In today’s briefing:
- Ecopro BM Rights Offering Worth 500 Billion Won
- ONE Store IPO: Offering Details & Valuation Issues
- Vltava Fund – Letter To Shareholders Q1 2022
Ecopro BM Rights Offering Worth 500 Billion Won
- After the market close today, Ecopro BM announced a rights offering worth 500 billion won as well as a bonus issue of three new shares for one existing share.
- The tentative rights offering price is 310,300 won, which is 27% lower than current price of 423,800 won.
- Ecopro BM’s valuations remain stretched with its shares trading at high multiples and we believe there could be some further weakness in its share price in the coming weeks.
ONE Store IPO: Offering Details & Valuation Issues
- It will be difficult to reach a valuation consensus in the short term, suggesting the likelihood of substantially higher price volatility after listing. The IPO valuation itself is quite excessive.
- There are not enough stories to instill growth expectations in investors. Expectations for regulatory benefits are uncertain. The inclusion to K-New Deal and WISE Media Contents are worth a look.
- In conclusion, I do not recommend an aggressive approach to this IPO. Similar to SK Shieldus, we even need to consider a post-listing entry.
Vltava Fund – Letter To Shareholders Q1 2022
- Vltava is a global equity investment fund.
- Its objective is to achieve long-term capital growth of the assets under management while investing primarily into publicly traded companies.
- If Putin has succeeded in anything, it is to completely dismantle a functioning domestic economy virtually overnight.
- We probably never have seen anything like this before.
Before it’s here, it’s on Smartkarma
