Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Hanwha Aerospace to Acquire Poongsan’s Munitions Business for 1.5 Trillion Won?

Hanwha Aerospace: To Purchase 500 Billion Won Worth of More KAI Shares: Step 2 of Privatization?

Initial Thoughts on the Hanwha Systems IPO (The Largest Korean IPO in 2019)

LIG Nex1: 10x Increase in Operating Profit from 2019 to 2022 Not Adequately Reflected in Share Price

Poongsan Corp: Spin-Off of Defense Business Is Negative for Existing Minority Shareholders

Five Most Aggressive Corporate Activists Moving the Korean Market: Align, KCGI, FCP, Truston, & LIFE

Align Partners' Lee Chang-Hwan Joins SM Entertainment as a Board Member

Douglas Research Advisory

Event-Driven

<ul>
<li>Several local media outlets have mentioned that Poongsan Corp (103140 KS) (market cap of 3.1 trillion won) may be up for sale.</li>
<li>Major domestic defense companies including Hanwha Aerospace (012450 KS), LIG Nex1 Co (079550 KS), and Hyundai Rotem Company (064350 KS) are potential candidates to purchase Poongsan's defense business. </li>
<li>Our NAV analysis of Poongsan Holdings suggests implied NAV per share of 51,094 won, representing an 35.5% upside versus current price.</li>
</ul>


Several local media outlets have mentioned that Poongsan Corp (103140 KS) (market cap of 3.1 trillion won) may be up for sale.
Major domestic defense companies including Hanwha Aerospace (012450 KS), LIG Nex1 Co (079550 KS), and Hyundai Rotem Company (064350 KS) are potential candidates to purchase Poongsan's defense business. 
Our NAV analysis of Poongsan Holdings suggests implied NAV per share of 51,094 won, representing an 35.5% upside versus current price.


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