기업금융과 Ir2
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기업금융과 Ir2 기업금융과 Ir2 Presentation Transcript

  • Hans Kim 3 March 200 7 Week 1 건국대학교 벤쳐전문기술 전략적 제휴와 M&A 연구
  • 김한수 ( Hans Kim)
    • 현재 , 투자은행 BDA 서울 대표
    • Deloitte, Corporate Finance
    • BNP Paribas, Capital Market
    • Bank Boston, Currency Derivatives
    • London Business School, MBA
    • 성균관 대학교 영문학과 , BA
    • Contact:
        • 011 9997 9922
        • [email_address]
  • 강의 목표와 계획
    • 강의 목표
      • Corporate Finance
      • Communication with Equity Investor, including overseas investor
      • Cross border and cultural experience in finance industry
    • 강의 계획
      • 주제의 제시와 토론
      • 평점방법 : 출석 40, 강의참여 20, 중간과제물 20, 기말 과제물 20
      • 중간과제물 :
          • 투자가 자금유치를 전제로 한 사업제안서 작성
      • 기말과제물 :
          • 중간과제물때 제안된 사업내용의 상장 및 인수합병 전략 - Valuation, 인수합병방안 및 대상회사선정 , 자금조달 방안 , 기관투자가를 위한 Exit 방안 , 등등 포함
  • 주제별 강의 계획
    • 1. 기업금융과 IR
    • 2. 기업금융과 IR
    • 3. 기업의 국내외 상장
    • 4. Valuation 1
    • 5. Valuation 2
    • 초빙강사 1: Due Diligence 실무
    • 초빙강사 2: 엔터테인먼트시장
    • 중간 시험 - 과제물 제출
    • Note: 강의 내용과 순서가 바뀔 수도 있음
    • M&A 1
    • M&A 2
    • 적대적 M&A
    • Hedge Fund 의 한국금융기관 인수
    • 초빙강사 3 ( 또는 ) Investor-state claim
    • 지배구조펀드에 대한 이해
    • 전략적 제휴와 JV
    • 기말 시험 - 과제물 제출
  • Cross Border Corporate Finance
  • Introduction to BDA
    • We advise on cross border M&A transactions, strategic partnerships, capital raising and restructurings
    • BDA was established in 1996. Since then we have assisted numerous multinational corporations and financial investors to increase strategic value by bringing to bear our knowledge and expertise on transactions and alliances between companies in Asia and the West
    • BDA has teams of dedicated professionals located across Asia, the US and Europe with offices in New York, London, Bahrain, Mumbai, Hong Kong, Shanghai, Seoul and Tokyo
    • We work across all industrial sectors and have strong regional experience in Asia
    • We advise our clients on acquisitions, divestments, JVs, capital raising and restructurings. We provide corporate finance services in situations involving, debt advisory and business valuation . We also undertake strategic assessment studies to help our clients understand where the best opportunities for investment might lie
  • Our partnership with Close Brothers gives us strong coverage across the US and Europe
      • BDA is the Asian affiliate of the Close Brothers Network
      • Close Brothers is the premier European mid-market investment bank, publicly quoted on the London Stock Exchange with market cap US$2.7bn
      • Close Brothers offers its clients access to local and international relationships through its European offices and long-standing JVs with independent advisory firms, such as BDA, elsewhere in the world
      • 400 professionals across Asia, North America and in the European financial centres of London, Paris, Frankfurt, Milan, Barcelona and Madrid. This international presence creates a unique global independent investment banking capability
    www.cbcf.com BDA and Close Brothers Network
  • Asian coverage and global reach New York Euan Rellie Managing Director Charlie Maynard Managing Director London Andrew Huntley Managing Director Mumbai Rohit Singh Director Bahrain Tim Holder Director Seoul Hans Kim Director Shanghai Jeffrey Wang Director Hong Kong Paul DiGiacomo Director Tokyo Jeff Acton Assistant Director Noriyuki Sonoda Executive Senior Advisor
    • We provide advice in a pan-Asian and international context, not narrowly focused on one market
    • Asian sector experience
    • Aluminium
    • Automotive
    • Chemicals
    • Coatings
    • Consumer Goods
    • Electricals
    • Electronics
    • EMS
    • Financial Services
    • Food & Beverage
    • Healthcare
    • Industrial Automation
    • Industrial Manufacturing
    • IT Services & Infrastructure
    • Logistics
    • Media
    • Metals
    • Mining
    • Pharmaceuticals
    • Plastics
    • Retail
    • Semiconductors
    • Software
    • Steel processing
    • Travel & Leisure
    BDA has broad regional experience, and expertise in several sectors JARDINE PACIFIC Wassall
  • Corporate Finance Service
  • Assesses strategy, and identifies and executes transactions BDA has a successful track record of helping international corporations search for and evaluate Asian acquisitions, divestments, JV targets and other partners. BDA can identify and unlock the optimal transactions. BDA designs and implements transactions which satisfy our clients’ requirements and are acceptable to the counterparty. We help clients to identify, assess and manage teams of local professionals, such as lawyers and accountants on the ground, and assist in bringing transactions, both acquisition and divestment, through to successful completion. We help our clients to clear regulatory hurdles. Partner/target search Transaction execution BDA analyzes sectors and markets in Asia, mapping out the industry landscape, considering the gaps and opportunities and identifying the likely strategic opportunities. Strategic assessment
