South Korea Archives | Page 22 of 126 | Smartkarma

Book built weak, even under ₩65,000. Both local and foreign demand was super soft. Company floated printing at the bottom, but floor didn’t hold. Now, the deal is officially dead.
The real overhang was valuation; the IPO priced too high for the growth story. Without a strong momentum trade, DN Solutions couldn’t ride the wave, and sentiment soured fast.
They’re not waiting too long — likely aiming for a H2 comeback. KRX might skip the full review, and they may focus on domestic investors this time without an OC.

DN Solutions Cancels IPO

DN Solutions cancelled its IPO today due to low demand. There were not enough institutional investors willing to put their hard earned capital into this IPO.
The IPO price range was between 65,000 won and 89,700 won with market cap ranging from 4.1 trillion won to 5.7 trillion won.
The cancellation of the IPO for DN Solutions is also likely to have a negative impact on DN Automotive which is up 23% in the past one year.

Hanwha Aero Capital Raise: Latest Timeline, Pricing Details, and Key Trading Factors

The first pricing is May 20, ex-rights on May 22, and rights trading runs June 16-20. Final pricing is June 26, with subscription July 1, and shares trade July 21.
The FSS is unlikely to make this a political issue, especially with Hanwha’s detailed amended filing. The rights offering should go ahead, so we’re prepping for that in trading.
It’s similar to SDI, focusing on stock rights to lower entry cost. The offering size dropped 30%, but defense sector volatility and intense short action could still cause price swings.

Hanwha Aerospace Rights Offering – Third Time Is a Charm?

Hanwha Aerospace (012450 KS) has once again provided a revised rights offering prospectus following another request from the Financial Supervisory Service (FSS).
Rights offering amount remains the same at 2.3 trillion won. Expected rights offering price is 539,000 won which is subject to change. New shares listing date is 21 July 2025.
Hanwha Aerospace reported sales of 5.5 trillion won (14.3% better than consensus) and operating profit of 560.8 billion won (11.7% better than consensus) in 1Q 2025.

Woongjin Is Buying Preed Life (Largest Funeral Service Company in Korea) Using LBO

Woongjin Co Ltd (016880 KS) (through its subsidiary WJ Life Holdings) is buying the controlling interest in Preed Life (largest funeral service company in Korea) using LBO (leveraged buyout).
Preed Life is the number one player in the funeral service provider industry in Korea. It has excellent financials and it has done an excellent job of consolidating this industry.
All in all, we like this acquisition of Preed Life by Woongjin using LBO. Preed Life has stable cash flow generation and strong growth in sales and profits.

Samsung 1Q25: Already Reported Was Decent, 2Q / 2H Outlook Uninspiring. The Stock Will Remain Cheap

By Nicolas Baratte

Samsung Electronics (005930 KS) already released 1Q25 data, we knew it was a decent quarter on good Smartphone sales. What we didn’t know is how bad Memory was.
Memory revenues declined sharply -17% QoQ on poor 4.4% OP margins: loss of HBM 2/3 revenues (China ban), no HBM3E, ASP pressure for Commodity DRAM and NAND
Smartphone is seasonally down in 2Q and HBM3E will start very slowly. A small upside possible on pre-tariff demand but the bigger negative remains Samsung low exposure to AI growth.

Hanmi Pharm (128940 KS): Export Drives 1Q25 Performance; China Business Is Recovering

By Tina Banerjee

Hanmi Pharm (128940 KS) recorded 7% YoY growth in standalone revenue in 1Q25, driven by 47% YoY jump in export revenue to KRW68B due to increased clinical supply to Merck.
Despite high base effect caused by respiratory outbreak in China, revenue and operating profit of Beijing Hanmi jumped 29% and 168%, QoQ, respectively, indicating continuous business recovery.
Hanmi Pharm is expected to launch next-generation low dose triple antihypertensive, Amosartan-L in 2H25. The company expects Amosartan-L to replicate the success of dual combo, Rosuzet.

