In today’s briefing:
- New Tender Trigger in Korea: Small Shareholder Collective Action Via Online Platform on T’way Air
- Sharing Intel from IR on the Growing Market Interest in Samsung SDS’s Special Dividend
- NIFTY NEXT50 Index Rebalance Preview: Final List of Potential Changes in March
- Hanwha Aerospace Acquiring Additional 7.3% Stake in Hanwha Ocean for About 1.3 Trillion Won
- [Quiddity Index Feb25] KOSPI 200 Leaderboard Jun25: We See 6 Changes Possible
- KOSDAQ150 Index Rebalance Preview: 10 Changes a Side; Strong Outperformance
- Samsung Electronics – Positive Impact from the Potential Involvement in the Stargate Project
New Tender Trigger in Korea: Small Shareholder Collective Action Via Online Platform on T’way Air
- ACT’s team for T’way Air’s small shareholders plans to push for a public tender offer once they reach the 3% stake threshold.
- Sono may shift its stance on a public tender offer. With a 3% stake gap, Sono must appease retail shareholders before the AGM, especially after the rights offering backlash.
- FSC probe shows info leaks from brokers and law firms still trigger volume volatility before tender offers. Monitor T’way Air’s trading volume closely until February’s end.
Sharing Intel from IR on the Growing Market Interest in Samsung SDS’s Special Dividend
- SDS seems to wait until after Samsung Electronics and C&T announce their value-up plans. Key dates: JPM IR event on 21st and Board meeting on Feb 18.
- I think they’re leaning toward a special dividend instead of increasing the base payout, based on the tone during our chat.
- The prosecutor’s third-instance appeal likely won’t delay the value-up announcement, as it usually takes a year for a decision, and is unlikely to affect JY Lee or Samsung’s plans.
NIFTY NEXT50 Index Rebalance Preview: Final List of Potential Changes in March
- With the review period now complete, there could be 7 changes (including 2 migrations) for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in March.
- Bajaj Housing Finance (BHF IN) and Swiggy (SWIGGY IN) are a hair’s breadth apart on market cap and only one of them could be added to the index.
- With quantitative criteria now being used to add stocks to the F&O segment, it is possible there is no change to the index methodology to limit inclusion to F&O members.
Hanwha Aerospace Acquiring Additional 7.3% Stake in Hanwha Ocean for About 1.3 Trillion Won
- Hanwha Aerospace announced that it plans to purchase a 7.3% stake in Hanwha Ocean.
- This 7.3% stake in Hanwha Ocean is currently worth about 1.3 trillion won (US$0.9 billion). After this purchase, Hanwha Aerospace’s stake in Hanwha Ocean will increase from 23.14% to 30.44%.
- There could be a further positive momentum on Hanwha Aerospace in the near-term due to its positive earnings report in 4Q24 combined with acquisition of additional stake in Hanwha Ocean.
[Quiddity Index Feb25] KOSPI 200 Leaderboard Jun25: We See 6 Changes Possible
- KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
- In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in June 2025.
- We expect six ADDs and six DELs for the KOSPI 200 index during the June 2025 index rebal event based on the latest available data.
KOSDAQ150 Index Rebalance Preview: 10 Changes a Side; Strong Outperformance
- Just over halfway through the review period for the June rebalance of the KOSDAQ 150 Index (KOSDQ150 INDEX), there could be 10 constituent changes.
- The estimated impact on the potential inclusions ranges from 0.03-3.6 days of ADV while the impact on the potential deletions varies from 0.8-4.3 days of ADV.
- The list of forecast adds and deletes has been fairly stable over the last month. The forecast adds have run up at a blistering pace and outperformed the forecast deletes.
Samsung Electronics – Positive Impact from the Potential Involvement in the Stargate Project
- Samsung Electronics (005930 KS)’s shares were up 3.5% (55,600 won) while KOSPI was down 0.3% today. We believe there were two major reasons for this.
- First, there was a recent meeting among Lee Jae Yong (Samsung Electronics), Masayoshi Son (Softbank), and Sam Altman (Open AI) regarding a potential alliance regarding the new Stargate Project.
- Second, there has been increased speculation regarding additional total shareholder returns measures by Samsung Electronics that could be announced in the coming weeks.
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