    • Regulatory framework
    • Market size, growth rate and driving forces
    • Industry players and competitive landscape
    • Major product categories
    • Raw materials supplies
    • Exports potentials
    • MNCs’ competitors’ activities and strategies
    • Other important information vital to entry strategy
    Research process Results Strategic assessment Profile of targets / partners
    • Company overview
    • Shareholding
    • Product line and market potential
    • Engineering, technology quality control capability
    • Production facilities
    • Sales, OEMs relationship, and logistics
    • Export capabilities
    • Brief financials
    • Company development strategies
    • Interest to sell to or team up with an MNC
    • Meetings and visits (1 - 2 months, partly in parallel with steps above)
    • Face-to-face meetings with potential JV or acquisition candidates selected from the longlist through telephone contacts and other relevant information providers.
    • We report back on any situations that require swift action.
    • Telephone conversations (2 weeks)
    • Contact with the companies on the list and as well as other relevant parties that could provide useful information. This includes shareholders, trade bodies, regulators, suppliers, customers and distributors.
    • Desktop research (1-2 weeks)
    • Desktop research to build up our industry knowledge and identify a longlist of players in the industry.
    • Use all internal info resources, external databases, and other sources
    • Briefing with client (1-2 days)
    • Detailed briefing on client’s acquisition interest and client’s views on the market/ industry, allowing BDA to incorporate the views and knowledge of our clients and to best represent their interests.
    • Presentation to Client (Half day)
    • Detailed summary of findings delivered to clients in the US, Europe or Asia
    Strategic assessment and partner / target search A closed-end project with clearly defined parameters and a fixed time-scale, aimed at identifying both the best candidates and as well as the best routes for acquisition or partnership.
    • BDA is a flexible on the ground resource available to attend all meetings, on very short notice, reporting to the Client project manager;
    • BDA will help brief and guide the Client through the stages of an investment in an Asian market;
    • BDA will work with the Client’s internal functional teams to assist in arriving at a valuation of the business to be acquired or JV, liaising if necessary with any external professional parties, including lawyers and tax advisors;
    • BDA assists in any negotiations with the counter-party or its advisers; we work closely with the client giving clear and concise updates and recommendations during the negotiations
    • BDA builds a strong relationship with the Target, providing “coaching” where necessary, and alerting the Client to potential roadblocks;
    • BDA will assist in managing and coordinating the various parties active in any due diligence process. BDA will help prepare the target for due diligence to ensure smooth completion of the process. BDA will assist to hire outside professional parties, such as lawyers and accountants if required. BDA will seek answers to and clarify with the target issues that arise in due diligence;
    • BDA will participate in the review and negotiation, in conjunction with the Client’s corporate counsel and its external legal adviser, of the detailed terms of the definitive legal agreements according the local regulations, including for example Sale & Purchase Agreement, JV Agreement, Feasibility Study Report and other necessary agreements such as technology transfer, service, supply, non-compete, executive employment, etc.
    • BDA helps prepares any submissions or documents, as required in connection with the execution process, or else assists the other professional advisers.
    Buy side - Role in execution BDA is based on the ground in Asia with strong execution capabilities and is able to manage effectively the day to day aspects of the execution process on behalf of our clients.
    • BDA’s key role is to act as an extension of our Clients’ project teams, providing ongoing advice, and assisting in pushing forward the relationship and negotiations with the target.
