Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>In this insight, we discuss about the growing importance of ACT, the largest minority shareholders platform (<a href="https://www.act.ag/" target="_blank" rel="noopener">https://www.act.ag/</a>) in Korea with nearly 100,000 members and market share of more than 50%. </li>
<li>Recently, ACT has been demanding corporate governance improvements on the following companies: E-Mart, DB Hitek, Lotte Shopping, Youlchon Chem, Hanmi Science, and Solu-M. </li>
<li> ACT has played an important role in the recent shareholder return polices announced by E-Mart which announced a sharply higher total shareholder return policy including higher dividends and share cancellations. </li>
</ul>


In this insight, we discuss about the growing importance of ACT, the largest minority shareholders platform (https://www.act.ag/) in Korea with nearly 100,000 members and market share of more than 50%. 
Recently, ACT has been demanding corporate governance improvements on the following companies: E-Mart, DB Hitek, Lotte Shopping, Youlchon Chem, Hanmi Science, and Solu-M. 
 ACT has played an important role in the recent shareholder return polices announced by E-Mart which announced a sharply higher total shareholder return policy including higher dividends and share cancellations. 


Growing Importance of ACT - Korea's Largest Minority Shareholders Platform

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>ACT's team for T'way Air's small shareholders plans to push for a public tender offer once they reach the 3% stake threshold.</li>
<li>Sono may shift its stance on a public tender offer. With a 3% stake gap, Sono must appease retail shareholders before the AGM, especially after the rights offering backlash.</li>
<li>FSC probe shows info leaks from brokers and law firms still trigger volume volatility before tender offers. Monitor T'way Air’s trading volume closely until February's end.</li>
</ul>


ACT's team for T'way Air's small shareholders plans to push for a public tender offer once they reach the 3% stake threshold.
Sono may shift its stance on a public tender offer. With a 3% stake gap, Sono must appease retail shareholders before the AGM, especially after the rights offering backlash.
FSC probe shows info leaks from brokers and law firms still trigger volume volatility before tender offers. Monitor T'way Air’s trading volume closely until February's end.


New Tender Trigger in Korea: Small Shareholder Collective Action Via Online Platform on T'way Air

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>You could label <a href="https://www.smartkarma.com/entities/kyocera-corp" target="_blank" data-smartkarma-citation="entities:753:1" rel="noopener">Kyocera Corp (6971 JP)</a>"BULLISH" because the stock goes up rather than down; but you could easily label this BEARISH because the prospects aren't exciting.</li>
<li>
<a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a>spins off <a href="https://www.smartkarma.com/entities/smithfield-foods-inc" target="_blank" data-smartkarma-citation="entities:44251:1" rel="noopener">Smithfield Foods (SFD US)</a> - below the prior expected price range.  Pricing looks full here.</li>
<li>As <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a>'s Partial Offer heads towards the pointy end, do you buy, and/or borrow, and tender; short outright; or short tender?</li>
</ul>


You could label Kyocera Corp (6971 JP)"BULLISH" because the stock goes up rather than down; but you could easily label this BEARISH because the prospects aren't exciting.

WH Group (288 HK)spins off Smithfield Foods (SFD US) - below the prior expected price range.  Pricing looks full here.
As China National Building Material (3323 HK)'s Partial Offer heads towards the pointy end, do you buy, and/or borrow, and tender; short outright; or short tender?


Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

<ul>
<li>In the past two trading days, share prices of T'Way Air (091810 KS) and T'Way Holdings (004870 KS) are down 16.4% and 14.1%, respectively.</li>
<li>According to Hankyung daily, Daemyung Sono Group Chairman Seo may choose to wage a public opinion war, instead of purchasing additional shares.  </li>
<li>If Daemyung Sono Group is unable to take over the management control of T'Way Air using this method, then a potential tender offer of T'Way Air is possible later on. </li>
</ul>


In the past two trading days, share prices of T'Way Air (091810 KS) and T'Way Holdings (004870 KS) are down 16.4% and 14.1%, respectively.
According to Hankyung daily, Daemyung Sono Group Chairman Seo may choose to wage a public opinion war, instead of purchasing additional shares.  
If Daemyung Sono Group is unable to take over the management control of T'Way Air using this method, then a potential tender offer of T'Way Air is possible later on. 


Daemyung Sono Group May Wage a Public Opinion War for T'Way Air

Shinko Electric Industries / Event-Driven

<ul>
<li>JIC announced a "mid-February" start date for <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric (6967 JP)</a>'s Tender Offer. That's a trifle disappointing based on when SAMR approved, but there are lots of people involved here.</li>
<li>What has been the long-term trend and the trend of the last two years is different. Be long <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha (3391 JP)</a>, short <a href="https://www.smartkarma.com/entities/welcia-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20895:1" rel="noopener">Welcia (3141 JP)</a> until above 4.5x, maybe 4.8x.</li>
<li>
<a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a>'s reward/risk ratio over the next year of buying at ¥1,250 and seeing what happens is quite good, especially if the deal breaks.</li>
</ul>


JIC announced a "mid-February" start date for Shinko Electric (6967 JP)'s Tender Offer. That's a trifle disappointing based on when SAMR approved, but there are lots of people involved here.
What has been the long-term trend and the trend of the last two years is different. Be long Tsuruha (3391 JP), short Welcia (3141 JP) until above 4.5x, maybe 4.8x.

Macromill, Inc (3978 JP)'s reward/risk ratio over the next year of buying at ¥1,250 and seeing what happens is quite good, especially if the deal breaks.


Last Week in Event SPACE: Shinko Elec, Tsuruha/Welcia, Macromill, Sun Corp/Cellebrite, MicroStrategy

South Korea

Tway Air Co., Ltd operates as an airline company. The Company offers flight, hotel, car booking services. Tway Air also provides reissuance of ticket, baggage, airport, and in-flight services. Tway Air serves customers worldwide.

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T'Way Air (091810 KS)

Growing Importance of ACT - Korea's Largest Minority Shareholders Platform

In this insight, we discuss about the growing importance of ACT, the largest minority shareholders platform (https://www.act.ag/) in Korea with...

Douglas Kim

New Tender Trigger in Korea: Small Shareholder Collective Action Via Online Platform on T'way Air

A new sort of trigger for a public tender in Korea has emerged, driven by small shareholder collective action through an online platform focused on...

Sanghyun Park

Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Daemyung Sono Group May Wage a Public Opinion War for T'Way Air

According to Hankyung daily, Daemyung Sono Group Chairman Seo may choose to wage a public opinion war, instead of purchasing additional shares.

Douglas Kim

Last Week in Event SPACE: Shinko Elec, Tsuruha/Welcia, Macromill, Sun Corp/Cellebrite, MicroStrategy

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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