Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<div class="content-highlight">
<p><strong>On November 16th, Korean Air Lines stated that it will acquire Asiana Airlines for 1.8 trillion won ($1.6 billion) that would create the 10th biggest airline by fleets in the world. </strong>In this deal, the Korean Development Bank (KDB) will help Hanjin Group Chairman Cho Won-Tae &amp; related parties retain control of Hanjin Kal and the Korean Air.</p>
<p>However, things are not so simple as they initially look on paper. This is mainly because in 2021 and beyond, the global air travel industry may not return quickly to the pre-COVID-19 environment. The overall media coverage of this event has been positive. However, we believe that there could be a bigger risk that things may not turn out so rosy for the combined companies. <strong>Rather, there is an increasing likelihood that the combined Korean Air and Asiana Airlines may become another KEPCO (which is controlled by the Korean government).  </strong></p>
</div>


On November 16th, Korean Air Lines stated that it will acquire Asiana Airlines for 1.8 trillion won ($1.6 billion) that would create the 10th biggest airline by fleets in the world. In this deal, the Korean Development Bank (KDB) will help Hanjin Group Chairman Cho Won-Tae &amp; related parties retain control of Hanjin Kal and the Korean Air.
However, things are not so simple as they initially look on paper. This is mainly because in 2021 and beyond, the global air travel industry may not return quickly to the pre-COVID-19 environment. The overall media coverage of this event has been positive. However, we believe that there could be a bigger risk that things may not turn out so rosy for the combined companies. Rather, there is an increasing likelihood that the combined Korean Air and Asiana Airlines may become another KEPCO (which is controlled by the Korean government).  


Korean Air + Asiana Airlines - Is This Becoming Another KEPCO?

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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

<p>Hanjin Kal and KDB are currently in talks over an Asiana Airlines takeover.</p><p>The widely reported deal structure is quite similar to the previous one proposed to the HDC Group.</p><p>The KDB will make a capital injection (in the form of 3rd party allocation rights offer) to Hanjin Kal, which will then use the money to buy a 30.77% stake in Asiana.</p>

Hanjin Kal and KDB are currently in talks over an Asiana Airlines takeover.The widely reported deal structure is quite similar to the previous one proposed to the HDC Group.The KDB will make a capital injection (in the form of 3rd party allocation rights offer) to Hanjin Kal, which will then use the money to buy a 30.77% stake in Asiana.

