In today’s briefing:
- Finally, a Risk-Free Dividend Arbitrage Trading Opportunity Is Presented in Korea: Feat. SK Inc
- Fadu IPO Trading – Strong Subscription Rates Compared to Recent Korean IPOs
- Naver Webtoon to List on NASDAQ in 2024
Finally, a Risk-Free Dividend Arbitrage Trading Opportunity Is Presented in Korea: Feat. SK Inc
- In a surprising move, SK Inc confirmed the interim dividend amount (₩1,500) on July 26, and the ex-dividend date is set for August 10.
- As a result, this enables risk-free dividend arb trading in Korea as SK Inc carries single-stock futures, whose liquidity level is around 70% of the spot since July 26.
- The backwardation level has not yet pushed this arbitrage to a profitable level. Nevertheless, it’s still possible to observe the basis spread moving to a meaningful extent before the ex-date.
Fadu IPO Trading – Strong Subscription Rates Compared to Recent Korean IPOs
- Fadu (440110 KS) raised US$151m in its Korean IPO, after the deal was priced at KRW31,000/share, the top end of its IPO price range.
- Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs.
- In this note, we will talk about the demand for the deal and other trading dynamics.
Naver Webtoon to List on NASDAQ in 2024
- Naver Corp (035420 KS) is planning to complete an IPO of Naver Webtoon on NASDAQ in 2024.
- Naver Webtoon generated sales of 548.9 billion won (up 54.5% YoY) and net profit of 68.6 billion won (up 17.1% YoY) in 2022.
- Naver Corp’s Contents unit which includes the Naver Webtoon business posted solid revenue growth of 40.1% YoY to reach 420.4 billion won in 2Q 2023.
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