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Apr 30

Daily Brief South Korea: Hanwha Aerospace, Samsung SDI, Hanwha Ocean , Samsung Electronics, Krafton , S Oil Corp and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

FnGuide Top10 Index Rebalance Preview: Big Flow in Large Cap Stocks
Samsung SDI Rights Trade Period & Short Ban: Quick Clarity
Overhang on KDB’s Sell Down of Its 19.5% Stake in Hanwha Ocean
Samsung Electronics: Global Funds Hit Rock Bottom
Krafton: Acquisition of Controlling Stake in Neptune from Kakao Games
S-Oil: Q1 Base Oils Profit Falls

FnGuide Top10 Index Rebalance Preview: Big Flow in Large Cap Stocks

By Brian Freitas

The Mirae Asset Tiger Top 10 ETF (292150 KS) tracks the FnGuide Top 10 Index and has an AUM of around US$660m.
We currently forecast two potential changes at the next rebalance in June – both are high probability changes.
The trade has performed well historically with positive performance till implementation followed by reversion post implementation in most cases.

Samsung SDI Rights Trade Period & Short Ban: Quick Clarity

Samsung SDI kept the trading window open until May 12, not May 9 — so stock rights will trade for a total of six sessions.
If all shorts are closed by May 16, we can still subscribe. Spot hedging isn’t allowed, but outright shorts for pricing plays are fine.
Entry cost is effectively capped at 146,200 won, and it’s still very unlikely the final price exceeds that, so using it as the rights entry cap still makes sense.

Overhang on KDB’s Sell Down of Its 19.5% Stake in Hanwha Ocean

Korea Development Bank (KDB) is capitalizing on the huge share price appreciation of Hanwha Ocean (042660 KS) to sell some of its stake in the company through block deal sales.
KDB plans to sell its 19.5% stake in Hanwha Ocean. However, the initial block deal sale will be for about 13 million shares (4.3% of outstanding shares).
Hanwha Ocean’s lofty valuations are difficult to justify. As KDB is getting ready to sell more shares, this could cause further overhang on its shares over the next 3-6 months.

Samsung Electronics: Global Funds Hit Rock Bottom

By Steven Holden

Global equity fund ownership in Samsung Electronics has dropped to the bottom of its 10-year range.
The percentage of global funds invested has fallen from 32.6% to 23.5% over the past 12-months.
Key Growth investors from Schroders to Templeton exit the stock, leaving an investor base largely comprised of Value oriented funds.

Krafton: Acquisition of Controlling Stake in Neptune from Kakao Games

On 29 April, Krafton announced that it plans to acquire a 39.37% controlling stake in Neptune Company from Kakao Games for 165 billion won ($114.9 million).
Prior to this deal, Krafton owned a 3.2% stake in Neptune. After this deal is completed, Krafton will own a 42.53% stake (19.86 million shares) of Neptune.
Krafton reported excellent results in 1Q 2025. The company beat its sales, operating profit, and net profit by 10.1%, 18.3%, and 13.8%, respectively in 1Q 2025.

S-Oil: Q1 Base Oils Profit Falls

By Iain Pocock

Base oils unit’s Q1 profit falls to lowest in more than four years
Profit margin slides as Group III prices slump faster than feedstock costs
Base oil unit’s Q1 profit contrasts with loss for refining and petchem units

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Apr 29

Daily Brief South Korea: SK Inc, Hanwha Ocean , WYSIWYG Studios, LG CNS and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Next Target After Hanwha for Regime Change Momentum Play: SK Inc’s Share Cancellation
Hanwha Ocean Placement – Recent Run-Up, Results Make It Tricky
Hanwha Ocean (042660 KS) Placement: Index Implications; Stock Appears Wildly Overvalued
KDB’s Hanwha Ocean Block Deal: Worth Taking a Swing
Indirect Beneficiaries of the Smash Hit Movie “King of Kings” In the Korean Stock Market
LG CNS: Better Than Expected Results in 1Q 2025 Led by Cloud & AI Unit

Next Target After Hanwha for Regime Change Momentum Play: SK Inc’s Share Cancellation

Local traders are betting SK Inc will preemptively announce a treasury share cancellation before the June election, positioning it as the center of the regime change momentum play.
From a trading perspective, SK Inc could rally as a “buyback stock” and offer NAV gap trading opportunities.
Another option could be an event-driven hedge strategy: go long on SK and short index futures post-election. If Lee Jae-myung wins, SK could outperform, but the broader market may drop.

