In today’s briefing:
- Peptron Rights Issue: The 25% Discount Is an Attractive Outright Position Opportunity
- Lumir IPO Preview
- Archimed Group Seeks Delisting of Jeisys Medical Through Stock Exchange
- KOSDAQ150 Index Adhoc Rebalance Preview: Replacements for Jeisys Medical
Peptron Rights Issue: The 25% Discount Is an Attractive Outright Position Opportunity
- Peptron’s lack of single-stock futures means no risk-free arbitrage but also less speculative selling, making the 25% discount an attractive outright position opportunity.
- The low capital increase rate may stabilize the stock price, and more forfeited shares could lower the cost of securing subscription rights during the trading window.
- Consider buying rights during the trading period or targeting forfeited shares. Conservatively estimate the final offering price range to set a profitable cost for securing rights.
Lumir IPO Preview
- Lumir is getting ready to complete its IPO on KOSDAQ in September. The IPO which is expected to raise between 49.5 billion won to 61.5 billion won.
- Lumir specializes in the development of observation satellite technology including image data processing devices and onboard computers for a number of government satellite series.
- Lumir had sales of 12.1 billion won (up 90.5% YoY) in 2023. Its sales surged by 477% YoY to reach 8.2 billion won in 1H24.
Archimed Group Seeks Delisting of Jeisys Medical Through Stock Exchange
- Jeisys Medical announced that it has decided to exchange shares with Syracus Subco, its largest shareholder. The stock exchange ratio between Syracus Subco and Jeisys Medical is 1 to 1.3575606.
- The exchange date is 23 October. Through this stock exchange, Archimed Group (owner of Syracus Subco) seeks to delist Jeisys Medical (287410 KS).
- Jeisys Medical also announced that it plans to cancel 1,075,838 common shares, representing 1.4% of its outstanding shares.
KOSDAQ150 Index Adhoc Rebalance Preview: Replacements for Jeisys Medical
- Archimed, via its Korean entity Syracuse Subco, now holds 91.35% of Jeisys Medical (287410 KS) following the second tender offer. Jeisys shares will be delisted in the next couple months.
- Jeisys Medical (287410 KS) is a KOSDAQ 150 Index (KOSDQ150 INDEX) constituent and there will be a replacement for the stock in the index.
- Recent ad hoc replacements to the KOSDAQ 150 Index (KOSDQ150 INDEX) have traded well and that warrants positioning for this event.
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