In today’s briefing:
- Must Asset Mgmt Goes Activist on Young Poong
- Acquittal of Lee Jae-Yong and Impact on Samsung C&T
Must Asset Mgmt Goes Activist on Young Poong
- Must Asset Management, a 3% shareholder of Young Poong (000670 KS), started to go activist on the company on 5 February.
- Based on current market cap, this would represent a P/B of 0.2x using the consolidated controlling interest equity of 3.9 trillion won!
- There is some speculation that Must Asset Mgmt may form an alliance with Chairman Choi’s family as it proposed to Young Poong to recommend outside directors.
Acquittal of Lee Jae-Yong and Impact on Samsung C&T
- Now that Lee Jae-Yong’s legal problems appear to have finally have been resolved, it could positively impact Samsung C&T, Samsung Electronics, and Samsung Biologics.
- Given the fact that Samsung Electronics and Samsung Biologics are the two most important drivers of Samsung C&T, this could positively benefit the valuation of Samsung C&T.
- Our NAV analysis of Samsung C&T suggests NAV of 38.7 trillion won or NAV per share of 217,747 won which is 84% higher from current levels.
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