Hanwha Ocean Placement – Recent Run-Up, Results Make It Tricky

Korea Development Bank (KDB) plans to raise around US$740m via selling around 5%+ stake in Hanwha Ocean (042660 KS).
HO’s shares have nearly tripled since the start of the year, and the company reported its results today.
In this note, we will run the deal through our ECM framework and talk about the recent updates.

Hanwha Ocean (042660 KS) Placement: Index Implications; Stock Appears Wildly Overvalued

By Brian Freitas

Korea Development Bank is looking to sell 13m shares of Hanwha Ocean (042660 KS). That is US$740m at the top end of the marketed range and 4x ADV.
Following the sale, Korea Development Bank will still own over 15% of the company and that will be an overhang for the stock. Plus the stock appears wildly overvalued.
There will be limited buying from passive trackers at the time of the placement with bigger passive flows coming through in June and August.

KDB’s Hanwha Ocean Block Deal: Worth Taking a Swing

KDB sells 4.3% of total shares, offloading about one fifth of its holdings. The price range was 81,265–81,710 won, at an 8.51–9.00% discount, totaling 1.056–1.062 trillion won.
With more float and passive buying (KOSPI 200) potential, plus shipbuilding momentum, the stock’s pullback likely won’t exceed today’s discount — it might be worth taking a swing.
There’s buzz KDB might sell its HMM stake through block trades, like Hanwha Ocean. However, with HMM’s cash reserves, a tender offer seems more likely to drive stock action instead.

Indirect Beneficiaries of the Smash Hit Movie “King of Kings” In the Korean Stock Market

In this insight, we discuss the indirect beneficiaries of the global hit movie “King of Kings” in the Korean stock market.
The King of Kings is a 3D animation movie produced by a Korean company called Mofac Studio (unlisted). This film made $45mn in N. American box office in 10 days.
Dexter Studios, Wysiwyg Studios, and GiantStep (listed competitors to Mofac Studios) are up on average 17% in the past one month.

LG CNS: Better Than Expected Results in 1Q 2025 Led by Cloud & AI Unit

LG CNS reported better than expected results in 1Q 2025 with sales of 1.2 trillion won (up 13.2% YoY) and operating profit of 78.9 billion won (up 144.3% YoY).
The company’s sales, operating profit, and net profit were 5.5%, 16.5%, and 36.4% better than the consensus estimates, respectively in 1Q 2025.
The company’s Cloud & AI unit had sales of 717.3 billion won (up 30.1% YoY) in 1Q 2025.

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Apr 28

Daily Brief South Korea: Kakao Corp and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

ECM Weekly (28 Apr 2025) – Ather, DN Solutions, Lotte, BenQ, Dorf-Ketal, Hi-Think, Kakao, Waaree

ECM Weekly (28 Apr 2025) – Ather, DN Solutions, Lotte, BenQ, Dorf-Ketal, Hi-Think, Kakao, Waaree

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Ather Energy, DN Solutions (298440 KS) and Lotte Global Logistics were live this week, with few other gearing up for launches in Hong Kong.
On the placements front, Kakao Corp (035720 KS) was the only sizable placement over the past week. We did look at a few more IPO linked lockup expiries.

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Apr 26

Daily Brief South Korea: HLB Life Science, SK Telecom, Hanwha Systems Co Ltd, Coupang and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

HLB Merger Arb Setup: How Cancellation Risk Could Lead to Extra Profits
SK Telecom’s Block Deal Sale of 10.8 Million Shares of Kakao Corp
Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (Starting 28 April 2025)
JD Logistics Enters South Korea: Accelerated by Tariff War Between China and the US?

HLB Merger Arb Setup: How Cancellation Risk Could Lead to Extra Profits

We go long on HLB LS, short on HLB Inc, and close the short once HLB LS converts. If the deal falls through, there’s potential for extra profits.
The view that the merger’s worse for HLB LS is gaining support, making it likely the spread could go negative, though there’s risk, the chances are pretty high.
The 4% spread is the floor for arb profit, and cancellation risk could add extra gains. This angle deserves serious consideration right now.

