Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

The top 10 events impacting the Korean stock market, economy, &amp; politics in January were as follows:<div>
1) NEW CORONAVIRUS (WUHAN VIRUS)
2) SAMSUNG ELECTRONICS 30% CAP RULE
3) SK TELECOM NAME CHANGE &amp; IPO OF AFFILIATES
4) DEATH OF LOTTE FOUNDER
5) SK INNOVATION'S BIG SHARE BUYBACK 
6) DAELIM RESTRUCTURING SCENARIO
7) CELLTRION MERGER SCENARIO
8) HYUNDAI MOTOR GROUP RESTRUCTURING SCENARIOS 
9) DELISTING OF ORANGE LIFE 
</div>10) HANJIN KAL FAMILY FEUD<div class="content-highlight">The top 10 companies with the biggest percentage increase in higher operating profit estimate (2020E) by the consensus on a MoM basis (as of the end of January) are shown below. Four of these top 10 ranked companies are Samsung Group related companies. </div><ol>
<li>Samsung Life Insurance</li>
<li>LG Innotek</li>
<li>E Mart Inc</li>
<li>DuzonBizon</li>
<li>IBK Bank</li>
<li>Samsung Electronics</li>
<li>Samsung Biologics</li>
<li>SK Hynix</li>
<li>Kia Motors</li>
<li>Samsung Card</li>
</ol><div class="content-highlight">Our model portfolio was down 0.3% on a net basis in January 2020 (cash was 60% of our model portfolio), outperforming KOSPI which was down 3.6% in the same period.</div>

The top 10 events impacting the Korean stock market, economy, &amp; politics in January were as follows:
1) NEW CORONAVIRUS (WUHAN VIRUS)
2) SAMSUNG ELECTRONICS 30% CAP RULE
3) SK TELECOM NAME CHANGE &amp; IPO OF AFFILIATES
4) DEATH OF LOTTE FOUNDER
5) SK INNOVATION'S BIG SHARE BUYBACK 
6) DAELIM RESTRUCTURING SCENARIO
7) CELLTRION MERGER SCENARIO
8) HYUNDAI MOTOR GROUP RESTRUCTURING SCENARIOS 
9) DELISTING OF ORANGE LIFE 
10) HANJIN KAL FAMILY FEUDThe top 10 companies with the biggest percentage increase in higher operating profit estimate (2020E) by the consensus on a MoM basis (as of the end of January) are shown below. Four of these top 10 ranked companies are Samsung Group related companies. 
Samsung Life Insurance
LG Innotek
E Mart Inc
DuzonBizon
IBK Bank
Samsung Electronics
Samsung Biologics
SK Hynix
Kia Motors
Samsung Card
Our model portfolio was down 0.3% on a net basis in January 2020 (cash was 60% of our model portfolio), outperforming KOSPI which was down 3.6% in the same period.

Korea Stock Market Monthly Recap #44 (January 2020)

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Capitaland Integrated Commercial Trust / Event-Driven

