Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>A consortium led by the Harim Group and JKL Partners has been chosen as the preferred bidder to acquire a 57.9% stake in HMM.</li>
<li>Korea Development Bank (KDB) and the Korea Ocean Business Corporation (KOBC) are the main creditors of HMM, which is the largest shipping company in Korea.</li>
<li>Pan Ocean is expected to complete a rights offering of nearly 3 trillion won which is 136% of its current market cap. This is excessive and negative for Pan Ocean.</li>
</ul>


A consortium led by the Harim Group and JKL Partners has been chosen as the preferred bidder to acquire a 57.9% stake in HMM.
Korea Development Bank (KDB) and the Korea Ocean Business Corporation (KOBC) are the main creditors of HMM, which is the largest shipping company in Korea.
Pan Ocean is expected to complete a rights offering of nearly 3 trillion won which is 136% of its current market cap. This is excessive and negative for Pan Ocean.


Pan Ocean Considering on a Rights Offering Capital Raise of Nearly 3 Trillion Won for the HMM Deal

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>As we begin lapping easy comps, our momentum index looks "less bad"</li>
<li>Red Sea re-routes, interest rate moves, fuel all helped lift shares recently</li>
<li>We think lots of bad news has been priced into shares at current levels</li>
</ul>


As we begin lapping easy comps, our momentum index looks "less bad"
Red Sea re-routes, interest rate moves, fuel all helped lift shares recently
We think lots of bad news has been priced into shares at current levels


Monthly Container Shipping Tracker | Lapping Easy Comps | Red Sea Re-Routes & More (December 2023)

<ul>
<li>LX International announced today that it will not participate in the main bidding to acquire HMM Co.</li>
<li>This is likely to have a positive impact on LX International's share price as many investors are relieved that company will not raise excessive amounts of capital to acquire HMM.</li>
<li>In addition, by not acquiring HMM, LX International has enough financial resources to continue to pay high dividends. </li>
</ul>


LX International announced today that it will not participate in the main bidding to acquire HMM Co.
This is likely to have a positive impact on LX International's share price as many investors are relieved that company will not raise excessive amounts of capital to acquire HMM.
In addition, by not acquiring HMM, LX International has enough financial resources to continue to pay high dividends. 


LX International: Positive Impact from Not Participating in Main Bidding for HMM

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Nov 10th which has an aggregated short interest worth USD12.0bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Medytox, Lg Energy Solution, Kakao, Krafton, Amorepacific.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Nov 10th which has an aggregated short interest worth USD12.0bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Medytox, Lg Energy Solution, Kakao, Krafton, Amorepacific.


KRX Short Interest Weekly (Nov 10th): Short Covers for LG Energy, Kakao, Krafton, Amorepacific

<ul>
<li>In this insight, we discuss near-term momentum trading opportunities among the top 50 stocks in KOSPI with highest short interest ratios.</li>
<li>Given the recent temporary ban on stock short selling in Korea, there is likely to be increased volatility in the stock market. </li>
<li>We have identified 10 companies in particular that have high short interest ratios, among the worst performing stocks YTD, but with strongest share price performance in the past two days.</li>
</ul>


In this insight, we discuss near-term momentum trading opportunities among the top 50 stocks in KOSPI with highest short interest ratios.
Given the recent temporary ban on stock short selling in Korea, there is likely to be increased volatility in the stock market. 
We have identified 10 companies in particular that have high short interest ratios, among the worst performing stocks YTD, but with strongest share price performance in the past two days.


Momentum Trading Opportunities Among Top 50 Stocks in KOSPI With Highest Short Interest Ratios

South Korea

HMM Co., Ltd. provides marine transportation services.  The Company commands different types of vessels including full container vessels, oil tankers, car carriers, LNG carriers, bulk carriers, and tramps.

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HMM Co., Ltd. (011200 KS)

Pan Ocean Considering on a Rights Offering Capital Raise of Nearly 3 Trillion Won for the HMM Deal

In order to pay for the HMM deal, Pan Ocean is expected to complete a rights offering capital raise of nearly 3 trillion won in 1H 2024 which is...

Douglas Kim

Monthly Container Shipping Tracker | Lapping Easy Comps | Red Sea Re-Routes & More (December 2023)

We believe price momentum has started to get "less bad", mainly due to easier Y/Y comps. A potential Red Sea re-route could soak up lots of under...

Tracking Traffic

LX International: Positive Impact from Not Participating in Main Bidding for HMM

LX International announced today that it will not participate in the main bidding to acquire HMM Co.This is likely to have a positive impact on LX...

Douglas Kim

KRX Short Interest Weekly (Nov 10th): Short Covers for LG Energy, Kakao, Krafton, Amorepacific

We analyzed KRX short interest report for the past week and highlight short interest changes in Medytox, Lg Energy Solution, Kakao, Krafton,...

Ke Yan, CFA, FRM

Momentum Trading Opportunities Among Top 50 Stocks in KOSPI With Highest Short Interest Ratios

We have identified 10 companies in KOSPI that have high short interest ratios, among the worst performing stocks YTD, but with strongest share...

Douglas Kim

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