Golden Spoon Investment Portfolio - Chapter 65

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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65. I suppose I should give them a warning first.

[Thirty Domestic Securities Companies to Receive Currency Exchange Authorization Starting Next Year
On the 11th, the Ministry of Finance and Economy announced that starting in March of next year, thirty domestic securities companies would be authorized to handle currency exchange operations related to domestic and foreign stock investments, just like foreign exchange banks.
This measure follows the foreign exchange system reform plan, which calls for gradually allowing other financial institutions to engage in foreign exchange operations that banks had previously monopolized.
However, to ensure stable handling of currency exchange operations, only thirty securities companies with capital exceeding 100 billion won and management ratings of B or higher were approved to conduct such business.
Initially, the Ministry of Finance and Economy had planned to provide separate authorization criteria for foreign securities companies when the Securities Transaction Act was amended in the future, allowing currency exchange operations only to those meeting the additional requirements.
However, in response to strong requests from foreign investors who complained about the inconvenience of currency exchange operations, the plan was changed and approval was granted to all companies this time.
As a result, domestic and foreign stock investors can now directly remit stock investment funds through won and foreign currency deposit accounts in the names of securities companies at foreign exchange banks.
Securities companies will charge a fee of 0.4% of the currency exchange amount…]

Sitting alone at the desk in my private office, I read the article in the newspaper and frowned slightly.

“I thought Donghae Peregrine Securities would have difficulty receiving authorization this time, but they’ve unexpectedly secured currency exchange operations.”

Donghae Peregrine Securities was a Korean subsidiary established last year through a joint venture between Peregrine, a Hong Kong securities firm, and the Donghae Group.
The reason the Donghae Group was able to establish the first joint venture securities company, surpassing renowned companies, was because the daughter of Woo Yong-gap, chairman of the Donghae Group, was the daughter-in-law of former President Noh Ki-hoon.

“As the saying goes, even rotten fish is still fish. Though the administration has changed, it seems the previous regime’s influence still lingers.”

Upon taking office, many personnel from the previous administration were replaced en masse, but it was impossible to completely overhaul such a vast government bureaucratic organization all at once.

“I heard their commission income increased by 2,353.9% compared to last year, ranking first in growth rate among securities companies. And if they can now handle currency exchange operations as well, their growth trajectory will become even steeper.”

Tapping the newspaper article with my finger, I expressed my mixed feelings about Donghae Peregrine Securities.
Their rapid growth with full support from Hong Kong Peregrine Securities and the Donghae Group was certainly remarkable.
However, they were not yet at a level to threaten Daehung Securities, which remained among the top ten major securities companies in the industry.
Nevertheless, the reason I was alert and vigilant was precisely because, before my regression, Donghae Peregrine Securities had served as the catalyst that brought down the Daheung Group.

“There’s still some time before things unfold, but it’s better to prevent problems before they occur than to deal with the aftermath.”

After a moment of deliberation, I spoke my decision aloud.
Then I picked up the telephone receiver on the corner of my desk and pressed the dial button.
The connection tone sounded, and shortly after, a calm female voice came through.

[This is Kim Sang-hee, secretary to the executive director at Daheung Textile. How may I help you?]
“Is my brother available right now?”

Since I had called a few times before, the Female Secretary immediately recognized my voice and responded.

[Please hold for a moment.]

I held the receiver to my ear and waited. It wasn’t long before the Female Secretary’s voice came through again.

[I’m connecting you now.]

After a brief dial tone, my older brother Park Jin-hyung picked up the phone.

[Hello.]
“It’s me, hyung.”
[You’re calling the office—what’s going on?]

I adjusted my grip on the receiver and spoke.

“Do you have time this evening?”
[Why?]
“If you’re free, I was hoping we could grab dinner together.”

At that, Park Jin-hyung’s voice grew slightly stiff, as if he were thinking something over.

[Is something actually wrong?]
“Nothing like that. I just have some things I’d like to talk about.”
[Can’t you discuss it over the phone?]
“It’s a bit complicated for that… If you’re busy, it doesn’t have to be tonight.”

Park Jin-hyung fell silent for a moment, then made some rustling sounds.

[Hold on.]

