In today’s briefing:
- Intel Summary on Samsung Biologics Split and Samsung C&T’s Acquisition of Samsung Electronics Shares
- Samsung C&T: Entrance into the Global Aerospace Industry [Watch What They Do, Not What They Say]
- Hanwha Aerospace: Higher Rights Offering Price and Amount
- Key Microstructure Angles to Watch as NXT Volume Caps Kick In
- Hugel Inc (145020 KS): Record High 1Q Earnings; US Commercialization and UAE Debut to Trigger Growth
Intel Summary on Samsung Biologics Split and Samsung C&T’s Acquisition of Samsung Electronics Shares
- Samsung Biologics is spinning off Samsung Bio Holdings, transferring full Samsung Bioepis shares; shareholders keep stakes in both, with an expected 70:30 split favoring Biologics.
- Post-Split, major shareholders keep stakes; they’ll transfer Biologics shares to Bio Holdings, which becomes parent owning 74.34% Biologics and 100% Bioepis, meeting holding company rules.
- Samsung C&T’s restructuring carves out Biologics into a holdco, lowering valuation to avoid forced holding company conversion and enabling future Samsung Electronics share acquisition.
Samsung C&T: Entrance into the Global Aerospace Industry [Watch What They Do, Not What They Say]
- On 20 May, Samsung C&T (028260 KS) made an important announcement that it started research and development on a space project that includes a rocket launch facility construction.
- This is a signal that the Samsung Group may be interested in expanding in the global defense/aerospace industry once again.
- The recent news flow on Samsung’s expansion into aerospace business including Samsung C&T’s development of rocket launch facility is likely to positively impact Samsung C&T’s share price.
Hanwha Aerospace: Higher Rights Offering Price and Amount
- On 21 May, Hanwha Aerospace (012450 KS) announced that the rights offering price increased to 684,000 won (up 26.9% from 539,000 won previously) due to recent increase in price.
- Due to the higher rights offering price, the scale of the capital raise has increased from 2.3 trillion won previously to 2.9 trillion won (US$2.1 billion).
- Issue price is determined by applying a 15% discount rate to the one-month weighted arithmetic average price, one-week weighted arithmetic average price, and the closing price on the base date.
Key Microstructure Angles to Watch as NXT Volume Caps Kick In
- With the September review looming, base case is NXT holds steady for now, then starts cutting volume around mid-July — a move that could trigger dislocations in NXT-heavy names.
- In theory, SOR shifts retail flow from NXT to KRX seamlessly—but if retail floods in fast, KRX’s institution-heavy book might struggle, causing depth issues or delayed fills.
- The attached Excel shows NXT volume share by ticker — a useful read on names heavily reliant on NXT ahead of July caps, where pressure points may start to emerge.
Hugel Inc (145020 KS): Record High 1Q Earnings; US Commercialization and UAE Debut to Trigger Growth
- Hugel Inc (145020 KS) reported strong 1Q25 result, with all key parameters recording double-digit growth. The robust growth was driven by balanced gains across all product portfolios.
- In March, Hugel has fully commercialized Letybo in the U.S. through the partnership with Benev. The company aims to capture 10% market share in the U.S. within three years.
- Earlier this month, Hugel has officially launched Botulax in UAE. This marked the second official launch in the Middle East, following the product’s debut in Kuwait.
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