In today’s briefing:
- Divorce Between SK Group Chairman Chey Tae-Won and Roh So-Young Coming to an End: Impact on SK Inc
- Can Nisshinbo (3105) Become a Superstock?
- Emeco (EHL AU): Offer Rumours Abound
- SBS Transit: Stable and a Slow Growth Business but Expensive at Current Prices
- Earnings Delivery, Reasonable Valuations, Healthy Balance Sheet – Ten Stocks in ASEAN
- Hesai Secondary Trading – Decent Demand, Despite Lack of Correction
- Kingsmen Creatives Chair & Deputy Chair Build Stakes
- Stocks Surpassing Turnover Thresholds in 3Q25
- WaterBridge Infrastructure LLC (WBI): Sponsor Five Point Looks to Replicate Landbridge IPO Success
Divorce Between SK Group Chairman Chey Tae-Won and Roh So-Young Coming to an End: Impact on SK Inc
- More than eight years have passed since Chairman Chey first filed for a divorce from this wife Roh So-young in July 2017.
- This divorce case has finally reached the Supreme Court of Korea. Although the final outcome still remains unknown, it appears that this divorce case is finally coming to an end.
- We also provide an NAV analysis of SK Inc. Our NAV valuation of SK Inc suggests implied market cap of 24.1 trillion won which is 42% higher than current levels.
Can Nisshinbo (3105) Become a Superstock?
- Nisshinbo is aiming for a radical transformation from old-fashioned textile business to high-tech, aiming for 80% revenue from defense and high-end tech within 3-5 years
- New President Yasuji Ishii promises swift decision-making and a comprehensive restructuring plan by February 2026, targeting 10% RoE, up from a 8% deficit at the trough.
- Nisshinbo trades at 70% of book value but should easily trade up to 1.5x if it achieves its Roe target.
Emeco (EHL AU): Offer Rumours Abound
- Reportedly, heavy earthmoving equipment play Emeco Holdings (EHL AU) is in the crosshairs.
- Local media are indicating that Emeco has been testing the water on possible domestic suitors, and this has spurred interest from overseas.
- The share price is up 27% YTD and 58% over the past year, and currently trading around a four-year high.
SBS Transit: Stable and a Slow Growth Business but Expensive at Current Prices
- 55% market share in Singapore bus market. SBS runs 3 train lines.
- The company has only one customer which is LTA and does not have much pricing power
- The company is asset light and has lots of cash on its books.
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Earnings Delivery, Reasonable Valuations, Healthy Balance Sheet – Ten Stocks in ASEAN
- Our focus on earnings delivery continues, this time turning to ASEAN. We screen stocks with consistent EPS estimate upgrades, strong EPS growth forecasts, net debt/equity below 1 and PEG<1.3x.
- In the six ASEAN markets, 10 stocks satisfy our criteria – four from Vietnam, two each from Indonesia and Thailand and one each from Singapore and Malaysia.
- Nine of the ten stocks appreciated sharply over the past 3 and 6 months. Over the past 12 months 7 stocks appreciated and three declined.
Hesai Secondary Trading – Decent Demand, Despite Lack of Correction
- Hesai Group (HSAI US) raised around US$530m in its secondary listing in Hong Kong.
- We have looked at the deal dynamics in our previous note.
- In this note, we talk about the ADS movement and trading dynamics.
Kingsmen Creatives Chair & Deputy Chair Build Stakes
- Institutions were net buyers of Singapore stocks with S$11.1 million inflow, major inflows to DBS, ST Engineering, UOL.
- Stamford Land’s Ow Chio Kiat increased interest to 46.23%, maintaining a debt-free position with S$0.5 billion cash.
- Nordic Group’s Chang Yeh Hong increased interest to 54.87%, with a strong S$184.9 million orderbook as of June 2025.
Stocks Surpassing Turnover Thresholds in 3Q25
- Over 30 Singapore stocks increased their 2025 YTD ADT to above S$100K, with two-thirds seeing P/B ratio accretion.
- Seven stocks saw their YTD ADT rise above S$1 million since June, with varied valuation accretion.
- LHT Holdings recorded the highest net institutional inflow, attributed to DH Cornerstone Fund’s 18.45% stake acquisition.
WaterBridge Infrastructure LLC (WBI): Sponsor Five Point Looks to Replicate Landbridge IPO Success
- The Delaware Basin–focused water infrastructure operator set terms Monday to sell 27 million shares at $17–$20, with a debut slated for Wednesday, September 17.
- According to our sources, the deal’s order book is classified as multiple-times oversubscribed with 1-on-1 and long-only conversions.
- With a strong anchor order and a 10% directed share program and the sponsor having a history of success, we like the risk-reward profile of this deal at this time.
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