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.

Event-Driven

HD Hyundai Heavy Industries  / Event-Driven

<ul>
<li>Hyundai Heavy Industries (HHI) was listed on Korea Exchange on 17th September, 2021. Its one year lock-up will expire on 17th Sep, 2022.</li>
<li>Hyundai Heavy Industries (HHI) is a South Korean shipbuilder. The company is majority owned by Korea Shipbuilding &amp; Offshore Engineering (009540 KS) after the latter’s spin-off in 2019.</li>
<li>In this note, we will talk about the upcoming lock-up expiry, along with recent updates.</li>
</ul>


Hyundai Heavy Industries (HHI) was listed on Korea Exchange on 17th September, 2021. Its one year lock-up will expire on 17th Sep, 2022.
Hyundai Heavy Industries (HHI) is a South Korean shipbuilder. The company is majority owned by Korea Shipbuilding &amp; Offshore Engineering (009540 KS) after the latter’s spin-off in 2019.
In this note, we will talk about the upcoming lock-up expiry, along with recent updates.


Hyundai Heavy IPO Lock-Up - Last of the Lockups with Employees Coming Free

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.

<ul>
<li>The Korea NPS released the yearly report for 2021 last week, which is attached at the bottom of this post. Yes, for this, an English version is available.</li>
<li>The NPS also releases a status report every month that contains limited data. Based on the annual and monthly status reports, we can infer the allocation breakdown and flow trends.</li>
<li>Through this post, let's look at the shareholding changes and flow trends with the release of this annual report. <strong>Please note that this post does not make any investment recommendations.</strong>
</li>
</ul>


The Korea NPS released the yearly report for 2021 last week, which is attached at the bottom of this post. Yes, for this, an English version is available.
The NPS also releases a status report every month that contains limited data. Based on the annual and monthly status reports, we can infer the allocation breakdown and flow trends.
Through this post, let's look at the shareholding changes and flow trends with the release of this annual report. Please note that this post does not make any investment recommendations.



Assessing the Korea NPS-Originated Flow Trends and Allocation Breakdown

<ul>
<li>The Korea FSC finalized the additional investor protection measures: 1. stricter disclosure rules, 2. tighter listing requirements, and 3. mandatory appraisal rights.</li>
<li>The retroactive application period is five years. Companies that have been split off five years ago from the effective date are also subject to these new rules.</li>
<li>We can play LONG/SHORT aimed at staggered spreads, considering that the pricing period is 2M VWAP and that a downward price revision intensifies towards the announcement with mandatory appraisal rights.</li>
</ul>


The Korea FSC finalized the additional investor protection measures: 1. stricter disclosure rules, 2. tighter listing requirements, and 3. mandatory appraisal rights.
The retroactive application period is five years. Companies that have been split off five years ago from the effective date are also subject to these new rules.
We can play LONG/SHORT aimed at staggered spreads, considering that the pricing period is 2M VWAP and that a downward price revision intensifies towards the announcement with mandatory appraisal rights.


New Regulations on Split-Off Listing in Korea: Complete Details & Trading Implications

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

Equity Bottom-Up

Samsung Electronics Pref Shares / Equity Bottom-Up

<ul>
<li>With JY Lee pardoned this past Monday, there is a lot of speculation about the speed of restructuring</li>
<li>A lot will depend on what happens with whether Samsung Life will be forced to sell its shares in Samsung Electronics</li>
<li>What should be done for the best of the family and shareholders is to buyout the pref shares</li>
</ul>


With JY Lee pardoned this past Monday, there is a lot of speculation about the speed of restructuring
A lot will depend on what happens with whether Samsung Life will be forced to sell its shares in Samsung Electronics
What should be done for the best of the family and shareholders is to buyout the pref shares


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Our base case NAV valuation of Samsung C&amp;T is 147,095 won per share, representing 20% higher than current share price.</li>
<li>Samsung C&amp;T is up 4.7% YTD, significantly outperforming the market and its major affiliates including Samsung Electronics (down 24.9% YTD).</li>
<li>We mention four major factors leading Samsung C&amp;T to outperform Samsung Electronics' shares this year including shift to value stocks, Neom project, higher commodity prices, and downturn in semiconductor sector.</li>
</ul>


Our base case NAV valuation of Samsung C&amp;T is 147,095 won per share, representing 20% higher than current share price.
Samsung C&amp;T is up 4.7% YTD, significantly outperforming the market and its major affiliates including Samsung Electronics (down 24.9% YTD).
We mention four major factors leading Samsung C&amp;T to outperform Samsung Electronics' shares this year including shift to value stocks, Neom project, higher commodity prices, and downturn in semiconductor sector.


Samsung C&T: Closing the NAV Discount Gap

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)

Hyundai Heavy IPO Lock-Up - Last of the Lockups with Employees Coming Free

Hyundai Heavy Industries (HHI) was listed on Korea Exchange on 17th September, 2021. Its one year lock-up will expire on 17th Sep, 2022.

Sumeet Singh

Assessing the Korea NPS-Originated Flow Trends and Allocation Breakdown

This post assesses the Korea NPS annual report released last week along with the latest monthly status report to find recent patterns in allocation...

Sanghyun Park

New Regulations on Split-Off Listing in Korea: Complete Details & Trading Implications

This post details the new rules applicable to the split-off listings in Korea, which the Korea FSC finalized yesterday and will be effective as...

Sanghyun Park

JY Lee Pardoned; What Should He Do Next?

What is good for JY Lee could be good for minority shareholders of Samsung Electronics. How to get 2 birds with one stone.

Ken S. Kim

Samsung C&T: Closing the NAV Discount Gap

Four major factors leading Samsung C&T to outperform Samsung Electronics' shares this year include a shift to value stocks, Neom project, higher...

Douglas Kim

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