![[주톡피아]“Unlisted subsidiaries should pay attention when investing in holding companies”](https://image.edaily.co.kr/images/Photo/files/NP/S/2021/02/PS21022800140.jpg "[주톡피아]“Unlisted subsidiaries should pay attention when investing in holding companies”")
[이데일리 유준하 기자] What criteria should we focus on in order to invest in a holding company? Therefore, experts advise that the attractiveness of a holding company should be determined largely by the value and dividend of its unlisted subsidiary.
Lee Sang-heon, a researcher at Hi Investment & Securities, who appeared on the E-Daily YouTube channel’Zootalkpia’ on the 22nd, explained to the holding company as “a company that literally owns a stake as a business.”
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According to him, holding companies can be largely divided into pure holding companies and business holding companies. Researcher Lee said, “The pure holding company owns only the shares of its subsidiaries and receives brand royalties from its subsidiaries every year.” “The business holding company also has shares, but is also engaged in other businesses. Halla Holdings is the auto parts procurement business. He said, “I have a stake in Mando,” he said. If so, what are the characteristics of the holding company? The researcher emphasized that it is bound to be influenced by the governance structure. He added, “Since Korea has been transformed into a holding company in order to secure a share of a large shareholder or a split-off, there are inherent limitations in terms of transparency.”
He said, “The holding company is greatly affected by the governance structure, but the majority shareholder of the holding company is the total number. At this time, the gap between the manager and minority shareholders has to be filled, and this is the dividend.”
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In addition, he pointed out that the value of unlisted subsidiaries, not listed companies, is important to a holding company. He said, “If the subsidiary is good, we will not buy a subsidiary anyway,” he said. “Because we cannot invest in non-listed companies, we can buy stocks from holding companies and invest in unlisted subsidiaries.”
It attracted attention by explaining the stocks of subsidiaries that are highly correlated with LG and SK, which are about to be listed in new subsidiaries. He analyzed that LG had a high correlation with LG Electronics and SK with SK Innovation.
The researcher said, “It depends on what was divided into the main body when the division was carried out. In the case of LG Electronics, the stock price of LG Electronics rose a lot due to the electronics industry, growth potential, and the establishment of JVs with foreign companies. said.
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The researcher’s analysis can be found on the e-Daily YouTube channel’Zootopia’.