In today’s briefing:
- Nexus Select Trust IPO: Valuation Insights
- Chairman Kim Ik-Rae of Daou Kiwoom Group Resigns & Says Sorry – But Is This Enough?
- The State of Crypto Derivatives
- China Fortune Land Restructures Debt and Posts Profit
Nexus Select Trust IPO: Valuation Insights
- Nexus Select Trust (NST IN), a consumption centre REIT, is seeking to raise up to Rs32 billion (US$392 million). The offer opens from 9-11 May.
- We previously discussed the IPO in Nexus Select Trust IPO: The Investment Case. NST is sponsored by Blackstone Group (BX US).
- Our valuation analysis suggests that the IPO price range is attractive. Therefore, we would participate in this IPO.
Chairman Kim Ik-Rae of Daou Kiwoom Group Resigns & Says Sorry – But Is This Enough?
- After the market close today, Kim Ik-Rae (Chairman of the Daou Kiwoom Group) announced his resignation of the Chairman position.
- Chairman Kim mentioned he has not done anything legally wrong. He will donate the entire amount (60.5 billion won) which was gained from selling 1.4 million shares of Daou Data.
- We believe that Kiwoom Securities’ share price could fall additional 10-30% in the next several weeks/months. This could be offset by a large share buyback & cancellation by the company.
The State of Crypto Derivatives
- Derivatives markets in crypto are not only where the most speculation occurs, but also where many sophisticated investors place their bets, hedged or conviction-based.
- The directionality of these bets: long/shorts or puts/calls can give us great insight into investor sentiment in crypto markets particularly before and after big market events, such as a Fed meeting or the Merge.
- In this article, I’ll walk through the state of derivative markets in crypto right now, looking closely at Bitcoin and Ethereum first, before exploring some altcoins that are getting attention in futures markets, and finally looking at the exchange landscape in the derivatives market.
China Fortune Land Restructures Debt and Posts Profit
- China Fortune Land Development Co. Ltd said it successfully restructured more than 80% of its 219 billion yuan ($31.7 billion) debt overhang.
- The cash-strapped private developer returned to profitability after two years of liquidity crisis
- Hebei province-based China Fortune Land signed agreements with creditors to restructure 180.6 billion yuan of debts through various means by the end of 2022, accounting for 82.4% of total outstanding debt
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