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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>KRX has announced the Fast Entry inclusion of <a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> in the KOSPI200 Index at the close on 10 March. <a href="https://www.smartkarma.com/entities/dongwon-f-b-co-ltd" target="_blank" data-smartkarma-citation="entities:3274:1" rel="noopener">Dongwon F&amp;B (049770 KS)</a> will be deleted.</li>
<li>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a>'s inclusion in the KRX Secondary Battery Index and the BBIG Index should be announced in the next few days. That will add to passive buying.</li>
<li>Local institutions have been buyers on <a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> since listing while retail and foreign investors have been sellers. There is a biggish lock up expiry coming up.</li>
</ul>


KRX has announced the Fast Entry inclusion of LG Energy Solution (373220 KS) in the KOSPI200 Index at the close on 10 March. Dongwon F&amp;B (049770 KS) will be deleted.

LG Energy Solution (373220 KS)'s inclusion in the KRX Secondary Battery Index and the BBIG Index should be announced in the next few days. That will add to passive buying.
Local institutions have been buyers on LG Energy Solution (373220 KS) since listing while retail and foreign investors have been sellers. There is a biggish lock up expiry coming up.


KOSPI200 Index Rebalance (March): LG Energy IN; Dongwon F&B Out

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>On 15 February, KT Corp (030200 KS) announced that it will spin off the cloud and IDC business. </li>
<li>KT will spin off the cloud and internet data center (IDC) business to set up subsidiary tentatively named KT Cloud starting 1 April.</li>
<li>KT's valuations remain attractive and the spin-off of KT Cloud Business is also likely to aid on the continued outperformance of KT shares in the coming months. </li>
</ul>


On 15 February, KT Corp (030200 KS) announced that it will spin off the cloud and IDC business. 
KT will spin off the cloud and internet data center (IDC) business to set up subsidiary tentatively named KT Cloud starting 1 April.
KT's valuations remain attractive and the spin-off of KT Cloud Business is also likely to aid on the continued outperformance of KT shares in the coming months. 


KT Corp: Announces a Spin-Off of the Cloud and IDC Business

<ul>
<li>After the market close today, it was announced that Chairman of LX Holdings Koo Bon-Joon will sell about 530 billion won worth of LG Corp (003550 KS).</li>
<li>The block sale price range is from 79,800 won to 82,400 won per share, which are 5.2% to 8.2% discount to the closing price of LG Corp today.</li>
<li>We would take the deal and we continue to have a positive view of LG Corp. </li>
</ul>


After the market close today, it was announced that Chairman of LX Holdings Koo Bon-Joon will sell about 530 billion won worth of LG Corp (003550 KS).
The block sale price range is from 79,800 won to 82,400 won per share, which are 5.2% to 8.2% discount to the closing price of LG Corp today.
We would take the deal and we continue to have a positive view of LG Corp. 


Chairman of LX Holdings Koo Bon-Joon Selling About 530 Billion Won Worth of LG Corp

<ul>
<li>In this insight, we provide the three most important factors impacting the relisting of SK Telecom and SK Square. </li>
<li>These three factors include a) timing of re-listing (emergence of Omicron variant), b) valuation post split, and c) impact of indices/passive investing.</li>
<li>Our analysis suggests higher valuation upside for SK Square versus SK Telecom (versus initial price). </li>
</ul>


In this insight, we provide the three most important factors impacting the relisting of SK Telecom and SK Square. 
These three factors include a) timing of re-listing (emergence of Omicron variant), b) valuation post split, and c) impact of indices/passive investing.
Our analysis suggests higher valuation upside for SK Square versus SK Telecom (versus initial price). 


SK Telecom & SK Square Relisting - Three Most Important Factors

Equity Bottom-Up

<ul>
<li>We provide a dividend outlook for LG Uplus in this insight. The potential dividend yield for LG Uplus ranges from 3.7% to 4.9% in 2021.</li>
<li>LG Uplus shares are trading at attractive valuation multiples. They are currently trading at EV/EBITDA of 3.3x and P/E of 8.2x using 2021 consensus earnings estimates.</li>
<li>Although LG Uplus has had a slower start into the metaverse industry as compared to SK Telecom, LG Uplus has recently announced several measures to expand into the metaverse business.</li>
</ul>


We provide a dividend outlook for LG Uplus in this insight. The potential dividend yield for LG Uplus ranges from 3.7% to 4.9% in 2021.
LG Uplus shares are trading at attractive valuation multiples. They are currently trading at EV/EBITDA of 3.3x and P/E of 8.2x using 2021 consensus earnings estimates.
Although LG Uplus has had a slower start into the metaverse industry as compared to SK Telecom, LG Uplus has recently announced several measures to expand into the metaverse business.


LG Uplus: Improving Dividend Outlook & An Expansion into Metaverse Businesses

South Korea

LG Uplus Corp., an affiliate of LG Group, provides a wide range of personal communications services (PCS) using code division multiple access (CDMA) technology.  The Company offers call forwarding, call and data transfer, call waiting, voice mail, Internet-phone, prepaid call, and authentication text-to-speech (TTS) services.

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LG Uplus Corp (032640 KS)

KOSPI200 Index Rebalance (March): LG Energy IN; Dongwon F&B Out

LG Energy will be added to the KOSPI200 Index at the close on 10 March, while Dongwon F&B will be deleted. There will be a large KOSPI200 basket...

Brian Freitas

KT Corp: Announces a Spin-Off of the Cloud and IDC Business

KT announced that it will spin off the cloud and IDC business which is likely to aid on the continued outperformance of KT shares in the coming...

Douglas Kim

Chairman of LX Holdings Koo Bon-Joon Selling About 530 Billion Won Worth of LG Corp

It was announced that Chairman of LX Holdings Koo Bon-Joon will sell about 530 billion won worth of LG Corp through a block deal sale. We would...

Douglas Kim

SK Telecom & SK Square Relisting - Three Most Important Factors

In this insight, we provide the three most important factors impacting the relisting of SK Telecom and SK Square. Our analysis suggests higher...

Douglas Kim

LG Uplus: Improving Dividend Outlook & An Expansion into Metaverse Businesses

In this insight, we discuss the improving dividend outlook & an expansion into metaverse businesses for LG Uplus. The potential dividend yield for...

Douglas Kim

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