In today’s briefing:
- Insiders Related Daisy Partners Sells About 270 Billion Won of Ecopro Co and Ecopro BM
- Energy Cable #51: Tensions Increasing Fast in the Red Sea
- Selected European HoldCos and DLC: December’23 Report
Insiders Related Daisy Partners Sells About 270 Billion Won of Ecopro Co and Ecopro BM
- On 29 December, Ecopro Group announced large selling of Ecopro Co Ltd (086520 KS) and Ecopro BM (247540 KS) by Daisy Partners worth 272 billion won in December.
- Daisy Partners is a company 100% owned by Chairman of Ecopro Group Lee Dong-Chae and his family members.
- Daisy Partners is likely to sell more shares in Ecopro Co and Ecopro BM in the next several years to increase the foundation’s capital to about 500 billion won.
Energy Cable #51: Tensions Increasing Fast in the Red Sea
- Happy New Year everybody and welcome to this year’s first edition of the Energy Cable.
- Crude oil prices started rallying into and over the Christmas holiday period with focus on the Houthis’ attacks on vessels in the Red Sea which prompted us to have a look at the numbers.
- The developments over the weekend have increased tensions, and we are eagerly awaiting the initial price action of the year to see how nervous the market is.
Selected European HoldCos and DLC: December’23 Report
- The discounts to NAV of covered holdcos have mainly widened during December. Discounts to NAV: C.F.Alba, 49.1% (vs. 47.1%); GBL, 36.6% (vs. 34.9%); Heineken Holding, 16.7% (vs. 14.5%);
- Industrivärden C, 5.4% (vs.4.9%); Investor B, 13.5% (vs. 14.6%); Porsche Automobile Holding, 37.1% (vs. 39.9%). The spread of Rio DLC widened to 24.2% (vs.17.2%).
- What seems interesting: in holding trades, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.
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