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

<p>LG Corp is currently in trade suspension. It will resume trading on May 27.</p><table class="table table-striped">
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<tbody>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Corporate action schedule"}'>LG Corp (003550) spinoff schedule</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Trade suspension begins"}'>Trade suspension begins</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"4/29/21"}'>4/29/21</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Trade suspensino ends"}'>Trade suspension ends</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"5/26/21"}'>5/26/21</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Re-listing"}'><strong>Re-listing</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"5/27/21"}'><strong>5/27/21</strong></td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><div><p>The re-listing day base price is calculated as follows:</p></div><div><div><ul>
<li>Base price: (Market cap on the last trading day X Split ratio) / total shares</li>
<li>Opening price band: 50% &lt; Base price &lt; 200%</li>
</ul></div></div><div>
<p><strong>At the current market cap, LG Corp's base price comes at ₩126,500, giving a ₩19.90T market cap. LX Holdings' base price arrives at ₩25,300 with a ₩1.93T market cap.</strong></p>
<table class="table table-striped">
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<col width="100">
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<tbody>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"Re-listing day base price calculation"}'>Re-listing day base price calculation</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":2,"2":"LG Corp"}'>LG Corp</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":2,"2":"LX Holdings"}'>LX Holdings</td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"Last trading day MC"}'>Combined market cap on the last trading day</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":21828.4770715}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula='=googlefinance(Table!R3C2, "price")*googlefinance(Table!R3C2, "shares")/1000000000'>₩21,828.5B</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":21828.4770715}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula='=googlefinance(Table!R3C2, "price")*googlefinance(Table!R3C2, "shares")/1000000000'>₩21,828.5B</td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"LG Corp split ratio"}'><strong>Split ratio</strong></td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":0.9115879}' data-sheets-formula="=R[13]C[-4]"><strong>0.9115879</strong></td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":0.0884121}' data-sheets-formula="=R[13]C[-4]"><strong>0.0884121</strong></td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"LG Corp SO"}'>Total shares</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":157300992.6783149}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=NAV!R[-1]C[1]">157,300,993</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":76280691.6084255}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=NAV!R[-1]C[6]">76,280,692</td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"LG Corp base price"}'><strong>Base price</strong></td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":126500.00000000001}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula="=R[-3]C[0]*R[-2]C[0]/R[-1]C[0]*1000000000"><strong>₩126,500</strong></td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":25300}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula="=R[-3]C[0]*R[-2]C[0]/R[-1]C[0]*1000000000"><strong>₩25,300</strong></td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"- Market cap"}'><strong>- Market cap</strong></td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":19898.575573806836}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula="=R[-1]C[0]*R4C[0]/1000000000"><strong>₩19,898.6B</strong></td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":1929.901497693165}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula="=R[-1]C[0]*R4C[0]/1000000000"><strong>₩1,929.9B</strong></td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"Opening price at 50%"}'>Opening price at 50%</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":63250.00000000001}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula="=R[-2]C[0]/2">₩63,250</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":12650}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula="=R[-2]C[0]/2">₩12,650</td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"- Market cap"}'>- Market cap</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":9949.287786903418}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula="=R[-1]C[0]*R4C[0]/1000000000">₩9,949.3B</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":964.9507488465825}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula="=R[-1]C[0]*R4C[0]/1000000000">₩965.0B</td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"Opening price at 200%"}'>Opening price at 200%</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":253000.00000000003}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula="=R[-4]C[0]*2">₩253,000</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":50600}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula="=R[-4]C[0]*2">₩50,600</td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"- Market cap"}'>- Market cap</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":39797.15114761367}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula="=R[-1]C[0]*R4C[0]/1000000000">₩39,797.2B</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":3859.80299538633}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula="=R[-1]C[0]*R4C[0]/1000000000">₩3,859.8B</td>
</tr>
<tr><td colspan="3" rowspan="1" style="width: 723.636px;" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table>
</div><hr><h2><strong>Pre-spinoff NAV</strong></h2><p><strong>The last closing price before the suspension kicked in on April 29 gives a 52.41% discount to its NAV.</strong> It is still a harsh discount, but at the same time, it is a substantial improvement from a +60% NAV discount not that long ago.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"NAV (₩B)"}' data-sheets-note="Sang Hyun Park: Cases when a company's net cash position and the value of its publically traded interests are worth more than its market cap create the opportunity of a stub trade, in which investors can take a view that the company's core business will rise by shorting the minority stakes whilst going long the underlying. Such an opportunity has arisen in the wake of the Alibaba listing which has seen early investing company Yahoo trade at a discount to the value of its stake in Alibaba.">Pre-spinoff NAV (₩B)</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of listed holdings"}'>Value of listed holdings</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":41626.31228257122}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=SUM(R[34]C[2]:R[42]C[2])">₩41,626.3B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - % of Holdco market cap"}'>- % of Holdco market cap</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.9069728110771385}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[-1]C[0]/((R[-12]C[0]*R[-15]C[0])/1000000000)">190.70%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of unlisted holdings"}'>Value of unlisted holdings</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2631.699}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=SUM(R[41]C[2]:R[42]C[2])">₩2,631.7B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stub value"}'>Stub value</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-22429.53421107122}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=(R[-14]C[0]*R[-17]C[0]/1000000000)-R[-3]C[0]-R[-1]C[0]">-₩22,429.5₩</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stub value per share"}'>Stub value per share</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-129983.23558747172}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-1]C[0]*1000000000/R[-18]C[0]">-₩129,983</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of operating assets"}'>Value of operating assets</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=SUM(R[60]C[2])">0.0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"GAV"}'><strong>GAV</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44258.01128257122}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=R[-6]C[0]+R[-4]C[0]+R[-1]C[0]"><strong>₩44,258.0B</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"GAV per share"}'>GAV per share</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":256483.23558747175}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-1]C[0]/R[-11]C[0]*1000000000">₩256,483</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Discount to GAV (excl. treasury shares)"}'>Discount to GAV (excl. treasury shares)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5067903767267545}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-1]C[0]-R[-19]C[0])/R[-1]C[0]">50.68%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Holdco net cash/debt (de-consolidated)"}'>Holdco net cash/debt</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1941.8010390000002}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=R[57]C[2]">₩1,941.8B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of pref shares"}'>Value of pref shares</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":329.8103615}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=(R[-20]C[0]*R[-17]C[0])/1000000000">₩329.8B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"NAV"}'><strong>NAV</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":45870.00196007122}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=R[-5]C[0]+R[-2]C[0]-R[-1]C[0]"><strong>₩45,870.0B</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"NAV per share (excl. treasury shares)"}'>NAV per share (excl. treasury shares)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":265825.0151369938}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-1]C[0]/R[-16]C[0]*1000000000">₩265,825</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Discount to NAV"}'><strong>Discount to NAV</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5241230403586817}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-1]C[0]-R[-24]C[0])/R[-1]C[0]"><strong>52.41%</strong></td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX &amp; DART","6":1}'>Source: KRX &amp; DART</td></tr>
</tbody>
</table>