  • Sell side execution
    • Review the sector and valuation
    • Clarify key issues related to the business through contact with Management
    • Prepare Teaser
    • Begin to draft Information Memorandum (IM)
    • Prepare buyer list
    • Begin vendor due diligence
    • Approach potential acquirers with Teasers
    • Finalize IM
    • Sign NDAs
    • Deliver IMs
    • Receive preliminary offers
    • Assess the attractiveness of each offer received
    • Prepare data room
    • Advise on which bidders to be invited for negotiation / due diligence
    • Select priority candidates
    • Make data room available for buyer due diligence
    • Solicit firm offers
    • Negotiate with preferred bidder
    • Sign Sale & Purchase Agreement
    • Close transaction
    Step 1 Step 2 Step 3 Step 4
    • BDA works for its clients to help maximize value in the sale of a business in Asia, or in the West, where the Asian buyers feature as prominent potential buyers.
  • BDA’s strengths
    • We offer a mix of services which has proved to be uniquely tailored to the needs of multinationals on cross border M&A
    Process continuity Target relationship and ‘coaching’ skills Investment bank Large accounting firm Country-focused consultancy Market research firm BDA Handle small or mid-size transaction Corporate finance and M&A skills Understand client’s financial and other criteria Understand regulatory issues Target/ owner profiling On the ground industry/ strategy assessment Team members present in client home country
  • Strategic assessment Target identification Market entry strategy Buy side advisory Sell side advisory Commercial due diligence Private equity support Capital raising Company advisory Creditor advisory Rescue financing Distressed and complex M&A solutions Restructuring BDA’s corporate finance activities M&A Private placements Debt capital Public listings Project finance and offset
        • Strategic Assessment
        • We know that before making strategic decisions on investment and M&A, our clients must first gain a clear understanding of the market in which they will operate
        • We undertake Strategic Assessment studies which map out the industry, market, and regulatory landscape, which form the backdrop against which investment, partnership and M&A decisions will be made
        • Our Strategic Assessment studies are often conducted in conjunction with a Partner / Target search
        • Partner / Target Searches
        • We conduct a thorough search of the market using our clients’ criteria to source likely candidates for acquisitions and JVs
        • We are not simply market researchers, and we rely not merely on desktop research but undertake intensive, commercially sensitive discussions with senior management and shareholders of potential partners or targets to ascertain which opportunities are both attractive and available
        • BDA is transaction-oriented and delivers recommendations on the best options, the likely parameters of a transaction and the best path forward
    Pre-transaction work M&A advisory
        • We help clients in bringing transactions, both acquisitions and divestments, through to successful completion
        • Dynamic and fast changing environments obscure traditional approaches to valuation and complicate deal structuring
        • BDA designs and implements transactions which satisfy our clients’ requirements and are acceptable to the counterparty
        • BDA’s professionals have developed extensive experience in handling the unique issues that arise from cross-border, cross-cultural M&A, such as:
          • Cultural sensitivities to the role of M&A in strategic development
          • Managing an M&A process in more than one language and across distant time zones
          • Divergent approaches to valuation
          • Managing due diligence in non-transparent environments
          • Educating clients entering an unfamiliar jurisdiction
          • “ Coaching” counterparties who have limited M&A experience
          • Ensuring that dedicated, senior “on the ground” resources are available at all times to our client
    M&A advisory
    • Seamless advisory services from pre-transaction strategy to execution for corporates and financial investors
  • Debt restructuring Fund raising
        • We advise companies and creditor groups on cross-border corporate restructurings involving Asia
        • Our work is divided between advising companies and key creditor groups such as bondholders or bank syndicates
        • Our approach to advising in restructuring situations ranges from strategic and financial reviews, to identifying restructuring options with legal and tax advisers and providing recommendations to the board. 
