In today’s briefing:
- Ecopro Co: Shorting Entry Points on CB Conversion Event
- SM Entertainment Mgmt’s Response on Its Opposition to HYBE’s Tender Offer
- Korea Small Cap Gem #19: TY Holdings
- KIA Corp (000270 KS): Response to LT Trend Channel Resistance (78500) Is Key to a Bullish Outlook
Ecopro Co: Shorting Entry Points on CB Conversion Event
- For the recent conversion, the listing date is March 3rd, involving 500K shares. Despite the ongoing rally, there is a possibility of a significant price impact due to the volume.
- We still have 1,632,333 shares to be converted. This represents 6.5% of the SO. There is a high likelihood that these will also be applied for conversion soon.
- Assuming that it occurs in increments of 400-500K, there could be roughly 3-4 opportunities for shorting.
SM Entertainment Mgmt’s Response on Its Opposition to HYBE’s Tender Offer
- In this insight, we discuss our thoughts on S.M.Entertainment Co (041510 KS) management’s official response on why it is opposing HYBE (352820 KS)’s tender offer offer.
- Currently, about 85% of SM’s employees oppose HYBE’s proposed acquisition of nearly 40% stake in SM Entertainment.
- In the last week of February/early March, Kakao Group could make an official tender offer at prices of at least 140,000/150,000 won, in our view.
Korea Small Cap Gem #19: TY Holdings
- TY Holdings (363280 KS) is the 19th company in our Korea Small Cap Gems series.
- Our NAV analysis of TY Holdings suggests NAV of 925.5 billion won or NAV per share of 18,172 won per share, which is 47.4% higher than current share price.
- The key catalysts include earnings improvements at SBS and Ecorbit, potential corporate activism on SBS, and potential change in regulation to allow foreigners to invest in SBS (terrestrial broadcasting company).
KIA Corp (000270 KS): Response to LT Trend Channel Resistance (78500) Is Key to a Bullish Outlook
- At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.
- The bullish response to the 50% Fibonacci retracement at 61750 in Q1 2023 has been impulsive.
- KIA Corp is set to challenge the top of the 2021/2023 parallel downtrend channel around 78500. A break above the channel will confirm aggressive topside targets (90000/100000).
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