<div>Last Week in Event SPACE ...</div><div>
<div><ul>
<li>The <a href="https://www.smartkarma.com/entities/capitaland-mall-trust" target="_blank" data-smartkarma-citation="entities:105:1" rel="noopener">Capitaland Mall Trust (CT SP)</a> / <a href="https://www.smartkarma.com/entities/capitaland-commercial-trust" target="_blank" data-smartkarma-citation="entities:1077:1" rel="noopener">Capitaland Commercial Trust (CCT SP)</a> merger is DPU accretive to everyone (because CMT takes on debt), so it probably gets past unitholders easily enough. And it's kind of a big deal. </li>
<li>
<a href="https://www.smartkarma.com/entities/maeda-corp" target="_blank" data-smartkarma-citation="entities:6781:1" rel="noopener">Maeda Corp (1824 JP)</a>'s partial Tender Offer for <a href="https://www.smartkarma.com/entities/maeda-road-construction-co" target="_blank" data-smartkarma-citation="entities:2168:1" rel="noopener">Maeda Road Construction Co (1883 JP)</a> is not unexpected in the world of parent companies buying in subsidiaries in Japan. This one is different, however. This one is hostile. </li>
<li>
<a href="https://www.smartkarma.com/entities/huaneng-renewables-corp-h" target="_blank" data-smartkarma-citation="entities:7542:1" rel="noopener">Huaneng Renewables Corp H (958 HK)</a> clears the key tendering acceptance condition, however, regulatory approvals remain oddly outstanding. </li>
<li>The Partial Offer for <a href="https://www.smartkarma.com/entities/toshiba-machine-co-ltd" target="_blank" data-smartkarma-citation="entities:7943:1" rel="noopener">Toshiba Machine (6104 JP)</a> is a deliberately low hurdle set by Murakami-san, and effectively suggests what the right answer is for the company to double ROE. </li>
<li>Capping <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>'s weight in the KOSPI 200 is likely a minor adjustment event.</li>
<li>
<a href="https://www.smartkarma.com/entities/olam-international-ltd" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam International (OLAM SP)</a>'s announced reorganisation plan could increase liquidity and expand the current investor base - but the two proposed separate listings are two-three years out.</li>
<li>Corporate governance and what, if any, buttons can be pushed to benefit minorities of <a href="https://www.smartkarma.com/entities/pasona-group-inc" target="_blank" data-smartkarma-citation="entities:15778:1" rel="noopener">Pasona Group (2168 JP)</a> and <a href="https://www.smartkarma.com/entities/gmo-internet-inc" target="_blank" data-smartkarma-citation="entities:13631:1" rel="noopener">GMO Internet (9449 JP)</a>.</li>
</ul></div>
<ul><li>Plus, other events, CCASS movements and Mood Spins.</li></ul>
</div><div>(This insight covers specific insights &amp; comments involving Stubs, Pairs, Arbitrage, share Classifications, and Events - or SPACE - in the past week)</div>

Last Week in Event SPACE ...

The Capitaland Mall Trust (CT SP) / Capitaland Commercial Trust (CCT SP) merger is DPU accretive to everyone (because CMT takes on debt), so it probably gets past unitholders easily enough. And it's kind of a big deal. 

Maeda Corp (1824 JP)'s partial Tender Offer for Maeda Road Construction Co (1883 JP) is not unexpected in the world of parent companies buying in subsidiaries in Japan. This one is different, however. This one is hostile. 

Huaneng Renewables Corp H (958 HK) clears the key tendering acceptance condition, however, regulatory approvals remain oddly outstanding. 
The Partial Offer for Toshiba Machine (6104 JP) is a deliberately low hurdle set by Murakami-san, and effectively suggests what the right answer is for the company to double ROE. 
Capping Samsung Electronics (005930 KS)'s weight in the KOSPI 200 is likely a minor adjustment event.

Olam International (OLAM SP)'s announced reorganisation plan could increase liquidity and expand the current investor base - but the two proposed separate listings are two-three years out.
Corporate governance and what, if any, buttons can be pushed to benefit minorities of Pasona Group (2168 JP) and GMO Internet (9449 JP).

Plus, other events, CCASS movements and Mood Spins.
(This insight covers specific insights &amp; comments involving Stubs, Pairs, Arbitrage, share Classifications, and Events - or SPACE - in the past week)

Last Week in Event SPACE: Capitaland's REITs, Maeda, Huaneng Renew, Toshiba Machine, Samsung, Olam

Orange Life Insurance, Ltd.  / Event-Driven

<h2>The Delisting of Orange Life Insurance Korea</h2>
Orange Life Insurance is scheduled to be delisted on 14 February 2020. The delisting of <a href="https://www.smartkarma.com/entities/orange-life-insurance-ltd" target="_blank" data-smartkarma-citation="entities:23999:1" rel="noopener">Orange Life Insurance, Ltd. (079440 KS)</a> is once again a grim reminder of how the minority shareholders in Korea get mistreated versus the controlling shareholders but there is still a lack of legal means to receive fair treatment. On 10 January 2020, there was an <a href="https://n.news.naver.com/article/016/0001622919" target="_blank" rel="noopener">EGM</a> where the shareholders agreed to the Orange Life completing a stock swap with <a href="https://www.smartkarma.com/entities/shinhan-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:6978:1" rel="noopener">Shinhan Financial (055550 KS)</a> shares for the remaining 40.85% stake of Orange Life. The stock swap ratio was determined at 1 share of Orange Life Insurance to 0.66 shares of Shinhan Financial.
<h2>Who Will Acquire Prudential Life Insurance Korea? </h2>
Prudential Life Insurance Korea is up for sale and so far this is likely to be the biggest M&amp;A deal in Korea so far in 2020. There have been four companies including KB Financial Group, MBK Partners, Hahn &amp; Company, and IMM Private Equity that have been <a href="https://n.news.naver.com/article/009/0004505362" target="_blank" rel="noopener">shortlisted</a> to make preliminary bids. The deal is estimated to be at least<a href="https://www.internationalinvestment.net/news/4009303/prudential-life-korea-sale-draws-interest-firms" target="_blank" rel="noopener"> 2 trillion won </a>(100% stake of Prudential Life Insurance Korea).
<div class="content-highlight">
Applying the recent sale of Orange Life Insurance (1x P/B), Prudential Life Insurance is likely to be valued at a range of 2.0 trillion won to 3.0 trillion won, in our view. If the buyer is able to acquire a 100% stake in Prudential Life at close to 2.0 trillion won, then it could be viewed favorably on the acquirer. However, if the M&amp;A price is close to 3.0 trillion won or more, then this could be perceived as potentially overpaying for this deal. 
</div>

