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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Event-Driven

<p>Following is the list of the successful bidders for Woori Bank.</p><table class="table table-striped"><tbody>
<tr>
<td>Successful Buyer</td>
<td>Stake</td>
</tr>
<tr>
<td>1. IMM Private Equity</td>
<td>6%</td>
</tr>
<tr>
<td>2. Korea Investment &amp; Securities</td>
<td>4%</td>
</tr>
<tr>
<td>3. Tong Yang Life Insurance</td>
<td>4%</td>
</tr>
<tr>
<td>4. Kiwoom Securities</td>
<td>4%</td>
</tr>
<tr>
<td>5. Hanwha Life Insurance</td>
<td>4%</td>
</tr>
<tr>
<td>6. Eugene Asset Management</td>
<td>4%</td>
</tr>
<tr>
<td>7. Mirae Asset Global Investments </td>
<td>3.7%</td>
</tr>
</tbody></table><p>Korea Deposit Insurance Corp. is currently Woori Bank's largest shareholder with a 51.1% stake. It will sell 29.7% of Woori Bank stake to these seven buyers, and it will try to sell the remaining 21.4% stake as soon…</p>

Following is the list of the successful bidders for Woori Bank.

Successful Buyer
Stake


1. IMM Private Equity
6%


2. Korea Investment &amp; Securities
4%


3. Tong Yang Life Insurance
4%


4. Kiwoom Securities
4%


5. Hanwha Life Insurance
4%


6. Eugene Asset Management
4%


7. Mirae Asset Global Investments 
3.7%

Korea Deposit Insurance Corp. is currently Woori Bank's largest shareholder with a 51.1% stake. It will sell 29.7% of Woori Bank stake to these seven buyers, and it will try to sell the remaining 21.4% stake as soon…

29.7% of Woori Bank Stake Finally Went to 7 Domestic Financial Firms - Implications

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

<p>Korean companies are showing increasing willingness to buyback shares. Korea Stock Exchange announced that from beginning of this year to as of 27 July 2016, there were 64 listed companies that announced share buybacks, up 36% YoY.</p><div class="content-highlight"><p><strong>The alpha generation for share buybacks in Korea can be found in KOSDAQ listed companies.</strong> Of the 64 companies that announced share buybacks, 35 of them were listed in KOSDAQ. <strong><em>(The average price performance of these 35 companies were 8.5% from beginning of this year as</em></strong>…</p></div>

Korean companies are showing increasing willingness to buyback shares. Korea Stock Exchange announced that from beginning of this year to as of 27 July 2016, there were 64 listed companies that announced share buybacks, up 36% YoY.The alpha generation for share buybacks in Korea can be found in KOSDAQ listed companies. Of the 64 companies that announced share buybacks, 35 of them were listed in KOSDAQ. (The average price performance of these 35 companies were 8.5% from beginning of this year as…

Alpha Generation & Share Buybacks in Korea

Corporate Credit Analyst

Alan Greene

<p lang="en">Recently announced industrial output figures for June suggest that Korea may be able to trade its way towards higher growth rates. However, at the same time, on 30 June, the Korea Times carried a headline <em>“Bedroom shock: Korea's sexless rate ranked world's second”</em>. The sovereign rating of its neighbour Japan has seen steady pressure for the last five years driven in part by its demographic profile. Korea's demographic profile is likely to deteriorate more rapidly than Japan's and we should therefore expect a similar debt induced stall in growth. The banking system is under pressure and this could soon translate into pressure on Korea's credit ratings.</p>

Recently announced industrial output figures for June suggest that Korea may be able to trade its way towards higher growth rates. However, at the same time, on 30 June, the Korea Times carried a headline “Bedroom shock: Korea's sexless rate ranked world's second”. The sovereign rating of its neighbour Japan has seen steady pressure for the last five years driven in part by its demographic profile. Korea's demographic profile is likely to deteriorate more rapidly than Japan's and we should therefore expect a similar debt induced stall in growth. The banking system is under pressure and this could soon translate into pressure on Korea's credit ratings.

Can "sexless" Korea Beat the Demographic Cliff and Maintain Its Credit Rating?

