In today’s briefing:
- KT Cloud Receives 600 Billion Investment from IMM at a Valuation of 4.6 Trillion Won
- Delving into the Nature of the Legal Risks that Ecopro Is Facing After Yesterday’s Court Verdict
- Aekyung Chemical: Sodium-Ion Battery Materials & Candidate for KOSPI200 Inclusion in 2H23/2024
- [Coupang Inc. (CPNG US) Target Price Change]: Fulfilment of 3P Orders Is Next Revenue Driver
KT Cloud Receives 600 Billion Investment from IMM at a Valuation of 4.6 Trillion Won
- On 11 May, it was announced that KT Cloud received a 600 billion investment from IMM, valuing KT Cloud at 4.6 trillion won.
- Given that KT Cloud is valued at 4.6 trillion won, an 86.6% stake would be worth 4 trillion won which would be 49% of KT’s current market.
- The investment in KT Cloud is likely to have a positive impact on KT Corp. Plus, KT Corp is a likely candidate for MSCI Korea Standard inclusion in May 2023.
Delving into the Nature of the Legal Risks that Ecopro Is Facing After Yesterday’s Court Verdict
- The severity of yesterday’s ruling has caught the market’s attention as it may provide insight into an ongoing investigation into insider trading based on undisclosed internal information.
- This matter is not limited to the operational risk caused by the imprisonment of Lee Dong-chae. There is a possibility that it could lead to delisting, depending on the circumstances.
- The substantial legal risk that could lead to delisting will further amplify price volatility. Adopting a more segmented approach appears crucial, like specific setups in each tighter interval.
Aekyung Chemical: Sodium-Ion Battery Materials & Candidate for KOSPI200 Inclusion in 2H23/2024
- Aekyung Chemical produces materials and additives for sodium-ion batteries. If sodium-ion batteries become more popular for EV batteries, Aekyung Chemical could benefit from this trend.
- Aekyung Chemical is increasingly likely to be included in KOSPI 200 index in 2H 2023 or 2024.
- The Aekyung Group completed the merger of three chemical businesses (Aekyung Petrochemical, AK ChemTech, and Aekyung Chemical) into one entity (Aekyung Chemical) in 2021.
[Coupang Inc. (CPNG US) Target Price Change]: Fulfilment of 3P Orders Is Next Revenue Driver
- CPNG reported C1Q23 top-line, EBITDA, and non-GAAP net income in-line, 8.1%, and (3.7%) vs. our est., and 3.1%, 8.2%, and in-line vs. cons., respectively.
- We estimate CPNG’s penetration of its 3P marketplace fulfilment (FLC) rose 6ppts~ YoY to 20%~ in 1Q23.
- We maintain our BUY rating and raise our TP to US$21.
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