Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>In this insight, we discuss the major reasons why Coway Co Ltd (021240 KS) is a prime candidate for corporate activism in Korea.</li>
<li>Netmarble has done a poor job with Coway post its acquisition in 2019.</li>
<li>An action plan for Coway is to return at least half of its net profit through dividends and share buybacks/cancellations.</li>
</ul>


In this insight, we discuss the major reasons why Coway Co Ltd (021240 KS) is a prime candidate for corporate activism in Korea.
Netmarble has done a poor job with Coway post its acquisition in 2019.
An action plan for Coway is to return at least half of its net profit through dividends and share buybacks/cancellations.


Coway Is a Prime Candidate for Corporate Activism in Korea

<ul>
<li>In this insight, we discuss the five most aggressive corporate activist firms that have been moving the Korean equity market in the past year.</li>
<li>They include Align Partners Capital Management, KCGI, Flashlight Capital Partners, Truston, and LIFE Asset Management.</li>
<li>Share prices of 15 companies that the corporate activist firms have invested in Korea are up on average 9.7% YTD, outperforming KOSPI which is up 7.1% in the same period.</li>
</ul>


In this insight, we discuss the five most aggressive corporate activist firms that have been moving the Korean equity market in the past year.
They include Align Partners Capital Management, KCGI, Flashlight Capital Partners, Truston, and LIFE Asset Management.
Share prices of 15 companies that the corporate activist firms have invested in Korea are up on average 9.7% YTD, outperforming KOSPI which is up 7.1% in the same period.


Five Most Aggressive Corporate Activists Moving the Korean Market: Align, KCGI, FCP, Truston, & LIFE

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Japanese banks are the hottest new thing but unless you think <a href="https://www.smartkarma.com/entities/bank-of-kyoto" target="_blank" data-smartkarma-citation="entities:5248:1" rel="noopener">Bank of Kyoto</a> is going to change its spots, it's still best thought of as a range trade. </li>
<li>WM Motors opts for a backdoor listing via merging with <a href="https://www.smartkarma.com/entities/we-solutions-ltd" target="_blank" data-smartkarma-citation="entities:9818:1" rel="noopener">WE Solutions Limited (860 HK)</a>. There's probably a good reason for doing so.</li>
<li>You pay for the liquidity of Japanese banks by paying a higher PBR against not as much improvement in ROE. That's life.</li>
</ul>


Japanese banks are the hottest new thing but unless you think Bank of Kyoto is going to change its spots, it's still best thought of as a range trade. 
WM Motors opts for a backdoor listing via merging with WE Solutions Limited (860 HK). There's probably a good reason for doing so.
You pay for the liquidity of Japanese banks by paying a higher PBR against not as much improvement in ROE. That's life.


Last Week In SPACE: Bank of Kyoto, WM Motors, Japanese Banks, Hong Kong Aerospace, CP ALL/MAKRO

<ul>
<li>On 20 January, KCGI private equity fund formally started its corporate governance activist campaign on Osstem Implant (048260 KS).</li>
<li>KCGI officially going activist on the company, its strong fundamentals and deep discount valuations suggest that Osstem Implant's price is likely to outperform KOSPI by a wide margin in 2023.</li>
<li>KCGI has demanded Kyoo-Ok Choi (Chairman of Osstem Implant) to resign.</li>
</ul>


On 20 January, KCGI private equity fund formally started its corporate governance activist campaign on Osstem Implant (048260 KS).
KCGI officially going activist on the company, its strong fundamentals and deep discount valuations suggest that Osstem Implant's price is likely to outperform KOSPI by a wide margin in 2023.
KCGI has demanded Kyoo-Ok Choi (Chairman of Osstem Implant) to resign.


KCGI Formally Goes Activist on Osstem Implant

<ul>
<li>The case involving KCGI (a local corporate activist private equity fund) and Osstem Implant (048260 KS) is one of the more interesting situations rising in the Korea's M&amp;A/corporate activism markets. </li>
<li>Osstem Implant is the number one dental implant company in Korea/Asia and the fourth largest player in this segment globally. </li>
<li>We believe Osstem Implant could outperform the market in 2023 due to improving fundamentals, cheap valuations, and a potential M&amp;A fight between KCGI and Chairman Choi.</li>
</ul>


The case involving KCGI (a local corporate activist private equity fund) and Osstem Implant (048260 KS) is one of the more interesting situations rising in the Korea's M&amp;A/corporate activism markets. 
Osstem Implant is the number one dental implant company in Korea/Asia and the fourth largest player in this segment globally. 
We believe Osstem Implant could outperform the market in 2023 due to improving fundamentals, cheap valuations, and a potential M&amp;A fight between KCGI and Chairman Choi.


Osstem Implant: Potential M&A Fight Between KCGI And Founder Choi

South Korea

Osstem Implant Co., Ltd. manufactures dental implant system. The Company also markets dental management software. Osstem Implant provides products for dental surgery and exports abroad.

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Osstem Implant (048260 KS)

Coway Is a Prime Candidate for Corporate Activism in Korea

In this insight, we discuss the major reasons why Coway Co Ltd (021240 KS) is a prime candidate for corporate activism in Korea.

Douglas Kim

Five Most Aggressive Corporate Activists Moving the Korean Market: Align, KCGI, FCP, Truston, & LIFE

In this insight, we discuss the five most aggressive corporate activist firms that have been moving the Korean equity market in the past year.

Douglas Kim

Last Week In SPACE: Bank of Kyoto, WM Motors, Japanese Banks, Hong Kong Aerospace, CP ALL/MAKRO

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

KCGI Formally Goes Activist on Osstem Implant

KCGI officially going activist on the company, its strong fundamentals and deep discount valuations suggest that Osstem Implant's price is likely...

Douglas Kim

Osstem Implant: Potential M&A Fight Between KCGI And Founder Choi

We believe Osstem Implant could outperform the market in 2023 due to improving fundamentals, cheap valuations, and a potential M&A fight between...

Douglas Kim

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