Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>It was reported in the local media that Hyundai Elevator Chairwoman Hyun Jeong-Eun is close to completing a deal with H&amp;Q Korea in a deal worth nearly 300 billion won.</li>
<li>The three major reasons driving higher share price of Hyundai Elevator in the last three months include share buyback/cancellation, potential M&amp;A, and solid 1Q 2023 results.</li>
<li>With noticeable downturn in the Korean construction sector, Hyundai Elevator could face worsening industry prospects for both residential and commercial elevators in the next 12-24 months in Korea.</li>
</ul>


It was reported in the local media that Hyundai Elevator Chairwoman Hyun Jeong-Eun is close to completing a deal with H&amp;Q Korea in a deal worth nearly 300 billion won.
The three major reasons driving higher share price of Hyundai Elevator in the last three months include share buyback/cancellation, potential M&amp;A, and solid 1Q 2023 results.
With noticeable downturn in the Korean construction sector, Hyundai Elevator could face worsening industry prospects for both residential and commercial elevators in the next 12-24 months in Korea.


Hyundai Elevator Chairwoman Hyun Seeks Capital from H&Q Korea

<ul>
<li>On 30 March, it was announced that Hyun Jeong-Eun (Chairwoman of the Hyundai Group) lost a final lawsuit against the Schindler Group.</li>
<li>The Supreme Court upheld an appeal court ruling that Chairwoman Hyun needs to pay 170 billion won (US$131 million) and delayed interest payments to Hyundai Elevator. </li>
<li>Although this major lawsuit loss for Chairwoman Hyun is a tremendous catalyst, the downturn in the construction sector and uncertainty in the reduction in Chairwoman's stake remain key negatives. </li>
</ul>


On 30 March, it was announced that Hyun Jeong-Eun (Chairwoman of the Hyundai Group) lost a final lawsuit against the Schindler Group.
The Supreme Court upheld an appeal court ruling that Chairwoman Hyun needs to pay 170 billion won (US$131 million) and delayed interest payments to Hyundai Elevator. 
Although this major lawsuit loss for Chairwoman Hyun is a tremendous catalyst, the downturn in the construction sector and uncertainty in the reduction in Chairwoman's stake remain key negatives. 


Hyundai Elevator: Chairwoman Hyun Jeong-Eun Loses A Major Lawsuit Against Schindler Group

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The <a href="https://www.smartkarma.com/entities/fujitec-co-ltd" target="_blank" data-smartkarma-citation="entities:11686:1" rel="noopener">Fujitec Co Ltd (6406 JP)</a> EGM where activist Oasis Management wanted to spill the independent board members took place Friday.</li>
<li>Results were mixed, but generally a success for Oasis, with 9 of the 13 votes won. Preliminary analysis of "uncertain voter" split interesting, and "Glass Lewis Effect" stronger than expected.</li>
<li>The real shocker, however, was a footnote at the end of the announcement. This could (and <em>should</em>) have further repercussions. </li>
</ul>


The Fujitec Co Ltd (6406 JP) EGM where activist Oasis Management wanted to spill the independent board members took place Friday.
Results were mixed, but generally a success for Oasis, with 9 of the 13 votes won. Preliminary analysis of "uncertain voter" split interesting, and "Glass Lewis Effect" stronger than expected.
The real shocker, however, was a footnote at the end of the announcement. This could (and should) have further repercussions. 


Fujitec (6406) EGM - It WAS a Close-Run Thing, Glass Lewis Was the Big Winner, and SCANDAL?

<ul>
<li>In this insight, we discuss the alpha generation through companies that have been buying back their shares in the Korean stock market in the past two months.</li>
<li>In addition to these share buybacks, there has also been more recent news flow regarding the share purchases of Samsung Electronics by numerous senior directors.</li>
<li>In the past month, some of the larger market cap companies including KT&amp;G, Douzone Bizon, and Hyundai Elevator that have been buying back shares have been outperforming KOSPI. </li>
</ul>


In this insight, we discuss the alpha generation through companies that have been buying back their shares in the Korean stock market in the past two months.
In addition to these share buybacks, there has also been more recent news flow regarding the share purchases of Samsung Electronics by numerous senior directors.
In the past month, some of the larger market cap companies including KT&amp;G, Douzone Bizon, and Hyundai Elevator that have been buying back shares have been outperforming KOSPI. 


