In today’s briefing:
- Samsung Electronics: Block Deal Sale of 5.2 Million Shares by Lee Boo-Jin
- Samsung Electronics Placement – Better Timing This Time Around
- KOSDAQ150 Index Rebalance Preview: Potential Adds Still Outperforming
- Special Changes in KOSDAQ 150: Deletion (NKMAX) + Addition (GI Innovation)
- Orion Holdings: Updated NAV, Higher Dividend Yield, and Exhuma Catalyst
Samsung Electronics: Block Deal Sale of 5.2 Million Shares by Lee Boo-Jin
- After the market close on 8 April, it was reported that Lee Boo-Jin will sell 5,247,140 shares of Samsung Electronics in a block deal (up to 443 billion won).
- The expected block deal sale price is 83,700 to 84,500 won per share, which represents a discount rate of up to 0.95% compared to the closing price on 8 April.
- We are positive on this block deal sale and on Samsung Electronics. We would take the deal.
Samsung Electronics Placement – Better Timing This Time Around
- KEB Hana Bank, on behalf of Lee Boo-Jin, is looking to raise up to US$325m via selling 0.1% of Samsung Electronics (005930 KS).
- The deal appears to be somewhat well flagged and the company recently reported better operating numbers for 1Q24.
- In this note, we will run the deal through our ECM framework and talk about the recent updates.
KOSDAQ150 Index Rebalance Preview: Potential Adds Still Outperforming
- With nearly 85% of the review period complete, there could be 15 changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the June rebalance.
- Prior to the June rebalance, C&C International (352480 KS) will replace CanariaBio (016790 KS) in the index following CanariaBio being listed as an Administrative Issue and an Investment Attention Issue.
- The potential adds have outperformed the potential deletes and the KOSDAQ 150 Index since the start of the review period. Lighten positions ahead of the end of the review period.
Special Changes in KOSDAQ 150: Deletion (NKMAX) + Addition (GI Innovation)
- On 8 April, the Korea Exchange announced special changes to KOSDAQ 150. NKMAX will be excluded from KOSDAQ 150 and it will be replaced by GI Innovation.
- NKMAX was designated as “administrative issue” and “investment attention issue” on 8 April 2024, which resulted in the Korea Exchange deciding to remove this stock from KOSDAQ 150.
- We believe that this inclusion of GI Innovation in KOSDAQ 150 is likely to further positively impact its share price.
Orion Holdings: Updated NAV, Higher Dividend Yield, and Exhuma Catalyst
- Our NAV valuation suggests implied market cap of 1 trillion won or NAV per share of 15,983 won which is 11% higher than current price.
- Orion Holdings has attractive dividend yields and payouts. The company’s dividend yield increased from 4.1% in 2021 to 4.6% in 2022 and 5.1% in 2023.
- The recent phenomenal performance of the movie Exhuma has resulted in a long-awaited revived positive sentiment on Showbox (which is 57.5% owned by Orion Holdings).
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
