In today’s briefing:
- MBK & Unison Capital Trying to Take Osstem Implant Private: “Two Yards to Endzone”
- IMM PE Lanches A Tender Offer on Hanssem
- Mathpresso: Google Backed AI-Based Math Problem Solver
- [Coupang Inc. (CPNG US) Earnings Review]: Upsides Ahead in Category and Margin Expansion
MBK & Unison Capital Trying to Take Osstem Implant Private: “Two Yards to Endzone”
- MBK Partners and Unison Capital are trying to take Osstem Implant (048260 KS) private. Currently, it is estimated that the MBK/Unison consortium has secured 88.7% stake in Osstem Implant.
- In the case of companies listed in KOSDAQ, if you have a stake of 90% or more, the company can generally proceed with discussions on delisting with the exchange.
- There is a high probability of delisting sometime in March/April under two different scenarios. The second scenario offers the remaining minority shareholders and arb traders potential for further alpha creation.
IMM PE Lanches A Tender Offer on Hanssem
- IMM private equity fund launched a tender offer on Hanssem Co Ltd (009240 KS) and its share price surged by 19.7% to reach 53,700 won today.
- IMM is currently the largest shareholder in Hanssem with a 27.7% stake in the company. IMM’s stake in Hanssem will rise to about 36% if this tender offer is successful.
- Hanssem’s share price still 2.4% below the tender offer price of 55,000 won. In the coming days, we believe the share price will reach closer to the tender offer price.
Mathpresso: Google Backed AI-Based Math Problem Solver
- Mathpresso (Qanda app) uses AI technology to provide homework assistance for math problems.
- As of February 2023, the Qanda app solved 4.7 billion math problems. The Qanda app is available in numerous languages including Korean, English, Spanish, Japanese, Vietnamese, Indonesian and Thai.
- The company has received $122 million in funding since the inception of the company. Major investors in Mathpresso include Google, Softbank, Smilegate Investment, Legend Holdings, and GGV Capital.
[Coupang Inc. (CPNG US) Earnings Review]: Upsides Ahead in Category and Margin Expansion
- Coupang reported C4Q22 total revenue missed our est. and cons. by (5%) and (2%). Net income missed our est. by (9%) and beat cons. by 18%.
- We see upsides in margin due to change in product mix, higher contribution in ads, and optimization in logistics.
- We trimmed our 2023 total revenue growth est. by (4%) and raise net income est. by 9% for operating efficiency improvement. Maintain BUY.
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