In today’s briefing:
- Hyosung Corp Split: Potential Mirror of December 2021 LX-LG Block Deal
- Asian Dividend Gems: Youngone Holdings
Hyosung Corp Split: Potential Mirror of December 2021 LX-LG Block Deal
- Hyosung Corp’s split diverges from usual Korean market splits. No tender offer is expected post-new holding company formation, reducing value accretion opportunities.
- Sibling separation in Hyosung Corp’s split mandates shares cross-transfers. Hence, block deals among siblings are plausible.
- This scenario resembles the case in December 2021 when LX Koo Bon-joon disposed of LG Corp shares through a block deal instead of a swap, causing an 8% drop.
Asian Dividend Gems: Youngone Holdings
- Youngone Holdings is an attractive deep value stock. Net cash (including short term investments) was 1.1 trillion won at the end of 3Q 2023 (79% of market cap).
- Youngone Holdings is the holding company of Youngone Group. Youngone Corp is best known for its OEM apparel business for major branded companies such as The North Face and Patagonia.
- We found Youngone Holdings using Smartkarma’s Smart Score Screener system.
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