After calling his secretary to check his schedule, Park Jin-hyung spoke again a few minutes later.

[There’s a decent Japanese restaurant in Myeongdong. How about that?]
“Sounds good. You’re paying, right?”

At my playful tone, Park Jin-hyung let out an amused laugh.

“I heard you made quite a bit of profit this time and received a generous incentive. Are you already thinking about mooching off me for a meal?”
“You’re the successor who’ll inherit the group someday. You have your pride—surely you’re not actually planning to freeload off your younger brother?”
“You’re hopeless with your words. Anyway, I got it. Let’s meet at Haepung in Myeongdong by 5 o’clock.”
“Got it.”

After ending the call and setting down the receiver, I crossed my arms and muttered to myself.

“It won’t be easy to persuade him, but still, I should at least give him a warning first.”

Just then, a knock sounded from outside, and I pushed aside my thoughts and spoke.

“Come in.”

Choi Ho-geun entered through the door and approached my desk.

“The investment funds you mentioned have just been deposited into the account.”

I accepted the thin folder of documents he offered and opened it, nodding slightly as I reviewed the deposit confirmation inside.

“Divide the investment equally between O-Gwang Industries and Cheonho Steel, just as I instructed last time.”

Choi Ho-geun hesitated instead of answering immediately, so I looked at him with a puzzled expression.

“What’s wrong?”
“It’s nothing, sir.”
“I can tell you have something to say. It’s fine—go ahead and speak.”

Choi Ho-geun then hesitated briefly before carefully opening his mouth.

“I fully understand the decision to make additional purchases of O-Gwang Industries stock, which has been receiving significant benefits as interest in low PER stocks has grown recently.”

He glanced at my expression as I listened quietly, then continued.

“However, Cheonho Steel is neither a low PER stock nor does it have particularly impressive sales figures. I would respectfully suggest reconsidering the decision to invest 50 billion won in it, especially as a long-term investment.”

Naturally, it wasn’t a stock that attracted significant market attention, so the trading volume in the market was quite limited.
Given this, if the stock price failed to rise as expected, there was a considerable risk it would become a troublesome position difficult to exit, which justified Choi Ho-geun’s concerns.
Because of that, if they made a mistake and the stock price didn’t rise as much as expected, there was a high possibility it could become a troublesome liability that would be difficult to cut losses on, so it made sense that Assistant Manager Choi Ho-geun would express his concerns.

“I already explained the reasons for investing in Cheonho Steel during our last meeting.”
“Are you referring to the value of the factory sites we own in Busan, Changwon, and Yangsan?”
“That’s right.”

Choi Ho-geun spoke with a skeptical tone.

“It’s true that the factory site values are undervalued as you mentioned, but without relocating the factories elsewhere, there’s no way to liquidate them. Even if we did move the factories, all three locations are either designated residential zones or situated within industrial complexes, making conversion to other uses difficult. In that case, even if we sell the land, the profit margins won’t be substantial.”

As I listened to him methodically refute the investment plan, I showed no signs of anger or displeasure.
Rather, I was deeply satisfied that he had thoroughly examined the purposes of Cheonho Steel’s factory sites and the company’s financial condition.
I appreciated his proactive approach—not simply following orders and coasting along, but taking initiative and speaking his mind when necessary.

‘Not bad at all.’

I mentally raised my assessment of Choi Ho-geun slightly and regarded him with a composed expression as I spoke.

“Your investigation seems thorough, but there’s one thing you’ve overlooked.”
“What would that be?”
“Though it hasn’t been announced yet, the Busan Metro Line 2 route will pass through our Busan factory, and a station is planned to be built right in front of it.”

Choi Ho-geun’s eyes widened at this completely unexpected revelation.

“Is that truly the case?”

I smiled faintly and nodded at his gaze.

“Yes. Once the announcement is made, the factory site value will increase dramatically from its current level—I’m sure you understand that without me spelling it out.”

The difference between having a subway line pass through and not having one was night and day.
Moreover, since the Busan factory was located within a residential zone, relocating the factory and developing it into a large-scale apartment complex would significantly enhance its real estate value.
Choi Ho-geun, who had been wondering how I obtained such development information, soon recalled my background as a third-generation chaebol heir and immediately understood.

