In today’s briefing:
- KCC Corp: EB Issue of $625 Million Of HD KSOE + KCC Corp and KCC Glass Share Swaps
- Cosmecca Korea: Switching Listing from KOSDAQ to KOSPI Likely to Be Completed in 2H 2025
KCC Corp: EB Issue of $625 Million Of HD KSOE + KCC Corp and KCC Glass Share Swaps
- KCC announced that it is issuing an EB worth $625 million in foreign currency using its stake in HD Korea Shipbuilding & Offshore Engineering as the underlying asset.
- The asset that is used as the underlying asset for the EB is 2.056 million shares of HD Korea Shipbuilding & Offshore Engineering held by the KCC Corp
- We believe this large EB issue by KCC Corp is likely to have a positive impact on KCC Corp but slightly negative impact on HD KSOE.
Cosmecca Korea: Switching Listing from KOSDAQ to KOSPI Likely to Be Completed in 2H 2025
- On 2 July, Cosmecca Korea (241710 KS) announced that it plans to switch its listing from KOSDAQ to KOSPI. Cosmecca Korea is the third largest cosmetics ODM company in Korea.
- Cosmecca Korea’s ROE is similar to the average ROE of the comps. However, Cosmecca Korea’s P/B valuation is 36% discount to that of the comps.
- By switching its listing from KOSDAQ to KOSPI, there is an increasing probability of the Cosmecca Korea receiving higher valuations, narrowing the gap with its peers.
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