Hello, nice to meet you. This is Tae. As I mentioned earlier, if there are any issues, I would record them and let you know. However, it seems that there is no room for a break. So today, I would like to talk about Hanwon Systems. As you know, Hanwon Systems is a company that specializes in thermal management, specifically in electric thermal management. They are a company that practices autonomous management. If we look into what they do, they manufacture air conditioning systems, particularly for automobiles. Consequently, it is known that they supply a lot to companies like Volkswagen, Ford, and GM. Today, there was a public announcement regarding this company. Being a manufacturer in this field, it is said that they rank first globally, which indicates that their technology is quite advanced.

Air Computer is a place that also engages in this kind of activity, so if you look at it, the stock price has dropped nearly 10% today. It's dropped nearly 10%, and what’s frustrating here is that an announcement has been made. If you take a look, it’s understandable with just this one piece of information. It states that the original number of shares was around 1.367 trillion won in trading volume. Currently, a 3 billion fund has taken the major shares, and Hanwha Co. is acquiring them. They have reduced the number of shares, from 130 million shares to 120 million shares. Additionally, the price per share, which was previously set at 1,050 won, has now been adjusted to 10,000 won, effectively reducing the total price to around 1.227 trillion won, which is a decrease of about 100 billion won.

The value decreased by over 100 billion, and what's baffling is that if you look at the stock price, it's currently being bought at 10,000 won, while the actual share price is 3,800 won. If you look at the monthly chart, the 10,000 won price was the price from one to two years ago. The stock price has been continuously declining since then. Individual investors are all stuck with their investments, while the major shareholders are receiving shares at the price of 10,000 won. Originally, it was 50 won, and now it's dropped to 250 won, so one might wonder what significance that holds. Additionally, there's another problem: they are now saying they will issue even more shares than what was revealed back in May. The reason this is frustrating is that their...

How many shares are there in total? So, one share of the company refers to how many pieces the company's issued shares are divided into, which is similar to talking about slices of a pizza. Currently, there are 500 million slices. If you look at the issue that came out in May, it was 65 million shares, which is about 10%, a bit more than that. If we calculate it precisely, let’s use a calculator: 65,144 divided by 533,800 gives us about 12.2%. So, they are saying they will issue an additional 12% or so. However, now they have announced that they will conduct a paid-in capital increase. So, starting from Hanwha, they are now moving towards Hankook Tire, which is saying it will invest more. 144,962 divided by 533.

If you try 800, they will issue an additional 27% of the shares. This is in relation to the total number of shares currently issued. Now, the issue here is that when we talk about our company, we often mention things like PER, PSR, and PBR. What does this mean? Ultimately, these are all based on market capitalization. For example, EPS is calculated using the market capitalization. The formulas and calculations can be quite complex, but if we take the market capitalization and divide it by net income, we get this figure. Similarly, if we divide it by net assets, we arrive at the PBR. The important thing about net income is that if we divide net income by the total number of shares issued, we can easily...

주당 수익이라는 것이 나옵니다. 이 주당 순익이 말 그대로 한 주의 가치를 말하는 건데, 발행 주식 수가 많이 늘어난다는 것은 더 많이 쪼갠다는 것이고, 그러면 기존에 한 주, 두 주, 20주를 들고 있는 주주들이 더 많이 나눠진다는 겁니다. 더 나와 같은 사람들이 늘어난다는 것이고, 이건 단순히 말하면 소액주주가 더 많이 깨지는 상황입니다. 앞서 말씀드렸죠. 대주주는 대주주에게 다 쳐 물려 있는 상황이고, 지금 소액주주 같은 경우에는 만 원인데 얼마? 3,800원입니다. 보시면 그렇죠? 3,800원, 만 원대는 3,865원입니다. 이렇게 되는 대주주와 소액주주 간의 차이가 나는 건데, 이것의 근본적인 이유, 근본적인 문제점은 무엇이냐 하면, 미국 같은 경우는 이렇게 기업가가 이루어진다고 하면 미국은...

