Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/16029" target="_blank" data-smartkarma-citation="entities:16029:1">Naver Corp (035420 KS)</a>'s founder Lee Hae-Jin tried to sell a small portion of his stake (110,000 shares or 0.3% of shares outstanding) representing 86 billion won on August 21st, but this deal failed to get completed due to lack of demand from institutional investors. This is likely to act as a near-term negative overhang on Naver shares. The block deal price was 763,037 won, a 2.3% discount to the closing price of 781,000 won on August 21st.  At the end of June 2017, the Korea National Pension…

Naver Corp (035420 KS)'s founder Lee Hae-Jin tried to sell a small portion of his stake (110,000 shares or 0.3% of shares outstanding) representing 86 billion won on August 21st, but this deal failed to get completed due to lack of demand from institutional investors. This is likely to act as a near-term negative overhang on Naver shares. The block deal price was 763,037 won, a 2.3% discount to the closing price of 781,000 won on August 21st.  At the end of June 2017, the Korea National Pension…

Naver's Founder Lee Hae-Jin's Block Trade Debacle - Trying to Seek An "Ownerless" Status?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul class=""><li>Global material stocks are strengthening led by a turnaround in the metals, the global materials sector displays a long-term, relative strength reversal. A variety of technical tailwinds make this an attractive theme. And in the latter part of this week’s Compass, we highlight actionable ideas in US-listed, foreign steel names: RIO, MT, PKX, TX, GGB, SID, and MTL.  Increase exposure.</li><li>The U.S. Health Care Sector has cooled off over the past month, with attractive Groups like biotechs and HMOs pulling back to support. This is a buying opportunity... see pages 8-10.</li></ul>

Global material stocks are strengthening led by a turnaround in the metals, the global materials sector displays a long-term, relative strength reversal. A variety of technical tailwinds make this an attractive theme. And in the latter part of this week’s Compass, we highlight actionable ideas in US-listed, foreign steel names: RIO, MT, PKX, TX, GGB, SID, and MTL.  Increase exposure.The U.S. Health Care Sector has cooled off over the past month, with attractive Groups like biotechs and HMOs pulling back to support. This is a buying opportunity... see pages 8-10.

Global Materials Sector, Led by Miners, Is Strengthening

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/208" target="_blank" data-smartkarma-citation="entities:208:1">POSCO (005490 KS)</a> is selling 7.7m shares of <a href="https://www.smartkarma.com/entities/718" target="_blank" data-smartkarma-citation="entities:718:1">KB Financial Group Inc (105560 KS)</a> for approximately US$377m. The deal represents 1.8% of KB Financial's total outstanding shares and POSCO is subjected to 90 days of lock-up period.The deal scores positively on our framework owing to its strong price and earnings momentum and good track record. In light of the rising interest rates environment, the bank's net interest income may finally see a reversal after years of decline and its ROE and ROA will…

POSCO (005490 KS) is selling 7.7m shares of KB Financial Group Inc (105560 KS) for approximately US$377m. The deal represents 1.8% of KB Financial's total outstanding shares and POSCO is subjected to 90 days of lock-up period.The deal scores positively on our framework owing to its strong price and earnings momentum and good track record. In light of the rising interest rates environment, the bank's net interest income may finally see a reversal after years of decline and its ROE and ROA will…

KB Financial Placement - An Expected Sale in a Favorable Macro Environment

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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Why is Chung Mong-jun rushing things? Of course, we all expected this. As I said in my previous insight "<a href="https://www.smartkarma.com/insights/how-would-hyundai-oilbank-interim-dividends-play-out-for-hyundai-robotics-rights-offering" target="_blank" data-smartkarma-citation="insights:11506">How Would Hyundai Oilbank Interim Dividends Play Out for Hyundai Robotics Rights Offering?</a>", <a href="https://www.smartkarma.com/entities/2755" target="_blank" data-smartkarma-citation="entities:2755:1">Hyundai Mipo Dockyard (010620 KS)</a> must dispose all of its 7.98% stakes in each of the four affiliates (Robotics, Heavy, E&amp;E and CE). But for Heavy, E&amp;E, CE, it still has some more time. It can wait until Apr 2019. However, for Robotics stakes, it will have to dispose all of its 7.98% Robotics stakes…

