In today’s briefing:
- KCC Corp: Taking a Closer Step to Separating the Ownership Structures of the KCC Group
- KRX’s Official SSF/SSO Reshuffle Results: Trading Considerations
KCC Corp: Taking a Closer Step to Separating the Ownership Structures of the KCC Group
- There is an increasing probability that KCC Corp is closer to separating the ownership structures of the three Chung brothers regarding the various KCC Group related companies.
- KCC’s 9.17% stake in Samsung C&T is worth 2.8 trillion won. KCC’s stake in Samsung C&T is worth 117% of KCC’s own market cap.
- According to our valuation analysis, it suggests NAV of 355,925 won per share, representing a 30% upside from current levels.
KRX’s Official SSF/SSO Reshuffle Results: Trading Considerations
- The reshuffle results align with expectations, but the decision to list 11 KOSDAQ Global stocks in April is surprising. Local authorities seem to prioritize boosting the derivatives market for liquidity.
- Ecopro Materials’ SSF listing, earlier than expected, attracts attention, potentially leading to an unusual basis pattern, coinciding with a major lockup release on May 17th.
- We should also be wary of a pattern akin to last July’s in KOSDAQ stocks. Spot prices of recent SSFs showed a pronounced short-term uptrend, especially in KOSDAQ, versus KOSPI.
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