The Delisting of Orange Life Insurance Korea
Orange Life Insurance is scheduled to be delisted on 14 February 2020. The delisting of Orange Life Insurance, Ltd. (079440 KS) is once again a grim reminder of how the minority shareholders in Korea get mistreated versus the controlling shareholders but there is still a lack of legal means to receive fair treatment. On 10 January 2020, there was an EGM where the shareholders agreed to the Orange Life completing a stock swap with Shinhan Financial (055550 KS) shares for the remaining 40.85% stake of Orange Life. The stock swap ratio was determined at 1 share of Orange Life Insurance to 0.66 shares of Shinhan Financial.
Who Will Acquire Prudential Life Insurance Korea? 
Prudential Life Insurance Korea is up for sale and so far this is likely to be the biggest M&amp;A deal in Korea so far in 2020. There have been four companies including KB Financial Group, MBK Partners, Hahn &amp; Company, and IMM Private Equity that have been shortlisted to make preliminary bids. The deal is estimated to be at least 2 trillion won (100% stake of Prudential Life Insurance Korea).

Applying the recent sale of Orange Life Insurance (1x P/B), Prudential Life Insurance is likely to be valued at a range of 2.0 trillion won to 3.0 trillion won, in our view. If the buyer is able to acquire a 100% stake in Prudential Life at close to 2.0 trillion won, then it could be viewed favorably on the acquirer. However, if the M&amp;A price is close to 3.0 trillion won or more, then this could be perceived as potentially overpaying for this deal. 


The Delisting of Orange Life Insurance & Who Will Acquire Prudential Life Insurance Korea?


For the month of November, 21 new deals were discussed on Smartkarma with an overall announced deal size of ~US$75bn, helped in large part by LVMH's bid for Tiffany &amp; Co (TIF US).


Clicking on the company name in the table below will take you to the entity page where you can read the initial insight(s) written by Smartkarma contributors on these new deals and follow up discussions, or simply click on the insight link(s) below the name.






New Deals


Industry


Size (US$bn)


Type


Premium



Australia



Panoramic Resources (PAN AU) 
Mining
0.2
Off-market 
42%


Independence's Hostile Offer For Panoramic



Caltex Australia (CTX AU) 
Fuel retail
5.8
Scheme 
24%


Caltex's Proposed Retail IPO Triggers Revised Bid From Couche-Tard


Hong Kong



Springland International (1700 HK) 
Supermarkets
0.2
Scheme
63%


Springland And The Latest Retail Takeover



China Agri Industries Hldgs (606 HK) 
Grain processing
2.9
Scheme
34%


Going With The Grain As COFCO Bids For China Agri


Japan



Toshiba Plant Systems &amp; Services (1983 JP) 
Engineering
1.2
Tender Offer
27%


Toshiba Tender for Toshiba Plant (1983) - Lighter Than It Should Be.



Nuflare Technology (6256 JP) 
Semiconductors
0.6
Tender Offer
45%


Toshiba Tender for Nuflare Technology (6256) - Lightish to Too Light. 



Nishishiba Electric (6591 JP) 
Marine/offshore
0.1
Tender Offer
43%


Toshiba Tender for Nishishiba Electric (6591) - Also Cheap. 



