In today’s briefing:
- Allkem/Livent Merger: 19th December Shareholder Vote
- Asian Dividend Gems: HD Hyundai
Allkem/Livent Merger: 19th December Shareholder Vote
- On the 10th May, Aussie lithium miner Allkem Ltd (AKE AU) inked a $US10bn+ “merger of equals” with Livent (LTHM US), ostensibly forming the world’s fifth largest lithium producer.
- Allkem’s Scheme Meeting is the 19 December, with implementation expected on the 4 January. The IE is supportive and Allkem’s board unanimously recommends the transaction.
- This looks done. Buy Livent. And get borrow on Livent to be able to short it into the inclusion or in the days following.
Asian Dividend Gems: HD Hyundai
- On 10 November, it was announced that Ki-Sun Chung was promoted to Vice Chairman which could signal more positive news flow on HD Hyundai in the coming months.
- The consensus expects DPS of 4,200 won for HD Hyundai in 2023, which suggests a dividend yield of 7.1%. HD Hyundai has one of the highest dividend yields in KOSPI200.
- According to our NAV analysis, it suggests a base case valuation of 71,970 won per share for HD Hyundai, representing a 22% upside from current levels.
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