Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

HYBE Gives Up the M&A Fight for SM Entertainment: Impact on Kakao's Tender Offer

SM Entertainment: Kakao's Tender Offer Proration Analysis

SM Ent Tendering P&L & Allocation Risk for a 30% Spread Opening

Who Wants SM Entertainment More? Kim Bum-Soo (Kakao) Or Bang Si-Hyuk (Hybe)?

Korean Court Rules Against SM Entertainment From Issuing New Shares to Kakao

Kakao Announces a Tender Offer of SM Entertainment at 150,000 Won Per Share

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Event-Driven

<ul>
<li>In the last few days, there have been local media accounts that mentioned that HYBE may be seeking as much as 1 trillion won (US$760 million) from investors.</li>
<li>The more likely scenario is that HYBE encounters a greater backlash from the global investors in its attempts to raise nearly 1 trillion won.</li>
<li>We maintain our existing stance of Kakao eventually winning this M&amp;A battle for the controlling stake in SM Entertainment.</li>
</ul>


In the last few days, there have been local media accounts that mentioned that HYBE may be seeking as much as 1 trillion won (US$760 million) from investors.
The more likely scenario is that HYBE encounters a greater backlash from the global investors in its attempts to raise nearly 1 trillion won.
We maintain our existing stance of Kakao eventually winning this M&amp;A battle for the controlling stake in SM Entertainment.


HYBE: May Be Seeking to Raise As Much as 1 Trillion Won (Will Investors Support This Plan)?