Mitsubishi Tanabe Pharma (4508 JP) 
Pharmaceuticals
4.5
Tender Offer
50%


MitChem Deal for MitTanabePharma - Opportunistic But Likely Not To Cause Too Much Upset. 



Mystar Engineering (4695 JP) 
Engineering
0.1
Tender Offer
17%



SmallCap Mystar Engineering (4695) Tender Offer  - WRONG PRICE 



 LINE Corp (3938 JP) / Z Holdings (4689 JP)

Mobile messaging
3.2
Tender Offer
13%



Z and LINE, Sitting in a Tree... M.E.R.G.I.N... G...?. 
LINE and Z, Sitting in a Tree... M.E.R.G.I.N.G! And a Tender Offer!
The Z Holdings-LINE Merger Is Likely to Put Mobile Payments Businesses in Antitrust Territory. 



Singapore



Citic Envirotech (CEL SP) 
Water treatment
0.2
Exit Offer
62%


CITIC Envirotech's Privatisation Offer.



Isec Healthcare (ISEC SP) 
Heatlcare
0.2
MGO
11%


Circular Dispatched For Isec Healthcare's MGO. 


South Korea



Orange Life Insurance, Ltd. (079440 KS) 
Insurance
0.1
Merger
N/A


Shinhan &amp; Orange Life Merger Swap Summary. 



Haimarrow Food Service Co Ltd (220630 KS) 
F&amp;B
0.2
Buyout
26%


Korea M&amp;A Spotlight: A Buyout of Haimarrow Food Service



Hanwha Galleria Timeworld (027390 KS) 
Department stores
0.1
Tender Offer
17%



Tender Offer To Take Hanwha Galleria Timeworld Private.  
Hanwha Galleria TW Tender Offer: Schedule, Price &amp; Current Status. 



UK &amp; Europe







OSRAM Licht AG (OSR GR) 
Lighting solutions
4.3
Takeover Offer
42%


Second ams Deal for Osram - Concessions And "Elbow Calculus". 



Amerisur Resources (AMER LN) 
O&amp;G
0.3
Cash acquisition
59%


In A Light, Sweet Spot As Geopark Bids For Amerisur. 



Veloxis Pharmaceuticals (VELO DC) 
Pharmaceuticals
1.5
Tender Offer
-26%


Asahi Kasei’s Voluntary Conditional Tender Offer for Veloxis Pharmaceuticals: Unfairly Priced. 


North America




Aircastle Ltd (AYR US) 
Aircraft leasing
2.4
Agreement/merger
34%


Aircastle Takeover - Still Trading at a Premium But Good To Go At Terms. 



Tiffany &amp; Co (TIF US) 
Jewellery
14.5
Offer
37%



Louis Vuitton Offers to Acquire Tiffany: Luxury Valuation to Semi Luxury Brand. 
Tiffany (TIF US): Out of the Blue.




Hewlett Packard Co (HPQ US) 
Printers
33
Offer
13.5%


Xerox to Acquire HP Inc: Two Fading Stars to Unite





Source: Smartkarma Insights

The Offer for Osram is a reload from ams AG (AMS SW) and I've used the unaffected price from the previous offer to back out the premium.  

The Veloxis Pharmaceuticals (VELO DC) discount is somewhat misleading - Veloxis raised its annual guidance on 31st October 2019, and its share price rallied to DKK7.49/share from ~DKK4.00,  the highest price in the last ten years.   

The deal for Isec Healthcare (ISEC SP) was announced in August but only discussed on Smartkarma this month. 


The average premium for the new deals announced in November was 32%, while the average for the first eleven months of 2019 is ~32%.



Brief Summary of News in November of Arb Situations On Smartkarma's Radar



(Again, click on the company names to take to you to the insights and/or discussion posts for a more comprehensive read-through on each situation. Where a new insight was written on these names in June, I've included a link to that insight in italics.)






Australia


Comments (with links &amp; insights)




Australian Unity Office Fund (AOF AU) 

Where to start ... 1-Nov: Hume Partners bumped its stake to 9.55% on the 5 November, and as then to t11.4%  AOF Buckles As Hume Keeps Mum.  14-Nov: ASIC issues interim order.
Wanted: New Legal Team for AOF.  18-Nov. one of the two interdependent resolutions was voted down at a low-turnout vote. 19-Nov: ASIC has opted to withdraw its application.
ASIC's Panel Application Withdrawal Leaves Market Players Guessing. 




