In today’s briefing:
- Align Partners Goes Activist on Seven Banking Group Companies in Korea
- Korea Small Cap Gem #18: Shinwon
Align Partners Goes Activist on Seven Banking Group Companies in Korea
- On 2 January, Align Partners Capital Management (APCM) started to go activist on seven leading Korean banking group companies.
- According to APCM, the major Korean banking groups could pay out at least half of their net income to their shareholders, which would be more than double the current levels.
- Korean banks are trading at deep discount to global peers, now trading at PBR of 0.2~0.4x whereas global peers trade at 1.3x.
Korea Small Cap Gem #18: Shinwon
- Shinwon Corp (009270 KS) is the 18th company in our Korea Small Cap Gems series.
- Established in 1973, Shinwon is a leading apparel company which has been in business for nearly 50 years. Its most popular apparel brands include Besti Belli, Si, Viki, and SIEG.
- The four key catalysts with Shinwon include significant share buybacks, strong growth in sales and profits driven by exports, potential change in the controlling shareholding structure, and discounted valuations.
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