In today’s briefing:
- China Conch (586 HK): Post-Spinoff Blues
- Toyo Construction (1890) Funkier Still
- SK Shieldus IPO Preview
China Conch (586 HK): Post-Spinoff Blues
- In my last note, I thought China Conch Venture Holdings (586 HK) (CCV) appeared fully-priced. If I had been long CCV, I recommended getting out.
- CCV shed HK$11.35/share after going ex- the China Conch Environment Protection Holdings (587 HK) (CCEP) water treatment in-specie spin-off. CCEP closed at HK$9.77/share on its first day of trading.
- CCV is trading back to around levels prior to the announcement of the spin-off. Separately, CCEP appears to be trading rich relative to waste treatment peers.
Toyo Construction (1890) Funkier Still
- Toyo Construction (1890 JP) situation changes day by day. In three days we have three Large Shareholder Report filings as The Expected Activist ducked out, replaced by A New Entrant.
- Now one has to consider what the rest of this week has looked like.
- And we wonder who it is, but reading between the lines can get you to a place where one might see what the aim is.
SK Shieldus IPO Preview
- SK Shieldus is getting ready to complete its IPO in Korea in May. The IPO price range is from 31,000 won to 38,800 won.
- According to bankers’ valuation, the expected market cap of SK Shieldus is from 2.8 trillion won to 3.5 trillion won. The IPO size ranges from $694 million to $869 million.
- There has been a mini-drought of quality IPOs in Korea in recent months and the IPO of SK Shieldus would be the biggest IPO in Korea since LG Energy Solution.
Before it’s here, it’s on Smartkarma
