In today’s briefing:
- Samyang Foods: Block Deal Sale of 103 Billion Won of Treasury Shares
- Naver Financial and Dunamu BODs To Decide on A Comprehensive Stock Swap on 26 November
- Korea Small Cap Gem #49: Chunil Express
- ABLBio (298380 KS): Funding From Lilly To Strengthen Drug Development Capabilities
Samyang Foods: Block Deal Sale of 103 Billion Won of Treasury Shares
- Samyang Foods is pursuing a block deal sale of 103 billion won of its treasury shares to secure additional funds for facility investment and improve its financial structure.
- Samyang Foods plans to sell 74,887 common shares (0.99% of issued shares) at 1,372,000 won per share. The expected block deal price is 1% lower than the current price.
- The counterparties of this block deal sale have already been announced which include Viridian Asset Management, Jump Trading, and Weiss Asset Management.
Naver Financial and Dunamu BODs To Decide on A Comprehensive Stock Swap on 26 November
- Dunamu and Naver Financial are expected to hold separate board meetings on 26 November and the potential merger of the two companies is on the agenda.
- The valuation of Dunamu is expected to be about 15 trillion won and the valuation of Naver Financial is expected to be about 5 trillion won.
- This merger offers clear long-term advantages, including the opportunity to compete globally with overseas fintech firms like PayPal and Coinbase. Additionally, the collaboration strengthens Korea’s position as a stablecoin leader.
Korea Small Cap Gem #49: Chunil Express
- Seoul Express Bus Terminal is finally being redeveloped. Official registered value of this property is 1 trillion won. Market value could be much higher at more than 1.5 trillion won.
- Chunil Express owns 16.67% stake in Seoul Express Bus Terminal. We believe Chunil Express’ share price could rise sharply (more than double from here) in the next few days/weeks.
- Redevelopment of the Seoul Express Bus Terminal has been discussed repeatedly for more than two decades. It appears that the major redevelopment of this area will FINALLY be taking place.
ABLBio (298380 KS): Funding From Lilly To Strengthen Drug Development Capabilities
- ABLBio (298380 KS) has secured equity investment of KRW22B (~$15M) from Eli Lilly. The issue price of KRW125,900 per share represents ~22% discount to last undisturbed closing price.
- ABL Bio plans to use the proceeds to advance its core technologies, including bispecific antibody platform, Grabody and bispecific ADCs. ABL Bio has rich pipeline, with eight ongoing clinical projects.
- From a long-term perspective, relationship with Lilly opens a broad range of collaborative opportunities to develop innovative therapies. We may see similar deals with other major global pharma companies.
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