Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>Samsung C&amp;T had outstanding results that soundly beat consensus estimates in 3Q 2022.</li>
<li>Samsung C&amp;T generated operating profit of 796.8 billion won in 3Q 2022, up 465% YoY and 67.7% higher than the consensus estimates. </li>
<li>The strong growth of sales and operating profit was led by the biologics, construction, fashion, and resort businesses.</li>
</ul>


Samsung C&amp;T had outstanding results that soundly beat consensus estimates in 3Q 2022.
Samsung C&amp;T generated operating profit of 796.8 billion won in 3Q 2022, up 465% YoY and 67.7% higher than the consensus estimates. 
The strong growth of sales and operating profit was led by the biologics, construction, fashion, and resort businesses.


Samsung C&T: Soundly Beat Consensus Operating Profit Estimates by 68% in 3Q 2022

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

<ul>
<li>ASML and Lam Research beat estimates last week and provided some relief to the semiconductor space.</li>
<li>Major global industry earnings coming this week include -- Samsung, SK Hynix, Texas Instruments, KLA Tencor, Apple, and Intel.</li>
<li>Major Taiwan earnings this week -- AUO, UMC, ASE, Realtek, Delta Electronics, Mediatek.</li>
</ul>


ASML and Lam Research beat estimates last week and provided some relief to the semiconductor space.
Major global industry earnings coming this week include -- Samsung, SK Hynix, Texas Instruments, KLA Tencor, Apple, and Intel.
Major Taiwan earnings this week -- AUO, UMC, ASE, Realtek, Delta Electronics, Mediatek.


Taiwan Tech Weekly: ASML & Lam Provide Industry Optimism, Wave of Earnings This Week

Semiconductor Manufacturing International Corp (SMIC) / Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>In the past couple of weeks, there have been tremendous sanctions by the US government on China's semiconductor sector. </li>
<li>In this insight, we compare this move to the US government putting a trade embargo on oil against Japan nearly 81 years ago.</li>
<li>If there are severe disruptions to the semiconductor market in China, this will likely to have negative impact on the two Korean semi giants Samsung Electronics and SK Hynix.  </li>
</ul>


In the past couple of weeks, there have been tremendous sanctions by the US government on China's semiconductor sector. 
In this insight, we compare this move to the US government putting a trade embargo on oil against Japan nearly 81 years ago.
If there are severe disruptions to the semiconductor market in China, this will likely to have negative impact on the two Korean semi giants Samsung Electronics and SK Hynix.  


FDR's Trade Embargo on Oil (Japan) & Biden's Sanctions on China's Semi Sector - Prelude to Disaster?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Global Digital Niaga Tbk PT / Equity Capital Markets

<ul>
<li>PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO.</li>
<li>BliBli provides e-commerce services across Indonesia to both retail consumers and institutions.</li>
<li>In our previous notes, we have spoken about the company’s past performance. In this note, we talk about valuations and run the deal through our ECM framework.</li>
</ul>


PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO.
BliBli provides e-commerce services across Indonesia to both retail consumers and institutions.
In our previous notes, we have spoken about the company’s past performance. In this note, we talk about valuations and run the deal through our ECM framework.


PT Global Digital Trade (BliBli) IPO - Thoughts on Valuation

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Major milestones for Hon Hai's EV platform could be unveiled at today's Hon Hai Tech Day.</li>
<li>Apple's dropping of a key China supplier shows how international players may want to just avoid even non-restricted products from China.</li>
<li>Senior semiconductor executives across the industry are halting work for China-based firms, including some leading Chinese execs.</li>
</ul>


Major milestones for Hon Hai's EV platform could be unveiled at today's Hon Hai Tech Day.
Apple's dropping of a key China supplier shows how international players may want to just avoid even non-restricted products from China.
Senior semiconductor executives across the industry are halting work for China-based firms, including some leading Chinese execs.


Taiwan Tech Weekly: Hon Hai Tech Day Today, Apple Drops China Supplier; Shows Severity of New Rules

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (005930 KS)

Samsung C&T: Soundly Beat Consensus Operating Profit Estimates by 68% in 3Q 2022

Samsung C&T had outstanding results that soundly beat consensus estimates in 3Q 2022. Samsung C&T generated operating profit of 796.8 billion won...

Douglas Kim

Taiwan Tech Weekly: ASML & Lam Provide Industry Optimism, Wave of Earnings This Week

Earnings season is now in full swing with a wave of results to be released this week for both the global industry and within Taiwan.

Vincent Fernando, CFA

FDR's Trade Embargo on Oil (Japan) & Biden's Sanctions on China's Semi Sector - Prelude to Disaster?

There have been major sanctions by the US on China's semiconductor sector recently. We compare this move to the US government putting a trade...

Douglas Kim

PT Global Digital Trade (BliBli) IPO - Thoughts on Valuation

PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO. In this note, we talk about valuations.

Sumeet Singh

Taiwan Tech Weekly: Hon Hai Tech Day Today, Apple Drops China Supplier; Shows Severity of New Rules

Major Hon Hai EV developments could be unveiled today. Also, Apple's dropping of a key China supplier shows how international players may want to...

Vincent Fernando, CFA

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