In today’s briefing:
- Delisting of 5 Korean Preferred Stocks on 17 July
- TRYT IPO: Peer Comparison and Valuation
Delisting of 5 Korean Preferred Stocks on 17 July
- The Korea Exchange officially announced today that the following five preferred stocks will be delisted on 17 July.
- These five stocks including Samsung Heavy Industries Pref, SK Networks Pref, DB Hitek Pref, Hyundai BNG Steel Pref, and Heungkuk Fire & Marine Insurance Pref 2B fell sharply today.
- Despite the warning by the Korea Exchange since end of May, it was not until today that these five stocks dropped sharply. On average, these five stocks fell 44% today.
TRYT IPO: Peer Comparison and Valuation
- TRYT Group is engaged in job placement and temporary staffing, specialising in the medical and welfare and construction fields. The company has set the pricing for its Tokyo IPO.
- Existing shareholders of the company will offer 40m shares at an indicative price range of ¥1,100-1,300 per share, raising around US$305-360m from the IPO.
- We think Tryt Inc (9164 JP) ’s IPO is overvalued at the above price range compared to Japanese recruitment peers and would recommend staying on the sidelines.
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