In today’s briefing:
- LG Energy Bookbuilding: Detailed Results
- Krafton – Breaking Down
- Korea Small Cap Gem #12: Korea Ratings
- End of Lock-Up Periods for Kakao Pay, Kakao Bank, Krafton, HHI, & SD Biosensor in 1Q 2022
LG Energy Bookbuilding: Detailed Results
- This IPO led to unusually high interest from local active funds. This is evidenced by the order volume
- Nevertheless, many local institutions must have felt burdened with LG Energy’s valuation, so they wanted to avoid setting the offering price above the upper end.
- As for the relatively poor lockup result, the issuer’s refusal to incentivize lockup to set the float rate to around 10% may also have played a part.
Krafton – Breaking Down
- We have been sceptical about Krafton’s valuation and ability to generate new hits since its listing.
- After treading water close to its IPO price for five months the new year has seen the stock crater 25%.
- In our view the bad news is just getting started and that is despite PUBG: Mobile still doing well in China and India.
Korea Small Cap Gem #12: Korea Ratings
- Korea Ratings (034950 KS) is the 12th company in our Korea Small Cap Gems series. Korea Ratings is one of the leading players in the credit ratings industry in Korea.
- Korea Ratings has a combination of excellent business moat, stable 5-8% annual sales growth, 20% ROE, and 35%+ operating margins, and high dividend payout of 65%
- For the long-term investors (2-3+ years horizon) that seek consistent 20%+ total annual compound returns with low volatility, Korea Ratings is an excellent pick in our view.
End of Lock-Up Periods for Kakao Pay, Kakao Bank, Krafton, HHI, & SD Biosensor in 1Q 2022
- In this insight, we discuss the end of lock-up periods for Kakao Pay, KakaoBank, Hyundai Heavy Industries, Krafton Inc, and SD Biosensor in 1Q 2022.
- Typically, investors tend to focus on the end of the lock-up periods in Korea about 1-2 months ahead of the actual end of these lock-up periods.
- Among these five companies, there are relatively large number of shares that could be sold post end of the lock-up periods for Kakao Pay and Kakao Bank in 1Q 2022.
Before it’s here, it’s on Smartkarma