        • Rescue financing
        • We also source new investors and / or debt providers to support restructuring plans and map and execute negotiating strategies for discussions with other stakeholder groups
        • Complex M&A
        • These often encompass complex cross-border situations with multiple parties involved and BDA can draw upon the industry leading corporate restructuring and debt advisory expertise of Close Brothers Corporate Finance
        • Project finance
          • Assisting sponsors to maximize returns and minimize risk through project evaluation, risk assessment, optimization of financial structures, financial and economic modeling, identifying strategic joint venture partners, negotiating key commercial agreements and raising equity, debt and other forms of project financing 
        • Offset
          • Advising governments and corporates on the successful realization of offset programs and underlying projects
        • Debt advisory
          • Informed, impartial advice on sources of funds
          • Structuring advice – based on client needs and priorities
          • Transaction support – managing entire process
        • Equity fund raising
          • We advise small and medium sized Asian corporate on sources of pre-IPO expansion capital from financial investors
          • BDA works with selected underwriters/brokers covering the key Asian, European and North American stock markets, to help companies to identify the optimal market for a listing and to successfully complete IPO and follow-on fund raising
    Debt restructuring and Capital raising
    • Advice on distressed situations and corporate capital structure
  • Past and current clients
  • Company Client revenues Project Sector Selected BDA clients JARDINE PACIFIC
    • Acquisition advisor on search and assessment for targets in China and Taiwan
    US$11bn Chemicals
    • Advisor on JV
    US$8bn Chemicals
    • Advisor on multiple divestments
    US$8bn Technology
    • Advisor on divestment
    US$12bn Trading
    • Advisory in Asia
    US$95bn Automotive electronics
    • Advisor on acquisition
    US$17bn Automotive
    • Tata Auto Comp Systems - advisor on potential acquisition in Europe
    US$18bn Automotive
    • Acquisition advisory in China
    US$35bn Pharmaceutical
    • Advised on JV partnership and project bankability study in Saudi Arabia
    US$13bn Chemicals
    • Advisor on acquisition
    US$13bn Food
    • Southeast Asia investment review
    US$13bn Chemicals
    • Acquisition target search
    • Advisor on acquisition
    US$18bn Food
    • Market assessment
    • Acquisition target search
    US$28bn Chemicals
    • Advisor on planned divestment
    US$52bn Private Equity US$16bn US$17bn US$53bn
    • M&A advisor in Japan
    Consumer Products
    • Acquisition target search
    Automotive
    • Multiple acquisition target search
    • Advisor on multiple acquisitions
    Chemicals
  • Company Client revenues Project Sector Selected BDA clients
    • Global M&A advisory
    US$1.5bn Technology / Electronics
    • Strategic direction and M&A in Asia and the Mid East
    US$1.7bn Aluminum
    • Acquisition/JV target search
    • Advisor on acquisition
    US$2bn Chemicals
    • Acquisition target search in North Asia
    US$8bn Chemicals
    • Partner evaluation
    US$4bn Automotive
    • Advisor in Asia
    US$4bn Chemicals
    • Acquisition target search in North Asia
    • Advisor on acquisition
    US$7bn Industrial and hi-tech manufacturing
    • Acquisition/JV target search
    • Advisor on acquisition
    US$3bn Chemicals
    • Acquisition target search, and advisor on acquisition
    • China strategy formulation
    US$2bn Chemicals
    • Acquisition target search ex-Japan
    US$3bn Plastics
    • Multiple target searches in Asia
    • Acquisitions advisory in China, India and SE Asia
    US$3bn Chemical