‘It’s hardly surprising that a third-generation chaebol heir would have access to such development information.’

I interlaced my fingers and asked him directly.

“What do you think will happen once this reaches the market?”
“It will attract investor attention and drive the stock price up.”
“Exactly right.”

Seokwon flashed a bright smile of approval and continued speaking.

“When a stock that’s been neglected and undervalued suddenly gets hit with positive news like this and starts attracting attention as an asset play, it shoots up like a rocket.”
“Then wouldn’t you need to take short-term profits and exit before it crashes, rather than holding it as a long-term investment?”

It was a fairly sharp observation, but Seokwon shook his head.

“If it were just a flash in the pan, you’d be right. But I believe the upward momentum will continue for quite some time.”
“How long do you expect it to last?”

Seokwon held up one finger.

“At minimum, one year. At most, two years of sustained growth.”
“That long, you say?”

Unlike Choi Ho-geun, who expressed skepticism, Seokwon spoke with absolute conviction.

“That’s right.”

It was true that rising real estate values were certainly positive news for the stock price.
But Choi Ho-geun believed that no matter how favorable the circumstances, it wasn’t realistic to sustain investment enthusiasm for over a year.
His mind told him one thing, but watching Seokwon’s confident demeanor about the stock’s rise made him wonder if there was something else he didn’t know about.

‘Either way, it’s clear there’s positive news that will push the stock higher than it is now. At the very least, I won’t be caught holding the bag at the peak.’

Convinced he wouldn’t suffer losses, Choi Ho-geun set aside his concerns.

“I apologize—my thinking was too shortsighted.”
“Not at all. Going forward, if you have other opinions, don’t hesitate. Feel free to speak up anytime.”

Choi Ho-geun, who had been anxiously worried about offending him, felt relieved seeing no sign of displeasure from Seokwon.

“Then I’ll take my leave.”

Choi Ho-geun bowed respectfully and promptly left the office.
Leaning back in the plush chair, I watched the door close behind him and murmured to myself.

“He’s competent, and more importantly, he’s not afraid to speak his mind. That’s a good quality.”

He disliked the type who constantly watched their superiors’ faces and went to great lengths to appease them.
There was nothing good about keeping such people close.

“He seems to have some backbone… I think it wouldn’t be bad to keep him by my side and have him work for me going forward.”

At the same moment Seok-won let out a low chuckle, Choi Ho-geun, who was outside, suddenly shivered from an inexplicable chill.

* * *

Late afternoon, with the sun sinking gradually between towering high-rise buildings.
Beneath a sky dyed crimson, the bustling streets of Myeongdong filled with crowds came alive as neon signs flickered on one by one, creating a dazzling nightscape.
In an era when foreign cars were still uncommon, a single black BMW 540i drew the gaze of passersby as it pulled into the parking lot of an upscale Japanese restaurant.
As Seok-won opened the driver’s side door and stepped out, a young attendant quickly approached and respectfully took the car keys.
Having entrusted the parking to the attendant, he strode purposefully into the restaurant.
At the entrance, with its ebony-colored tiles, a small Japanese garden had been meticulously arranged, and the sound of water flowing along an artificially created stream possessed a certain charm.

‘This is exactly the kind of place my brother would like.’

The quiet, serene atmosphere was precisely Park Jin-hyung’s taste.
The interior was structured with private rooms on both sides of a spacious corridor, without tables in an open hall, making it a place where one could converse and dine comfortably without worrying about others’ gazes.

“Welcome.”

A Female Server in a neat two-piece uniform greeted him from the counter with a smiling face.

“Do you have a party joining you?”
“There should be a reservation under Park Jin-hyung.”
“Ah, you’re with Director Park. Please follow me.”

As if she had been informed beforehand, the Female Server came out from behind the counter and guided Seok-won to a VIP room deeper within the corridor.

“Your party has arrived.”

The Female Server gave a light knock and gently slid open the wooden door.
Inside the spacious room with tatami mats, his older brother Park Jin-hyung sat alone.

“You’re here.”

Park Jin-hyung, who had been sipping from a glass with a few simple side dishes laid out before him, turned his head to look at Seok-won and spoke briefly.

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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