Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

Posco International Corporation / Equity Bottom-Up

Posco International Corporation (047050 KS)

<ul>
<li>Posco International Corporation (047050 KS) and SeAH Steel Holdings (003030 KS) are two key beneficiaries of the Trump administration's efforts to significantly increase the Alaskan gas fields.</li>
<li>The initial estimated cost of this massive project is about $44 billion for the pipeline and related infrastructure.</li>
<li>Despite recent rallies, the valuations of POSCO International and Seah Steel Holdings remain attractive. </li>
</ul>


Posco International Corporation (047050 KS) and SeAH Steel Holdings (003030 KS) are two key beneficiaries of the Trump administration's efforts to significantly increase the Alaskan gas fields.
The initial estimated cost of this massive project is about $44 billion for the pipeline and related infrastructure.
Despite recent rallies, the valuations of POSCO International and Seah Steel Holdings remain attractive. 


POSCO Int & Seah Steel Holdings: Key Beneficiaries of Trump's Plan to Develop Alaskan Gas Fields

<ul>
<li>Both POSCO Holdings (005490 KS) and Posco International Corporation (047050 KS) provided solid, new Corporate Value Up reports. </li>
<li>However, POSCO International's plan is much better. POSCO International plans to provide total shareholder returns of 50% which is more than double of its previous total shareholder return plan.</li>
<li>This sharp increase in shareholder returns is likely to lead to share outperformance of POSCO International relative to the market in the next several months. </li>
</ul>


Both POSCO Holdings (005490 KS) and Posco International Corporation (047050 KS) provided solid, new Corporate Value Up reports. 
However, POSCO International's plan is much better. POSCO International plans to provide total shareholder returns of 50% which is more than double of its previous total shareholder return plan.
This sharp increase in shareholder returns is likely to lead to share outperformance of POSCO International relative to the market in the next several months. 


New Corporate Value Up Plans of POSCO Holdings and POSCO International

Event-Driven

<ul>
<li>On 29 August, the three major POSCO Group companies including POSCO Holdings announced that they plan to provide detailed explanations of their Corporate Value Up plans in 4Q 2024. </li>
<li>In general, the companies that have provided more detailed plans for their Corporate Value Up plans have done better recently. </li>
<li>However, now there are cases such as the three main POSCO Group companies whose share prices are rising just by announcing that they will provide Corporate Value Up plans later.</li>
</ul>


On 29 August, the three major POSCO Group companies including POSCO Holdings announced that they plan to provide detailed explanations of their Corporate Value Up plans in 4Q 2024. 
In general, the companies that have provided more detailed plans for their Corporate Value Up plans have done better recently. 
However, now there are cases such as the three main POSCO Group companies whose share prices are rising just by announcing that they will provide Corporate Value Up plans later.


POSCO Group Corporate Value Pre-Announcements: Trading Angle

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Jul 5th which has an aggregated short interest worth USD6.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Hlb (028300 KS), Posco (005490 KS).</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Jul 5th which has an aggregated short interest worth USD6.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Hlb (028300 KS), Posco (005490 KS).


KRX Short Interest Weekly (Jul 5th): Hlb, Posco

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>2Q consolidated OP forecast at W278.5bn (- 22.0% yoy). Consensus beat likely.</li><li>Increased sales volume from the Myanmar gas field project and seasonallyhigh cost recovery rate drive solid performance in the energy segment.</li><li>A reliable upstream developer proven by its successful gas field project in Myanmar and another potential gas explorations in Malaysia and Indonesia.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

2Q consolidated OP forecast at W278.5bn (- 22.0% yoy). Consensus beat likely.Increased sales volume from the Myanmar gas field project and seasonallyhigh cost recovery rate drive solid performance in the energy segment.A reliable upstream developer proven by its successful gas field project in Myanmar and another potential gas explorations in Malaysia and Indonesia.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

POSCO International (047050 KS) - The Last of the Real Ones

South Korea

Posco International Corporation is a general trading company.  The Company exports and imports steel, cement, crude oil, heavy machinery, automobile parts, and textiles.  Daewoo also manufactures synthetic fabrics for footwear, garments, and car seats, and operates a department store in Masan.

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Posco International Corporation (047050 KS)

POSCO Int & Seah Steel Holdings: Key Beneficiaries of Trump's Plan to Develop Alaskan Gas Fields

Posco International Corporation (047050 KS) and SeAH Steel Holdings (003030 KS) are two key beneficiaries of the Trump administration's efforts to...

Douglas Kim

New Corporate Value Up Plans of POSCO Holdings and POSCO International

Both POSCO Holdings (005490 KS) and Posco International Corporation (047050 KS) provided solid, new Corporate Value Up reports. However, POSCO...

Douglas Kim

POSCO Group Corporate Value Pre-Announcements: Trading Angle

There could be some interesting trading angles for POSCO Holdings, POSCO Future M, and POSCO International in the next several months, ahead of the...

Douglas Kim

KRX Short Interest Weekly (Jul 5th): Hlb, Posco

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hlb(028300 KS), Posco(005490 KS).

Ke Yan, CFA, FRM

POSCO International (047050 KS) - The Last of the Real Ones

Increased sales volume from the Myanmar gas field project and seasonallyhigh cost recovery rate drive solid performance in the energy segment.

Daishin Securities

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