In the United States, there is a right of stock buyback, which allows minority shareholders to request that their shares be bought back. They can say, Please buy my shares at the same price of ten thousand won. However, in our country, this is not legally guaranteed. This means that a major shareholder can sell the management rights, using the nonsensical logic of a management premium, while minority shareholders are left holding shares without any recourse. The existing major shareholders end up pocketing the money, creating a structure where only they benefit. In our country, this is not mandatory. It is not a requirement. Regarding this matter, there has been a lot of discussion about Hankook Tire and Company.

Now, we are giving money to Hanwha, you know, giving money like this to Hanwha. So, Hanwha is receiving around 1 trillion 3 billion to 1 trillion 200 billion, which is about 100 billion less. This means that they are selling about 2% less equity. Originally, they planned to sell 25.5% equity, but now they are going to sell 23%. So, they are selling about 2% less and will take 100 billion less as well. You can think of it as receiving the money later. Eventually, they can sell their shares again. For now, Hanwha is taking all the money they can get. In this situation, the Korean Tire Group is reducing the so-called investment amount by about 1.5 trillion won. In reality, it has increased from 150 billion to 4 trillion. Additionally, there are hidden costs of 200 billion for repaying debts. If you look for news, you'll find that it's 2 trillion plus 4 trillion, which totals to 6 trillion.

They are talking about a capital increase. Originally, they were going to increase it by 360 billion won, and now they are saying they will add another 240 billion won to make a total of 600 million won. So, they are increasing the capital by 600 million and adding 240 billion to it. Unfortunately, among the major shareholders, there were some conflicts of interest, and this resulted in a reduction of 10 billion won and another reduction of 1.4 billion won. To address this, they have planned to invest only an additional 100 million won based on the standards of Korean Tire. As they are setting this plan in motion, they will receive new shares through a third-party allocation of paid-in capital increase. This is not something we, as minority shareholders, can demand; it is the major shareholders who will receive an additional 1,449,000 shares from Korean Tire.

This is purely a plus, right? So, in the case of Korea Tire, what happens after this deal is completed? Currently, there are 14,400,962 shares plus these are newly issued shares. And then, for the existing major shareholders, there are 12,274,400 shares. This means there will be a total of 26,700,000 shares. Since they are still shareholders, we will also combine the existing 10,000,000 shares. So, when we add these together, they will hold 370,000,000 shares. Now, how can we later calculate the ownership ratio? We will take the 3,800,000 shares being issued now plus the newly issued shares, which is 14,496,625. This will give us the total amount of shares after the deal is completed.

If you divide it this way, it comes to 54.7%. After the deal is completed, they will have more than 50% of the shares. The reason this feels unpleasant is that having more than 50% of the shares essentially means they will have almost 100% control over management. In the stock market, if you have 50% plus one share, the company is considered untouchable. So, from a financial and accounting perspective, this is evaluated as a complete subsidiary. They are not paying all the money; the individual investors who are currently stuck at 3,800 won are not being compensated at all, while they are taking all the benefits for themselves. I find it uncomfortable to keep addressing these issues in our country, but honestly, legal action needs to be taken. Whether it's the Financial Supervisory Service or someone else, action is necessary.

The National Assembly needs to address this matter. If you look for news about stock purchase rights, you will definitely find related news in our country. There is a discussion in the National Assembly about the need to grant stock purchase rights. However, no one is currently taking action on this. It is not being pursued. Therefore, from the market's perspective, this is truly necessary. It is really essential, but this may be influenced by the circumstances of the adults involved. Currently, there is no mention of the issue regarding the stock purchase rights. I think it is indeed a lamentable situation. Why is this happening? Because as soon as the news came out today, a report was released. A report stated that the terms of the equity acquisition deal for Korea's Tire and Technology have changed. This announcement has been made.

As soon as it came out, the report was released. If you look at this, the average disclosure price was mentioned, and the final shareholding ratio will reach 55%. When we calculated earlier, it came out to 54%. This is how it will look. If the major shareholder is FI, meaning finance, we are talking about financial investors who come in just to make money, and strategic investors will also be involved. In a way, this has the effect of being included in affiliates, so the air conditioning industry and automotive parts industry will become a huge company, which is being assessed as strategic. With this, it was said that there will be a turning point in the fundamentals day by day. They mentioned that the target price is maintained at 4,200 won. After reviewing all this report, I also mentioned this during the Doosan discussion regarding Doosan Robotics and so on.