SK Telecom’s Block Deal Sale of 10.8 Million Shares of Kakao Corp

Prior to market open on 25 April, SK Telecom announced that it plans to sell 10.8 million shares of Kakao, representing 2.4% of outstanding shares in a block deal sale.
The sale of Kakao Corp shares and using the proceeds to further acquire shares in SK Broadband and invest in AI businesses is a solid move by SK Telecom.
We believe that this trading down gap of Kakao Corp is likely to be covered soon in the next several days/weeks so it represents a short term buying opportunity.

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (Starting 28 April 2025)

In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 28 April.
Our top 10 picks in Korea were up on average 5.1% (from 11 to 25 April), outperforming KOSPI which is up 4.7% in the same period.
Our top 10 picks in this bi-weekly include Hanwha Systems, Hyundai Elevator, HD Hyundai, Hyundai Rotem, SK Telecom, Samyang Foods, KT&G, Posco, SK Inc, and Korea Investment Holdings.

JD Logistics Enters South Korea: Accelerated by Tariff War Between China and the US?

In the past week, one of the biggest stories in the Korean e-commerce/logistics market has been the entrance of JD Logistics into the South Korean market.
We believe that the ongoing tariff war between the US and China is likely to have accelerated this move by JD Logistics to find new markets for its products.
If JD.com/JD Logistics decide to expand aggressively in Korea, the major Korean e-commerce players (such as Coupang (CPNG US), Naver Corp (035420 KS), Gmarket, and 11st) may be negatively impacted.

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Apr 25

Daily Brief South Korea: Samsung C&T, Kakao Corp, Miwon Specialty Chemical, Gaon Cable, SK Hynix, Samsung Biologics and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Korea Dems’ Surprise Proposal: Separate Tax for Dividends Over 35% Payout
Kakao Corp Placement – Momentum Isn’t Great but It Is a Small Deal
[Quiddity Index Apr25] KOSPI 200 Leaderboard Jun25: 6 ADDs and 6 DELETEs
LS Cable Plans to Purchase Up To 70 Billion Won of Gaon Cable – Will It Take It Private?
SK Hynix Earnings Highlights Strong AI Dependence and Tariff Concerns
Samsung Biologics (207940 KS): 1Q25 Operating and Net Profits Doubled; 2025 Guidance Maintained
SK Hynix: Record-High Profits, the Stock Gets Cheaper.

Korea Dems’ Surprise Proposal: Separate Tax for Dividends Over 35% Payout

The bill submitted by the Democratic Party today highlights that separate taxation on dividend income applies only to dividends from companies with a 35% payout ratio or higher.
We might see re-rating on dividend stocks with solid cash flow but below 35%, especially banks over telcos. Holdcos like Samsung C&T, LG, and Hyundai Glovis could attract attention too.
Dark horses like NAVER, with earnings potential, and Samsung Electronics, currently at 25%, could attract attention if they increase payouts to 35%.

Kakao Corp Placement – Momentum Isn’t Great but It Is a Small Deal

SK Telecom (017670 KS) plans to raise around US$280m via selling its 2%+ stake in Kakao Corp (035720 KS).
Kakao’s recent performance hasn’t been particularly great and the stock has been suffering even since the Kakao Pay management scandal in 2021.
In this note, we will run the deal through our ECM framework and talk about the recent updates.

[Quiddity Index Apr25] KOSPI 200 Leaderboard Jun25: 6 ADDs and 6 DELETEs

By Travis Lundy

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 have presented our final expectations for ADDs and DELs for the upcoming semiannual review in June 2025.
We expect six ADDs and six DELs for the KOSPI 200 index during this index rebal event based on the latest available data.

LS Cable Plans to Purchase Up To 70 Billion Won of Gaon Cable – Will It Take It Private?

On 22 April, LS Cable & System announced that it plans to acquire up to 70 billion won worth of Gaon Cable.
If LS Cable purchases 70 billion won worth of Gaon Cable’s shares (7.4% stake at current price), its stake in the company would rise to 89%.
There are numerous options for Gaon Cable going forward including privatization or a merger with LS Cable.

