In today’s briefing:
- HMM KRW 2T Tender: Full Pro-Rata Risk Assessment
- HMM: Tender Offer of 8% of Outstanding Shares and Cancellation
- Webtoon Entertainment: Secures a Big Contract With Disney
HMM KRW 2T Tender: Full Pro-Rata Risk Assessment
- Watch next Monday’s premium and the share slice we can grab—these will drive hedge sizing with futures or other plays.
- Premium sits in the late 10% range, above expectations; HMM’s float is tight, with 80%+ effectively locked by KDB, KOBC, NPS, and passive holders.
- The tender pool is capped at ~15% of shares; with KDB taking 3–3.5%, about 4.5–5% remains available for the market.
HMM: Tender Offer of 8% of Outstanding Shares and Cancellation
- After the market close on 14 August, HMM Co., Ltd. (011200 KS) announced a tender offer of 81.8 million treasury shares (8% of outstanding shares).
- An even bigger factor on HMM’s share price than this tender offer could be the continued decline in the global shipping rates which is negative on the company.
- Overall, we would be cautious on HMM over the next one year. HMM also reported worse than expected operating profit in 2Q 2025 due to weaker global shipping rates.
Webtoon Entertainment: Secures a Big Contract With Disney
- Webtoon Entertainment (WBTN US) has secured a big contract with The Walt Disney Co (DIS US) including Avengers and Spider Man to become available in webtoon format.
- We believe Webtoon Entertainment could grab about 20% of the global market for webtoons in 2030 which would be about $4 billion in revenues.
- Assuming a net margin of 10% and a P/E multiple of 20x, it suggests market cap of $8 billion for Webtoon Entertainment by 2030 (264% upside from current levels).
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