In today’s briefing:
- DN Solutions IPO: The Bull Case
- Samsung Electronics(005930): Shareholders’ Meeting Results
- Kum Yang: A Potential Delisting? [Murphy’s Law in Progress]
DN Solutions IPO: The Bull Case
- DN Solutions (298440 KS), the third-largest machining centre/turning centre machine tool manufacturer, seeks to raise US$1.1 billion in a KRX IPO.
- DN Automotive (007340 KS) is the largest shareholder, representing 84.8% of outstanding shares. The primary/secondary split is 43%/57%.
- The bull case rests on the market share gains, high barriers to entry, healthy forward revenue indicators, a return to growth, and top-tier EBIT margin.
Samsung Electronics(005930): Shareholders’ Meeting Results
- All proposals at Samsung Electronics’ March 19 shareholders’ meeting were approved, despite opposition recommendations from Sustinvest, a Korean proxy advisory firm.
- Sustinvest had recommended voting against outside director candidate Kim Jun-sung (Agenda 2-1-1) and inside director candidate Jeon Young-hyun (Agenda 2-2-1).
- The approval of all agenda items indicates strong shareholder support for Samsung’s current management direction despite some governance concerns raised by proxy advisors.
Kum Yang: A Potential Delisting? [Murphy’s Law in Progress]
- Murphy’s law is at progress for Kum Yang (001570 KS).
- On 21 March, Kum Yang’s external auditor gave a disclaimer of opinion on the on its audit report.
- Korea Exchange is becoming more serious about delisting shady companies, especially one that receives inappropriate audit opinions for two consecutive years.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
