Daily Brief South Korea: SK D&D Co Ltd, Tokai Carbon Korea, Vitzrocell, Youngone Corp and more

• On 1 October, it was reported in the local media that Hahn & Co (is acquiring the management rights of SK D&D Co Ltd (210980 KS). 
• This tender offer is not likely to be successful. Less than 1/3 of the 6.96 million shares that are up for tender offer could be sold by the existing shareholders.
• We believe that the majority of the remaining investors in SK D&D want higher tender offer price.

• CMTX is getting ready to complete its IPO in KOSDAQ in 4Q 2025. The company will offer a total of 1 million shares (new shares) in this IPO. 
• The target IPO price range is 51,000 to 60,500 won per share. The projected market capitalization after listing is 473 billion to 561.2 billion won.
• CMTX began by manufacturing ceramics and sapphire components for semiconductor etching processes and has since expanded its business to include core consumable silicon components such as silicon rings and electrodes.

• Vitzrocell is a global leader in lithium primary batteries, particularly for specialized industrial and military applications, demonstrating a robust growth trajectory with a 3-year net income CAGR of 44.4%.
• The company is strategically positioned to benefit from growing demand in the smart grid, IoT, and defense sectors, driven by its technological expertise in high-temperature and long-lifespan batteries.
• A strong financial profile, characterized by high growth, solid margins, and impressive free cash flow generation, supports continued investment in R&D and strategic acquisitions to solidify market leadership.

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• Youngone Corp stands as a premier global original equipment manufacturer (OEM) for the outdoor and athletic apparel industry, underpinned by strong, long-term relationships with leading global brands and a vast, efficient manufacturing network.
• While the company faces near-term margin pressures from rising labor costs and potential tariffs, its robust OEM order book, particularly from high-growth brands, provides a solid revenue foundation.
• The company’s strategic ‘Corporate Value-Up’ initiatives, aimed at enhancing shareholder returns by improving ROE and P/B ratios, combined with a potential earnings inflection from its Scott subsidiary, present significant long-term catalysts.

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