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S ubsidiary
100
Holding company
50
Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U.S.
October 5, 2012
Holding Companies
Kolmar Korea Holdings Kolmar Korea AK Holdings Aekyung Petrochemical Hankook Tire Worldwide Hankook Tire Samyang Holdings Samyang Corp. Source: KDB Daewoo Securities Research
C ont rolling s har eholders 20% A company Treasury shares 15% 40% A company
Spin off
C ont rolling s har eholder 20% A company 15% A Subsidiary 50% B company
Investment in kind
C ont rolling s har eholder 20%+ A Holdings 35% A Subsidiary 50% B company
20%
October 5, 2012
Holding Companies
(%, %p)
Increase 50.8 44.5 33.9 33.2 30.9 29.9 28.9 24.9 21.9 20.9 19.2 18.4 13.9 12.5 8.2 5.5
October 5, 2012
Holding Companies
S ubsidiary
100
Holding company
50
(W)
Amorepacific Share price Performance 385,000 455,500 509,000 563,000 18.3% 11.7% 10.6%
(W)
SK Holdings SK Energy Share price Performance Share price Performance 93,000 134,000 205,000 182,500 178,000 285,500 44.1% -11.0% -2.5% 60.4% 169,500 157,000 151,000 200,000 -7.4% -3.8% 32.5%
October 5, 2012
Holding Companies
Table 6. Hankook Tires conversion to holding company structure: Relisting after split off
Hankook Tire (old) Authorized shares Outstanding shares Split ratio Market cap. Split ratio of market cap Base value Upper limit of opening price Lower limit of opening price Upper limit Lower limit Source: KDB Daewoo Securities Research 250,000,000 152,189,929 1.00 6,331 Hankook Tire Worldwide 250,000,000 28,314,860 0.19 1,167 0.18 41,200 82,400 20,600 Hankook Tire Note (new)
(Shares, Wbn, W)
250,000,000 123,875,069 0.81 Based on net assets Market capitalization is split the day 5,165 before trading is halted 0.82 Based on fair value of treasury stock 41,750 Split-off market cap/number of shares 83,500 200% of base price 20,900 50% of base price Opening price up 15% Opening price down 15%
(Shares)
Hankook Tire (new) Stake 15.99% 7.10% 5.79% 3.57% 0.95% 36.23% 100.00%
(shares, x)
5,697,654 123,875,069 4.6% 20.0% 15.4% 19,077,360 28.9% 35,775,120
Table 9. Change in controlling shareholders stake before and after tender offer
Exchange ratio Hankook Tire Worldwide: W37,000; Hankook Tire: W60,000, Exchange ratio: 60,000/37,000 = 1.62 Before tender offer New share issues Total 36,648,017 16,272,728 13,270,295 4,527,546 16,272,728 13,270,295
(shares)
1) In case of company chairman Yang-rae Chos participation Yang-rae Cho 16.0% 32,120,471 Hyun-bum Cho 7.1% 14,262,373 Hyun-sik Cho 5.8% 11,630,865 2) In case of company chairman Yang-rae Chos non-participation Yang-rae Cho 16.0% 0 Hyun-bum Cho 7.1% 14,262,373 Hyun-sik Cho 5.8% 11,630,865 Source: KDB Daewoo Securities Research
October 5, 2012
Holding Companies
KDB Daewoo Securities International Network Daewoo Securities Co. Ltd. (Seoul) Head Office 31-3 Yeouido-dong, Yeongdeungpo-gu Seoul 150-716 Korea Tel: 82-2-768-3026 Daewoo Securities (Europe) Ltd. Tower 42, Level 41 25 Old Broad Street London EC2N 1HQ United Kingdom Tel: 44-20-7982-8016 Shanghai Representative Office Unit 13, 28th Floor, Hang Seng Bank Tower 1000 Lujiazui Ring Road Pudong New Area, Shanghai 200120 China Tel: 86-21-5013-6392 Daewoo Securities (Hong Kong) Ltd. Two International Finance Centre Suites 2005-2012 8 Finance Street, Central Hong Kong Tel: 85-2-2514-1304 Tokyo Representative Office 7th Floor, Yusen Building 2-3-2 Marunouchi, Chiyoda-ku Tokyo 100-0005 Japan Tel: 81-3- 3211-5511 Ho Chi Minh Representative Office Centec Tower 72-74 Nguyen Thi Minh Khai Street Ward 6, District 3, Ho Chi Minh City Vietnam Tel: 84-8-3910-6000 Daewoo Securities (America) Inc. 600 Lexington Avenue Suite 301 New York, NY 10022 United States Tel: 1-212-407-1022 Beijing Representative Office Suite 2602, Twin Towers (East) B-12 Jianguomenwai Avenue Chaoyang District, Beijing 100022 China Tel: 86-10-6567-9699