Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>The demand environment for offline electronic retailers has been good in Q1, the macro factors also point to good growth for FY23. </li>
<li>Companies like <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home Co Ltd (6690 HK)</a> and <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> have done well. <a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a> has not been able to recover. </li>
<li>Indian consumer no longer wants everything cheap, assuming affordability, quality and brand value is taking prominence. </li>
</ul>


The demand environment for offline electronic retailers has been good in Q1, the macro factors also point to good growth for FY23. 
Companies like Haier Smart Home Co Ltd (6690 HK) and Samsung Electronics (005930 KS) have done well. Voltas Ltd (VOLT IN) has not been able to recover. 
Indian consumer no longer wants everything cheap, assuming affordability, quality and brand value is taking prominence. 


India Channel Insight #41 | Haier, Samsung, Voltas

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Our base case valuation of Winia Aid is target price of 21,724 won per share, which is 34% higher than the high end of the IPO price range.</li>
<li>Winia Aid had ROE of 29% in 2021 which was much higher than the comps' average of 9.6% in 2021. </li>
<li>The company's core businesses include after sales service and logistics for Winia Group electronics related products and Apple after sales service and support.</li>
</ul>


Our base case valuation of Winia Aid is target price of 21,724 won per share, which is 34% higher than the high end of the IPO price range.
Winia Aid had ROE of 29% in 2021 which was much higher than the comps' average of 9.6% in 2021. 
The company's core businesses include after sales service and logistics for Winia Group electronics related products and Apple after sales service and support.


Event-Driven

<ul>
<li>LG Corp announced a share buyback worth 500 billion won, representing 4.3% of market cap. This is the company's first major buyback in 22 years.</li>
<li>LG Corp will also remove the "limit" on dividend income, in order to secure the flexibility of the dividend income such as when one of its affiliated stakes are sold.</li>
<li>A sizeable buyback, improved dividend policy, and a significant discount to its NAV are likely to lead to continued outperformance of LG Corp relative to KOSPI. </li>
</ul>


LG Corp announced a share buyback worth 500 billion won, representing 4.3% of market cap. This is the company's first major buyback in 22 years.
LG Corp will also remove the "limit" on dividend income, in order to secure the flexibility of the dividend income such as when one of its affiliated stakes are sold.
A sizeable buyback, improved dividend policy, and a significant discount to its NAV are likely to lead to continued outperformance of LG Corp relative to KOSPI. 


LG Corp: First Major Buyback in 22 Years + Improvement in Dividend Policy

<ul>
<li>Three major positive factors for Samsung C&amp;T include deep discount NAV, capital shifting to value/holdcos, and higher commodity prices boosting trading business earnings. </li>
<li>Shanghai lockdown remains a black box event and there are some increasing concerns that the China COVID induced lockdowns could result in a potential earnings miss for Samsung Electronics.</li>
<li>Samsung C&amp;T (028260 KS) has been outperforming Samsung Electronics (005930 KS). Samsung C&amp;T is flat for the year versus Samsung Electronics which is down 13.6% YTD.</li>
</ul>


Three major positive factors for Samsung C&amp;T include deep discount NAV, capital shifting to value/holdcos, and higher commodity prices boosting trading business earnings. 
Shanghai lockdown remains a black box event and there are some increasing concerns that the China COVID induced lockdowns could result in a potential earnings miss for Samsung Electronics.
Samsung C&amp;T (028260 KS) has been outperforming Samsung Electronics (005930 KS). Samsung C&amp;T is flat for the year versus Samsung Electronics which is down 13.6% YTD.


Samsung C&T: Deep Discount NAV, Capital Shifting to Value/Holdcos, & Trading Business Boost

<ul>
<li>In this insight, we provide an updated SoTP valuation analysis of LG Corp (003550 KS) and discuss some of the key upcoming catalysts including the IPO of LG CNS.</li>
<li>Our base case valuation analysis of LG Corp suggests an implied price of 107,664 won per share, representing 45.5% upside from current levels.</li>
<li>The IPO of LG CNS is likely to be a positive catalyst in the next 6-12 months for LG Corp. </li>
</ul>


In this insight, we provide an updated SoTP valuation analysis of LG Corp (003550 KS) and discuss some of the key upcoming catalysts including the IPO of LG CNS.
Our base case valuation analysis of LG Corp suggests an implied price of 107,664 won per share, representing 45.5% upside from current levels.
The IPO of LG CNS is likely to be a positive catalyst in the next 6-12 months for LG Corp. 


LG Corp: Updated SoTP Valuation & Key Catalyst of LG CNS IPO

South Korea

LG Electronics Inc. manufactures and markets digital display equipment and home appliances. The Company produces and markets flat panel televisions, A/V products, washing machines, air conditioners and refrigerators as well as telecommunications equipment such as smart phones and tablets.

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

LG Electronics (066570 KS)

India Channel Insight #41 | Haier, Samsung, Voltas

The Indian durables market is witnessing changing consumer behaviour aiding an optimistic outlook for FY23 along increasing competitive intensity...

Pranav Bhavsar

Winia Aid IPO Valuation Analysis

Our base case valuation of Winia Aid is target price of 21,724 won per share, which is 34% higher than the high end of the IPO price range. We...

Douglas Kim

LG Corp: First Major Buyback in 22 Years + Improvement in Dividend Policy

After the market close on 27 May, LG Corp (003550 KS) announced a share buyback worth 500 billion won, representing 4.3% of market cap. This is the...

Douglas Kim

Samsung C&T: Deep Discount NAV, Capital Shifting to Value/Holdcos, & Trading Business Boost

Three major positive factors for Samsung C&T include deep discount NAV, capital shifting to value/holdcos, and higher commodity prices boosting...

Douglas Kim

LG Corp: Updated SoTP Valuation & Key Catalyst of LG CNS IPO

In this insight, we provide an updated SoTP valuation analysis of LG Corp (003550 KS) and discuss some of the key upcoming catalysts including the...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)