Daelim Industrial, which was divided into three companies in terms of human and physical properties, will be re-listed on the 25th as a surviving company DL and a new company DL E&C.
DL acts as a holding company, and DL Chemical, which is the existing chemical division, remains as an unlisted subsidiary, and the existing construction industry division is re-listed as DL E&C. The relisted DL and DL E&C are divided at a ratio of 0.4437144 to 0.5562856. Based on the market capitalization (about 2.89 trillion won) immediately before the trading transaction, DL is about 1.28 trillion won and DL E&C is about 1.6 trillion won.
Stock prices predicted that the spin-off and re-listing will have a positive impact on both DL and DL E&C stock prices. Yuanta Securities suggested DL E&C’s target market capitalization of about 3.4 trillion won. This is 113% higher than the pre-split market cap. The DL’s target market cap also increased by 57% to about 2 trillion won.
The reason why the spin-off is expected to have a positive impact on both DL and DL E&C stock prices is that the company’s value has not been properly evaluated because different industries, which are chemical and construction, are tied under one umbrella. Kim Ki-ryong, a researcher at Yuanta Securities, predicted, “This division and re-listing will quickly resolve Daelim Industrial’s structural conglomerate discount that occurred while simultaneously operating construction and chemical businesses.”
In particular, even if DL E&C is recognized for its fair value at a level similar to that of other construction companies, the stock price is expected to rise. Ra Jin-sung, a researcher at KTB Securities, said, “Once the transaction was suspended for the partial listing, the construction industry rose a lot. Even if we catch up with the gap that widened during that period, the stock price will rise.”
During the suspension period for Daelim Industrial, the KOSPI rose 12.5% and the construction sector rose 17.1%. President Moon Jae-in promised an active housing supply policy at a New Year’s press conference, so the stock price of the construction industry surged.
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