Hanjin Kal Buying Asiana? KDB Dilution-Adj. Shareholding & Likely Market Impact

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/byd-electronic-international-co-ltd" target="_blank" data-smartkarma-citation="entities:1927:1" rel="noopener">BYD Electronics (285 HK)</a>, <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> and <a href="https://www.smartkarma.com/entities/country-garden-services-holdings-company-limited" target="_blank" data-smartkarma-citation="entities:27343:1" rel="noopener">Country Garden Services Holdings (6098 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/pccw-ltd" target="_blank" data-smartkarma-citation="entities:873:1" rel="noopener">PCCW Ltd (8 HK)</a>, <a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a> and <a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a>. Shorts increased in Industrials, Consumer Discretionary and Real Estate stocks and decreased in Financial names.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Inc (4755 JP)</a>, <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" data-smartkarma-citation="entities:3700:1" rel="noopener">Anritsu Corp (6754 JP)</a>, <a href="https://www.smartkarma.com/entities/ms-ad-insurance-group-holdin" target="_blank" data-smartkarma-citation="entities:631:1" rel="noopener">Ms&amp;Ad Insurance Group Holdin (8725 JP)</a> and <a href="https://www.smartkarma.com/entities/mitsui-co-ltd" target="_blank" data-smartkarma-citation="entities:20799:1" rel="noopener">Mitsui &amp; Co Ltd (8031 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/nippon-building-fund-inc" target="_blank" data-smartkarma-citation="entities:1900:1" rel="noopener">Nippon Building Fund (8951 JP)</a>, <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" data-smartkarma-citation="entities:9924:1" rel="noopener">Taiyo Yuden (6976 JP)</a>, <a href="https://www.smartkarma.com/entities/showa-denko-k-k" target="_blank" data-smartkarma-citation="entities:1496:1" rel="noopener">Showa Denko K.K. (4004 JP)</a> and <a href="https://www.smartkarma.com/entities/credit-saison-co-ltd" target="_blank" data-smartkarma-citation="entities:6123:1" rel="noopener">Credit Saison (8253 JP)</a>. Sectorally, shorts increased on Consumer Discretionary, Industrials and Financials, while shorts were covered on Real Estate and Materials names.</p></div><div><p>In Korea, the biggest increase in shorts were on <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> and <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a>, while shorts were covered on <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>, <a href="https://www.smartkarma.com/entities/korean-air-lines-co-ltd" target="_blank" data-smartkarma-citation="entities:11048:1" rel="noopener">Korean Air Lines (003490 KS)</a>, <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a> and <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics Co., (207940 KS)</a>. </p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/acer-inc" target="_blank" data-smartkarma-citation="entities:15726:1" rel="noopener">Acer Inc (2353 TT)</a>, <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" data-smartkarma-citation="entities:6704:1" rel="noopener">Au Optronics (2409 TT)</a>, <a href="https://www.smartkarma.com/entities/unimicron-technology-corp" target="_blank" data-smartkarma-citation="entities:18778:1" rel="noopener">Unimicron Technology (3037 TT)</a> and <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a>, <a href="https://www.smartkarma.com/entities/ta-chen-stainless-pipe-co" target="_blank" data-smartkarma-citation="entities:2519:1" rel="noopener">Ta Chen Stainless Pipe Co (2027 TT)</a>, <a href="https://www.smartkarma.com/entities/ase-technology-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:27270:1" rel="noopener">ASE Technology Holding Co Ltd (3711 TT)</a> and <a href="https://www.smartkarma.com/entities/nan-ya-printed-circuit-board-corporation" target="_blank" data-smartkarma-citation="entities:2699:1" rel="noopener">Nan Ya Printed Circuit Board (8046 TT)</a>. </p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Meituan (3690 HK), BYD Electronics (285 HK), China Mobile (941 HK) and Country Garden Services Holdings (6098 HK) while there was short covering on Ping An Insurance (H) (2318 HK), PCCW Ltd (8 HK), Hang Seng Bank (11 HK) and China Merchants Bank H (3968 HK). Shorts increased in Industrials, Consumer Discretionary and Real Estate stocks and decreased in Financial names.In Japan, stocks that saw the most shorts were Rakuten Inc (4755 JP), Anritsu Corp (6754 JP), Ms&amp;Ad Insurance Group Holdin (8725 JP) and Mitsui &amp; Co Ltd (8031 JP) while shorts decreased on Nippon Building Fund (8951 JP), Taiyo Yuden (6976 JP), Showa Denko K.K. (4004 JP) and Credit Saison (8253 JP). Sectorally, shorts increased on Consumer Discretionary, Industrials and Financials, while shorts were covered on Real Estate and Materials names.In Korea, the biggest increase in shorts were on Celltrion Inc (068270 KS) and Hyundai Motor Co (005380 KS), while shorts were covered on Samsung Electronics (005930 KS), Korean Air Lines (003490 KS), Kakao Corp (035720 KS) and Samsung Biologics Co., (207940 KS). Stocks in Taiwan that saw the highest increase in shorts were Acer Inc (2353 TT), Au Optronics (2409 TT), Unimicron Technology (3037 TT) and Mediatek Inc (2454 TT) while shorts were covered on Yageo Corporation (2327 TT), Ta Chen Stainless Pipe Co (2027 TT), ASE Technology Holding Co Ltd (3711 TT) and Nan Ya Printed Circuit Board (8046 TT). 

Asia Short Interest Weekly: Rising Shorts in HK, Japan and Taiwan

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<div>
<p>This week in StubWorld ...</p>
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<div class="content-highlight">
<p>Commercial real estate (in the world's most expensive city) - check. Hotel exposure - check. Marine services - check. Airline exposure - extra big check.</p>
<p><a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (A) (19 HK)</a> is trading cheap on a look-thru P/B of 0.2x - but a realistic restructuring plan is needed before entering.</p>
</div>
</div>
<div>
<p>Preceding my comments on Swire are the weekly setup/unwind tables for Asia-Pacific Holdcos.</p>
</div>
<div><hr></div>
<div>
<div>
<div class="content-remarks">
<p>These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.</p>
</div>
</div>
</div>


This week in StubWorld ...



Commercial real estate (in the world's most expensive city) - check. Hotel exposure - check. Marine services - check. Airline exposure - extra big check.
Swire Pacific (A) (19 HK) is trading cheap on a look-thru P/B of 0.2x - but a realistic restructuring plan is needed before entering.



