In today’s briefing:
- LS Cable – To Issue an EB Worth 400 Billion Won Using LS Marine Solution as Base Asset?
- Korea Zinc (010130 KS) – Rare Metals Rerating + TC/RC Recovery = Deep Value Setup
- Myungin Pharm Pre-IPO: Domestic Leader, Partial Monetization for Founders
LS Cable – To Issue an EB Worth 400 Billion Won Using LS Marine Solution as Base Asset?
- Major major local media including Maekyung Business Daily and Chosun Daily have reported that LS Cable & System is pushing forward with an EB worth 400 billion won.
- The target stock to be used in the EB is LS Cable’s shares in its subsidiary LS Marine Solution.
- LS Marine Solution is one of the largest marine engineering companies in Korea, specializing in the installation and maintenance of submarine cables, offshore wind infrastructure, and marine energy systems.
Korea Zinc (010130 KS) – Rare Metals Rerating + TC/RC Recovery = Deep Value Setup
- Korea Zinc (010130 KS) is the world’s largest merchant zinc smelter, with growing exposure to high-margin rare metals (Sb/In/Bi).
- Management is executing the “Troika Drive” strategy—expanding copper and nickel sulfate capacity while scaling strategic minerals and recycling.
- Stock trades at ~5x 2027E earnings and ~4.7x EV/EBITDA, a clear discount to peers, key risks remain rare metal price volatility, zinc TC/RC recovery timing
Myungin Pharm Pre-IPO: Domestic Leader, Partial Monetization for Founders
- Myungin Pharmaceutical (MYUNGIN KS) is looking to raise up to US$142m in its upcoming Korean IPO.
- Myungin Pharm specializes in central nervous system (CNS) therapeutics, with an extensive product line-up of over 200 CNS products.
- In this note, we provide updates on the firm’s past performance.
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