Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

I investigate special situations, pairs, and index rebalancing trades in Korea.

Korea / Special Sits, Pairs, Index Rebalancing

Initial Thoughts on the Hyundai Oilbank IPO & NAV Analysis on Hyundai Heavy Industries Holdings

StubWorld: Aramco's Stake Reaffirms Hyundai Heavy's NAV; Rusal Gains After Sanctions Lifted

Korea Top Conglomerates Synthetic Pair Trading

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

Hyundai Oilbank has officially started the IPO process. It has reportedly sent out an RFP to local and overseas brokerages. The company is expected to pursue a listing on the KOSPI in early 2022.<div class="content-highlight">
After stopping preparations for an IPO in 2019, it again seeks to enter the stock market after more than two years. This is the third challenge since 2012, when the first listing attempt was made.
<ul>
<li>In 2012, the company gave up halfway due to the sharp drop in international oil prices. </li>
<li>In 2017, Hyundai Oilbank was designated as a company subject to accounting supervision. So the IPO was again abandoned midway.</li>
</ul>
</div>In January 2019, Hyundai Oilbank raised an equity investment worth ₩1.37T from Saudi Aramco for a 17% stake, and as a result, officially announced the suspension of the IPO. So, the estimated IPO valuation at this point is about ₩8.1T. The Aramco investment of ₩1.37T for a 17% stake translates into an ₩8.1T valuation.Hyundai Oilbank recorded an operating profit of ₩412.8B in the first quarter of this year, successfully turning to black compared to the previous quarter.

Hyundai Oilbank has officially started the IPO process. It has reportedly sent out an RFP to local and overseas brokerages. The company is expected to pursue a listing on the KOSPI in early 2022.
After stopping preparations for an IPO in 2019, it again seeks to enter the stock market after more than two years. This is the third challenge since 2012, when the first listing attempt was made.

In 2012, the company gave up halfway due to the sharp drop in international oil prices. 
In 2017, Hyundai Oilbank was designated as a company subject to accounting supervision. So the IPO was again abandoned midway.

In January 2019, Hyundai Oilbank raised an equity investment worth ₩1.37T from Saudi Aramco for a 17% stake, and as a result, officially announced the suspension of the IPO. So, the estimated IPO valuation at this point is about ₩8.1T. The Aramco investment of ₩1.37T for a 17% stake translates into an ₩8.1T valuation.Hyundai Oilbank recorded an operating profit of ₩412.8B in the first quarter of this year, successfully turning to black compared to the previous quarter.

HD Korea Shipbuilding & Offshore Engineering (009540 KS)

HD Korea Shipbuilding & Offshore Engineering

KOSE (Long) Vs. HHI Holdings (Short) Pair Trade on Hyundai Oilbank IPO

HD Hyundai

KOSE (Long) Vs. HHI Holdings (Short) Pair Trade on Hyundai Oilbank IPO