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<p>For sure NPLs are up in 1Q16 for Indonesia’s banks. But we are sanguine about the outlook for these banks, which rank well on most every measure in Asia and the world. We look more closely at indebted companies unable to service loans; distribution of banks within Indonesia; and ability to absorb bad loans. Save to say, BCA, BTPN, BJBR and BMRI remain some of the more interesting banks in the region to us.</p><div class="content-highlight"><p><strong>We examine Indonesia’s non-financial companies interest coverage and debt levels. </strong></p></div><p>An…</p>

For sure NPLs are up in 1Q16 for Indonesia’s banks. But we are sanguine about the outlook for these banks, which rank well on most every measure in Asia and the world. We look more closely at indebted companies unable to service loans; distribution of banks within Indonesia; and ability to absorb bad loans. Save to say, BCA, BTPN, BJBR and BMRI remain some of the more interesting banks in the region to us.We examine Indonesia’s non-financial companies interest coverage and debt levels. An…

Indonesia - Rising Bad Loans Not as Dire as Some Make Out

<p><strong>Proper understanding of SDS Dilemma</strong></p><p>First and Foremost, what we have to remind ourselves is this very important fact: Vice Chairman Lee and his two sisters still own 17 percent in SDS. Not only that, SDS business is largely dependent on Samsung affiliates. In other words, SDS is only few of the assets (along with Samsung Engineering) that Lee family can easily leverage for facilitating ownership transfer. How would Lee family use SDS? This certainly remains to be seen. But regardless of what they…</p>

Proper understanding of SDS DilemmaFirst and Foremost, what we have to remind ourselves is this very important fact: Vice Chairman Lee and his two sisters still own 17 percent in SDS. Not only that, SDS business is largely dependent on Samsung affiliates. In other words, SDS is only few of the assets (along with Samsung Engineering) that Lee family can easily leverage for facilitating ownership transfer. How would Lee family use SDS? This certainly remains to be seen. But regardless of what they…

Samsung Still Keeps an Eye on Korea's Medicare Privatization for Samsung Life and SDS

South Korea

KIWOOM Securities Co., Ltd. is an online financial institution.  The Company offers equity and fixed income securities brokerage, dealing, and underwriting services.  Kiwoom Securities provides its services to individual investors.

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

Kiwoom Securities (039490 KS)

29.7% of Woori Bank Stake Finally Went to 7 Domestic Financial Firms - Implications

Following is the list of the successful bidders for Woori Bank.Korea Deposit Insurance Corp. is currently Woori Bank's largest shareholder with a...

Sanghyun Park

Can "sexless" Korea Beat the Demographic Cliff and Maintain Its Credit Rating?

Recently announced industrial output figures for June suggest that Korea may be able to trade its way towards higher growth rates. However, at the...

Alan Greene

Indonesia - Rising Bad Loans Not as Dire as Some Make Out

For sure NPLs are up in 1Q16 for Indonesia’s banks. But we are sanguine about the outlook for these banks, which rank well on most every measure in...

Daniel Tabbush

Samsung Still Keeps an Eye on Korea's Medicare Privatization for Samsung Life and SDS

Proper understanding of SDS DilemmaFirst and Foremost, what we have to remind ourselves is this very important fact: Vice Chairman Lee and his two...

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

29.7% of Woori Bank Stake Finally Went to 7 Domestic Financial Firms - Implications

Following is the list of the successful bidders for Woori Bank.Korea Deposit Insurance Corp. is currently Woori Bank's largest shareholder with a...

Sanghyun Park

Alpha Generation & Share Buybacks in Korea

Korean companies are showing increasing willingness to buyback shares. Korea Stock Exchange announced that from beginning of this year to as of 27...

Douglas Kim

Can "sexless" Korea Beat the Demographic Cliff and Maintain Its Credit Rating?

Recently announced industrial output figures for June suggest that Korea may be able to trade its way towards higher growth rates. However, at the...

Alan Greene

Indonesia - Rising Bad Loans Not as Dire as Some Make Out

For sure NPLs are up in 1Q16 for Indonesia’s banks. But we are sanguine about the outlook for these banks, which rank well on most every measure in...

Daniel Tabbush

Samsung Still Keeps an Eye on Korea's Medicare Privatization for Samsung Life and SDS

Proper understanding of SDS DilemmaFirst and Foremost, what we have to remind ourselves is this very important fact: Vice Chairman Lee and his two...

Sanghyun Park