Preceding my comments on Swire are the weekly setup/unwind tables for Asia-Pacific Holdcos.





These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.




StubWorld: Swire's All-Time Low Stub, But ..

Equity Capital Markets

<p>The ex-rights day of Jin Air's rights offering is tomorrow (September 15).</p><p>So, today is the last day to become eligible to get subscription rights.</p><table class="table table-striped">
<colgroup>
<col width="300">
<col width="600">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Timetable"}'>Timetable</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"BOD meeting"}'>BOD meeting</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44048}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'>August 5, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Preliminary pricing"}'>Preliminary pricing</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44085}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'>September 11, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ex-rights date"}'>Ex-rights date</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44089}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'>September 15, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Record date"}'>Record date</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44090}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'>September 16, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Subscription rights trade beginning"}'>Subscription rights trade beginning</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44112}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'>October 8, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Subscription rights trade ending"}'>Subscription rights trade ending</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44119}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'>October 15, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Final pricing"}'>Final pricing</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44125}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'>October 21, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stockholder subscription"}'>Stockholder subscription</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44130}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'>October 26, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Public subscription"}'>Public subscription</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44133}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'>October 29, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Payment"}'>Payment</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44138}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'>November 3, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Listing"}'>Listing</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44151}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'>November 16, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Record date for bonus shares"}'>Record date for bonus shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"N/A"}'>N/A</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Listing - bonus shares"}'>Listing - bonus shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"N/A"}'>N/A</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'><em>Source: DART</em></td></tr>
</tbody>
</table><p>We now have the ceiling price. The 1st round pricing got fixed at ₩7,000.</p><table class="table table-striped">
<colgroup>
<col width="300">
<col width="600">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Pricing"}'>Pricing</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1st round"}'>1st round</td>
<td style="text-align: right;" data-sheets-formula='="RP × (1 - "&amp;(R[11]C[0]*100&amp;"%")&amp;") / [1 + ("&amp;(R[12]C[0]*100&amp;"%"&amp;" × "&amp;(R[11]C[0]*100&amp;"%"&amp;")]"))' data-sheets-value='{"1":2,"2":"RP × (1 - 20%) / [1 + (50% × 20%)]"}'>RP × (1 - 20%) / [1 + (50% × 20%)]</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference price (RP)"}'>- Reference price (RP)</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Min [Close, Avg (Close, 1W VWAP, 1M VWAP)]"}'>Min [Close, Avg (Close, 1W VWAP, 1M VWAP)]</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference date"}'>- Reference date</td>
<td style="text-align: right;" data-sheets-formula="=Terms!R[41]C[0]" data-sheets-numberformat='[null,5,"mmmm\" \"d\", \"yyyy",1]' data-sheets-value='{"1":3,"3":44085}'>September 11, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ex-rights base price"}'>Ex-rights base price</td>
<td style="text-align: right;" data-sheets-formula='="[RP + (1st × "&amp;R[9]C[0]*100&amp;"%"&amp;")] / (1 + "&amp;R[9]C[0]*100&amp;"%"&amp;")"' data-sheets-value='{"1":2,"2":"[RP + (1st × 50%)] / (1 + 50%)"}'>[RP + (1st × 50%)] / (1 + 50%)</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference price (RP)"}'>- Reference price (RP)</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Previous close"}'>Previous close</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference date"}'>- Reference date</td>
<td style="text-align: right;" data-sheets-formula="=Terms!R[39]C[0]" data-sheets-numberformat='[null,5,"mmmm\" \"d\", \"yyyy",1]' data-sheets-value='{"1":3,"3":44089}'>September 15, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2nd round"}'>2nd round</td>
<td style="text-align: right;" data-sheets-formula='="RP × (1 - "&amp;(R[5]C[0]*100&amp;"%")&amp;")"' data-sheets-value='{"1":2,"2":"RP × (1 - 20%)"}'>RP × (1 - 20%)</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference price (RP)"}'>- Reference price (RP)</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Min [Close, Avg (Close, 1W VWAP)]"}'>Min [Close, Avg (Close, 1W VWAP)]</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference date"}'>- Reference date</td>
<td style="text-align: right;" data-sheets-formula="=Terms!R[40]C[0]" data-sheets-numberformat='[null,5,"mmmm\" \"d\", \"yyyy",1]' data-sheets-value='{"1":3,"3":44125}'>October 21, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Final"}'>Final</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Max [Min (1st, 2nd), 3D VWAP × 60%]"}'>Max [Min (1st, 2nd), 3D VWAP × 60%]</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference date"}'>- Reference date</td>
<td style="text-align: right;" data-sheets-formula="=Terms!R[38]C[0]" data-sheets-numberformat='[null,5,"mmmm\" \"d\", \"yyyy",1]' data-sheets-value='{"1":3,"3":44125}'>October 21, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Discount rate"}'>Discount rate</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2}'>20.00%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Capital increase rate"}'>Capital increase rate</td>
<td style="text-align: right;" data-sheets-formula="=LEFT(Terms!R[11]C[0],6)*100/100" data-sheets-value='{"1":3,"3":0.5}'>50.00%</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'><em>Source: DART</em></td></tr>
</tbody>
</table><table class="table table-striped">
<colgroup>
<col width="300">
<col width="600">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"1st round pricing"}'>1st round pricing</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Date"}'>Date</td>
<td style="text-align: right;" data-sheets-formula="=Terms!R[27]C[0]" data-sheets-value='{"1":3,"3":44085}'>September 11, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Close"}'>Close</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":9860}'>₩9,860</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1W VWAP"}'>1W VWAP</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":9531.454901}'>₩9,531</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1M VWAP"}'>1M VWAP</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":9478.988027}'>₩9,479</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Average"}'>- Average</td>
<td style="text-align: right;" data-sheets-formula="=sum(R[-3]C[0]:R[-1]C[0])/3" data-sheets-value='{"1":3,"3":9623.480975999999}'>₩9,623</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Reference price"}'>Reference price</td>
<td style="text-align: right;" data-sheets-formula="=min(R[-4]C[0], R[-1]C[0])" data-sheets-value='{"1":3,"3":9623.480975999999}'>₩9,623</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1st round price"}'>1st round price</td>
<td style="text-align: right;" data-sheets-formula="=ceiling.math((R[-1]C[0]*(1-R[-11]C[0]))/((1+(R[-10]C[0]*R[-11]C[0]))), 100)" data-sheets-value='{"1":3,"3":7000}'>₩7,000</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'><em>Source: DART</em></td></tr>
</tbody>
</table>

