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 Aug 16th which has an aggregated holding worth USD550.5bn.</li>
<li>We estimate that foreign flows to be inflows of USD260mln. 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 Samsung Electronics, Sk Hynix, Naver.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 16th which has an aggregated holding worth USD550.5bn.
We estimate that foreign flows to be inflows of USD260mln. 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 Samsung Electronics, Sk Hynix, Naver.


KRX Foreign Holding Weekly (Aug 16th): Samsung Electronics, Sk Hynix, Naver

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Thematic (Sector/Industry)

<ul>
<li>The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
 Macro data points: China industrial production, retail sales, fixed asset investment; India inflation data.</li>
<li>
 Companies mentioned:<a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>, <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)</a>
</li>
</ul>


The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.

 Macro data points: China industrial production, retail sales, fixed asset investment; India inflation data.

 Companies mentioned:Bharti Airtel (BHARTI IN), Samsung Electronics (005930 KS)



GEMWeekly (16 Aug 2024): Chinese Macro Disappoints; India Macro; Bharti Airtel, Samsung Electronics

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a> has significantly outperformed this year, driven by a global AI-driven tailwind resulting in substantial revenue growth acceleration and a significant earnings upgrade cycle.</li>
<li>Record levels of FCF generation have supported dividend increases, and whilst future DPS expectations seem conservative, the current dividend yield suggests future increases have been priced in.</li>
<li>TSMC trades just above its 5-year historic average trading levels and at a premium to its key competitors, other smaller listed foundries, its main customers, and large suppliers.</li>
</ul>



Taiwan Semiconductor (TSMC) (2330 TT) has significantly outperformed this year, driven by a global AI-driven tailwind resulting in substantial revenue growth acceleration and a significant earnings upgrade cycle.
Record levels of FCF generation have supported dividend increases, and whilst future DPS expectations seem conservative, the current dividend yield suggests future increases have been priced in.
TSMC trades just above its 5-year historic average trading levels and at a premium to its key competitors, other smaller listed foundries, its main customers, and large suppliers.


TSMC (2330-TT): Revisiting Previous Bullish Themes Following Outperformance

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

Samsung Electronics Pref Shares / Event-Driven

<ul>
<li>Local traders see interest rate cuts and value-up disclosures as key for timing Samsung Electronics 1P discount narrowing.</li>
<li>Samsung's only realistic value-up goal beyond 50% FCF return is improving ROE, likely through a pref-skewed buyback or cancellation program.</li>
<li>If Samsung announces a value-up plan during the Bank of Korea's rate cuts, local traders expect the 1P discount to reverse, targeting October-November for position entry.</li>
</ul>


Local traders see interest rate cuts and value-up disclosures as key for timing Samsung Electronics 1P discount narrowing.
Samsung's only realistic value-up goal beyond 50% FCF return is improving ROE, likely through a pref-skewed buyback or cancellation program.
If Samsung announces a value-up plan during the Bank of Korea's rate cuts, local traders expect the 1P discount to reverse, targeting October-November for position entry.


Local Market Observations on Timing Samsung Electronics 1P Discount Narrowing

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Aug 9th which has an aggregated short interest worth USD5.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Celltrion, Sk Hynix, Samsung Heavy Industries, L&amp;F, Posco.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 9th which has an aggregated short interest worth USD5.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Celltrion, Sk Hynix, Samsung Heavy Industries, L&amp;F, Posco.


KRX Short Interest Weekly (Aug 9th): Celltrion, Sk Hynix, Samsung Heavy Industries, L&F, Posco

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)

KRX Foreign Holding Weekly (Aug 16th): Samsung Electronics, Sk Hynix, Naver

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Sk Hynix, Naver.

Ke Yan, CFA, FRM

GEMWeekly (16 Aug 2024): Chinese Macro Disappoints; India Macro; Bharti Airtel, Samsung Electronics

The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global...

Wium Malan, CFA

TSMC (2330-TT): Revisiting Previous Bullish Themes Following Outperformance

In this insight, we revisit our bullish outlook for TSMC by analysing its revenue growth and margin prospects, Free Cash Flow generation outlook,...

Wium Malan, CFA

Local Market Observations on Timing Samsung Electronics 1P Discount Narrowing

Samsung Electronics and Hyundai Motor are expected to announce their value-up plans before the Korea Value-Up Index launches in mid-September....

Sanghyun Park

KRX Short Interest Weekly (Aug 9th): Celltrion, Sk Hynix, Samsung Heavy Industries, L&F, Posco

We analyzed KRX short interest report for the past week and highlighted short interest changes in Celltrion, Sk Hynix, Samsung Heavy Industries,...

Ke Yan, CFA, FRM

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52-week Range

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P/E

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