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

China Tourism Group Duty Free Corp Ltd / Equity Capital Markets

<ul>
<li>China Tourism Group Duty Free Corporation Limited (CDF) now aims to raise US$2-3bn in its H-share listing in Hong Kong.</li>
<li>As per Frost &amp; Sullivan, CDF had 92.3% market share by retail revenue in China duty-free merchandise sales in 2020.</li>
<li>In this note, we will talk about the recent updates from its revised filings and revisit valuations.</li>
</ul>


China Tourism Group Duty Free Corporation Limited (CDF) now aims to raise US$2-3bn in its H-share listing in Hong Kong.
As per Frost &amp; Sullivan, CDF had 92.3% market share by retail revenue in China duty-free merchandise sales in 2020.
In this note, we will talk about the recent updates from its revised filings and revisit valuations.


China Tourism Group A/H Listing - Updates from Revised Filing and Quick Thoughts on Valuation

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>There were 128k visitors to South Korea in April, up 32% MoM which was the biggest jump in MoM change in visitors to South Korea in the past year.</li>
<li>There were 215k outbound people from South Korea in April 2022, up 48% MoM and up 202% YoY.</li>
<li>Among the 21 major reopening plays in Korea, we prefer certain sectors including casino related plays (GKL, Paradise, and Kangwon Land) as well as F&amp;B related (Hitejinro and CJ Cheiljedang).</li>
</ul>


There were 128k visitors to South Korea in April, up 32% MoM which was the biggest jump in MoM change in visitors to South Korea in the past year.
There were 215k outbound people from South Korea in April 2022, up 48% MoM and up 202% YoY.
Among the 21 major reopening plays in Korea, we prefer certain sectors including casino related plays (GKL, Paradise, and Kangwon Land) as well as F&amp;B related (Hitejinro and CJ Cheiljedang).


Significant MoM Increase in Inbound & Outbound Visitors in Korea in April 2022

Quantitative Analysis

<ul>
<li>In this insight, we provide the data analysis regarding most shorted stocks and short selling ratios for stocks in KOSPI. </li>
<li>Among these 20 most shorted stocks in KOSPI, the % changes in the short amount on a one week and one month basis were -0.2% and 6.4%, respectively.</li>
<li>Among these 20 most shorted stocks in KOSPI, three stocks with the biggest decline in shorts on a one month basis included Krafton, Kumho Petro Chemical, and Samsung Heavy Industries. </li>
</ul>


In this insight, we provide the data analysis regarding most shorted stocks and short selling ratios for stocks in KOSPI. 
Among these 20 most shorted stocks in KOSPI, the % changes in the short amount on a one week and one month basis were -0.2% and 6.4%, respectively.
Among these 20 most shorted stocks in KOSPI, three stocks with the biggest decline in shorts on a one month basis included Krafton, Kumho Petro Chemical, and Samsung Heavy Industries. 


Korea Short Selling Data Analysis: Celltrion, Amorepacific, Hotel Shilla, & Hanssem

Event-Driven

<ul>
<li>After the market close today, Hanssem, one of the largest furniture companies in Korea, announced that it will conduct a share buyback worth 60 billion won and raise dividend payouts.</li>
<li>Hanssem will start to provide quarterly dividend payments starting 1Q 2022. A 50% dividend payout on estimated net profit of 84.7 billion won would be 1,800 won in DPS.</li>
<li>The combination of share buyback, higher dividend payouts, and a change to quarterly dividend payments is likely to result in positive capital inflow to Hanssem. </li>
</ul>


After the market close today, Hanssem, one of the largest furniture companies in Korea, announced that it will conduct a share buyback worth 60 billion won and raise dividend payouts.
Hanssem will start to provide quarterly dividend payments starting 1Q 2022. A 50% dividend payout on estimated net profit of 84.7 billion won would be 1,800 won in DPS.
The combination of share buyback, higher dividend payouts, and a change to quarterly dividend payments is likely to result in positive capital inflow to Hanssem. 


Hanssem - Share Buyback Worth 60 Billion Won, Higher Dividend Payout, & Teton Capital Going Active

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>Another thing to consider in strategic trades aimed at the buying trend for yearend dividend hunting is the ₩1B majority shareholder transfer tax-triggered selling trend.</li>
<li>But the degree of direct conflict between the buying force targeting dividends and this factor at the point close to the ex-dividend date should not be as large as expected.</li>
<li>Considering a gradual preemptive sale of yearend tax evasion until the ex-dividend, we should consider shortening the trading time frame of the yearend dividend play close to the ex-dividend.</li>
</ul>


Another thing to consider in strategic trades aimed at the buying trend for yearend dividend hunting is the ₩1B majority shareholder transfer tax-triggered selling trend.
But the degree of direct conflict between the buying force targeting dividends and this factor at the point close to the ex-dividend date should not be as large as expected.
Considering a gradual preemptive sale of yearend tax evasion until the ex-dividend, we should consider shortening the trading time frame of the yearend dividend play close to the ex-dividend.


Yearend Dividend-Hunt Buying Vs. Majority Shareholder Transfer Tax-Triggered Selling

South Korea

Lotte Shopping Co., Ltd. operates department stores and discount stores in South Korea.  The Company retails clothing, household goods, foods and other items through several branches.  Lotte Shopping also operates supermarkets and movie theaters.

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Lotte Shopping Co (023530 KS)

China Tourism Group A/H Listing - Updates from Revised Filing and Quick Thoughts on Valuation

China Tourism Group Duty Free now aims to raise US$2-3bn in its H-share listing in Hong Kong. In this note, we talk about the revised filings along...

Sumeet Singh

Significant MoM Increase in Inbound & Outbound Visitors in Korea in April 2022

There were 128k visitors to South Korea in April, up 32% MoM. There were 215k outbound people from South Korea in April 2022, up 48% MoM.

Douglas Kim

Korea Short Selling Data Analysis: Celltrion, Amorepacific, Hotel Shilla, & Hanssem

Among these 20 most shorted stocks in KOSPI, the % changes in the short amount on a one week and one month basis were -0.2% and 6.4%, respectively.

Douglas Kim

Yearend Dividend-Hunt Buying Vs. Majority Shareholder Transfer Tax-Triggered Selling

This post looks at the yearend dividend-hunt buying versus the ₩1B majority shareholder transfer tax-triggered selling trend.

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Tourism Group A/H Listing - Updates from Revised Filing and Quick Thoughts on Valuation

China Tourism Group Duty Free now aims to raise US$2-3bn in its H-share listing in Hong Kong. In this note, we talk about the revised filings along...

Sumeet Singh

Significant MoM Increase in Inbound & Outbound Visitors in Korea in April 2022

There were 128k visitors to South Korea in April, up 32% MoM. There were 215k outbound people from South Korea in April 2022, up 48% MoM.

Douglas Kim

Korea Short Selling Data Analysis: Celltrion, Amorepacific, Hotel Shilla, & Hanssem

Among these 20 most shorted stocks in KOSPI, the % changes in the short amount on a one week and one month basis were -0.2% and 6.4%, respectively.

Douglas Kim

Hanssem - Share Buyback Worth 60 Billion Won, Higher Dividend Payout, & Teton Capital Going Active

After the market close today, Hanssem, one of the largest furniture companies in Korea, announced that it will conduct a share buyback worth 60...

Douglas Kim

Yearend Dividend-Hunt Buying Vs. Majority Shareholder Transfer Tax-Triggered Selling

This post looks at the yearend dividend-hunt buying versus the ₩1B majority shareholder transfer tax-triggered selling trend.

Sanghyun Park