The ex-rights day of Jin Air's rights offering is tomorrow (September 15).So, today is the last day to become eligible to get subscription rights.





Timetable

BOD meeting
August 5, 2020


Preliminary pricing
September 11, 2020


Ex-rights date
September 15, 2020


Record date
September 16, 2020


Subscription rights trade beginning
October 8, 2020


Subscription rights trade ending
October 15, 2020


Final pricing
October 21, 2020


Stockholder subscription
October 26, 2020


Public subscription
October 29, 2020


Payment
November 3, 2020


Listing
November 16, 2020


Record date for bonus shares
N/A


Listing - bonus shares
N/A

Source: DART

We now have the ceiling price. The 1st round pricing got fixed at ₩7,000.





Pricing

1st round
RP × (1 - 20%) / [1 + (50% × 20%)]


- Reference price (RP)
Min [Close, Avg (Close, 1W VWAP, 1M VWAP)]


- Reference date
September 11, 2020


Ex-rights base price
[RP + (1st × 50%)] / (1 + 50%)


- Reference price (RP)
Previous close


- Reference date
September 15, 2020


2nd round
RP × (1 - 20%)


- Reference price (RP)
Min [Close, Avg (Close, 1W VWAP)]


- Reference date
October 21, 2020


Final
Max [Min (1st, 2nd), 3D VWAP × 60%]


- Reference date
October 21, 2020


Discount rate
20.00%


Capital increase rate
50.00%

Source: DART







1st round pricing

Date
September 11, 2020


Close
₩9,860


1W VWAP
₩9,531


1M VWAP
₩9,479


- Average
₩9,623


Reference price
₩9,623


1st round price
₩7,000

Source: DART



Jin Air Offer: Trade Situation on This Last Day Before Ex-Rights

South Korea

Korean Air Lines Co., Ltd. operates air transportation services.  The Company's services include passenger and cargo transportation, aircraft maintenance, and air catering.  Korean Air Lines provides domestic and international airline services.

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

Korean Air Lines (003490 KS)

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???

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Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)