Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Thematic (Sector/Industry)

For now, CJ officially denied to sell CJ O Shopping (035760). Now, the question is why the talk of possible sale of CJ O Shopping came out in the first place. Despite CJ’s denial, it seems to be true that CJ management made some actions for possible sale of CJ O Shopping. Yes, whether CJ is really serious about selling CJ O Shopping remains uncertain at this moment. But what seems certain is that CJ management and Chairman Lee Jay-hyun appear to be quite determined to concentrate their resources…

For now, CJ officially denied to sell CJ O Shopping (035760). Now, the question is why the talk of possible sale of CJ O Shopping came out in the first place. Despite CJ’s denial, it seems to be true that CJ management made some actions for possible sale of CJ O Shopping. Yes, whether CJ is really serious about selling CJ O Shopping remains uncertain at this moment. But what seems certain is that CJ management and Chairman Lee Jay-hyun appear to be quite determined to concentrate their resources…

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>SNT Holdings (036530 KS) is issuing convertible bonds (CB) and exchangeable bonds (EB) totalling 148 billion won to improve its financial structure and secure funds for new business investments. </li>
<li>The investor in this CB and EB is IMM Credit &amp; Solution (ICS), which will acquire the entire amount through a private placement.</li>
<li>This additional capital raise could result in S&amp;T Holdings potentially increasing its stake in Smec Co Ltd (099440 KS). </li>
</ul>


SNT Holdings (036530 KS) is issuing convertible bonds (CB) and exchangeable bonds (EB) totalling 148 billion won to improve its financial structure and secure funds for new business investments. 
The investor in this CB and EB is IMM Credit &amp; Solution (ICS), which will acquire the entire amount through a private placement.
This additional capital raise could result in S&amp;T Holdings potentially increasing its stake in Smec Co Ltd (099440 KS). 


SNT Holdings: Issuing CB and EB Totalling 148 Billion Won

<ul>
<li>On 24 November, the SNT Group formalized its hostile takeover of Smec. S&amp;T Holdings  disclosed that it acquired an additional 5.46% stake in SMEC, raising its stake to 13.65%.</li>
<li>S&amp;T Holdings and SNT Group Chairman Choi combined own a 20.2% stake in SMEC. In comparison, the SMEC CEO Choi Young-seop owns a 9.75% stake in SMEC.</li>
<li>In our view, this is likely to lead to a potential fight for the control of SMEC's management rights, pushing up the share price of SMEC even further.</li>
</ul>


On 24 November, the SNT Group formalized its hostile takeover of Smec. S&amp;T Holdings  disclosed that it acquired an additional 5.46% stake in SMEC, raising its stake to 13.65%.
S&amp;T Holdings and SNT Group Chairman Choi combined own a 20.2% stake in SMEC. In comparison, the SMEC CEO Choi Young-seop owns a 9.75% stake in SMEC.
In our view, this is likely to lead to a potential fight for the control of SMEC's management rights, pushing up the share price of SMEC even further.


SNT Group - Formalizes a Hostile Takeover of SMEC

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 18th. The aggregated short interest was USD9.4bn.</li>
<li>We tabulate league tables 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 Kakaopay, Korzinc, SK Hynix, Samsung Sds, Hanwha Aerospace, Woori Financial, Alteogen, Samsung H.I..</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jul 18th. The aggregated short interest was USD9.4bn.
We tabulate league tables 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 Kakaopay, Korzinc, SK Hynix, Samsung Sds, Hanwha Aerospace, Woori Financial, Alteogen, Samsung H.I..


KRX Short Interest Weekly (Jul 18th): Kakaopay, Korzinc, SK Hynix, Samsung Sds, Hanwha Aerospace

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Feb 14th which has an aggregated short interest worth USD3.7bn.</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 SK Hynix, Hanwha Ocean.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Feb 14th which has an aggregated short interest worth USD3.7bn.
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 SK Hynix, Hanwha Ocean.


KRX Short Interest Weekly (Feb 14th): SK Hynix, Hanwha Ocean

South Korea

S&T Motiv Co., Ltd. manufactures and markets a variety of automobile parts. The Company's products include motors, suspension modules, fuel rails, air bags, shock absorbers, and transmissions.  S&T Daewoo also produces car televisions, car navigation systems, and alarm systems.

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S&T Motiv (064960 KS)

CJ O Shopping (035760) For Sale? Why?

For now, CJ officially denied to sell CJ O Shopping (035760). Now, the question is why the talk of possible sale of CJ O Shopping came out in the...

Sanghyun Park

SNT Holdings: Issuing CB and EB Totalling 148 Billion Won

SNT Holdings is issuing CB and EB totalling 148 billion won. This additional capital raise could result in S&T Holdings potentially increasing its...

Douglas Kim

SNT Group - Formalizes a Hostile Takeover of SMEC

On 2 December, it was announced that Smec Co Ltd (099440 KS)'s CEO Choi Young-seop purchased a total of 0.68mn shares (0.99% stake) in SMEC,...

Douglas Kim

KRX Short Interest Weekly (Jul 18th): Kakaopay, Korzinc, SK Hynix, Samsung Sds, Hanwha Aerospace

We analyzed KRX short interest report for the past week and highlighted short interest changes in Kakaopay, Korzinc, SK Hynix, Samsung Sds, Hanwha...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Feb 14th): SK Hynix, Hanwha Ocean

We analyzed KRX short interest report for the past week and highlighted short interest changes in SK Hynix, Hanwha Ocean.

Ke Yan, CFA, FRM

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