SK Hynix Earnings Highlights Strong AI Dependence and Tariff Concerns

By Jim Handy

SK hynix announced their second-highest revenue and operating profit for the first quarter of 2025
Much of the company’s performance is the result of its first-mover advantage and excellent execution in the HBM market
Two issues threaten the company: AI growth may stall, and tariff changes could interfere with the company’s global supply chain

Samsung Biologics (207940 KS): 1Q25 Operating and Net Profits Doubled; 2025 Guidance Maintained

By Tina Banerjee

Samsung Biologics (207940 KS) recorded 120% YoY increase in operating profit to KRW487B, while net profit increased 109% YoY to KRW376B in 1Q25. Revenue increased 37% YoY to KRW1,298B.
Stable ramp-up of Plant 4 while maintaining the full utilization of Plants 1 through 3, alongside favorable impact of foreign exchange rates drove 1Q25 performance.
1Q25 order intake amounted to approximately 40% of the total annual contract volume in 2024. Despite ongoing tariff threat, Samsung Biologics has maintained full-year guidance of 20–25% revenue growth.

SK Hynix: Record-High Profits, the Stock Gets Cheaper.

By Nicolas Baratte

Same as last quarter: very strong AI / Server demand, capacity sold out for 12 months, HBM3E 12Hi becomes majority in 2Q25. HBM is the only driver.
Everything else remains weak. The conundrum remains: there is only 1 driver: AI / HBM. SK Hynix is the leading vendor, 12-18 months ahead of competitors. Is it sustainable?
The market thinks not sustainable and the stock is very cheap at 5x 2025 4x 2026 EPS. SK Hynix still trades like a cyclical stock – is it?

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Apr 24

Daily Brief South Korea: SK Inc, KB Financial, DN Solutions and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Lee Jae-Myung’s Campaign Pledge – Cancellation of Treasury Shares
Lee Jae-Myung’s Policies Likely to Negatively Impact Korean Banks
DN Solutions IPO – Tariffs, Peer Correction Don’t Help

Lee Jae-Myung’s Campaign Pledge – Cancellation of Treasury Shares

Lee Jae-Myung (who is leading in most election polls) has mentioned cancellation of treasury shares as one of the key campaign pledges to improve the corporate governance in Korea.
If the cancellation of these shares becomes mandatory, the SK Group and Lotte Group will be most affected.
We provide a list of 21 stocks in KOSPI200 that have the highest ratios for treasury shares/total outstanding shares. These stocks could receive more attention in the next several months.

Lee Jae-Myung’s Policies Likely to Negatively Impact Korean Banks

Among the various industries, the banking sector could be negatively impacted if Lee Jae-Myung becomes the next President of Korea.
Lee Jae-Myung has pledged providing a “basic loan” of 10 million won per citizen which is likely to negatively impact the Korean banks since it lacks rigorous credit checks.
There is an increasing likelihood that Lee Jae-Myung could raise the pressure on local banks to share the responsibility of social policies by contributing more money to support them.

DN Solutions IPO – Tariffs, Peer Correction Don’t Help

DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the updates since then.

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Apr 23

Daily Brief South Korea: LG Energy Solution, KC Tech, Sono International and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Trading LG Chem’s Large-Scale EB Issuance Backed by LG Energy Shares
A Tender Offer of 6.2% Stake in KC Tech by KC Co
Initial Thoughts on the Sono International IPO

Trading LG Chem’s Large-Scale EB Issuance Backed by LG Energy Shares

With a $2B deal expected, LG Chem will likely issue before end June as the 2023 EB’s put date nears and redemption pressure builds amid strained financials.
Two years ago, hedge shorting spiked post-issuance and post-exchange start, but price impact was mild—only 3% and 6% drops—likely due to strong sector sentiment then.
Sector sentiment’s turned sharply, so more aggressive price action is likely post-EB announcement. Timing is tricky, but the setup’s worth watching closely.

