In today’s briefing:
- Unexpected Inheritance Tax Rate Reduction Included in July Tax Reform: Impact on Value-Up Trading
- Webtoon Entertainment (WBTN US) IPO: The Bear Case
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Unexpected Inheritance Tax Rate Reduction Included in July Tax Reform: Impact on Value-Up Trading
- Senior Presidential Secretary said this morning that a tax reform, including reducing inheritance tax rates to the OECD average, will be disclosed in late July with the tax reform plan.
- Stocks sensitive to reduced inheritance tax, notably Hyundai Motor Group subsidiaries like Hyundai Glovis and Hyundai Motor, could see significant attention amid governance restructuring efforts under Chung Eui-sun.
- Retroactive application and its extent may impact markets, potentially affecting groups like Samsung, influencing diverse investment strategies based on specifics.
Webtoon Entertainment (WBTN US) IPO: The Bear Case
- Webtoon Entertainment (WBTN US), a global storytelling platform, seeks to raise up to US$500 million through a Nasdaq IPO.
- In Webtoon Entertainment IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The bear case rests on declining organic revenue, declining Korean paying ratio, a peaking Japan growth driver, optimistic market sizing, and unsustainable low marketing spending.