In today’s briefing:
- LG Corp: Ongoing Legal Feud Between Chairman Koo Vs Mum/Sisters and Updated NAV Analysis
- Golfzon Holdings: One & Partners Pivots To “Plan B” (No Delisting For Now)
- Korea Small Cap Gem #70: NFC Corp
LG Corp: Ongoing Legal Feud Between Chairman Koo Vs Mum/Sisters and Updated NAV Analysis
- My base case valuation of LG Corp is implied market cap of 26.9 trillion won or NAV per share of 177,595 won, which is 42% higher than current share price.
- LG Corp’s investments in five core publicly listed companies including LG Chem and LG Electronics are now worth 26.5 trillion won which is 99% of its current market cap.
- Legal feud between LG Group Chairman Koo and his mum/sisters have been going on for more than three years. Appellate court has scheduled the next hearing for 27 November.
Golfzon Holdings: One & Partners Pivots To “Plan B” (No Delisting For Now)
- Post the conclusion of the second tender offer, One & Partners pivoted from their previous stance and announced that it no longer plans to delist Golfzon Holdings for now.
- The pressure is on for One & Partners to improve corporate governance and share price of Golfzon Holdings further in the coming months.
- Since the announcement of the initial tender offer, Golfzon Holdings’ share price has climbed 89.2% to 8,050 won.
Korea Small Cap Gem #70: NFC Corp
- NFC (265740 KS) is a Korean cosmetics company which has rapidly increased its ODM business sales in the past two years.
- NFC’s customers include Equalberry, Cellimax, Dr. Althea and Beauty of Joseon, brands whose products are increasingly visible outside Korea.
- Based on consensus net profit estimate of 18.5 billion won (2027E) and a 12x P/E, this would result in a market cap of 222 billion won (91% higher than now).
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