Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>IMM Private Equity announced that it is selling a 1.7% stake in Woori Financial Group (316140 KS) in a block deal sale. </li>
<li>The number of shares subject to sale is 12.56 million, or 177.7 billion won to 181.5 billion won.</li>
<li>Block deal sale discount range is reasonable, valuation multiples are low, and we expect continued positive capital inflow into stocks related to Corporate Value Up in the next 12 months. </li>
</ul>


IMM Private Equity announced that it is selling a 1.7% stake in Woori Financial Group (316140 KS) in a block deal sale. 
The number of shares subject to sale is 12.56 million, or 177.7 billion won to 181.5 billion won.
Block deal sale discount range is reasonable, valuation multiples are low, and we expect continued positive capital inflow into stocks related to Corporate Value Up in the next 12 months. 


Block Deal Sale of 1.7% Stake of Woori Financial by IMM Private Equity

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 foreign holdings of KRX Stocks as of Mar 8th which has an aggregated holding worth USD533.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD185mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Mar 8th which has an aggregated holding worth USD533.0bn.
We estimate that foreign flows to be inflows of USD185mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver.


KRX Foreign Holding Weekly (Mar 8th): Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver

<ul>
<li>EQT Partners announced that it is selling all of its remaining shares in Shinhan Financial for about 400 billion won in a block deal sale.</li>
<li>The block deal sale price range is expected to be 43,776 won to 44,688 won, representing 2% to 4% discount to the closing price on 6 March (45,600 won).</li>
<li>We would take the deal. The block deal discount is reasonable and Shinhan Financial continues to have attractive valuations and dividend yield despite recent share price appreciation. </li>
</ul>


EQT Partners announced that it is selling all of its remaining shares in Shinhan Financial for about 400 billion won in a block deal sale.
The block deal sale price range is expected to be 43,776 won to 44,688 won, representing 2% to 4% discount to the closing price on 6 March (45,600 won).
We would take the deal. The block deal discount is reasonable and Shinhan Financial continues to have attractive valuations and dividend yield despite recent share price appreciation. 


Block Deal Sale of About 400 Billion Won of Shinhan Financial by EQT Partners

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.

<ul>
<li>Stake sales by Affinity and Bearing PE are attractive due to the absence of special partnerships with Shinhan Financial Group, indicating favorable exit potential at current stock prices.</li>
<li>KB Financial draws attention due to Carlyle's ₩240B EB investment in 2020. Carlyle can now convert to shares at ₩48,000/share, yielding 37.08%.</li>
<li>Woori Financial is intriguing. IMM PE and Eugene PE hold stakes, investing ₩450B and ₩386B respectively. Their yields are 32.55% and 10.45% respectively. No constraints on divestment.</li>
</ul>


Stake sales by Affinity and Bearing PE are attractive due to the absence of special partnerships with Shinhan Financial Group, indicating favorable exit potential at current stock prices.
KB Financial draws attention due to Carlyle's ₩240B EB investment in 2020. Carlyle can now convert to shares at ₩48,000/share, yielding 37.08%.
Woori Financial is intriguing. IMM PE and Eugene PE hold stakes, investing ₩450B and ₩386B respectively. Their yields are 32.55% and 10.45% respectively. No constraints on divestment.


Investigating Potential Block Deals Involving Korea's Financial Holding Companies

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Mar 1st which has an aggregated holding worth USD517.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,159mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instistutions.</li>
<li>We highlight foreign changes in Sk Hynix, Samsung Electronics, Hanwha Aerospace, Kakao, LG Chem.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Mar 1st which has an aggregated holding worth USD517.4bn.
We estimate that foreign flows to be inflows of USD1,159mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instistutions.
We highlight foreign changes in Sk Hynix, Samsung Electronics, Hanwha Aerospace, Kakao, LG Chem.


KRX Foreign Holding Weekly (Mar 1st): Sk Hynix, Samsung Electronics, Hanwha Aerospace, Kakao

South Korea

KB Financial Group Inc. (the "Company"), in accordance with Financial Holding Companies Act, was established on September 29, 2008, through stock transfer with the former shareholders of its subsidiaries including Kookmin Bank in order to provide management services and financing to associated companies. The headquarters are located at Seoul, Korea

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KB Financial (105560 KS)

Block Deal Sale of 1.7% Stake of Woori Financial by IMM Private Equity

On 13 March, Woori Financial Group announced that it will purchase 9.36 million shares of the company (1.24% of outstanding shares) held by Korea...

Douglas Kim

KRX Foreign Holding Weekly (Mar 8th): Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver.

Ke Yan, CFA, FRM

Block Deal Sale of About 400 Billion Won of Shinhan Financial by EQT Partners

EQT Partners announced that it is selling all of its remaining shares in Shinhan Financial for about 400 billion won in a block deal sale. We would...

Douglas Kim

Investigating Potential Block Deals Involving Korea's Financial Holding Companies

Bearing PE is selling half of its stake in Shinhan Financial Group through a block deal, involving 9,297,000 shares. The expected per-share sale...

Sanghyun Park

KRX Foreign Holding Weekly (Mar 1st): Sk Hynix, Samsung Electronics, Hanwha Aerospace, Kakao

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Samsung Electronics, Hanwha Aerospace,...

Ke Yan, CFA, FRM

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