In today’s briefing:
- Korean IPOs: Cornerstone Bill Back in Play—This Time, It Might Stick
- StubWorld: Daemyung Sono Takes Control Of T’Way Holdings (004870 KS)
- POSCO Int & Seah Steel Holdings: Key Beneficiaries of Trump’s Plan to Develop Alaskan Gas Fields
Korean IPOs: Cornerstone Bill Back in Play—This Time, It Might Stick
- The odds of the cornerstone system getting the green light are significantly higher than they were two years ago.
- With bills typically taking a year to kick in, we need to stay on this—if all goes smoothly, cornerstone investors could hit Korean IPOs as early as next year.
- In the early stages, cornerstone allocations will be key to shaping our IPO trading playbook. Staying ahead of these shifts is crucial.
StubWorld: Daemyung Sono Takes Control Of T’Way Holdings (004870 KS)
- Daemyung Sono Group will acquire a controlling 46.26% stake in T’Way Holdings (004870 KS) (THI) held by Yearimdang Publishing (036000 KS). THI looks stretched.
- Preceding my comments on the T’way Group are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
POSCO Int & Seah Steel Holdings: Key Beneficiaries of Trump’s Plan to Develop Alaskan Gas Fields
- Posco International Corporation (047050 KS) and SeAH Steel Holdings (003030 KS) are two key beneficiaries of the Trump administration’s efforts to significantly increase the Alaskan gas fields.
- The initial estimated cost of this massive project is about $44 billion for the pipeline and related infrastructure.
- Despite recent rallies, the valuations of POSCO International and Seah Steel Holdings remain attractive.
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