Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

This report is about the impact of the new real estate regulations announced on August 2nd (8.2) on the Korean housing real estate and the construction sector. The new 8.2 real estate regulations includes comprehensive measures to control speculative real estate investments. The combined set of real estate cooling measures is probably the most stringent in more than a decade.The last time that the Korean government announced such tough measures on real estate was probably in 2005 during the Roh…

This report is about the impact of the new real estate regulations announced on August 2nd (8.2) on the Korean housing real estate and the construction sector. The new 8.2 real estate regulations includes comprehensive measures to control speculative real estate investments. The combined set of real estate cooling measures is probably the most stringent in more than a decade.The last time that the Korean government announced such tough measures on real estate was probably in 2005 during the Roh…

Impact of the New 8.2 Real Estate Regulations in Korea - Watch Out for the Grey Rhino!

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Event-Driven

Kumho Tire sale is not as simple as it appears. Now, the important question is where we do really have an investment opportunity in this game. If everything is really designed to go as planned for Kumho Group's Park Sam-gu, then my advice for you is to stay away from this game. Obviously, there is no reason to jump in. But if Park's funding plan falls apart, then there will be a very good chance that you will see Kumho Tire's share price go up very nicely even at this seemingly inflated price level. My personal opinion is there is a 60:40 chance to favor Park's camp. But still it is a close game. We have about several more months. Yes, we still have some time, so we can step back a little and watch how Park and Kumho Group can manage to get enough funds for Kumho Tire. However, once there is a real sign that they are struggling with their funding plan and one of the global tire makers continue to be serious in this acquisition, this is the moment to jump in this game and reap short-term gains being generated from the high expectations of many individual shareholders.

Kumho Tire sale is not as simple as it appears. Now, the important question is where we do really have an investment opportunity in this game. If everything is really designed to go as planned for Kumho Group's Park Sam-gu, then my advice for you is to stay away from this game. Obviously, there is no reason to jump in. But if Park's funding plan falls apart, then there will be a very good chance that you will see Kumho Tire's share price go up very nicely even at this seemingly inflated price level. My personal opinion is there is a 60:40 chance to favor Park's camp. But still it is a close game. We have about several more months. Yes, we still have some time, so we can step back a little and watch how Park and Kumho Group can manage to get enough funds for Kumho Tire. However, once there is a real sign that they are struggling with their funding plan and one of the global tire makers continue to be serious in this acquisition, this is the moment to jump in this game and reap short-term gains being generated from the high expectations of many individual shareholders.

Fairy Tale of Kumho Tire - Want to Join the Party?

<a href="https://www.smartkarma.com/entities/10811" target="_blank" data-smartkarma-citation="entities:10811:1">Kumho Tire Co Inc (073240 KS)</a> is finally up for sale. Major creditors of Kumho Tire, including Woori Bank and KDB Bank, officially put up a notice of sale of the company on 19 September. Credit Suisse is the main banker for this deal and it will start accepting letters of intent (LoI) from investors. The sale of Kumho Tire will be one of the largest M&amp;A transactions in Korea over the next six months. It is expected the sale of 42.1 percent of the company could fetch from about 700 billion won…

Kumho Tire Co Inc (073240 KS) is finally up for sale. Major creditors of Kumho Tire, including Woori Bank and KDB Bank, officially put up a notice of sale of the company on 19 September. Credit Suisse is the main banker for this deal and it will start accepting letters of intent (LoI) from investors. The sale of Kumho Tire will be one of the largest M&amp;A transactions in Korea over the next six months. It is expected the sale of 42.1 percent of the company could fetch from about 700 billion won…

Korea M&A Spotlight - Who Will Acquire Kumho Tire?

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

<blockquote>
“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.”
―Nassim Nicholas Taleb, Ten principles for a Black Swan-proof world (2009)
</blockquote>This morning, Hanjin Shipping Co. said it will apply for court receivership after lenders decided to halt all support. We have been highlighting these risks from 2013 and in our last update on troubled container shipping company, we had highlighted the…


“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.”
―Nassim Nicholas Taleb, Ten principles for a Black Swan-proof world (2009)
This morning, Hanjin Shipping Co. said it will apply for court receivership after lenders decided to halt all support. We have been highlighting these risks from 2013 and in our last update on troubled container shipping company, we had highlighted the…

Hanjin Shipping(117930 KS) - Borrowed Time Comes to an End

The four major construction stocks in Korea <a href="https://www.smartkarma.com/entities/4292" target="_blank" data-smartkarma-citation="entities:4292">Hyundai Engineering &amp; Const</a>, <a href="https://www.smartkarma.com/entities/7699" target="_blank" data-smartkarma-citation="entities:7699">Hyundai Development Co Engg &amp; Cnstn</a>, <a href="https://www.smartkarma.com/entities/15916" target="_blank" data-smartkarma-citation="entities:15916">Gs Engineering &amp; Construct</a>, and <a href="https://www.smartkarma.com/entities/12333" target="_blank" data-smartkarma-citation="entities:12333">Daewoo Engineering &amp; Constr</a> share prices are on average down 10% from 13 April 2016 (in the same period KOSPI was up 0.3%) , post the election of the National Assembly members in Korea. We gave out a warning on 17 April 206 on these four Korean construction stocks <a href="https://www.smartkarma.com/insights/warning-on-korean-construction-stocks-ruling-saenuri-party-is-crushed-in-national-assembly-election" target="_blank" data-smartkarma-citation="insights:3422">Warning on Korean Construction Stocks: Ruling Saenuri Party Is Crushed in National Assembly</a>…

The four major construction stocks in Korea Hyundai Engineering &amp; Const, Hyundai Development Co Engg &amp; Cnstn, Gs Engineering &amp; Construct, and Daewoo Engineering &amp; Constr share prices are on average down 10% from 13 April 2016 (in the same period KOSPI was up 0.3%) , post the election of the National Assembly members in Korea. We gave out a warning on 17 April 206 on these four Korean construction stocks Warning on Korean Construction Stocks: Ruling Saenuri Party Is Crushed in National Assembly…

Close Out the Shorts on Korean Construction Stocks?

South Korea

Kumho Industrial Co., Ltd. provides construction and civil engineering services.  The Company constructs residential buildings, apartment complexes, shopping centers, dams, roadways, and bridges.  Kumho Industrial also provides transportation service.

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Kumho Industrial (002990 KS)

Impact of the New 8.2 Real Estate Regulations in Korea - Watch Out for the Grey Rhino!

This report is about the impact of the new real estate regulations announced on August 2nd (8.2) on the Korean housing real estate and the...

Douglas Kim

Fairy Tale of Kumho Tire - Want to Join the Party?

Kumho Tire sale is not as simple as it appears. Now, the important question is where we do really have an investment opportunity in this game. If...

Sanghyun Park

Korea M&A Spotlight - Who Will Acquire Kumho Tire?

Kumho Tire Co Inc (073240 KS) is finally up for sale. Major creditors of Kumho Tire, including Woori Bank and KDB Bank, officially put up a notice...

Douglas Kim

Hanjin Shipping(117930 KS) - Borrowed Time Comes to an End

“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a...

Drewry Maritime Financial Research

Close Out the Shorts on Korean Construction Stocks?

The four major construction stocks in Korea Hyundai Engineering & Const, Hyundai Development Co Engg & Cnstn, Gs Engineering &...

Douglas Kim

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