In today’s briefing:
- Samsung C&T: Deep Discount NAV, Capital Shifting to Value/Holdcos, & Trading Business Boost
- Next Chip IPO Preview
- HK Inno. N (195940 KS): Flagship Drug K-CAB Is Set to Become a Global Blockbuster Drug
- Launch of Two New REIT Indices by KRX and Two New REIT ETFs in Korea
Samsung C&T: Deep Discount NAV, Capital Shifting to Value/Holdcos, & Trading Business Boost
- Three major positive factors for Samsung C&T include deep discount NAV, capital shifting to value/holdcos, and higher commodity prices boosting trading business earnings.
- Shanghai lockdown remains a black box event and there are some increasing concerns that the China COVID induced lockdowns could result in a potential earnings miss for Samsung Electronics.
- Samsung C&T (028260 KS) has been outperforming Samsung Electronics (005930 KS). Samsung C&T is flat for the year versus Samsung Electronics which is down 13.6% YTD.
Next Chip IPO Preview
- Next Chip (396270 KS) is getting ready for an IPO in Korea in June. The IPO price range is from 9,900 won to 11,600 won.
- Next Chip is a Korean system semiconductor company for automobiles and autonomous vehicles. Next Chip was split from NC& Co Ltd (092600 KS) in January 2019.
- The bankers used four companies including Abov Semiconductor (102120 KS), MCNEX Co Ltd (097520 KS), Chips & Media, and Telechips as comps for Next Chip Co.
HK Inno. N (195940 KS): Flagship Drug K-CAB Is Set to Become a Global Blockbuster Drug
- HK inno.N (195940 KS)‘s K-CAB induces faster onset of action and can control gastric pH for a longer period than the existing treatments in acid-related disorders.
- K-CAB is expected to start global expansion in 2022. The drug obtained marketing approval in Philippines. It is already approved in China and is under clinical trial in the U.S.
- HK inno has entered into marketing alliances with several Southeast Asian and Latin American countries. The company aims to export the drug to 100 countries globally by 2028.
Launch of Two New REIT Indices by KRX and Two New REIT ETFs in Korea
- On 23 March, Korea Exchange launched two Korean REITs related indices, including KRX REITs TOP 10 Index and KRX REITs TOP 10 Leverage Index.
- Korea Exchange will list two more REITs related ETFs in KOSPI on 24 May including Arirang Fn KREIT ETF (429740 KS) and HEROES REITs IGIS Active ETF (429870 KS).
- The launch of the two new REIT indices by the Korea Exchange and two new REIT ETFs are likely to accelerate higher demand for high quality REITs in Korea.
Before it’s here, it’s on Smartkarma
