Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 10 May, Cosmecca Korea (241710 KS) announced that it plans to switch its listing from KOSDAQ to KOSPI. </li>
<li>The company plans to convene an extraordinary general meeting of shareholders on 29 August to finalize on the switching of Cosmecca Korea listing from KOSDAQ to KOSPI. </li>
<li>Cosmecca Korea is one of the leading Korean ODM manufacturers of cosmetic products.</li>
</ul>


On 10 May, Cosmecca Korea (241710 KS) announced that it plans to switch its listing from KOSDAQ to KOSPI. 
The company plans to convene an extraordinary general meeting of shareholders on 29 August to finalize on the switching of Cosmecca Korea listing from KOSDAQ to KOSPI. 
Cosmecca Korea is one of the leading Korean ODM manufacturers of cosmetic products.


Cosmecca Korea Plans to Switch Listing from KOSDAQ to KOSPI

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a> disclosed a conditional voluntary offer from Reinold Geiger at HK$34.00, a 15.3% premium to the last close and a 30.8% premium to the undisturbed price (5 February).</li>
<li>The minimum acceptance condition is that the offeror holds at least 90% of the shares held by disinterested shareholders, which enables the offeror to exercise compulsory acquisition rights.</li>
<li>Irrevocable and letters of support to accept represent 37.96% of disinterested shares. An attractive offer (representing an all-time high) should facilitate the offer being declared unconditional.</li>
</ul>



L'Occitane (973 HK) disclosed a conditional voluntary offer from Reinold Geiger at HK$34.00, a 15.3% premium to the last close and a 30.8% premium to the undisturbed price (5 February).
The minimum acceptance condition is that the offeror holds at least 90% of the shares held by disinterested shareholders, which enables the offeror to exercise compulsory acquisition rights.
Irrevocable and letters of support to accept represent 37.96% of disinterested shares. An attractive offer (representing an all-time high) should facilitate the offer being declared unconditional.


L’Occitane (973 HK): Conditional VGO at HK$34

<ul>
<li>Bloomberg reports that <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a> draws takeover interest from <a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone (BX US)</a>, which is considering partnering with Chairman and largest shareholder Reinold Geiger.</li>
<li>Blackstone needs an attractive takeover premium due to the presence of significant disinterested shareholders (Mr. Geiger and Acatis KVG).</li>
<li>Shareholders will be wary of the latest rumour due to Mr Geiger’s aborted offer on 4 September 2023. Nevertheless, the valuation is undemanding compared to peer multiples.</li>
</ul>


Bloomberg reports that L'Occitane (973 HK) draws takeover interest from Blackstone (BX US), which is considering partnering with Chairman and largest shareholder Reinold Geiger.
Blackstone needs an attractive takeover premium due to the presence of significant disinterested shareholders (Mr. Geiger and Acatis KVG).
Shareholders will be wary of the latest rumour due to Mr Geiger’s aborted offer on 4 September 2023. Nevertheless, the valuation is undemanding compared to peer multiples.


L’Occitane (973 HK): Blackstone Pondering an Offer

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cosmecca-korea" target="_blank" data-smartkarma-citation="entities:23616:1" rel="noopener">Cosmecca Korea (241710 KS)</a> clocked revenue of KRW115.7B (up 15% YoY) and operating profit of KRW11.2B (up 265% YoY) in Q223. Operating profit margin expanded 670bps YoY to 9.7%.</li>
<li>Cosmecca is a key beneficiary of the increasing global demand for the affordable indie cosmetics brands. These brands are now outpacing the overall beauty and personal care industry.</li>
<li>Since reporting strong Q1 result in May, Cosmecca Korea shares are on fire. Cosmecca is expected to continue its growth momentum due to strong global demand for affordable cosmetics.</li>
</ul>



Cosmecca Korea (241710 KS) clocked revenue of KRW115.7B (up 15% YoY) and operating profit of KRW11.2B (up 265% YoY) in Q223. Operating profit margin expanded 670bps YoY to 9.7%.
Cosmecca is a key beneficiary of the increasing global demand for the affordable indie cosmetics brands. These brands are now outpacing the overall beauty and personal care industry.
Since reporting strong Q1 result in May, Cosmecca Korea shares are on fire. Cosmecca is expected to continue its growth momentum due to strong global demand for affordable cosmetics.


