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In today’s briefing:
- FSS Orders Doosan Group to Resubmit the Merger Plan – “Merger Plan Is Not Illegal, But Is It Fair?”
- Clarifications Regarding the FSS’s Unexpected Revision Request for the Doosan Mergers
- KOSPI Size Indices: Outperformance Slows on Momentum Stalls
- Hanwha Energy Acquires An Additional 5.2% of Hanwha Corp Through a Tender Offer
- Timee IPO Trading – Garnered a Strong Demand, Should Pop
- Axon: Stunning The Competition – [Business Breakdowns, EP.175]
- ESG Brew with ComfortDelGro’s Group Chief Sustainability and Risk Officer: ‘Our transition to cleaner energy vehicles will be a game-changer’
- Sanyo Trading (3176) – Multifaceted Strategy for Growth
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FSS Orders Doosan Group to Resubmit the Merger Plan – “Merger Plan Is Not Illegal, But Is It Fair?”
- On 24 July, the Financial Supervisory Service (FSS) ordered the Doosan Group to resubmit the merger plan.
- It is rare for FSS to reject companies’ merger reports but there has been an exception this time since this deal is egregiously negative to many minority investors.
- Doosan Group needs to resubmit a revised merger plan within next three months. Otherwise, the securities report involving the merger plan of the Doosan Group companies will be considered withdrawn.
Clarifications Regarding the FSS’s Unexpected Revision Request for the Doosan Mergers
- The FSS requested Doosan Robotics to revise the prospectuses for both the Share Swap with Doosan Bobcat and Merger with Doosan Enerbility.
- Although the FSS’s wording seems aggressive, it does not request the cancellation. Authorities are displeased but lack political momentum to derail Doosan’s restructuring.
- The FSS asks Doosan to clarify merger synergies, warn of Robotics’ overvalued stock price and potential decline, and highlight the collaborative robot market’s growth risks.
KOSPI Size Indices: Outperformance Slows on Momentum Stalls
- The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.
- We see 8 migrations from MidCap to LargeCap, 1 new addition to LargeCap, 11 stocks moving from SmallCap to MidCap and 3 new additions to MidCap.
- There are a few stocks that are expected to have passive flows from global and local index trackers over the next few months and that will add to the impact.
Hanwha Energy Acquires An Additional 5.2% of Hanwha Corp Through a Tender Offer
- After the market close on 24 July, Hanwha Corporation (000880 KS) announced that Hanwha Energy secured an additional 5.2% stake in Hanwha Corp through a tender offer.
- A total of 3.9 million shares have been applied for the tender offer as of 24 July (65% of targeted amount).
- We believe that the Hanwha Group is likely to grab more shares in Hanwha Corp through an additional tender offer sometime in the next 6-12 months.
Timee IPO Trading – Garnered a Strong Demand, Should Pop
- Timee Inc (215A JP) raised US$300m in its Japan IPO. The IPO had been a 100% secondary selldown by existing shareholders.
- Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan.
- We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.
Axon: Stunning The Competition – [Business Breakdowns, EP.175]
- Axon sells a public safety technology ecosystem that includes three main product groups, TASERs, body-worn cameras and other sensors, and evidence software, amongst a host of other software services, including virtual reality training.
- Axon’s solutions really seek to solve three of the biggest problems facing public safety, too many officers and too many suspects are dying from gunshots.
- Axon solves for this is as the monopoly provider of TASERs globally. A TASER can be used as an alternative to firearms to temporarily incapacitate a suspect so that they may be restrained with a much, much lower chance of doing physical harm.
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ESG Brew with ComfortDelGro’s Group Chief Sustainability and Risk Officer: ‘Our transition to cleaner energy vehicles will be a game-changer’
- ESG Brew with ComfortDelGro’s Group Chief Sustainability and Risk Officer: ‘Our transition to cleaner energy vehicles will be a game-changer’ Land transport operator ComfortDelGro is switching its fleet of over 40,000 vehicles in 12 countries to cleaner energy ones as part of its sustainability drive.
- Jong explains: “We operate in 12 countries with a total fleet of over 40,000 vehicles spanning taxis, buses, trains and more.
Sanyo Trading (3176) – Multifaceted Strategy for Growth
- Proactiveanddiversifiedapproachtogrowth–SanyoTrading continues to execute its transformation strategy toward generating sustainable growth, underlined by its key principles in its latest long- term plan ‘SANYO VISION 2028’.
- While sales mix improvement remains a core theme to raise profitability, we believe the company is taking a multifaceted approach to generating growth through margin enhancement efforts, sales volume expansion, and earnings-accretive M&A.
- With this, management has access to different growth levers, as the business model is inevitably influenced by economic cycles.