Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>This week I briefly look at recent bifurcations in <a href="https://www.smartkarma.com/entities/7615" target="_blank" data-smartkarma-citation="entities:7615:1">Orion Holdings Corp (001800 KS)</a>, <a href="https://www.smartkarma.com/entities/3287" target="_blank" data-smartkarma-citation="entities:3287:1">Avic International Holdings Ltd (161 HK)</a>, amongst others.</p><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 as a % - of at least 20%.</p><p>A detailed NAV for a number of these parent/holding relationships highlighted can be found in our holdco monitor.</p>

This week I briefly look at recent bifurcations in Orion Holdings Corp (001800 KS), Avic International Holdings Ltd (161 HK), amongst others.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 as a % - of at least 20%.A detailed NAV for a number of these parent/holding relationships highlighted can be found in our holdco monitor.

StubWorld - Set-Up & Unwind Extremes: Orion Holdings, AVIC

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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

<p>Lotte Holdco is officially launched today. It held a press meeting today to announce the launch of Lotte Holdco.</p><div class="content-caption">(Lotte Holdco press meeting today - Courtesy Chosun Ilbo)</div><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/035/565/original/1.jpg?1507787209" class="editor-image img-responsive" data-smartkarma-image-id="35565"></figure><p>Lotte Holdco's total assets amount to ₩6,357.6bil with ₩4,886.1bil worth of equity. It has a total of 138 subsidiaries, of which 42 are the local subsidiaries and 96 are the overseas subsidiaries. The number of circular shareholding links now stands at 13, a substantial fall from the previous 50. </p><table class="table table-striped"><tbody>
<tr><td colspan="2" style="width: 733px;">Lotte Holdco quick summary</td></tr>
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<td style="width: 373.51904296875px;"><em><strong>Assets</strong></em></td>
</tr>
</tbody></table>…

Lotte Holdco is officially launched today. It held a press meeting today to announce the launch of Lotte Holdco.(Lotte Holdco press meeting today - Courtesy Chosun Ilbo)Lotte Holdco's total assets amount to ₩6,357.6bil with ₩4,886.1bil worth of equity. It has a total of 138 subsidiaries, of which 42 are the local subsidiaries and 96 are the overseas subsidiaries. The number of circular shareholding links now stands at 13, a substantial fall from the previous 50. 
Lotte Holdco quick summary

Assets

…

Lotte Group Restructuring Part 9 - Official Launch of Lotte Holdco

<p><a href="https://www.smartkarma.com/entities/393" target="_blank" data-smartkarma-citation="entities:393:1">SK Holdings Co Ltd (034730 KS)</a> or <a href="https://www.smartkarma.com/entities/395" target="_blank" data-smartkarma-citation="entities:395:1">SK Telecom (017670 KS)</a>? Which one should we buy? To answer this question, we'd surely have to understand and consider the complex dynamics of SK restructuring process. That is, we have to take into account many internal factors that can't be easily and clearly quantified. So, I will discuss these internal factors and driving forces in a separate report after I do more diggings and thinkings.</p><div class="content-highlight"><p><em><strong>But in order for me to help you and myself see more clearly where these SK stocks really stand compared with their peers, I decided to take a look at another set of data that shows SK stocks' 'relative' valuation.</strong></em></p></div>

SK Holdings Co Ltd (034730 KS) or SK Telecom (017670 KS)? Which one should we buy? To answer this question, we'd surely have to understand and consider the complex dynamics of SK restructuring process. That is, we have to take into account many internal factors that can't be easily and clearly quantified. So, I will discuss these internal factors and driving forces in a separate report after I do more diggings and thinkings.But in order for me to help you and myself see more clearly where these SK stocks really stand compared with their peers, I decided to take a look at another set of data that shows SK stocks' 'relative' valuation.

SK Group Restructuring - More Data Analysis (Relative Valuations)

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<p>It was reported today in Maeil Business Daily that KKR has agreed to buy <strong>LS Automotive</strong> for about 1 trillion won (US$885 million). LS Automotive is 100% owned by LS Mtron, which is a wholly owned subsidiary of LS Corp (006260 KS). LS Automotive has been preparing for an IPO but along came this fat offer from KKR, which LS Automotive did not pass up on. LS Automotive is one of the best companies among many LS affiliates. It will be unfortunate for many IPO investors that were waiting for the IPO…</p>

It was reported today in Maeil Business Daily that KKR has agreed to buy LS Automotive for about 1 trillion won (US$885 million). LS Automotive is 100% owned by LS Mtron, which is a wholly owned subsidiary of LS Corp (006260 KS). LS Automotive has been preparing for an IPO but along came this fat offer from KKR, which LS Automotive did not pass up on. LS Automotive is one of the best companies among many LS affiliates. It will be unfortunate for many IPO investors that were waiting for the IPO…

Korea M&A Spotlight: KKR Agrees to Buy LS Automotive for About 1 Trillion Won

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

<ul>
<li>For the past 7 years Riedel Research has been issuing company-specific Corporate Governance scores on companies in the Emerging Markets. This service is now being widely used by risk managers, fundamental investors and quant funds.</li>
<li>Our proprietary Corporate Governance (CG) scoring system now covers over 1,725 stocks including over 200 in Korea.</li>
<li>RRG CG scores have a proven ability to highlight the risk of frauds and misstatements by EM companies and a track record of adding alpha. Over the past 5…</li>
</ul>


For the past 7 years Riedel Research has been issuing company-specific Corporate Governance scores on companies in the Emerging Markets. This service is now being widely used by risk managers, fundamental investors and quant funds.
Our proprietary Corporate Governance (CG) scoring system now covers over 1,725 stocks including over 200 in Korea.
RRG CG scores have a proven ability to highlight the risk of frauds and misstatements by EM companies and a track record of adding alpha. Over the past 5…


Corporate Governance Issues in Some of the Most Widely Held Korean Corporates

South Korea

LS Corp is a holding company, which operated subsidiaries including LS Industrial Systems, LS Cable, LS-Nikko Copper and LS Mtron.

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LS Corp (006260 KS)

StubWorld - Set-Up & Unwind Extremes: Orion Holdings, AVIC

This week I briefly look at recent bifurcations in Orion Holdings Corp (001800 KS), Avic International Holdings Ltd (161 HK), amongst others.These...

David Blennerhassett

Lotte Group Restructuring Part 9 - Official Launch of Lotte Holdco

Lotte Holdco is officially launched today. It held a press meeting today to announce the launch of Lotte Holdco.Lotte Holdco's total assets amount...

Sanghyun Park

SK Group Restructuring - More Data Analysis (Relative Valuations)

SK Holdings Co Ltd (034730 KS) or SK Telecom (017670 KS)? Which one should we buy? To answer this question, we'd surely have to understand and...

Sanghyun Park

Korea M&A Spotlight: KKR Agrees to Buy LS Automotive for About 1 Trillion Won

It was reported today in Maeil Business Daily that KKR has agreed to buy LS Automotive for about 1 trillion won (US$885 million). LS Automotive is...

Douglas Kim

Corporate Governance Issues in Some of the Most Widely Held Korean Corporates

For the past 7 years Riedel Research has been issuing company-specific Corporate Governance scores on companies in the Emerging Markets. This...

David Riedel

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