Aveo Group (AOG AU) 

31-Oct: FIRB approval received.  
7-Nov: AOG's securityholders have voted in favour of the Scheme. 
The implementation date is the 29 November.




Bellamy's Australia (BAL AU) 

14-Nov: Bellamy's Scheme gets FIRB approval.
27-Nov: Bellamy settles two shareholder class action proceedings for A$49.7mn.




CSG Ltd (CSV AU) 

22-Nov: AGM held. All resolutions carried except addtitional 10% placement.




Echo Resources (EAR AU) 

1-Nov: Northern Star Resources (NST AU)issues compulsory acquisition notice.
8-Nov: Shares suspended at the close of trading




Erm Power Ltd (EPW AU) 

8-Nov: ERM's shareholders overwhelmingly voted in favour of the Scheme. The Scheme is expected to be implemented on the 29 November.




Pacific Energy (PEA AU) 

18-Nov: Shares suspended at the close of trading




Qms Media (QMS AU) 

No Nov update




Webster Ltd (WBA AU) 

No Nov update












China


Comments




Shenzhen Kondarl Group (000048 CH) 
No Nov update.











Hong Kong


Comments (with links &amp; insights)




Avic International Holding-H (161 HK) 

23-Nov: AVIC are still finalising the data to go in the Composite Document. This Document is due out on or before the 15 January 2020.
27-Nov:  Two wholly-owned subsidiaries of CK Hutchison Holdings (1 HK) holding 9.04% of H shares out, intend to vote their shares in favour of relevant resolutions towards delisting AVIC.




Dah Chong Hong (1828 HK) 

8 Nov: Scheme Document delayed until the 3 Dec from the 10 Nov.




Huaneng Renewables Corp H (958 HK) 

21-Nov: Composite doc dispatched. Fair &amp; reasonable says IFA. Huaneng Renew's Composite Doc Despatched. 




Leyou Technologies (1089 HK) 

22-Nov: Leyou updates the market to say they have received a number of non-binding indicative bids. Additionally, Mr. Yuk will update the market in around 3  weeks whether to proceed or terminate with the share disposal. 




Maanshan Iron &amp; Steel H (323 HK) 

11-Nov: MGO closed with 596.39mn shares tendering, representing 11.64% of shares out or 41.727% of H shares.




Yixin Group Ltd (2858 HK) 

7-Nov: Monthly update. nothing substantial to add.









India


Comments




Adani Gas Ltd (ADGAS IN) 
28-Nov: The CCI has approved Total Group's 37.4% stake-buy, joint control of Adani Gas








Japan


Comments (with links &amp; insights)




Asunaro Aoki Construction (1865 JP) 

No Nov update




Cocokara Fine (3098 JP) 

No Nov update




Keihin Corp (7251 JP) 

3-Nov: The English language doc from Honda Motor (7267 JP) for Keihin is out. 




Nissin Kogyo (7230 JP) 

3-Nov: The English language doc from Honda Motor (7267 JP) for Keihin is out. 




Polatechno (4239 JP) 

No Nov update




Sanyo Chemical Ind (4471 JP) /  Nippon Shokubai (4114 JP) 

Sanyo Chem &amp; Nippon Shokubai - Fundamentals Still Favor SanyoChem. 




Showa Corp (7274 JP) 

3-Nov: The English language doc from Honda Motor (7267 JP) for Keihin is out. 




Sotsu Co Ltd (3711 JP) 

26-Nov: Results for the Bandai Namco Holdings (7832 JP) Tender Offer for Sotsu: 82.05%. That is enough to clean out minorities but not enough to do so without an EGM. I expect 17.95% (or say at least 10+%) will vote against setting up an appraisal rights process. Gundam Has Fallen! Long Live Gundam!




Unizo Holdings (3258 JP) 

6-Nov: The Nov 6 Blackstone deadline for Unizo to respond/negotiate has come and gone with no notice by Blackstone of the event or news on UNIZO’s IR website. UNIZO: Belaboring a Deceased Equine. 11-Nov: Fortress have extended the deadline for their deal from 11 Nov to 15 November. 15-Nov: Fortress has increased its Tender Offer Price for Unizo by ¥100 to ¥4100. This is a technical raise because it extends the deadline by 10 business days beyond the current deadline which was today. The new deadline is the 29th of November.  22-Nov: Blackstone has offered a press release well after the close today regarding the status of its intended Tender Offer for Unizo if UNIZO "consents" or possibly if it does not. UNIZO has apparently put forth a proposal and Blackstone has responded. UNIZO: It's Not You, It's Me... Really.
28-Nov: Blackstone says Unizo has not agreed to its $1.6 billion takeover offer (Reuters)











Philippines


Comments




Holcim Philippines (HLCM PM) 

No Nov update.