Why is Chung Mong-jun rushing things? Of course, we all expected this. As I said in my previous insight "How Would Hyundai Oilbank Interim Dividends Play Out for Hyundai Robotics Rights Offering?", Hyundai Mipo Dockyard (010620 KS) must dispose all of its 7.98% stakes in each of the four affiliates (Robotics, Heavy, E&amp;E and CE). But for Heavy, E&amp;E, CE, it still has some more time. It can wait until Apr 2019. However, for Robotics stakes, it will have to dispose all of its 7.98% Robotics stakes…

What Should We Make of Hyundai Mipo's Block Deals for Hyundai Robotics Shares?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

HD Korea Shipbuilding & Offshore Engineering / Equity Capital Markets

HD Korea Shipbuilding & Offshore Engineering

<a href="https://www.smartkarma.com/entities/208" target="_blank" data-smartkarma-citation="entities:208:1">POSCO (005490 KS)</a> plans to sell its entire 1.9% stake in Hyundai Heavy Industries for US$170m. Posco had picked up its stake in 2007 as part of a reciprocal investment deal. HHI sold its stake in Posco in 2015. The deal scores a mixed score on our framework but at only a few days of ADV it shouldn't be difficult to digest. The company recently reported its YTD order book, which was up 200% YoY.  <h2>Placement specifics</h2><ul>
<li>Company Name: Hyundai Heavy Industries Co Ltd</li>
<li>Ticker: 009540 KS Equity</li>
<li>Secondary…</li>
</ul>

POSCO (005490 KS) plans to sell its entire 1.9% stake in Hyundai Heavy Industries for US$170m. Posco had picked up its stake in 2007 as part of a reciprocal investment deal. HHI sold its stake in Posco in 2015. The deal scores a mixed score on our framework but at only a few days of ADV it shouldn't be difficult to digest. The company recently reported its YTD order book, which was up 200% YoY.  Placement specifics
Company Name: Hyundai Heavy Industries Co Ltd
Ticker: 009540 KS Equity
Secondary…


Hyundai Heavy Industries - A Long Due Unwinding

South Korea

POSCO Holdings Inc. manufactures and distributes steel products. The Company produces crude steel, hot rolled steel, cold rolled steel, stainless steel, steel plates, wire rods, galvanized steel, electrical steel, and other related products. POSCO Holdings markets its products worldwide.

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POSCO Holdings (005490 KS)

Naver's Founder Lee Hae-Jin's Block Trade Debacle - Trying to Seek An "Ownerless" Status?

Naver Corp (035420 KS)'s founder Lee Hae-Jin tried to sell a small portion of his stake (110,000 shares or 0.3% of shares outstanding) representing...

Douglas Kim

Global Materials Sector, Led by Miners, Is Strengthening

Global material stocks are strengthening led by a turnaround in the metals, the global materials sector displays a long-term, relative strength...

Vermilion Research

KB Financial Placement - An Expected Sale in a Favorable Macro Environment

POSCO (005490 KS) is selling 7.7m shares of KB Financial Group Inc (105560 KS) for approximately US$377m. The deal represents 1.8% of KB...

Zhen Zhou, Toh

What Should We Make of Hyundai Mipo's Block Deals for Hyundai Robotics Shares?

Why is Chung Mong-jun rushing things? Of course, we all expected this. As I said in my previous insight "How Would Hyundai Oilbank Interim...

Sanghyun Park

Hyundai Heavy Industries - A Long Due Unwinding

POSCO (005490 KS) plans to sell its entire 1.9% stake in Hyundai Heavy Industries for US$170m. Posco had picked up its stake in 2007 as part of a...

Sumeet Singh

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