In today’s briefing:
- Krungthai Card (KTC TB): Buying Opportunity After Margin Call
- Minority Shareholders of Hanwha Corp Preferred Shares Demand Better Protection
- Taekwang Industrial: Issuing EB Worth 319 Billion Won Based on Its Treasury Shares [Poor Governance]
Krungthai Card (KTC TB): Buying Opportunity After Margin Call
- Mongkol Prakitchaiwattana is the second largest shareholder in Krungthai Card (KTC TB), behind Krung Thai Bank Pub (KTB TB).
- He also holds stakes in XSpring Capital (XPG TB), BEC World Public (BEC TB), and The Practical Solution (TPS TB).
- All four companies went limit down on the 23rd June. And again the next day. Both KTC and TPS say nothing has fundamentally changed. The cause? Margin calls.
Minority Shareholders of Hanwha Corp Preferred Shares Demand Better Protection
- Minority shareholders of Hanwha Corp preferred shares are demanding better protection (such as converting preferred shares into common shares) and are criticizing the potential delisting of its shares.
- We provide four major scenarios that could occur for Hanwha Corp preferred shares (000885 KS) in the coming weeks.
- The fact that Hanwha Group companies are on such positive momentum, it would be in the best interest for Hanwha to improve shareholder value of the Hanwha Corp’s preferred shares.
Taekwang Industrial: Issuing EB Worth 319 Billion Won Based on Its Treasury Shares [Poor Governance]
- After the market close on 27 June, Taekwang Industrial (003240 KS) announced that it is issuing an exchangeable bond (EB) worth 319 billion won based on its treasury shares.
- Taekwang Industrial announced it will issue EBs with the 271,769 treasury stocks representing 24.41% of the issued shares. This is poor corporate governance and not shareholder friendly.
- Going forward, we believe its shares are likely to underperform the market in the next 1-2 years.
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