    • Market entry opportunity and competitive study
    • Advisor on acquisition
    US$6bn Tech/logistics
    • Acquisition/JV target search and advisor on acquisition
    US$6bn Auto / Industrial
    • Advisor on JV, and formulation of China strategy
    US$6bn Technology US$4bn US$5bn US$6bn
    • Market assessment in China and rest of Asia
    • Acquisition advisory in China
    Automotive
    • Acquisition target search
    • Advisor on acquisitions in Korea and China
    Automotive
    • Advisor to the Administrators for valuation and realisation of Federal Mogul companies in Europe and Asia
    Automotive
  • Wassall Company Client revenues Project Sector Selected BDA clients
    • M&A advisor in Japan
    US$1.3bn Chemicals
    • Advisor on restructuring in SE Asia
    US$1.3bn Retail
    • Advisor on strategic alliance in Japan
    US$1.0bn Automotive
    • Acquisition target search
    US$1.0bn Automotive
    • Advisor on proposed acquisition of a division of a UK plastics and specialty chemical producer
    US$59m Chemicals
    • Advisor on China strategy and advisor on acquisition
    US$52m Chemicals
    • M&A and commercial due diligence in China
    N.A. (US$4.5bn fund) Investments management / PE
    • Acquisition/JV target search
    N.A. Technology
    • Advisor on M&A in Europe/ Middle East/ Japan
    N.A. Government / Industrial / Chemicals
    • Investment analysis and corporate finance advisory in Korea
    N.A. (US$6bn fund) Private equity
    • Strategic direction and M&A in Asia and the Mid East
    US$250m Aluminum
    • Strategic assessment and target search in China
    US$380m Plastics processing
    • Acquisition/JV target search
    • Strategic alliance and JV in Japan
    US$956m Plastics / Aluminum
    • Advisor on acquisitions
    US$913m Industrial US$580m US$843m
    • Asia strategy and M&A analysis
    Industrial / Chemicals
    • Target search and acquisition advisory in Asia
    Automotive / leather HM British Government
  • 기업금융과 IR
    • Why business
    • Why corporate
    • Why public corporate
    • How to realize the profit from public corporate
        • Dividend, trading for capital gain, M&A for capital gain, etc……
    • Corporate Finance
    • 영미식 자본주의 개념의 확산
    • 외환위기 이후에 개방된 한국 자본시장
    • 주주이익 극대화의 원칙
    • 경영진이익 극대화  Agency Problem
    • IR = Investor Relations
  • IR _ Key concept
    • IR 은 무엇인가
    • 왜 IR 이 필요하나
    • 영미식 자본주의 확산
    • 주식회사제도와 주주이익의 극대화
    • 정보공시제도
    • IR 담당자
    • IR 의 대상
    • Presentation 기법
    • 중기계획과 기업가치
  • IR _ 과거의 IR 양식
    • 과거의 자본시장
        • 정부주도하의 은행중심체제  간접금융 중시 체제
        • 투자가 보다는 주로 은행차입에 의존
        • 투자자 관리업무의 필요성이 은행보다 상대적으로 작았음
        • 은행의 공적 기능의 지나친 강조에 따른 리스크 관리 개념의 미비
        • 외환위기 이전 대부분 기업들의 지나친 부채비율
        • 은행과의 관계가 기업 금융의 결정적인 요인
    • 전통적 IR 은 재무수치의 공시활동으로 인식
        • 공시내용은 과거의 경영성과의 발표형식
        • 자사 미래성장성에 대한 외면과 주주가치 중시 경영의 도외시
        • 경영권 확보한 주주만의 이해만이 중시되는 경향 – IR 의 불 필요성
  • IR _ 변화된 IR 환경
    • 변화된 자본시장
        • 단기 중기금융은 은행을 통한 차입자금조달
        • 장기금융은 증권시장을 통한 증자 및 회사채 발행
        • 증권시장을 통한 직접 금융 및 시장금융체제로의 전환가속화
        • 개선된 재무구조의 요구
        • 은행권의 강화된 심사관행
        • 신용등급
    • 변화된 자본시장의 IR 이 포괄하는 개념
        • 기업의 장기 비젼
        • 브랜드 파워
        • 지배구조의 투명성
        • 시민의식의 활동의 개념
  • IR _ 국내자본시장의 변화 추세 IR 부재 IR 태동 확대 글로벌 IR 성숙 과거 정부주도하의 은행중심의 금융시스템 ( 관계중시 ) 현재 은행 - 증권시장 병존의 자본시장 중심의 시스템 ( 신용중시 ) 미래 글로벌 & 디지털 금융시스템 ( 지식중시 )
  • IR _ IR 의 개념
    • IR 의 사전적 개념
        • 자사주의 투자가치를 주주나 투자가에게 홍보하는 광고활동
        • 투자가에게 투자의 위험을 감수할 정도로 충분히 매력적인 투자대상이 되는 이유를 납득시킬 기업정보의 체계적이고 전략적인 홍보활동
  • IR _ IR 의 정의
    • 미국의 NIRI (National Investor Relations Institute) 의 정의
        • 기업의 communication 기능과 재무적 기능을 결합하여 , 현재 및 잠재적 투자가들에게 , 기업의 성과와 전망에 정확한 정보를 제공하는 , 전략적 마케팅 활동
    • IR 의 3 가지 측면의 정의
        • 기능적 측면
            • 재무적 기능 + Communication 기능
        • Target Audience 의 선정
            • 1 차 Audience = 현재 & 잠재 투자가