LG Corp is currently in trade suspension. It will resume trading on May 27.





LG Corp (003550) spinoff schedule

Trade suspension begins
4/29/21


Trade suspension ends
5/26/21


Re-listing
5/27/21

Source: KRX

The re-listing day base price is calculated as follows:
Base price: (Market cap on the last trading day X Split ratio) / total shares
Opening price band: 50% &lt; Base price &lt; 200%

At the current market cap, LG Corp's base price comes at ₩126,500, giving a ₩19.90T market cap. LX Holdings' base price arrives at ₩25,300 with a ₩1.93T market cap.








Re-listing day base price calculation
LG Corp
LX Holdings


Combined market cap on the last trading day
₩21,828.5B
₩21,828.5B


Split ratio
0.9115879
0.0884121


Total shares
157,300,993
76,280,692


Base price
₩126,500
₩25,300


- Market cap
₩19,898.6B
₩1,929.9B


Opening price at 50%
₩63,250
₩12,650


- Market cap
₩9,949.3B
₩965.0B


Opening price at 200%
₩253,000
₩50,600


- Market cap
₩39,797.2B
₩3,859.8B

Source: KRX


Pre-spinoff NAVThe last closing price before the suspension kicked in on April 29 gives a 52.41% discount to its NAV. It is still a harsh discount, but at the same time, it is a substantial improvement from a +60% NAV discount not that long ago.





Pre-spinoff NAV (₩B)

Value of listed holdings
₩41,626.3B


- % of Holdco market cap
190.70%


Value of unlisted holdings
₩2,631.7B


Stub value
-₩22,429.5₩


Stub value per share
-₩129,983


Value of operating assets
0.0


GAV
₩44,258.0B


GAV per share
₩256,483


Discount to GAV (excl. treasury shares)
50.68%


Holdco net cash/debt
₩1,941.8B


Value of pref shares
₩329.8B


NAV
₩45,870.0B


NAV per share (excl. treasury shares)
₩265,825


Discount to NAV
52.41%

Source: KRX &amp; DART



LG Holdings Post-Spinoff NAV Discounts & Stub Synthetic Pair Trading

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

Equity Bottom-Up

<p>In Korea the safest way to invest is to align your interest as a minority shareholder with those of the family?  Usually the key asset of the chaebol is apparent but what about SK Group? It seems we have an opportunity to hone in what the key asset is.</p>

In Korea the safest way to invest is to align your interest as a minority shareholder with those of the family?  Usually the key asset of the chaebol is apparent but what about SK Group? It seems we have an opportunity to hone in what the key asset is.

The Chaebol Dilemma - What's the Family Jewel(S)?

