Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li><em><strong>There has been an increasing probability that Boston Dynamics (BD) announces a fourth rights offering capital raise worth about 1.2 trillion won (US$870 million) in the next several weeks. </strong></em></li>
<li>All the Hyundai Motor Group related entities are expected to increase their ownership stakes in Boston Dynamics whereas it is expected to decline for Softbank post the capital raise.</li>
<li>The current valuation estimates of Boston Dynamics (post capital raise) vary widely from about 4 trillion won to 10 trillion won.</li>
</ul>


There has been an increasing probability that Boston Dynamics (BD) announces a fourth rights offering capital raise worth about 1.2 trillion won (US$870 million) in the next several weeks. 
All the Hyundai Motor Group related entities are expected to increase their ownership stakes in Boston Dynamics whereas it is expected to decline for Softbank post the capital raise.
The current valuation estimates of Boston Dynamics (post capital raise) vary widely from about 4 trillion won to 10 trillion won.


Boston Dynamics - Rights Offering of 1.2 Trillion Won Expected; Potential IPO in 2027/2028 in NASDAQ

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Hyundai chief partners with Samsung and Hanwha in US tariff push, showing collaboration between major companies to address trade issues.</li><li>Arm CEO considers in-house chip production, signaling a strategic shift for the company towards more control over its manufacturing process.</li><li>BOE secures half of Apple's MacBook screen orders, displacing LG Display, showcasing the competitiveness in the display market.</li></ul>

Hyundai chief partners with Samsung and Hanwha in US tariff push, showing collaboration between major companies to address trade issues.Arm CEO considers in-house chip production, signaling a strategic shift for the company towards more control over its manufacturing process.BOE secures half of Apple's MacBook screen orders, displacing LG Display, showcasing the competitiveness in the display market.

Tech Supply Chain Tracker (01-Aug-2025): Hyundai chief joins Samsung, Hanwha in US tariff blitz.

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.

Event-Driven

<ul>
<li>Most expect prefs to be in policy crosshairs soon—watch for tighter rules on dividends, discounts, and liquidity, plus likely incentives for redemption or cancellation ahead of commons.</li>
<li>If Korea rolls out a pref stock overhaul, long-biased rerate plays could pop—focus on liquid, high-yield large-cap prefs trading at 35%+, yield north of 3%, and solid daily turnover.</li>
<li>Korea Inv, Kumho Petro, CJ Cheil, CJ Corp prefs already screen well; Doosan and Hanwha 3PB could join if dividend hikes materialize on back of strong sub earnings.</li>
</ul>


Most expect prefs to be in policy crosshairs soon—watch for tighter rules on dividends, discounts, and liquidity, plus likely incentives for redemption or cancellation ahead of commons.
If Korea rolls out a pref stock overhaul, long-biased rerate plays could pop—focus on liquid, high-yield large-cap prefs trading at 35%+, yield north of 3%, and solid daily turnover.
Korea Inv, Kumho Petro, CJ Cheil, CJ Corp prefs already screen well; Doosan and Hanwha 3PB could join if dividend hikes materialize on back of strong sub earnings.


Korean Policy Tailwinds: Preferred Shares Rerating Play

<ul>
<li>On 28 August, Hyundai Motor announced its Corporate Value Up policies, including a minimum dividend per share this year targeting 10,000 won per share for common shares. </li>
<li>Hyundai Motor plans to implement a shareholder return policy based on a total shareholder return (TSR) of 35% or more from 2025 to 2027.</li>
<li>Hyundai Motor's Corporate Value Up plan of providing TSR of 35% or more from 2025 to 2027 is certainly better than what it provided in the past three years (26%). </li>
</ul>


On 28 August, Hyundai Motor announced its Corporate Value Up policies, including a minimum dividend per share this year targeting 10,000 won per share for common shares. 
Hyundai Motor plans to implement a shareholder return policy based on a total shareholder return (TSR) of 35% or more from 2025 to 2027.
Hyundai Motor's Corporate Value Up plan of providing TSR of 35% or more from 2025 to 2027 is certainly better than what it provided in the past three years (26%). 


Hyundai Motor Announces Its Corporate Value Up Policies

<ul>
<li>In the past week, one of the biggest stories in Korea has been the Hyundai Motor Group's mega $21 billion investment in the United States.</li>
<li>There is a real concern that Hyundai Motor may need to raise external capital to fund its US investments/share buybacks/dividends in 2027/2028.</li>
<li>Hyundai Motor (005380 KS) remains one of the most undervalued global auto companies. It is trading at P/E of 4.7x in 2025 and 4.5x in 20026. </li>
</ul>


In the past week, one of the biggest stories in Korea has been the Hyundai Motor Group's mega $21 billion investment in the United States.
There is a real concern that Hyundai Motor may need to raise external capital to fund its US investments/share buybacks/dividends in 2027/2028.
Hyundai Motor (005380 KS) remains one of the most undervalued global auto companies. It is trading at P/E of 4.7x in 2025 and 4.5x in 20026. 


Hyundai Motor Group - $21 Billion Investment in the US [Where Will the Money Come From?]

South Korea

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

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Hyundai Motor (005385 KS)

Boston Dynamics - Rights Offering of 1.2 Trillion Won Expected; Potential IPO in 2027/2028 in NASDAQ

There has been an increasing probability that Boston Dynamics (BD) announces a fourth rights offering capital raise worth about 1.2 trillion won...

Douglas Kim

Tech Supply Chain Tracker (01-Aug-2025): Hyundai chief joins Samsung, Hanwha in US tariff blitz.

Hyundai, Samsung, and Hanwha team up on US tariffs. Arm CEO looks at making own chips. BOE wins Apple MacBook screen orders. MediaTek surpasses Q2...

Tech Supply Chain Tracker

Korean Policy Tailwinds: Preferred Shares Rerating Play

This post dives into how Korean government policy tailwinds could ignite a significant rerating opportunity in preferred shares.

Sanghyun Park

Hyundai Motor Announces Its Corporate Value Up Policies

Hyundai Motor's Corporate Value Up plan of providing TSR of 35% or more from 2025 to 2027 is certainly better than what it provided in the past...

Douglas Kim

Hyundai Motor Group - $21 Billion Investment in the US [Where Will the Money Come From?]

In the past week, one of the biggest stories in Korea has been the Hyundai Motor Group's mega $21 billion investment in the United States.

Douglas Kim

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