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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Capital Markets

<ul>
<li>Peptron’s lack of single-stock futures means no risk-free arbitrage but also less speculative selling, making the 25% discount an attractive outright position opportunity.</li>
<li>The low capital increase rate may stabilize the stock price, and more forfeited shares could lower the cost of securing subscription rights during the trading window.</li>
<li>Consider buying rights during the trading period or targeting forfeited shares. Conservatively estimate the final offering price range to set a profitable cost for securing rights.</li>
</ul>


Peptron’s lack of single-stock futures means no risk-free arbitrage but also less speculative selling, making the 25% discount an attractive outright position opportunity.
The low capital increase rate may stabilize the stock price, and more forfeited shares could lower the cost of securing subscription rights during the trading window.
Consider buying rights during the trading period or targeting forfeited shares. Conservatively estimate the final offering price range to set a profitable cost for securing rights.


Peptron Rights Issue: The 25% Discount Is an Attractive Outright Position Opportunity

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 16 August, Peptron (087010 KS) announced that it decided to increase capital through a rights offering worth about 120 billion won, involving 2.64 million shares (12.8% of outstanding shares). </li>
<li>The expected rights offering price is 45,450 won, which is 22% lower than current price.</li>
<li>We are negative on Peptron's rights offering mainly due to much lower expected rights offering price, concerns about additional rights offering next 2-3 years, and continued lack of profitability.</li>
</ul>


On 16 August, Peptron (087010 KS) announced that it decided to increase capital through a rights offering worth about 120 billion won, involving 2.64 million shares (12.8% of outstanding shares). 
The expected rights offering price is 45,450 won, which is 22% lower than current price.
We are negative on Peptron's rights offering mainly due to much lower expected rights offering price, concerns about additional rights offering next 2-3 years, and continued lack of profitability.


Peptron: Rights Offering of 120 Billion Won

South Korea

Peptron Co., Ltd. is a pharmaceuticals company that focuses on peptide engineering and developing sustained-release medication technology.  The Company's main technologies include PeptrEX and SmartDepot.

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Peptron (087010 KS)

Peptron Rights Issue: The 25% Discount Is an Attractive Outright Position Opportunity

This post covers Peptron's ₩120B rights issue and examines the potential to leverage the 25% discount for an outright position opportunity.

Sanghyun Park

Peptron: Rights Offering of 120 Billion Won

On 16 August, Peptron (087010 KS) announced that it decided to increase capital through a rights offering worth about 120 billion won, involving...

Douglas Kim

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