When the topic came up, similar discussions were happening in our country's Yeouido. There was talk of it being a positive development, right? They only focused on the advantages, saying it was a good merger. However, here too, only the advantages are listed. The main issue is that for those who are stuck with the shares or looking at the value of a single share, the value is actually deteriorating. There is no mention of that. There is no discussion about the behavior of major shareholders. These are people who deal with stocks professionally, and since the decision-making regarding mergers and acquisitions is largely influenced by major shareholders who hold most of the shares, the opinions of others can be completely disregarded. However, regarding legal protections and the market's response to investors, I think it could be possible to express some concerns about these matters.

I think about it, but there is no mention of that at all. Now that money is coming in, right? When the company has money, it becomes a bit more comfortable. With the new major shareholder coming in, they are investing more money. However, regarding the existing shareholders and the issues arising from this, if this is a global standard type of M&A, then there would be nothing to say. But already, there have been many criticisms regarding this issue in our country. This part has been continuously mentioned in the United States. For instance, legally, Elon Musk's acquisition of Twitter was a mess; he said something wrong and ended up having to buy back at the price he mentioned publicly. He ended up spending a huge amount of money, and there were discussions about selling Tesla to cover that. This situation has been ongoing in the U.S., where those with money and power are held accountable for their actions.

하지만 이건 전혀 책임이 없잖아요. 내가 원하는 알짜만 쏙 빼먹고, 그런 부분에 있어서 있는 사람들끼리는 만 원에 서로 주식을 주고받고, 물려 있는 사람들은 나 몰라라 하는 상황입니다. 그런데 이 회사는 내 거고, 그 소위 말하는 주식 교환 딜이 끝나고 나면 여전히 이 회사의 지분 50% 이상은 또 내 겁니다. 이게 제가 계속 말씀드리는 부분인데, 한국 주식에 대해 누군가 댓글에서 왜 안 좋은 점만 이야기하냐고 하더라고요. 한국 주식에서도 올라갈 종목들이 분명히 존재하지만, 조회수의 특성과 한국 주식의 이슈 특성 때문에 남들이 말하지 않는 부분을 다뤄야 하는 유튜버로서의 사명감 때문에 참을 수가 없습니다. 쉬려고 하다가 방금 머리도 감고 집에 조명도 다 켜고 렌즈까지 껴서 귀찮아 죽겠는데, 좀...

I said to be quiet, but again, I see those scoundrels showing up, and I can't help but leave a video about it. I hope everyone is having a good evening. Today, there isn't much happening besides the ADP employment report. However, before the major employment report comes out on Friday, there might not be any significant issues that could turn things upside down. So, you should keep an eye on Tesla's vehicle delivery numbers. This week, the most important thing is the employment report coming out on Friday. Additionally, tomorrow's ISM Services PMI, which comes out on Thursday night, is very important. If I feel okay tomorrow, or if my mental state improves a lot, I might do a live stream before the ISM Services PMI is released.

I will gently and softly try to do it. Everyone, have a good weekend and a comfortable evening. I will go to check the US market now. If something urgent comes up in between, I will either make a video or do something else. Then, I was Teiber. Goodbye.

한국은 대주주하기 참 쉬운 국가입니다

기업 분석, 시황 분석을 중심으로 투자하는 개인투자자 테이버입니다.
15년차 개인투자자 / 아프리카TV BJ대상 / 머니카피 저자

"억만장자가 되고 싶다면 내 주변 사람을 백만장자로 만들어라"
테이버와 함께하는 안전하고 즐거운 투자생활! 돈벌자! 가즈아!

- 월,화,수,목,금 저녁 9시 / 아프리카TV Live  http://afreecatv.com/taver1123
- 월,화,수,목,금 아침 8시 / 아침시황 Live 
