Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Samyang Foods is pursuing a block deal sale of 103 billion won of its treasury shares to secure additional funds for facility investment and improve its financial structure.</li>
<li>Samyang Foods plans to sell 74,887 common shares (0.99% of issued shares) at 1,372,000 won per share.  The expected block deal price is 1% lower than the current price.</li>
<li>The counterparties of this block deal sale have already been announced which include Viridian Asset Management, Jump Trading, and Weiss Asset Management.</li>
</ul>


Samyang Foods is pursuing a block deal sale of 103 billion won of its treasury shares to secure additional funds for facility investment and improve its financial structure.
Samyang Foods plans to sell 74,887 common shares (0.99% of issued shares) at 1,372,000 won per share.  The expected block deal price is 1% lower than the current price.
The counterparties of this block deal sale have already been announced which include Viridian Asset Management, Jump Trading, and Weiss Asset Management.


Samyang Foods: Block Deal Sale of 103 Billion Won of Treasury Shares

Equity Bottom-Up

<ul>
<li>In this insight, we provide 3 major fundamental criteria for screening major Korean F&amp;B companies. </li>
<li>Three major criteria include 3 years CAGR revenue growth of 5% or more, increase in net margin in 2024, and overseas sales more than 10% of total sales.</li>
<li>Of the 30 Korean F&amp;B companies mentioned in this insight, only six companies meet these criteria including Samyang Foods, Orion Corp, Hitejinro, Lotte Wellfood, Daesang Corporation, and Pulmuone.</li>
</ul>


In this insight, we provide 3 major fundamental criteria for screening major Korean F&amp;B companies. 
Three major criteria include 3 years CAGR revenue growth of 5% or more, increase in net margin in 2024, and overseas sales more than 10% of total sales.
Of the 30 Korean F&amp;B companies mentioned in this insight, only six companies meet these criteria including Samyang Foods, Orion Corp, Hitejinro, Lotte Wellfood, Daesang Corporation, and Pulmuone.


Korean F&B: Focus on Companies With Strongest Export Growth

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

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<ul><li>4Q24 revenue and OP came in at W480.8bn and W87.3bn, respectively (OPM 18.2%) </li><li>Revenue grew 10% QoQ, but profitability weakened on one-off marketing cost increase</li><li>The noodle maker remains our top pick in the F&amp;B sector, given its unwavering growth potential</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>

4Q24 revenue and OP came in at W480.8bn and W87.3bn, respectively (OPM 18.2%) Revenue grew 10% QoQ, but profitability weakened on one-off marketing cost increaseThe noodle maker remains our top pick in the F&amp;B sector, given its unwavering growth potentialContent 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.

Samyang Foods (003230 KS Feb 6, 2025) - Growth Potential Reaffirmed

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>Local hedge funds, mainly prop traders and PEs, drove the price action in LS Electric and Hyundai Rotem, and are now leading net buying in Samyang Foods and Hyundai Mipo.</li>
<li>Given the setup, it's likely Samyang Foods and HD Hyundai Mipo will follow a similar move until mid-January when screening starts, so we should stay aware of this backdrop.</li>
<li>This gives us a chance to capture upside. Plus, since Samyang Foods and Hyundai Mipo may pull back 30-40% post-screening, there’s also a solid opportunity during that dip.</li>
</ul>


Local hedge funds, mainly prop traders and PEs, drove the price action in LS Electric and Hyundai Rotem, and are now leading net buying in Samyang Foods and Hyundai Mipo.
Given the setup, it's likely Samyang Foods and HD Hyundai Mipo will follow a similar move until mid-January when screening starts, so we should stay aware of this backdrop.
This gives us a chance to capture upside. Plus, since Samyang Foods and Hyundai Mipo may pull back 30-40% post-screening, there’s also a solid opportunity during that dip.


LS Electric, Then Hyundai Rotem, Now Samyang Foods and Hyundai Mipo: Same Proactive Flow?

Cross Asset Strategy

<ul>
<li>Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.</li>
<li>In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.</li>
<li>The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.</li>
</ul>


Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.
In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.
The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.


Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

South Korea

Samyang Foods Co., Ltd. manufactures instant and processed food products, such as noodles, snacks, cooking oil, and feed.  The Company also produces dairy goods including milk, cheese, and ice cream.

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Samyang Foods (003230 KS)

Samyang Foods: Block Deal Sale of 103 Billion Won of Treasury Shares

Samyang Foods is pursuing a block deal sale of 103 billion won of its treasury shares to secure additional funds for facility investment and...

Douglas Kim

Korean F&B: Focus on Companies With Strongest Export Growth

We provide 3 fundamental criteria for screening Korean F&B companies including 3-years CAGR revenue growth of 5% or more, higher net margin in...

Douglas Kim