Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

<a href="https://www.smartkarma.com/entities/14560" target="_blank" data-smartkarma-citation="entities:14560">Mirae Asset Securities Co., Ltd.</a>  has emerged as the third major financial consortium to be interested in potentially acquiring <a href="https://www.smartkarma.com/entities/20637" target="_blank" data-smartkarma-citation="entities:20637">Hyundai Securities Co</a>, the fifth largest securities company in Korea. There are other major companies interested in acquiring <a href="https://www.smartkarma.com/entities/20637" target="_blank" data-smartkarma-citation="entities:20637">Hyundai Securities Co</a> including <a href="https://www.smartkarma.com/entities/14839" target="_blank" data-smartkarma-citation="entities:14839">Korea Investment Holdings Co., Ltd.</a> and <a href="https://www.smartkarma.com/entities/718" target="_blank" data-smartkarma-citation="entities:718">Kb Financial Group Inc</a> . With the recent acquisition of <a href="https://www.smartkarma.com/entities/12061" target="_blank" data-smartkarma-citation="entities:12061">Daewoo Securities Co Ltd</a> , <a href="https://www.smartkarma.com/entities/14560" target="_blank" data-smartkarma-citation="entities:14560">Mirae Asset Securities Co., Ltd.</a> has become the largest securities company in Korea. <a href="https://www.smartkarma.com/entities/14560" target="_blank" data-smartkarma-citation="entities:14560">Mirae</a>…

Mirae Asset Securities Co., Ltd.  has emerged as the third major financial consortium to be interested in potentially acquiring Hyundai Securities Co, the fifth largest securities company in Korea. There are other major companies interested in acquiring Hyundai Securities Co including Korea Investment Holdings Co., Ltd. and Kb Financial Group Inc . With the recent acquisition of Daewoo Securities Co Ltd , Mirae Asset Securities Co., Ltd. has become the largest securities company in Korea. Mirae…

Mirae Asset Securities + Hyundai Securities = Genghis Khan of Korea Securities Sector

In this report, we highlight 39 companies that have announced share buybacks in the past three months (Dec 2015 - Feb 2016) in Korea. We provide our top 9 insights and analysis regarding some of the major factors that are influencing the share buybacks in Korea. 1. Samsung Group is spearheading the entire share buybacks movement in Korea. Of the 39 companies we have identified that are conducting share buybacks in Korea, four of them are related to the Samsung Group, including <a href="https://www.smartkarma.com/entities/191" target="_blank" data-smartkarma-citation="entities:191">Samsung Electronics Co Ltd</a> , <a href="https://www.smartkarma.com/entities/511" target="_blank" data-smartkarma-citation="entities:511">Samsung Fire &amp; Marine Ins</a> , <a href="https://www.smartkarma.com/entities/512" target="_blank" data-smartkarma-citation="entities:512">Samsung Securities Co Ltd</a> , and <a href="https://www.smartkarma.com/entities/107" target="_blank" data-smartkarma-citation="entities:107">Hotel Shilla Co Ltd</a> . The total amount of share buybacks that were announced by these four Samsung affiliated companies in the past three months were 3.4 trillion won, representing 84% of the total share buybacks amount of the 39 companies in our list. We believe that the Samsung Group is accelerating its efforts to improve corporate governance (through measures such as share buybacks), faster than some of the other chaebols in Korea. 2. More companies that are buying back shares in Korea are also CANCELLING THEM. of the 39 companies in our list, eight of them (including <a href="https://www.smartkarma.com/entities/191" target="_blank" data-smartkarma-citation="entities:191">Samsung Electronics Co Ltd</a>,) are cancelling their shares. Historically, most Korean companies refused to cancel their shares after completing share buyback. 3. In general, the companies that have been cancelling their shares that they are buying back (eight companies we mentioned in #2) have been outperforming the market.  4. A less well known, medium sized Korean group competing in the specialty chemical sector called Miwon (including <a href="https://www.smartkarma.com/entities/18109" target="_blank" data-smartkarma-citation="entities:18109">Miwon Chemicals Co Ltd</a> , <a href="https://www.smartkarma.com/entities/5404" target="_blank" data-smartkarma-citation="entities:5404">Miwon Specialty Chemical Co</a> , and <a href="https://www.smartkarma.com/entities/13416" target="_blank" data-smartkarma-citation="entities:13416">Miwon Commercial Co Ltd</a> ) have been aggressively buying back shares and cancelling them boosting shareholder value.

In this report, we highlight 39 companies that have announced share buybacks in the past three months (Dec 2015 - Feb 2016) in Korea. We provide our top 9 insights and analysis regarding some of the major factors that are influencing the share buybacks in Korea. 1. Samsung Group is spearheading the entire share buybacks movement in Korea. Of the 39 companies we have identified that are conducting share buybacks in Korea, four of them are related to the Samsung Group, including Samsung Electronics Co Ltd , Samsung Fire &amp; Marine Ins , Samsung Securities Co Ltd , and Hotel Shilla Co Ltd . The total amount of share buybacks that were announced by these four Samsung affiliated companies in the past three months were 3.4 trillion won, representing 84% of the total share buybacks amount of the 39 companies in our list. We believe that the Samsung Group is accelerating its efforts to improve corporate governance (through measures such as share buybacks), faster than some of the other chaebols in Korea. 2. More companies that are buying back shares in Korea are also CANCELLING THEM. of the 39 companies in our list, eight of them (including Samsung Electronics Co Ltd,) are cancelling their shares. Historically, most Korean companies refused to cancel their shares after completing share buyback. 3. In general, the companies that have been cancelling their shares that they are buying back (eight companies we mentioned in #2) have been outperforming the market.  4. A less well known, medium sized Korean group competing in the specialty chemical sector called Miwon (including Miwon Chemicals Co Ltd , Miwon Specialty Chemical Co , and Miwon Commercial Co Ltd ) have been aggressively buying back shares and cancelling them boosting shareholder value.

South Korea

Macquarie Korea Infrastructure Fund invests in infrastructure assets in Korea and delivers returns to the shareholders.  The investment assets include toll-roads, tunnels, subway, marine terminal port, and bridges.

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Macquarie Korea Infra Fund (088980 KS)

Mirae Asset Securities + Hyundai Securities = Genghis Khan of Korea Securities Sector

Mirae Asset Securities Co., Ltd. has emerged as the third major financial consortium to be interested in potentially acquiring Hyundai Securities...

Douglas Kim

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Mirae Asset Securities + Hyundai Securities = Genghis Khan of Korea Securities Sector

Mirae Asset Securities Co., Ltd. has emerged as the third major financial consortium to be interested in potentially acquiring Hyundai Securities...

Douglas Kim

Share Buybacks in Korea - Top 9 Insights

In this report, we highlight 39 companies that have announced share buybacks in the past three months (Dec 2015 - Feb 2016) in Korea. We provide...

Douglas Kim