In today’s briefing:
- Key Info We Need to Know About Boosting Predictability of Dividend Record Dates in Korea
- Align Partners Goes Activist on Coway
Key Info We Need to Know About Boosting Predictability of Dividend Record Dates in Korea
- Major banks, Hyundai Motor, POSCO Holdings, and companies like HMM, which updated their articles, will likely set dividend record dates pre-AGM in the mid-to-late February window.
- Track backwardation in March futures for mispricings. Companies will likely follow last year’s playbook: AGM in mid-to-late March, record date 3–4 weeks prior, announcement 2 weeks ahead.
- Opportunity lies in the March futures basis spread between February contract and record date announcement. Watch those for potential dividend hikes and futures mispricing ahead.
Align Partners Goes Activist on Coway
- After the market close on 16 January, it was reported that Align Partners started to go activist on Coway Co Ltd (021240 KS).
- Align Partners sent a public letter to Coway demanding improvements to shareholder returns and measures to enhance the independence of the board of directors.
- The combination of higher shareholder returns, low valuations, and Align Partners putting further activist pressure are likely to lead to continued outperformance of Coway relative to KOSPI this year.
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