In today’s briefing:
- How Chip Tariffs Shake up Samsung’s HBM Pricing Play Based on Fresh Local Intel
- Tender Offer and Delisting of Kolon Mobility Group by Kolon Corp
- Korea Small Cap Gem #42: T&L Co
- KT&G: Solid Results in 2Q 2025 + Treasury Shares Cancellation of 300 Billion Won
How Chip Tariffs Shake up Samsung’s HBM Pricing Play Based on Fresh Local Intel
- Samsung’s 12-high HBM3E qual at NVIDIA may slip to Oct–Nov. But tariff timing uncertainty still leaves room for a near-term demand spike.
- Samsung’s 1c-based HBM4 is yielding better than expected, but it’s 30% pricier than Hynix’s. Tariff treatment of the Taylor fab could make or break its HBM4 competitiveness.
- Too early to call HBM4, but Samsung’s HBM3E pricing plus tariff uncertainty could spark urgent NVIDIA buying — triggering a near-term volume spike before next-gen ramps.
Tender Offer and Delisting of Kolon Mobility Group by Kolon Corp
- Kolon Corp (002020 KS) announced that it is conducting a tender offer and delisting of Kolon Mobility Group (450140 KS).
- The tender offer prices are 4,000 won per common share (20.3% higher than current price) and 5,950 won per preferred share (25.3% higher than current price) for Kolon Mobility Group.
- The tender offer prices and stock swap ratios are especially attractive for Kolon Mobility Group shareholders.
Korea Small Cap Gem #42: T&L Co
- T&L’s key investment highlights include its exceptional sales growth led by its core wound dressing/cosmetic product Mighty Patch.
- It had a CAGR sales growth of 44% from 2020 to 2024. Its operating profit increased at even faster rate (CAGR of 56% from 2020 to 2024.
- Considering T&L’s 40%+ per year sales growth and 50%+ per year operating profit growth from 2020 to 2024 combined with 30%+ ROE, the company is deeply undervalued.
KT&G: Solid Results in 2Q 2025 + Treasury Shares Cancellation of 300 Billion Won
- KT&G reported solid results in 2Q 2025. It had sales of 1.5 trillion won (up 8.7% YoY) and operating profit of 349.9 billion won (up 8.7% YoY).
- KT&G plans to repurchase and cancel 300 billion won worth of treasury stock starting 8 August.
- KT&G continues to have attractive valuation multiples. It is currently trading at P/E of 12.3x, P/B of 1.6x, and EV/EBITDA of 9.4x.
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