Cosmecca Korea (241710 KS): Strong 2Q23 Result; Favorable Industry Tailwind to Enhance the Glow

<ul>
<li>In response to media speculation, <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a> has clarified that Reinold Geiger, the Chairman and the largest shareholder, is contemplating a possible transaction through a voluntary general offer.</li>
<li>However, the rumoured offer of HK$35 per share is false. Mr Geiger has confirmed that the potential offer price would be no less than HK$26.00 per share.</li>
<li>The floor price of HK$26 is light and needs a bump (towards HK$30), particularly if Mr Geiger wants 95% of voting rights to exercise the right of compulsory acquisition (squeeze-out).</li>
</ul>


In response to media speculation, L'Occitane (973 HK) has clarified that Reinold Geiger, the Chairman and the largest shareholder, is contemplating a possible transaction through a voluntary general offer.
However, the rumoured offer of HK$35 per share is false. Mr Geiger has confirmed that the potential offer price would be no less than HK$26.00 per share.
The floor price of HK$26 is light and needs a bump (towards HK$30), particularly if Mr Geiger wants 95% of voting rights to exercise the right of compulsory acquisition (squeeze-out).


L’Occitane (973 HK): Board Updates on the Potential Offer Structure and Price

South Korea

Cosmax, Inc. is a cosmetics manufacturer. The Company develops and produces a variety of cosmetics for men and women, such as basic and special skin care, makeup, hair care, and other beauty products. Cosmax manufactures its products on original equipment manufacturing (OEM) basis.

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Cosmax Inc (192820 KS)

Cosmecca Korea Plans to Switch Listing from KOSDAQ to KOSPI

On 10 May, Cosmecca Korea (241710 KS) announced that it plans to switch its listing from KOSDAQ to KOSPI. Cosmecca Korea is one of the leading...

Douglas Kim

L’Occitane (973 HK): Conditional VGO at HK$34

The key condition is that the offeror holds at least 90% of the disinterested shares. An attractive offer (representing an all-time high) should...

Arun George

L’Occitane (973 HK): Blackstone Pondering an Offer

L’Occitane is on a trading halt pursuant to the Code on Takeovers and Mergers. Bloomberg reports that Blackstone is nearing a privatisation deal...

Arun George

Cosmecca Korea (241710 KS): Strong 2Q23 Result; Favorable Industry Tailwind to Enhance the Glow

Cosmecca Korea reports strong Q2 results, with revenue up 15% YoY and operating profit up 265% YoY. The company benefits from the growing demand...

Tina Banerjee

L’Occitane (973 HK): Board Updates on the Potential Offer Structure and Price

Reinold Geiger is contemplating a possible transaction through a VGO at a floor offer price of HK$26. The floor price is light if Mr Geiger wants...

Arun George

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52-week Range

Market Cap (USDm)

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Cosmecca Korea Plans to Switch Listing from KOSDAQ to KOSPI

On 10 May, Cosmecca Korea (241710 KS) announced that it plans to switch its listing from KOSDAQ to KOSPI. Cosmecca Korea is one of the leading...

Douglas Kim

L’Occitane (973 HK): Conditional VGO at HK$34

The key condition is that the offeror holds at least 90% of the disinterested shares. An attractive offer (representing an all-time high) should...

Arun George

L’Occitane (973 HK): Blackstone Pondering an Offer

L’Occitane is on a trading halt pursuant to the Code on Takeovers and Mergers. Bloomberg reports that Blackstone is nearing a privatisation deal...

Arun George

Cosmecca Korea (241710 KS): Strong 2Q23 Result; Favorable Industry Tailwind to Enhance the Glow

​Cosmecca Korea reports strong Q2 results, with revenue up 15% YoY and operating profit up 265% YoY. The company benefits from the growing demand...

Tina Banerjee

L’Occitane (973 HK): Board Updates on the Potential Offer Structure and Price

Reinold Geiger is contemplating a possible transaction through a VGO at a floor offer price of HK$26. The floor price is light if Mr Geiger wants...

Arun George

Cosmecca Korea reports strong Q2 results, with revenue up 15% YoY and operating profit up 265% YoY. The company benefits from the growing demand...