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[Apha Biz=(Chicago) Reporter Paul Lee] The National Pension Service purchased additional shares of CJ, the holding company of CJ (001040) Group, as Chinese tourists entered the country and various contents such as domestic dramas and movies gained global popularity. However, the stake in CJ CGV (079160), which had a sudden brake on a KRW 1 trillion paid-in capital increase, was reduced.
According to the Financial Supervisory Service on the 5th, the National Pension Service expanded its stake in CJ by 3.31 percentage points (p) from 7.7 percent to 11.01 percent, strengthening its status as the second-largest shareholder. The number of shares held increased 967,470 shares in 10 months from 2,246,276 shares as of December last year to 3,213,746 shares in September this year. CJ closed the day at 82,100 won, up 2.37%. Based on the closing price of the day, the National Pension Service invested 79.4 billion won more in CJ.
Analysts say the National Pension Service has started to expand its stake in CJ, the largest shareholder, as cosmetics consumption has increased since COVID-19 and CJ Olive Young's performance will improve significantly as Chinese tourists return. At the same time, the turnaround of CJ ENM (035760), which has a subsidiary of Korea's leading online video service (OTT) platform, is also expected.
CJ holds a 51.15% stake in CJ Olive Young at the end of last year and is the largest shareholder with a 40.07% stake in CJ ENM in the first half of this year.
The National Pension Service also increased its stake in CJ Korea Express (000120) from 7.96% to 8.97%. CJ Korea Express is believed to have decided to make additional investments in the possibility of earnings growth as it recently decided to be the only Korean logistics company to participate in the Ukrainian reconstruction project. CJ Korea Express is the second-largest shareholder of the National Pension Service, following CJ CheilJedang (097950).
However, the National Pension Service reduced its stake in CJ's subsidiary, CJ CGV, from 2.33% to 1.96%. This is because the court blocked the path to funding in a short period of time when the court rejected CJ CGV's application for a non-litigation case to investigate the issuance of new shares (a case handled by a simple procedure rather than a trial) on the 25th of last month. CJ CGV closed the day at 5,290 won, down 0.75%.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
