In today’s briefing:
- Korea Zinc: Treasury Shares Swap with LG Chem & Hanwha Corp + Treasury Share Sale
- Lygend (2245 HK) IPO: No Index Inclusions Expected
- Packaging Corporation of America: Detailed Credit Analysis & Financial Strength Evaluation Report
- RPM International Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
Korea Zinc: Treasury Shares Swap with LG Chem & Hanwha Corp + Treasury Share Sale
- On 23 November, Korea Zinc announced that it will swap its treasury shares with LG Chem and Hanwha Corp and sell part of its treasury shares to other investors.
- Korea Zinc could gain additional dividend payments by exchanging part of its treasury shares with shares of LG Chem and Hanwha Corp.
- Potential separation of Young Poong and Korea Zinc between the Choi and Jang families is likely to be an on-going process, although it is difficult to tell the exact timing.
Lygend (2245 HK) IPO: No Index Inclusions Expected
- Media reports indicate that Lygend Resources & Technology (2245 HK) has priced its IPO near the low end of the range at HK$15.80/share and will raise HK$3.67bn (US$470m).
- Most of the cornerstone investors will be classified as non-float and the stock will not be included in the MSCI or FTSE indices due to low float market cap.
- Importantly, Lygend Resources & Technology (2245 HK) will not meet the threshold for inclusion in the HSCI which means no inclusion to Southbound Stock Connect and no mainland flows.
Packaging Corporation of America: Detailed Credit Analysis & Financial Strength Evaluation Report
- Packaging Corporation of America (PCA) is a leading manufacturer of containerboard and corrugated packaging products in the U.S.
- The company has had a decent financial performance despite supply chain issues and continues to receive good realizations from the implementation of its previously announced increase in price across all product lines, corrugated prices, and domestic containerboard.
- PCA is also benefiting from its plants and mills through material usage initiatives and process efficiency optimization efforts.
RPM International Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- RPM International is a well-known specialty chemicals company and has been performing well financially off-late as per its recent results.
- As the company increased its market share, concrete mix and repair products have also experienced good growth in recent times.
- In this report, we have carried out a fundamental analysis of the historical financial statements of the company.
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