In today’s briefing:
- Value-Up Flow Trading Opportunities Arising from NPS’s 10% Ownership Ceiling on Banks
- Merger Between Celltrion Inc and Celltrion Pharm Is Cancelled
- Coupang Inc.: Market Expansion Through WOW Membership Program Is A Critical Growth Lever!
Value-Up Flow Trading Opportunities Arising from NPS’s 10% Ownership Ceiling on Banks
- NPS is concerned that aggressive value-up measures by bank holding companies and ongoing cancellations might quickly use up their room up to the 10% ownership limit.
- With their stake already at mid-8%, they may not buy as much as the index suggests, creating new trading opportunities in the four major bank holding companies.
- Woori Financial has more room for buying, so as the year ends, NPS’s skewed-buying could give it a better price impact than other bank holding companies.
Merger Between Celltrion Inc and Celltrion Pharm Is Cancelled
- Celltrion Inc announced that its proposed merger with Celltrion Pharm has been cancelled due to disapproval of this deal among an overwhelming percentage of Celltrion Inc shareholders.
- This cancellation of a merger between Celltrion Inc and Celltrion Pharm is likely to continue to have a positive impact on Celltrion Inc and negative impact on Celltrion Pharm.
- The major reason is because Celltrion Pharm trades at high valuation multiples while Celltrion Inc trades at lower valuation multiples. Celltrion Pharm’s P/B valuation is more than 3x Celltrion Inc’s.
Coupang Inc.: Market Expansion Through WOW Membership Program Is A Critical Growth Lever!
- Coupang’s recent quarter highlights a strong performance driven by strategic initiatives and operational improvements, alongside a promising outlook tempered by certain challenges that need to be addressed for sustained growth.
- The company’s revenue grew by 30% year-over-year in constant currency, showcasing impressive sales momentum.
- This growth was partly fueled by the acquisition of Farfetch, which played a key role in the company’s multifaceted growth strategy.
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