A Tender Offer of 6.2% Stake in KC Tech by KC Co

After the market close today, it was reported that KC Co (029460 KS) plans to conduct a tender offer 35 billion won worth of KC Tech (281820 KS) shares.
KC Co plans to conduct a tender offer of 1.283 million shares (6.2% stake) of KC Tech shares for 20 days from 23 April to 12 May.
The tender offer price for KC Tech is 27,100 won, which is 13.4% higher than the closing price on 22 April.

Initial Thoughts on the Sono International IPO

Sono International, the largest resort operator in Korea, is getting ready to complete its IPO in 3Q 2025.
Company is aiming for valuation of about 3 trillion won. Treasury shares accounted for 35.93% of total outstanding shares at the end of 2024.
One of the noticeable aspects of the company’s income statement is that although the company’s sales growth was modest from 2019 to 2024, its operating margin growth has been spectacular.

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Apr 22

Daily Brief South Korea: LS Corp, Kakao Corp, HMM Co., Ltd., Hyundai Engineering & Construction and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Lee Jae-Myung’s Camp Just Dropped Their Latest Market Stimulus Play
Big Crypto Money Move in Korea – Impact on Key Listed Korean Companies
HMM’s 2T KRW Buyback Tender to Drop Before June End
Korea Value Up (3 Winners and 7 Losers Among KOSPI 200 Companies) In March and April 2025

Lee Jae-Myung’s Camp Just Dropped Their Latest Market Stimulus Play

They’re making it easier to spot stocks benefiting from policy shifts. Lee Jae-myung’s camp is giving more detail upfront, with a focus on FuriosaAI and related listed stocks.
If cumulative voting passes, expect a pop in stocks with governance issues, activist interest, or large NPS stakes, like Hyosung affiliates, Doosan, HL Mando, and POSCO Holdings.
They also aim to give parent shareholders first crack at spun-off subsidiaries going public and require buyback cancellations, likely benefiting SK and LS Group affiliates, Samsung Electronics, and POSCO Holdings.

Big Crypto Money Move in Korea – Impact on Key Listed Korean Companies

There has been a big crypto money move in Korea. Market cap of crypto currencies held in crypto exchanges in Korea nearly doubled from October to November 2024.
We discuss 8 major listed companies in Korea that are major beneficiaries (directly and indirectly) of this big move into crypto currencies in Korea.
Some of the major beneficiaries include Kakao Corp, KT Corp, Hanwha Securities, Woori Technology Investment, and Vidente.

HMM’s 2T KRW Buyback Tender to Drop Before June End

This buyback facilitates KDB’s exit, as rules prevent a block trade benefiting one shareholder. KDB plans to tender a 4–5% stake, or about 40% of the 2 trillion KRW buyback.
Given HMM’s tight float, the premium is likely above the usual 10%, making it a strong opportunity for short-term arbitrage trading.
The key is timing the announcement. With the June deadline, we need to monitor hot money flows into HMM to build our position before the news breaks.

Korea Value Up (3 Winners and 7 Losers Among KOSPI 200 Companies) In March and April 2025

In this insight, we provide the details of the 10 most recent companies in KOSPI 200 that have announced their Corporate Value Up plans (April and March 2025).
These 10 companies in KOSPI 200 that have announced their Corporate Value Up plans are down on average 1.3% versus KOSPI which is down 2% in the same period.
Three companies that have outperformed KOSPI (since their Corporate Value Up report announcement) include Hanmi Semiconductor, Hyundai Engineering & Construction, and Samyang Foods.

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Apr 20

Daily Brief South Korea: Hanwha Aerospace, Hyundai Rotem Company and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Hanwha Aero: Base Case Is the Raise Goes Through
Hyundai Rotem: Surging Growth of Defense Exports

Hanwha Aero: Base Case Is the Raise Goes Through

FSS has quietly greenlit Hanwha Aero’s raise — current pushback is just optics, with defense being too strategic for regulators to risk sending the wrong signal.
Hanwha Aero’s second updated filing should check the FSS box, and Hanwha Energy swapping cash for equity gives regulators cover to bless the deal without catching heat.
Base case is the raise goes through — trade the window between the amended filing and effective date, and shorts can still join the deal if they cover in time.

Hyundai Rotem: Surging Growth of Defense Exports