Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>There is an increasing probability that KCC Corp is closer to separating the ownership structures of the three Chung brothers regarding the various KCC Group related companies.</li>
<li>KCC's 9.17% stake in Samsung C&amp;T is worth 2.8 trillion won. KCC's stake in Samsung C&amp;T is worth 117% of KCC's own market cap. </li>
<li>According to our valuation analysis, it suggests NAV of 355,925 won per share, representing a 30% upside from current levels.</li>
</ul>


There is an increasing probability that KCC Corp is closer to separating the ownership structures of the three Chung brothers regarding the various KCC Group related companies.
KCC's 9.17% stake in Samsung C&amp;T is worth 2.8 trillion won. KCC's stake in Samsung C&amp;T is worth 117% of KCC's own market cap. 
According to our valuation analysis, it suggests NAV of 355,925 won per share, representing a 30% upside from current levels.


KCC Corp: Taking a Closer Step to Separating the Ownership Structures of the KCC Group

<ul>
<li>Samsung C&amp;T announced that it plans to cancel treasury shares including 7,807,563 shares of common stock (4.2% of outstanding shares) and 159,835 shares of preferred stock (9.8% of outstanding shares). </li>
<li>This would represent share cancellation amount of 1.1 trillion won and 17 billion won for Samsung C&amp;T (028260 KS) (common) and Samsung C&amp;T (02826K KS) (preferred).</li>
<li>For the remaining treasury shares, the company will cancel 7.8 million shares in 2025 and 7.8 million shares in 2026. </li>
</ul>


Samsung C&amp;T announced that it plans to cancel treasury shares including 7,807,563 shares of common stock (4.2% of outstanding shares) and 159,835 shares of preferred stock (9.8% of outstanding shares). 
This would represent share cancellation amount of 1.1 trillion won and 17 billion won for Samsung C&amp;T (028260 KS) (common) and Samsung C&amp;T (02826K KS) (preferred).
For the remaining treasury shares, the company will cancel 7.8 million shares in 2025 and 7.8 million shares in 2026. 


Samsung C&T: Share Cancellation of Nearly 1.1 Trillion Won Worth of Treasury Shares in 2024

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Mar 8th which has an aggregated holding worth USD533.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD185mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Mar 8th which has an aggregated holding worth USD533.0bn.
We estimate that foreign flows to be inflows of USD185mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver.


KRX Foreign Holding Weekly (Mar 8th): Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Mar 1st which has an aggregated holding worth USD517.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,159mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instistutions.</li>
<li>We highlight foreign changes in Sk Hynix, Samsung Electronics, Hanwha Aerospace, Kakao, LG Chem.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Mar 1st which has an aggregated holding worth USD517.4bn.
We estimate that foreign flows to be inflows of USD1,159mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instistutions.
We highlight foreign changes in Sk Hynix, Samsung Electronics, Hanwha Aerospace, Kakao, LG Chem.


KRX Foreign Holding Weekly (Mar 1st): Sk Hynix, Samsung Electronics, Hanwha Aerospace, Kakao

<ul>
<li>After the market close on 27 February, Ecopro BM (247540 KS) announced that it will switch its listing from KOSDAQ to KOSPI. </li>
<li>Ecopro BM currently has a market cap of 23.1 trillion won. It is the largest stock in KOSDAQ right now and it would be the 17th largest stock in KOSPI.</li>
<li>Lofty valuation is one of the main reasons why we continue to be bearish on Ecopro BM. It is trading at P/E of 203x in 2024 and 71x in 2025.</li>
</ul>


After the market close on 27 February, Ecopro BM (247540 KS) announced that it will switch its listing from KOSDAQ to KOSPI. 
Ecopro BM currently has a market cap of 23.1 trillion won. It is the largest stock in KOSDAQ right now and it would be the 17th largest stock in KOSPI.
Lofty valuation is one of the main reasons why we continue to be bearish on Ecopro BM. It is trading at P/E of 203x in 2024 and 71x in 2025.


Ecopro BM: Announces It Will Switch Listing from KOSDAQ to KOSPI

South Korea

Samsung C&T Corporation conducts diversified business support services and resort operation activities. The Company offers a range of services in areas including clothing retail, construction, energy, real estate, food service, and resort accommodations. Samsung C&T also operates a resort with amusement rides, a zoo, water park, golf clubs, and restaurants.

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Samsung C&T (028260 KS)

KCC Corp: Taking a Closer Step to Separating the Ownership Structures of the KCC Group

There is an increasing probability that KCC Corp is closer to separating the ownership structures of the three Chung brothers regarding the various...

Douglas Kim

KRX Foreign Holding Weekly (Mar 8th): Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver.

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Mar 1st): Sk Hynix, Samsung Electronics, Hanwha Aerospace, Kakao

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Samsung Electronics, Hanwha Aerospace,...

Ke Yan, CFA, FRM

Ecopro BM: Announces It Will Switch Listing from KOSDAQ to KOSPI

After the market close on 27 February, Ecopro BM (247540 KS) announced that it will switch its listing from KOSDAQ to KOSPI.

Douglas Kim

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52-week Range

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KCC Corp: Taking a Closer Step to Separating the Ownership Structures of the KCC Group

There is an increasing probability that KCC Corp is closer to separating the ownership structures of the three Chung brothers regarding the various...

Douglas Kim

Samsung C&T: Share Cancellation of Nearly 1.1 Trillion Won Worth of Treasury Shares in 2024

Samsung C&T will hold an AGM on 15 March, at which there will be a showdown with several overseas activist investors. One of the interesting twist...

Douglas Kim

KRX Foreign Holding Weekly (Mar 8th): Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver.

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Mar 1st): Sk Hynix, Samsung Electronics, Hanwha Aerospace, Kakao

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Samsung Electronics, Hanwha Aerospace,...

Ke Yan, CFA, FRM

Ecopro BM: Announces It Will Switch Listing from KOSDAQ to KOSPI

After the market close on 27 February, Ecopro BM (247540 KS) announced that it will switch its listing from KOSDAQ to KOSPI.

Douglas Kim