In today’s briefing:
- Palliser Capital Goes Activist on LG Chem
- Korea’s Next Policy Play: NAV Discount Squeeze on Low‑Float Large Caps
- LivsMed IPO Preview
- Nota IPO Bookbuilding Analysis
Palliser Capital Goes Activist on LG Chem
- Palliser Capital started to go activist on LG Chem. According to Palliser Capital, LG Chem’s share price is trading at a 74% discount to its NAV.
- Palliser Capital proposed improving the composition of the board of directors, restructuring the executive compensation system to align with shareholder interests, and higher share buybacks.
- Our updated NAV analysis of LG Chem suggests implied price of 613,438 won per share, which represents a 57% higher levels than current levels.
Korea’s Next Policy Play: NAV Discount Squeeze on Low‑Float Large Caps
- Market sniffing policy push; low-float names flagged as junk risk with skewed control. Desks circling, Palliser hit early—LG Chem trade popped, timing spot on.
- Trade setup: screen >₩1tn caps with low float, parent stakes 60–80%. Policy push likely forces stake cuts, driving float higher and squeezing NAV discounts—LG Chem shows the play.
- Screening >₩1tn caps flags 11 names: parents hold 60–80%. All potential stake-sale plays to boost float, squeeze NAV discount.
LivsMed IPO Preview
- LivsMed is getting ready to complete its IPO on the KOSDAQ exchange in December 2025. LivsMed is a medical device manufacturer that specialises in minimally invasive surgery products.
- This is expected to be one of the largest IPOs in KOSDAQ in 2025. The IPO price range is from 44,000 won to 55,000 won per share.
- LivesMed has commercialized the world’s first multi-joint, multi-degree-of-freedom (DOF) technology capable of 90° rotation in all directions.
Nota IPO Bookbuilding Analysis
- Nota’s IPO price has been confirmed at 9,100 won, which is at the high end of the IPO price range. The demand ratio was 1,058 to 1.
- Our base case valuation of Nota suggests target price of 11,948 won per share, which is 31% higher than the IPO price (9,100 won).
- Nota Provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.
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