Alpha Generation Through Share Buybacks in Korea: December 2022

<ul>
<li>On 28 October, Hyundai Elevator Co (017800 KS) announced a major share buyback program worth 2.1 million shares, representing 5.1% of outstanding shares or about 50 billion won.</li>
<li>Hyundai Elevator Co Ltd makes excellent elevators and it is the number one player in the elevator industry in Korea with a 41% market share as of 2Q 2022.</li>
<li>Despite the company's valuations trading at lower levels than its recent historical levels, the negative factors impacting the company are much bigger in scale than the share buyback program.</li>
</ul>


On 28 October, Hyundai Elevator Co (017800 KS) announced a major share buyback program worth 2.1 million shares, representing 5.1% of outstanding shares or about 50 billion won.
Hyundai Elevator Co Ltd makes excellent elevators and it is the number one player in the elevator industry in Korea with a 41% market share as of 2Q 2022.
Despite the company's valuations trading at lower levels than its recent historical levels, the negative factors impacting the company are much bigger in scale than the share buyback program.


Hyundai Elevator: Announces a Major Share Buyback Program

South Korea

Hyundai Elevator Co., Ltd. (HELCO) manufactures, installs, sells, and services elevators, escalators, moving walkways, automated parking systems, and material handling systems.  The Company also produces screen doors used on platforms in train stations.

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Hyundai Elevator Co (017800 KS)

Hyundai Elevator Chairwoman Hyun Seeks Capital from H&Q Korea

It was reported in the local media that Hyundai Elevator Chairwoman Hyun Jeong-Eun is close to completing a deal with H&Q Korea in a deal worth...

Douglas Kim

Hyundai Elevator: Chairwoman Hyun Jeong-Eun Loses A Major Lawsuit Against Schindler Group

On 30 March, the Supreme Court upheld an appeal court ruling that Chairwoman Hyun needs to pay 170 billion won (US$131 million) and delayed...

Douglas Kim

Fujitec (6406) EGM - It WAS a Close-Run Thing, Glass Lewis Was the Big Winner, and SCANDAL?

The Fujitec EGM was, indeed, a close-run thing. A tight vote, and Oasis' losers clearly showed passive voting against. And there was a scandalous...

Travis Lundy

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Market Cap (USDm)

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Hyundai Elevator Chairwoman Hyun Seeks Capital from H&Q Korea

It was reported in the local media that Hyundai Elevator Chairwoman Hyun Jeong-Eun is close to completing a deal with H&Q Korea in a deal worth...

Douglas Kim

Hyundai Elevator: Chairwoman Hyun Jeong-Eun Loses A Major Lawsuit Against Schindler Group

On 30 March, the Supreme Court upheld an appeal court ruling that Chairwoman Hyun needs to pay 170 billion won (US$131 million) and delayed...

Douglas Kim

Fujitec (6406) EGM - It WAS a Close-Run Thing, Glass Lewis Was the Big Winner, and SCANDAL?

The Fujitec EGM was, indeed, a close-run thing. A tight vote, and Oasis' losers clearly showed passive voting against. And there was a scandalous...

Travis Lundy

Alpha Generation Through Share Buybacks in Korea: December 2022

In this insight, we discuss the alpha generation through companies that have been buying back their shares in the Korean stock market in the past...

Douglas Kim

Hyundai Elevator: Announces a Major Share Buyback Program

On 28 October, Hyundai Elevator Co (017800 KS) announced a major share buyback program worth 2.1 million shares, representing 5.1% of outstanding...

Douglas Kim