Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Telcoware (078000 KS) and Shinsung Tongsang (005390 KS) are two recent tender offers in Korea where the minority shareholders are demanding higher tender offer prices.</li>
<li>The actual subscription rate of the Telcoware tender offer was only 10.44%, far below the 25.24% targeted by the CEO Keum Han-Tae.</li>
<li>The Shinsung Tongsang owner family may acquire an additional 7–10% stake via this tender offer, though it remains unclear if they can secure full 95% ownership at this stage.</li>
</ul>


Telcoware (078000 KS) and Shinsung Tongsang (005390 KS) are two recent tender offers in Korea where the minority shareholders are demanding higher tender offer prices.
The actual subscription rate of the Telcoware tender offer was only 10.44%, far below the 25.24% targeted by the CEO Keum Han-Tae.
The Shinsung Tongsang owner family may acquire an additional 7–10% stake via this tender offer, though it remains unclear if they can secure full 95% ownership at this stage.


Telcoware & Shinsung Tongsang Tender Offers: Minority Shareholders Demand Higher Tender Offer Prices

<ul>
<li>Telcoware announced that the largest shareholder and CEO of the company (Keum Han-Tae) will be undertaking a tender offer of 2.332 million shares (25.24%) to take the company private.</li>
<li>Tender offer price is 13,000 won per share. Tender offer period is from 19 May to 10 June. </li>
<li>Telcoware has 4.08 million treasury shares, accounting for 44.1% of outstanding shares. </li>
</ul>


Telcoware announced that the largest shareholder and CEO of the company (Keum Han-Tae) will be undertaking a tender offer of 2.332 million shares (25.24%) to take the company private.
Tender offer price is 13,000 won per share. Tender offer period is from 19 May to 10 June. 
Telcoware has 4.08 million treasury shares, accounting for 44.1% of outstanding shares. 


Telcoware: Tender Offer To Take the Company Private

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taishin-financial-holding" target="_blank" data-smartkarma-citation="entities:715:1" rel="noopener">Taishin Financial (2887 TT)</a> is cheap to peers. <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong Financial (2888 TT)</a> is cheap vs Taishin. Long Shin Kong. Long Taishin vs Peers. Long Shin Kong vs Taishin Peers.</li>
<li>Abu Dhabi makes a big, bold bet on <a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a>. However FIRB will have the last word on whether the deal goes through. </li>
<li>If the results show NTT owns &gt;80% of <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data (9613 JP)</a>, buy a lot for a potential squeeze. If the results show NTT owns 68-70%, you can probably ignore. </li>
</ul>



Taishin Financial (2887 TT) is cheap to peers. Shin Kong Financial (2888 TT) is cheap vs Taishin. Long Shin Kong. Long Taishin vs Peers. Long Shin Kong vs Taishin Peers.
Abu Dhabi makes a big, bold bet on Santos Ltd (STO AU). However FIRB will have the last word on whether the deal goes through. 
If the results show NTT owns &gt;80% of NTT Data (9613 JP), buy a lot for a potential squeeze. If the results show NTT owns 68-70%, you can probably ignore. 


Last Week in Event SPACE: Shin Kong/Taishin, Santos, NTT Data, ENN Energy, Mitsui Matsushima

<ul>
<li>Winner winner chicken dinner.  A Nikke article suggests a bid higher than ¥6tn for <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>. In addition, people  thinking about ¥18,400/share are going about this incorrectly. </li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> pops on its IPO debut. The HKEx has issued a high concentration warning</li>
<li>
<a href="https://www.smartkarma.com/entities/mitsubishi-logisnext-co-ltd" target="_blank" data-smartkarma-citation="entities:11662:1" rel="noopener">Mitsubishi Logisnext Co., Ltd. (7105 JP)</a> is still ragingly cheap given the move to delist dual parent/sub listings and having a global footprint. Own it here and now.</li>
</ul>


Winner winner chicken dinner.  A Nikke article suggests a bid higher than ¥6tn for Toyota Industries (6201 JP). In addition, people  thinking about ¥18,400/share are going about this incorrectly. 

Contemporary Amperex Technology (CATL) (3750 HK) pops on its IPO debut. The HKEx has issued a high concentration warning

Mitsubishi Logisnext Co., Ltd. (7105 JP) is still ragingly cheap given the move to delist dual parent/sub listings and having a global footprint. Own it here and now.


Last Week in Event SPACE: Toyota Industries, CATL, Mitsubishi Logisnext, Mayne Pharma, Melco

Cross Asset Strategy

<ul>
<li>We provide an analysis of the top 100 companies with the highest percentage of treasury shares as a percentage of market cap. </li>
<li>These 100 companies are prime targets of tender offers and M&amp;As. Many of these companies have low PBR ratios.</li>
<li>Number five in this list is Telcoware (078000 KS) which just announced a tender offer by the CEO who is trying to take the company private. </li>
</ul>


We provide an analysis of the top 100 companies with the highest percentage of treasury shares as a percentage of market cap. 
These 100 companies are prime targets of tender offers and M&amp;As. Many of these companies have low PBR ratios.
Number five in this list is Telcoware (078000 KS) which just announced a tender offer by the CEO who is trying to take the company private. 


Top 100 Korean Firms with Highest Treasury Shares as % of Market Cap (Tender Offer and M&A Targets)

South Korea

Telcoware Co., Ltd. provides mobile infrastructure solutions and services.  The Company's products include wireless transmission of data and voice systems, such as home location registers, gateway location registers, authentication centers, telephony and IP integration systems, and instant messaging.

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Telcoware (078000 KS)

Telcoware & Shinsung Tongsang Tender Offers: Minority Shareholders Demand Higher Tender Offer Prices

Telcoware (078000 KS) and Shinsung Tongsang (005390 KS) are two recent tender offers in Korea where the minority shareholders are demanding higher...

Douglas Kim

Telcoware: Tender Offer To Take the Company Private

Telcoware announced that the largest shareholder and CEO of the company (Keum Han-Tae) will be undertaking a tender offer of 2.332 million shares...

Douglas Kim

Last Week in Event SPACE: Shin Kong/Taishin, Santos, NTT Data, ENN Energy, Mitsui Matsushima

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

Last Week in Event SPACE: Toyota Industries, CATL, Mitsubishi Logisnext, Mayne Pharma, Melco

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

Top 100 Korean Firms with Highest Treasury Shares as % of Market Cap (Tender Offer and M&A Targets)

We provide an analysis of the top 100 companies with the highest percentage of treasury shares as a percentage of market cap. These 100 companies...

Douglas Kim

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