Singapore


Comments (with links &amp; insights)




Ascendas Hospitality (ASCHT SP) 
21-Oct: The Scheme Meeting, approving the deal. The timeline is now ticking to completion. 



Keppel Corp Ltd (KEP SP) 
No updates. Insight: Gauging Foreign Investment Review Risk for Temasek Takeover of Keppel.  The Dummies' Guide to Partial Offers/Tenders. 




United Engineers (UEM SP) 
12-Nov: Yanlord bumps: Yanlord Bumps Offer For United Engineers.  Read more:  15-Nov: Offer was declared unconditional in all respects on the 15 November  27-Nov: Circular dispatched: Yanlords' Unconditional Offer For United Engineer Gets IFA Backing. 











Thailand


Comments (with links)



Glow Energy Pcl (GLOW TB)
22-Nov: A short clarification notice from Glow Energy Pcl (GLOW TB)'s Tender Offer, which runs from the 25 September to the 28 November - as trading on the SET is T+2, the last day to purchase GLOW shares in order to accept the Offer from Global Power Synergy Company Ltd (GPSC TB) is the 26 November: 


Golden Land Prop Dvlp (GOLD TB)

20-Nov: Delisting proposals approved




SVI Pcl (SVI TB) 

4-Nov The tendering into the Offer was just 26.83%. Then shares popped, and remain elevated. 



Thanachart Capital (TCAP TB)

No Nov update.











UK


Comments (with links &amp; insights)



EI Group (EIG LN)
19-Nov: Reports a full-year loss after tax.



Entertainment One (ETO LN) 
21-Nov: The UK's Competition and Markets Authority has decided this morning that it will take on the case of Hasbro Inc (HAS US)'s bid for Entertainment. Invitation to comment lasts until December 5th. The inquiry Phase 1 should be completed by 21 January 2020.



Just Eat PLC (JE/ LN) 

25-Nov has offered its Response Circular to the Takeaway.com NV (TKWY NA) Offer.  They want a higher premium to where it was trading prior to the TKWY bid.
Just Eat (JE/ LN): From a Strategic Perspective Prosus Is the Best Buyer, It Should Pay More.
Just Eat Plc Situation Looks Headed To Auction. 




Scottish Salmon Co Plc (SSC NO) 
No Nov update



Sophos (SOPH LN) 
No Nov update










Europe


Comments (with links &amp; insights)




Altran Technologies Sa (ALT FP) 

15-Oct: Tender Offer docs issued. 16-Oct: Tender Offer is open.




OSRAM Licht AG (OSR GR) 

1-Oct: ams gets to 19.99%. Min acceptance not achieved. Ams Offer Does Not Win Osram. Back To Square 2 18-Oct: New ams deal for Osram.
New ams Deal for Osram In Store - It's Doable







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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Orange Life stock swap schedule has one noteworthy aspect. The EGM is scheduled for Jan 10 next year. It means that the Orange Life shareholders will be entitled to receive this year's year-end dividend. This aspect may have a substantial impact on the swap spread calculations.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/107/190/original/1.png?1574313916" class="editor-image img-responsive" data-smartkarma-image-id="107190"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/107/191/original/2.png?1574313924" class="editor-image img-responsive" data-smartkarma-image-id="107191"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/107/192/original/3.png?1574313930" class="editor-image img-responsive" data-smartkarma-image-id="107192"></figure>

Orange Life stock swap schedule has one noteworthy aspect. The EGM is scheduled for Jan 10 next year. It means that the Orange Life shareholders will be entitled to receive this year's year-end dividend. This aspect may have a substantial impact on the swap spread calculations.

Orange Life Stock Swap: Dividend-Adjusted Swap Spread

South Korea

Orange Life Insurance, Ltd. provides insurance and financial services. The Company offers insurance products, annuity, pension, and other services. ING Life Insurance Korea serves customers throughout South Korea.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00