In today’s briefing:
- Macquarie Korea Infrastructure Fund: Rights Offering of About 500 Billion Won
- KOSDAQ150 Adhoc Index Rebalance: Webzen to Replace Connectwave
- Tender Offer of BusinessOn Communications by Skylake Equity Partners
- CS Wind (112610): Excellent Q2
Macquarie Korea Infrastructure Fund: Rights Offering of About 500 Billion Won
- Macquarie Korea Infra Fund (088980 KS) announced that it is proceeding with a rights offering capital increase of 500 billion won, which represents about 9.4% of its current market cap.
- MKIF plans to use higher liquidity increase in the following main areas: Seoul East Underground Expressway – 215 billion won Acquisition of Hanam Data Center – 423 billion won
- In the next 6-12 months, we believe MKIF has a solid chance of outperforming KOSPI (on combined capital gains/dividends basis).
KOSDAQ150 Adhoc Index Rebalance: Webzen to Replace Connectwave
- Webzen Inc (069080 KS) will replace Connectwave (119860 KS) in the KOSDAQ 150 Index (KOSDQ150 INDEX) effective 16 August.
- There is over 2 days of ADV to trade on both stocks though the flows are not very large.
- The Connectwave (119860 KS) delisting will also have an impact on the changes to the KRX New Deal Internet Index in September.
Tender Offer of BusinessOn Communications by Skylake Equity Partners
- On 12 August, Skylake Equity Partners announced a tender offer of 6.58 million shares (28.9% stake) of BusinessOn Communication. The tender offer price is 15,849 won.
- BusinessOn is one of the leading digital tax invoice software providers in Korea. It also provides digital contracts, market intelligence, banner advertising, and supply chain management services.
- Skylake plans to purchase all of the shares subscribed in this deal, regardless of the subscription rate. If the public offering target quantity is successful, Skylake plans to delist BusinessOn.
CS Wind (112610): Excellent Q2
- CS Wind Corp (112610 KS) is one of the biggest players in wind tower globally with a substantial presence in the US.
- Excellent Q2 24 operating numbers led to a sharp increase in the share price that is mainly driven by short covering.
- The revenue growth occurred without sacrificing profitability, a sign that the company is in the driving seat.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