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Thematic (Sector/Industry)

<p><strong>Emerging Asia -</strong> notably China and India -  is witnessing a  steady expansion in the Male grooming sector as men's habits around personal care is shifting - led by a confluence of social, economic and <strong>compelling demographic factors</strong>. Expect this trend to gather more momentum as image-conscious young men adopt a wider array of personal care products. Skincare products that address specific needs/concerns of male customers will drive the early stage of segment growth; light cosmetics are picking up demand too. Companies that are quick to identify and address the demand with male-specific products/brands stand to gain from early mover advantage given male customers, reportedly, are far more brand loyal compared to female counterparts.</p>
<p><strong>What is original in this report?</strong> We discuss the social, economic and <strong>compelling demographic </strong>factors driving the shift and growth in the Male grooming sector in China and India. We look at the emerging trends across segments and in both the markets to arrive at a pecking order in terms of investment potential. We have scanned the personal care and cosmetics products landscape to shortlist brands and companies that offer a male-specific product range. A brief on select companies - private and listed -  are presented for further investment analysis and evaluation. </p>

Emerging Asia - notably China and India -  is witnessing a  steady expansion in the Male grooming sector as men's habits around personal care is shifting - led by a confluence of social, economic and compelling demographic factors. Expect this trend to gather more momentum as image-conscious young men adopt a wider array of personal care products. Skincare products that address specific needs/concerns of male customers will drive the early stage of segment growth; light cosmetics are picking up demand too. Companies that are quick to identify and address the demand with male-specific products/brands stand to gain from early mover advantage given male customers, reportedly, are far more brand loyal compared to female counterparts.
What is original in this report? We discuss the social, economic and compelling demographic factors driving the shift and growth in the Male grooming sector in China and India. We look at the emerging trends across segments and in both the markets to arrive at a pecking order in terms of investment potential. We have scanned the personal care and cosmetics products landscape to shortlist brands and companies that offer a male-specific product range. A brief on select companies - private and listed -  are presented for further investment analysis and evaluation. 

Male Grooming in Asia: Blooming Prospects. Skincare to Drive Growth

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<div class="content-highlight"><p>While Amorepacfic spent time building one of the most beautiful headquarters building in Korea in the past several years, LG H&amp;H has become the number one cosmetics company in Korea, bypassing Amorepacific. In this insight, we discuss the key investment merits of LG H&amp;H. Regardless of the market conditions over the next 6-12 months, we believe LG H&amp;H can outperform the overall market. </p></div><h2>Key Catalysts</h2><ul>
<li><strong>Excellent performance of the cosmetics business despite worst-ever global environment for cosmetics </strong></li>
<li>
<strong>Improving overseas online sales of luxury cosmetics</strong> </li>
<li><strong>Improving operating margins of the HDB (Home Care &amp; Daily Beauty) &amp; beverages business units</strong></li>
</ul><div class="content-highlight"><p><strong>We believe that LG H&amp;H has a 30%+ upside from current levels using the relative historical P/E and P/B valuation methods. LG H&amp;H's current price is 1,600,000 won, so a 30% upside would represent 2,080,000 won over a one year period.  </strong></p></div>

While Amorepacfic spent time building one of the most beautiful headquarters building in Korea in the past several years, LG H&amp;H has become the number one cosmetics company in Korea, bypassing Amorepacific. In this insight, we discuss the key investment merits of LG H&amp;H. Regardless of the market conditions over the next 6-12 months, we believe LG H&amp;H can outperform the overall market. Key Catalysts
Excellent performance of the cosmetics business despite worst-ever global environment for cosmetics 

Improving overseas online sales of luxury cosmetics 
Improving operating margins of the HDB (Home Care &amp; Daily Beauty) &amp; beverages business units
We believe that LG H&amp;H has a 30%+ upside from current levels using the relative historical P/E and P/B valuation methods. LG H&amp;H's current price is 1,600,000 won, so a 30% upside would represent 2,080,000 won over a one year period.  

Lg H&H - Will The "Magic" Of the CEO Cha Continue?

<div class="content-highlight">
<p><strong>In this insight, we provide an updated SoTP valuation analysis on <a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550 KS)</a>. We have a positive view of this stock. Our base case valuation analysis suggests an implied price of 120,787 won per share, representing a 60% upside from current levels.</strong></p>
</div>
<p>In addition to its deep discount versus its NAV, there are also 4 key catalysts for the company which are as follows:</p>
<ul>
<li><strong>Potential for higher dividends</strong></li>
<li><strong>IPO of LG Energy Solutions</strong></li>
<li>
<strong>Split of LG International and LG Hausys </strong><strong>from the LG Group </strong>
</li>
<li><strong> Time to Close to the Gaps With Major Affiliates </strong></li>
</ul>


In this insight, we provide an updated SoTP valuation analysis on LG Corp (003550 KS). We have a positive view of this stock. Our base case valuation analysis suggests an implied price of 120,787 won per share, representing a 60% upside from current levels.

In addition to its deep discount versus its NAV, there are also 4 key catalysts for the company which are as follows:

Potential for higher dividends
IPO of LG Energy Solutions

Split of LG International and LG Hausys from the LG Group 

 Time to Close to the Gaps With Major Affiliates 


South Korea

LG H&H Co., Ltd. manufactures and distributes cosmetics. The Company produces whoo, o hui, sum 37, basic cosmetics, color cosmetics, and other related products. LG H&H also produces toothpaste, soap, detergents, healthy, personal care, and refreshing products.

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LG H&H (Pref) (051905 KS)

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Douglas Kim

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