In today’s briefing:
- Kolmar Group Chairman Yoon: A Rare Case Of “I Want My Shares Back”
- Tencent to Acquire Kakao Mobility?
- Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now
- Samsung Heavy (010140) Ends $3.5B Zvezda Deal; Arbitration On, Order Book Unaffected
Kolmar Group Chairman Yoon: A Rare Case Of “I Want My Shares Back”
- Chairman Yoon Dong-han, founder of the Kolmar Group, has filed a lawsuit against his eldest son, Vice Chairman Yoon Sang-hyun of Kolmar Holdings, demanding the return of Kolmar Holdings shares.
- This is a rare case of a chairman demanding his shares back from his son.
- A key question is can there be an M&A fight for Kolmar Holdings even without the father getting his shares back? And the answer would be yes.
Tencent to Acquire Kakao Mobility?
- Tencent (700 HK) has emerged as a major contender to acquire about 40% stake in Kakao Mobility which operates Korea’ leading ride hailing app Kakao T.
- Tencent’s investment stakes in the nine major Korean companies are worth 6.9 trillion won ($5.0 billion). Most of the investments are in the games and entertainment/K-Pop related sectors.
- The VIG consortium has reportedly valued Kakao Mobility at about 6 trillion won ($4.4 billion).
Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now
- From 15th may to 17th June our Asia-ex-Japan Model Portfolio returned 3.37% vs MSCI Asia-ex-Japan’s 2.62%. Overweight on Korea and stock selection in HK/China, Taiwan and Philippines helped.
- Top 5 performers were Digiplus (+31.9%), SK Hynix (+27.1%), Hana Financials (+23.8%), Netease (+21%), CCB (+9.8%). The worst 5: Alibaba (-11.4%), BYD (-8.5%), Trip.Com (-7.4%), Titan (-7.2%), M&M (-5.1%).
- Our themes – tech investment momentum, Chinese consumption revival, cyclical recovery in India and dividend yield across the region – are working fine. We make no changes to our portfolio.
Samsung Heavy (010140) Ends $3.5B Zvezda Deal; Arbitration On, Order Book Unaffected
- SHI officially terminated $3.54B worth of Russian contracts on June 18, citing prolonged non-performance by Zvezda.
- The company is pursuing arbitration in Singapore, aiming to retain $800M in advances and seek additional damages. Most such cases have favoured shipbuilders.
- With no production initiated and a strong $28–30B backlog, the impact on operations and FY25 guidance is expected to be minimal.
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