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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>TPG and Anchor experienced EOD risk due to the recent plunge in Kakao Bank's stock price. So, they will sell shares if the current price rise continues a little further.</li>
<li>All three PEs of Shinhan Financial are currently expected to be seeking an early exit although they expressed last year that they would remain strategic shareholders.</li>
<li>Other notable targets are Hahn &amp; Co's Hanon Systems and K Car and MBK Partners' ConnectWave, likely via a phased stake sale in tranches.</li>
</ul>


TPG and Anchor experienced EOD risk due to the recent plunge in Kakao Bank's stock price. So, they will sell shares if the current price rise continues a little further.
All three PEs of Shinhan Financial are currently expected to be seeking an early exit although they expressed last year that they would remain strategic shareholders.
Other notable targets are Hahn &amp; Co's Hanon Systems and K Car and MBK Partners' ConnectWave, likely via a phased stake sale in tranches.


Potential Block Deal Targets in Korea for a Preemptive Position Buildup

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>There are increasing evidence that suggests that the M&amp;A fight Korea Zinc (010130 KS) between the Jang and Choi families is becoming more heightened.</li>
<li>The family of the owners of Hankook Tire and Chosun Refractories have a close relationship with Korea Zinc Vice Chairman Choi and they have become friendly shareholders to Choi.</li>
<li>Our NAV valuation of Young Poong (000670 KS) suggests NAV of 2.2 trillion won or NAV per share of 1,210,644, which represents a 61% upside from current levels.</li>
</ul>


There are increasing evidence that suggests that the M&amp;A fight Korea Zinc (010130 KS) between the Jang and Choi families is becoming more heightened.
The family of the owners of Hankook Tire and Chosun Refractories have a close relationship with Korea Zinc Vice Chairman Choi and they have become friendly shareholders to Choi.
Our NAV valuation of Young Poong (000670 KS) suggests NAV of 2.2 trillion won or NAV per share of 1,210,644, which represents a 61% upside from current levels.


Hankook Tire & Chosun Refractories Enter M&A Fight for Korea Zinc: [Young Poong's Cheap NAV]

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We are seeing signs that suggest this pullback may have run its course, as several global market indexes and Sectors appear to be making a higher low near logical support.</li>
<li>This includes the S&amp;P 500, Russell 2000, MSCI ACWI (local currency), TOPIX/TOPIX Small/Nikkei 225, MSCI ACWI Technology (IXN-US), Consumer Discretionary (RXI-US), Financials (IXG-US), Industrials and (EXI-US) -- add exposure.</li>
<li>While our overall outlook remains neutral, we continue to see a plethora of attractive buying opportunities in the new leaders.</li>
</ul>


We are seeing signs that suggest this pullback may have run its course, as several global market indexes and Sectors appear to be making a higher low near logical support.
This includes the S&amp;P 500, Russell 2000, MSCI ACWI (local currency), TOPIX/TOPIX Small/Nikkei 225, MSCI ACWI Technology (IXN-US), Consumer Discretionary (RXI-US), Financials (IXG-US), Industrials and (EXI-US) -- add exposure.
While our overall outlook remains neutral, we continue to see a plethora of attractive buying opportunities in the new leaders.


Pullback Complete?; Commodities Heading Lower; Buying Growth/Cyclicals & A Few Utilities

Equity Capital Markets

<ul>
<li>Model Solution makes prototypes to mainly check design and function in the product development stage, which is before the mass production stage of new products such as IT devices. </li>
<li>The IPO price range is from 24,000 won to 27,000 won. The expected market cap of the IPO is from 153 billion won to 173 billion won.</li>
<li>The company had sales of 61.1 billion won (up 9.9% YoY) and operating profit of 8.9 billion won (up 32.1% YoY) in 2021.</li>
</ul>


Model Solution makes prototypes to mainly check design and function in the product development stage, which is before the mass production stage of new products such as IT devices. 
The IPO price range is from 24,000 won to 27,000 won. The expected market cap of the IPO is from 153 billion won to 173 billion won.
The company had sales of 61.1 billion won (up 9.9% YoY) and operating profit of 8.9 billion won (up 32.1% YoY) in 2021.


<ul>
<li>This is now the third Int'l Compass/third week in a row where we are discussing an increasing number of country indexes experiencing bullish 3.5-9-month downtrend reversals.</li>
<li>Importantly, all of the previously mentioned indexes are holding above their breakout levels (i.e., there has yet to be any failed breakouts).</li>
<li>Now, the U.S. dollar (DXY) is starting to show early signs of topping. We continue to believe that global equities are going through a bottoming process.</li>
</ul>


This is now the third Int'l Compass/third week in a row where we are discussing an increasing number of country indexes experiencing bullish 3.5-9-month downtrend reversals.
Importantly, all of the previously mentioned indexes are holding above their breakout levels (i.e., there has yet to be any failed breakouts).
Now, the U.S. dollar (DXY) is starting to show early signs of topping. We continue to believe that global equities are going through a bottoming process.


U.S. Dollar Topping?; Bullish Reversals Continue; Ideas in Growth/Cyclicals, Financials

South Korea

Hankook Tire & Technology Co. Ltd. develops and manufactures radial tires for passenger cars, light trucks, trucks, and buses.  The Company also produces batteries and aluminum alloy wheels and operates real estate business.

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Hankook Tire & Technology (161390 KS)

Potential Block Deal Targets in Korea for a Preemptive Position Buildup

This post screens potential block deal targets in Korea, which we should consider a preemptive position buildup in the short-term.

Sanghyun Park

Hankook Tire & Chosun Refractories Enter M&A Fight for Korea Zinc: [Young Poong's Cheap NAV]

There are increasing evidence that suggests that the M&A fight Korea Zinc (010130 KS) between the Jang and Choi families is becoming more heightened.

Douglas Kim

Pullback Complete?; Commodities Heading Lower; Buying Growth/Cyclicals & A Few Utilities

Signs suggest this pullback may have run its course, as several global market indexes & Sectors appear to be making a higher low near logical...

Vermilion Research

Model Solution IPO Preview

Model Solution is one of the leaders in the prototype market in Korea. The IPO price range is from 24,000 won to 27,000 won.

Douglas Kim

U.S. Dollar Topping?; Bullish Reversals Continue; Ideas in Growth/Cyclicals, Financials

This is now the third week in a row where we are discussing an increasing number of country indexes with bullish 3.5-9-month downtrend reversals,...

Vermilion Research

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