In today’s briefing:
- Block Deal Sales of 200 Billion Won Worth of Ecopro Materials by BRV Capital
- Shift Up IPO Preview
- FnGuide Top10 Index Rebalance Preview: Two Changes Possible in June
- Hansol Holdings Announces a Tender Offer of 18.53% Stake in Hansol Logistics
Block Deal Sales of 200 Billion Won Worth of Ecopro Materials by BRV Capital
- After the market close on 20 May, it was reported that Blue Run Ventures (BRV) sold 204.1 billion won (US$150 million) worth of EcoPro Materials in a block deal sale.
- The block deal sale price was 93,000 won, a 9.7% discount to the closing price on 20 May (103,000 won).
- This block deal sale at a big discount is likely to raise overhang concerns about further block deal sales by BRV Capital in the coming years.
Shift Up IPO Preview
- Shift Up (462870 KS) is getting ready to complete its IPO in KOSPI in June 2024. Established in 2013, Shift Up is one of the leading game developers in Korea.
- The IPO price range is 47,000 won to 60,000 won. The IPO offering amount is 340.8 billion won to 435 billion won.
- According to the bankers’ valuation, the market capitalization range of the company ranges from 2.73 trillion won to 3.4 trillion won. This is the second largest IPO in Korea YTD.
FnGuide Top10 Index Rebalance Preview: Two Changes Possible in June
- The Mirae Asset Tiger Top 10 ETF (292150 KS) tracks the FnGuide Top 10 Index and has an AUM of around US$1.2bn.
- We currently forecast two potential changes at the next rebalance in June – one change is high probability while one could change depending on price moves over the next week.
- The trade has performed well historically with positive performance till implementation followed by reversion post implementation.
Hansol Holdings Announces a Tender Offer of 18.53% Stake in Hansol Logistics
- After the market close on 20 May, Hansol Holdings announced that it is pursuing a tender offer for an additional 18.53% stake in its affiliate Hansol Logistics.
- The tender offer price is 3,000 won, which is 22% higher than the close price on 20 May. The tender offer period is from 21 May to 10 June.
- We have a positive view of this tender offer. Hansol Logistics trades at EV/EBITDA of 1.8x, P/E of 3.7x, and P/B of 0.6x based on 2023 figures.
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