            • 2 차 Audience = Opinion leaders (Media)
        • 정보제공
            • 재무적 정보  성과 ( 과거 ) 와 전략 ( 미래 )
            • 비재무적 정보  경영진의 역량 , 제품과 서비스의 질 , 시장의 지위
  • IR – IR 과 PR Consumer Market Result on information Positive information only About the company and its future Information Contents Strategic & limited Voluntary, on time, consistent Information Type Consumer & Media Current & potential Investors Target Audience PR IR  
  • IR – IR 의 필요성
    • 주주이익의 극대화
        • 외환 위기 이후의 영미식 자본주의에 따른 지배구조  주주이익 극대화를 위한 경영환경으로의 급격한 변화  기업의 주인은 , 주주 , 종업원 , 은행 , 고객 가운데서 주주이다
        • 경영진과 주주의 쌍방향 Communication  주주에 의해 임명된 경영진은 주주의 이익 , 즉 주가의 적정가치 형성이 최우선의 목적이다
    • 기업 투명성  Agency Problem 의 최소화
        • 지배구조개선  사외이사제도 도입
        • 회계제도의 투명성 제고  기업회계기준의 국제화 ( 한국 > 미국 ?, 엔론 case)
        • 소액주주의 권한 요건 강화 
            • 주주대표소송권 : 상법 - 1%, 증거법 – 0.01% for 6 개월
            • 소액주주회계장부열람권 : 상법 -1%, 증거법 -0.1% for 6 개월
    • 영미식 자본주의에서 시장이 요구하는 기업경영
      • 주주 이익 극대화
      • 기업의 투명성과 신뢰성
      • 자사 주식의 적정한 평가
      • 경영권 보호
  • IR – IR 의 필요성 2
    • 자사주식의 적정한 평가
        • 주가결정요인 :
            • 과거 산업동향 / 수급동향
            • 최근 기업의 내재가치  현금흐름 중시  DCF
        • 최근 기업가치의 기준 = 주가  CEO 의 경영평가기준
        • 애널리스트의 역할증대
    • 경영권 보호
        • 낮은 대주주 지분율에서 우호적 주주 확보의 필요성
        • 경영권 분쟁 및 지배구조관련 사례
          • KT&G 와 아이칸
          • SK 와 소버린
          • 삼성물산 과 Elliott & Hermes
          • 장하성 펀드 (Lazard Asset Management)
    • 영미식 자본주의에서 시장이 요구하는 기업경영
      • 주주 이익 극대화
      • 기업의 투명성과 신뢰성
      • 자사 주식의 적정한 평가
      • 경영권 보호
    • Corporate Governance Fund in Korea
    • Since Asian Crisis, corporate governance issue is one of the most important investment themes in Korea
    • Following Sovereign’s success in dealing with SK Group, Korea is being highlighted as one of the lucrative target countries of Corporate Governance Funds
    • Corporate Governance Funds are usually investing in a company with poor governance in either friendly or hostile way, and improve the targets’ governance function. This activity eventually improves target’s share price and thus make profits.
    • Hermes, Sovereign, Oppenheimer and BDA’s client
    • Corporate Governance Fund – Client
    • UK based private equity firm with more than 20 years operation history
    • Fund size: over $4bn (Close-end form)
    • Head Office: New York, London (London takes all international activities, Hong Kong is regional head office in Asia)
    • Investment Process: Select companies with governance problem => take meaningful stakes (over 5%) => reform governance structure => boost share price
    • Activities in Korea: Investment in Chaebol affiliates or other companies with poor corporate governance
    • Investment Case 1
    • Governance Issues: Target acts as an holding company in a Chaebol group, and holds huge valuable assets just for controlling purpose. Accordingly, the value of investment assets are bigger than the company’s market cap.
    • Investments: Our client invested in the company (around 5%), and is asking governance reform together with other foreign minority stake holders
    • Comments: Korean Chaebol companies has various protection method against foreigners’ requests, but tends to accept the reform plan partially (share price improved)
    • Investment Case 2
    • Governance Issues: Target company has huge amount of cash & equivalents in hand, but does not have any fixed new business ideas. Target does not even deny cash dividend to shareholders
    • Investments: Our client invested in the company (minority stake), and will probably ask for cash dividend
    • Comments: Target’s major shareholders already takes over 35%, and affiliated persons and family members holds more than 15%. Including treasury stock, the company has full control of the company, but started to consider higher cash dividends with our client request
    IR _ 지배구조펀드 IR
  • 기업금융과 IR
      • End of Week 1