In today’s briefing:
- NAV Valuations of Top Five Largest “Pure” Holdcos in Korea
- Updated NAV Valuations of Doosan Corp, Hanwha Corp, CJ Corp, GS Holdings, and Lotte Corp
- Shinsung Tongsang: A Second Try at Tender Offer and Privatization
NAV Valuations of Top Five Largest “Pure” Holdcos in Korea
- Holding companies have been the best performing asset class in the Korean stock market in the past month.
- In this insight, we provide updated NAV valuations of the top five, largest “pure” holdcos in Korea including SK Square, SK Inc, LG Corp, Hanjin KAL, and HD Hyundai.
- The NAVs of these five holdcos are about 18% higher than their current prices on average.
Updated NAV Valuations of Doosan Corp, Hanwha Corp, CJ Corp, GS Holdings, and Lotte Corp
- We provide updated NAV valuations of Doosan Corp (000150 KS), Hanwha Corporation (000880 KS), CJ Corp (001040 KS), GS Holdings (078930 KS), and LOTTE Corporation (004990 KS).
- These holding companies’ outperformance has been driven by investors’ perception that the new Lee Jae-Myung administration will make real changes to improve corporate governance policies that could unlock greater value.
- The share prices of Hanwha Corp, Doosan Corp, CJ Corp, GS Holdings, and Lotte Corp are up on average 97% YTD.
Shinsung Tongsang: A Second Try at Tender Offer and Privatization
- On 9 June, Shinsung Tongsang (005390 KS) announced a second tender offer after a failed attempt last year. Tender offer price is 4,100 won per share.
- The tender offer price this time (second try) is much higher than recent prices, making it much more likely that the tender offer will be successful.
- From 2019 to 2023, Top Ten’s sales nearly tripled whereas Uniqlo Korea’s sales declined by about 33% in the same period.
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