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

Woori Financial Group  / Equity Capital Markets

<ul>
<li>KDIC is looking to sell around half of its remaining stake in Woori Financial Group (WFG).</li>
<li>This is almost a clean-up trade considering that KDIC had a stake of nearly 18% at the start of 2021 and will now be reduced to a less than 2%.</li>
<li>In this note, we will run the deal through our ECM framework.</li>
</ul>


KDIC is looking to sell around half of its remaining stake in Woori Financial Group (WFG).
This is almost a clean-up trade considering that KDIC had a stake of nearly 18% at the start of 2021 and will now be reduced to a less than 2%.
In this note, we will run the deal through our ECM framework.


Woori Financials Placement - Almost a Clean-Up Although past Deals Haven’t Done Much

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>Its revenue, GM and NM were NT$16.3bn, 42.6% and 36.1% in 1Q22. </li>
<li>GlobalWafer experienced their China Suzhou subsidiary, SST, suspended production during April 2~27 by local government's COVID-19 control measure, but it had resumed production.</li>
<li>The stock dividend is NT$16 in 2022, which is 58.7% payout ratio from 2021 earnings. The payment date is to be 2022/08/05.</li>
</ul>


Its revenue, GM and NM were NT$16.3bn, 42.6% and 36.1% in 1Q22. 
GlobalWafer experienced their China Suzhou subsidiary, SST, suspended production during April 2~27 by local government's COVID-19 control measure, but it had resumed production.
The stock dividend is NT$16 in 2022, which is 58.7% payout ratio from 2021 earnings. The payment date is to be 2022/08/05.


GlobalWafers (6488.TT): Not Settling Disturbing Reasons, but We Presume Stock Price Could Rebound.

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>TSMC decided to notify clients that it will raise wafer price about 6% from the beginning of 2023.</li>
<li>It's believed the Fabless company's margin could be raised too much, which is considered to be abnormal.</li>
<li>There are too many factors influencing the market right now, like the inflation, geopolitical confrontation,  Russia-Ukraine war, supply-chain risks, and etc.</li>
</ul>


TSMC decided to notify clients that it will raise wafer price about 6% from the beginning of 2023.
It's believed the Fabless company's margin could be raised too much, which is considered to be abnormal.
There are too many factors influencing the market right now, like the inflation, geopolitical confrontation,  Russia-Ukraine war, supply-chain risks, and etc.


TSMC (TSM.US; 2330.TT): Further Wafer Price Raise About 6% from the Beginning of 2023

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)'s</a> underperformance to <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> just part of the cycle or company specific?</li>
<li>Does the supply constraint issue help or hurt Samsung?  Who is better off? </li>
<li>Key points to focus on to see where Samsung is vs. their blueprint of technology roadmap</li>
</ul>



Samsung Electronics (005930 KS)'s underperformance to SK Hynix (000660 KS) just part of the cycle or company specific?
Does the supply constraint issue help or hurt Samsung?  Who is better off? 
Key points to focus on to see where Samsung is vs. their blueprint of technology roadmap


Is Samsung in Trouble or Just in Another Downcycle?

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

Quantitative Analysis

<ul>
<li>We look at short interest across Hong Kong, Japan, Korea and Taiwan in April to identify stocks/sectors that have seen the largest changes in each market.</li>
<li>Korea and Taiwan are showing a clear divergence with short notional increasing as the market moves lower, indicative of new shorts being initiated.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a> has seen the largest short covering as the stock has tumbled in the last couple of weeks.</li>
</ul>


We look at short interest across Hong Kong, Japan, Korea and Taiwan in April to identify stocks/sectors that have seen the largest changes in each market.
Korea and Taiwan are showing a clear divergence with short notional increasing as the market moves lower, indicative of new shorts being initiated.

China Merchants Bank H (3968 HK) has seen the largest short covering as the stock has tumbled in the last couple of weeks.


Asia Short Interest: Large Moves in April

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)

Woori Financials Placement - Almost a Clean-Up Although past Deals Haven’t Done Much

KDIC is looking to sell around half of its remaining stake in Woori Financial Group (WFG) to raise around US$160m. This is almost a clean-up trade.

Sumeet Singh

GlobalWafers (6488.TT): Not Settling Disturbing Reasons, but We Presume Stock Price Could Rebound.

Its revenue, GM and NM were NT$16.3bn, 42.6% and 36.1% in 1Q22. The stock dividend is NT$16 in 2022, which is 58.7% payout ration from 2021...

Patrick Liao

TSMC (TSM.US; 2330.TT): Further Wafer Price Raise About 6% from the Beginning of 2023

TSMC will raise wafer price about 6% for all product lines since the beginning of 2023. It's believed the Fabless company's margin could be...

Patrick Liao

Is Samsung in Trouble or Just in Another Downcycle?

Samsung will need to really show that they are not falling behind in terms of technology leadership seems to be the focal point of the remainder of...

Ken S. Kim

Asia Short Interest: Large Moves in April

Short notional in Korea and Taiwan has been increasing as the market has been moving lower. Shorts on China Merchant Bank have been covered in...

Brian Freitas

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