Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of May 31st which has an aggregated holding worth USD515.2bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,106mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Sk Hynix, Doosan Enerbility, Hd Hyundai Elect, Samsung Electronics, Lg Chem, Samsung SDI.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of May 31st which has an aggregated holding worth USD515.2bn.
We estimate that foreign flows to be outflows of USD1,106mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Sk Hynix, Doosan Enerbility, Hd Hyundai Elect, Samsung Electronics, Lg Chem, Samsung SDI.


KRX Foreign Holding Weekly (May 31st): Sk Hynix, Samsung Electronics

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

HD Hyundai Marine Solution  / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, the focus remained on <a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a>, even as <a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial</a> is gearing up to launch its IPO. </li>
<li>On the placement front, there were deals across India, South Korea and Australia.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, the focus remained on HD Hyundai Marine Solution (443060 KS), even as Sichuan Baicha Baidao Industrial is gearing up to launch its IPO. 
On the placement front, there were deals across India, South Korea and Australia.


ECM Weekly (15th Apr 2024) - Hyundai Marine, Bharti, Kayou, Zeekr, ChaPanda, Samsung, WT Micr, Sompo

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> plans to raise up to US$320m in its upcoming South Korean IPO.</li>
<li>Shift Up is a South Korean games developer, which as released three games so far for the global markets.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we will undertake a peer comparison.</li>
</ul>



Shift Up (462870 KS) plans to raise up to US$320m in its upcoming South Korean IPO.
Shift Up is a South Korean games developer, which as released three games so far for the global markets.
In our previous note, we looked at the company’s past performance. In this note, we will undertake a peer comparison.


Shift Up IPO - Peer Comparison - Small in Size but Ranks High on Growth and Margins

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/samsung-kodex-top5plus-total-return-etf" target="_blank" data-smartkarma-citation="entities:36723:1" rel="noopener">Samsung KODEX Top5Plus Total Return ETF (315930 KS)</a> tracks the FnGuide Top 5 Plus Index and has an AUM of KRW 1,357bn (~US$1bn).</li>
<li>We currently see a high probability of <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> replacing <a href="https://www.smartkarma.com/entities/kt-g-corp" target="_blank" data-smartkarma-citation="entities:9320:1" rel="noopener">KT&amp;G Corporation (033780 KS)</a> in the index at the June rebalance.</li>
<li>There is between 1-2 days of ADV to trade on the potential add and delete and smaller flows on the other index members due to capping and funding changes.</li>
</ul>


The Samsung KODEX Top5Plus Total Return ETF (315930 KS) tracks the FnGuide Top 5 Plus Index and has an AUM of KRW 1,357bn (~US$1bn).
We currently see a high probability of Celltrion Inc (068270 KS) replacing KT&amp;G Corporation (033780 KS) in the index at the June rebalance.
There is between 1-2 days of ADV to trade on the potential add and delete and smaller flows on the other index members due to capping and funding changes.


FnGuide Top 5 Plus Index Rebalance Preview: Celltrion Could Replace KT&G

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of May 24th which has an aggregated holding worth USD533.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD443mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Sk Hynix, Hyundai Motor, Hd Hyundai Heavy, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of May 24th which has an aggregated holding worth USD533.9bn.
We estimate that foreign flows to be inflows of USD443mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Sk Hynix, Hyundai Motor, Hd Hyundai Heavy, Samsung Electronics.


KRX Foreign Holding Weekly (May 24th): Sk Hynix, Hyundai Motor, HHI, Samsung Electronics

South Korea

Naver Corp. provides Internet site with web portal services, such as search engine, online game and content development.  The Company also offers marketing service through text and banner advertisement.

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Naver Corp (035420 KS)

KRX Foreign Holding Weekly (May 31st): Sk Hynix, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Doosan Enerbility, Hd Hyundai Elect,...

Ke Yan, CFA, FRM

ECM Weekly (15th Apr 2024) - Hyundai Marine, Bharti, Kayou, Zeekr, ChaPanda, Samsung, WT Micr, Sompo

Yesterday it was Sompo's turn to provide an update on its cross-shareholding plans. It plans to sell atleast JPY600bn (US$4bn) worth of shares over...

Sumeet Singh

Shift Up IPO - Peer Comparison - Small in Size but Ranks High on Growth and Margins

Shift Up (462870 KS) plans to raise up to US$320m in its upcoming South Korean IPO. In this note, we undertake a peer comparison.

Sumeet Singh

FnGuide Top 5 Plus Index Rebalance Preview: Celltrion Could Replace KT&G

Celltrion could replace KT&G in the FnGuide Top5 Plus Index in June. Passives will need to buy 1x ADV in Celltrion and sell 2x ADV in KT&G. There...

Brian Freitas

KRX Foreign Holding Weekly (May 24th): Sk Hynix, Hyundai Motor, HHI, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Hyundai Motor, Hd Hyundai Heavy,...

Ke Yan, CFA, FRM

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