In today’s briefing:
- Inclusion of ‘Shareholder Value Improvement’ Mgmt Evaluation Reforms for Listed Govt Enterprises
- Initial Thoughts on the Webtoon Entertainment IPO
- Practical Issues with English Disclosure Sites in Korea (Feat. LG Display) & FSC’s Latest Solutions
- WeBull In Discussions With Financial Authorities to Enter the Korean Retail Stock Brokerage Market
- Hugel Inc (145020 KS): Achieves Record High Revenue and Operating Profit in 4Q23
Inclusion of ‘Shareholder Value Improvement’ Mgmt Evaluation Reforms for Listed Govt Enterprises
- It was reported today in numerous local media that there will be an inclusion of ‘shareholder value improvement’ management evaluation criteria for listed government enterprises.
- Some of these listed government enterprises rallied strongly today (KEPCO – up 10%; KOGAS – up 12.7%; Korea District Heating – Up 30%).
- The detailed evaluation criteria for management evaluation of government enterprises will include the appropriateness of dividend levels, protection of minority shareholders, and compliance with best practices for ESG improvement.
Initial Thoughts on the Webtoon Entertainment IPO
- Naver Corp (035420 KS) is trying to complete the IPO of its affiliate Webtoon Entertainment in the US stock market as early as June 2024.
- The expected value of Webtoon Entertainment (post IPO) is about US$3 billion to US$4 billion. Webtoon Entertainment is seeking to raise about US$500 million in this IPO.
- The IPO of Webtoon Entertainment in the US is likely to have a positive impact on Naver Corp (035420 KS).
Practical Issues with English Disclosure Sites in Korea (Feat. LG Display) & FSC’s Latest Solutions
- Foreign traders face challenges in LG Display’s rights offering. While LG Display provides updates through English disclosures, detailed schedule information exclusive to the Korean prospectus is missing.
- To ensure access to all Korean disclosures, use the DART English service. DART imports English disclosures from KIND and provides English titles for Korean-only disclosures. Use translation tools like ChatGPT.
- FSC enhances services to address practical issues. For lengthy documents, only English titles are available. FSC will provide English for subtitles, tables, and charts, using an automatic translation system.
WeBull In Discussions With Financial Authorities to Enter the Korean Retail Stock Brokerage Market
- It has been reported in numerous local media outlets that WeBull is discussing with the local financial authorities to enter the Korean retail stock brokerage market.
- If the Korean financial authorities provide a license to WeBull to directly provide stock brokerage services to the Korean retail market, this would be the first case ever.
- If FSC grants a full license to WeBull to operate stock brokerage services to retail investors in Korea, this could result in the local brokerages losing market shares to WeBull
Hugel Inc (145020 KS): Achieves Record High Revenue and Operating Profit in 4Q23
- Hugel Inc (145020 KS) reported 4% YoY increase in revenue to KRW89B, while operating profit grew 22% YoY to KRW37B in 4Q23. Revenue was mainly driven by strong demand filler.
- In domestic market, Hugel’s Botulax maintained the largest market share for the eight consecutive years thanks to the long-standing safety and quality track records as well as holistic value-adding services.
- Hugel has resubmitted biologics license application in the U.S. for BTX. In the coming year, Hugel plans to solidify its position in both the domestic and international BTX markets.
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