Exploring unique governance, deep value, special situations in Korean companies. https://teapaw.org/t.co/5yMzaptQLb
Joined May 2023
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“More cash sitting in the bank than the entire company was worth on the stock market.”
Presumably still true? It’s slowly changing, but capital allocation is still non-existent in Korean operators
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Not necessarily. Their total holding of financial assets increased from ₩453bn to ₩501bn this quarter, big step-up in noncurrent financial assets.
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You are right. ₩14bn out of of ₩20bn in their latest quarter was from disposal of securities pf.
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Something brewing: South Korea may soon pass a landmark amendment to its Commercial Act: directors will owe fiduciary duties not just to the company, but to all shareholders. Aimed at curbing controlling shareholders’ abuses and strengthening investor protection
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Korean trader reports Trump to the CIA, blaming him for massive losses and calling him a Chinese...
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Remarkable developments in our neighboring country🇯🇵
3 Tender offer buyouts and one MBO
Announced in Japan last night. 40-65% premiums. Keep going Japan. The path forward is delisting almost everything! Institutions and retail don’t want or deserve to invest in most public companies here.
*DNA Chip Research Institute < 2397 >*
Mitsui Chemicals < 4183 > is conducting a tender offer (tender offer) with the aim of making the company a wholly owned subsidiary. *The tender offer price is 1,100 yen per share* , 53% higher than the closing price on the 4th. The purchase period is from February 5th to April 7th.
*Technos Japan < 3666 >*
C68, a subsidiary of Ant Capital Partners, will carry out a tender offer (TOB) and aim to go private. *The TOB price is 1,155 yen per share* , 38.7% higher than the closing price on the 4th. The purchase period is from February 5th to March 21st.
*Proto Corporation < 4298 >*
Aiming to take the company private through a management buyout (MBO). Foresight, represented by Chairman Yokoyama Hirokazu, will carry out a tender offer (TOB). *The TOB price is 2,100 yen per share* , 64.1% higher than the closing price on the 4th. The purchase period is from February 5th to March 21st.
*Tohto Suisan < 8038 >*
Aso Tosui Holdings LLC will carry out a tender offer (tender offer) and aim to make the company a wholly owned subsidiary. *The tender offer price is 7,500 yen per share* , 39.1% higher than the closing price on the 4th. The purchase period is from February 5th to March 21st.
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Yes
Value investing in Asia is particularly frustrating. While deep value often stares you in the face—companies with undervalued land, buildings marked at cost, or large stock portfolios—it’s tough to unlock that value. Many of these companies are controlled by families or strategic investors who prioritize their own objectives over shareholder value. The result is perpetually undervalued companies, especially in Hong Kong and Southeast Asia, where they continue to trade at deeper and deeper discounts to NAV. This might be the tail end of the growth-versus-value rotation, and value could come roaring back. Or it might reflect a harsh truth: the market now accepts that these balance sheet assets will never be realized.
More here: longhappy.co/p/gaijins-at-th…
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