a href="https://www.smartkarma.com/entities/4292" target="_blank" data-smartkarma-citation="entities:4292">Hyundai Engineering &amp; Const</a>, <a href="https://www.smartkarma.com/entities/7699" target="_blank" data-smartkarma-citation="entities:7699">Hyundai Development Co Engg &amp; Cnstn</a>, <a href="https://www.smartkarma.com/entities/15916" target="_blank" data-smartkarma-citation="entities:15916">Gs Engineering &amp; Construct</a>, and <a href="https://www.smartkarma.com/entities/12333" target="_blank" data-smartkarma-citation="entities:12333">Daewoo Engineering &amp; Constr</a> share prices are on average down 10% from 13 April 2016 (in the same period KOSPI was up 0.3%) , post the election of the National Assembly members in Korea. We gave out a warning on 17 April 206 on these four Korean construction stocks <a href="https://www.smartkarma.com/insights/warning-on-korean-construction-stocks-ruling-saenuri-party-is-crushed-in-national-assembly-election" target="_blank" data-smartkarma-citation="insights:3422">Warning on Korean Construction Stocks: Ruling Saenuri Party Is Crushed in National Assembly</a>…

The four major construction stocks in Korea Hyundai Engineering &amp; Const, Hyundai Development Co Engg &amp; Cnstn, Gs Engineering &amp; Construct, and Daewoo Engineering &amp; Constr share prices are on average down 10% from 13 April 2016 (in the same period KOSPI was up 0.3%) , post the election of the National Assembly members in Korea. We gave out a warning on 17 April 206 on these four Korean construction stocks Warning on Korean Construction Stocks: Ruling Saenuri Party Is Crushed in National Assembly…

Close Out the Shorts on Korean Construction Stocks?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Hyundai Mipo Dockyard plans to raise USD115m by selling its 3.7% stake in KCC Corp. This is a cleanup trade.The deal doesn't score well on our framework owing to the dismal earnings and price momentum, along with the not so stellar track record. However, recent earnings were above analysts' estimates and the stock appears cheap versus comps and historic levels.<h2>Placement specifics </h2><ul>
<li>Company Name: KCC Corp</li>
<li>Ticker: 002380 KS equity</li>
<li>Secondary offering - Block trade</li>
<li>Settlement date:17 Jun, 2016</li>
<li>Indicative…</li>
</ul>

Hyundai Mipo Dockyard plans to raise USD115m by selling its 3.7% stake in KCC Corp. This is a cleanup trade.The deal doesn't score well on our framework owing to the dismal earnings and price momentum, along with the not so stellar track record. However, recent earnings were above analysts' estimates and the stock appears cheap versus comps and historic levels.Placement specifics 
Company Name: KCC Corp
Ticker: 002380 KS equity
Secondary offering - Block trade
Settlement date:17 Jun, 2016
Indicative…


KCC Corp - Track Record Not Great But Stock Appears Cheap and Deal Seems Well Flagged

South Korea

HD HYUNDAI MIPO. operates shipbuilding businesses. The Company produces gas carriers, car carriers, bulk carriers, special ships, and other products. HD HYUNDAI MIPO conducts businesses in South Korea.

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HD Hyundai Mipo (010620 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

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

Close Out the Shorts on Korean Construction Stocks?

The four major construction stocks in Korea Hyundai Engineering & Const, Hyundai Development Co Engg & Cnstn, Gs Engineering &...

Douglas Kim

KCC Corp - Track Record Not Great But Stock Appears Cheap and Deal Seems Well Flagged

Hyundai Mipo Dockyard plans to raise USD115m by selling its 3.7% stake in KCC Corp. This is a cleanup trade.The deal doesn't score well on our...

Sumeet Singh

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