Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Murakami to tender stake in <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>? Maybe the "double arb": i.e. short on swap, long on cash, will tender the cash, remain short the back end.</li>
<li>
<a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a> rejected (for now) <a href="https://www.smartkarma.com/entities/hanwha-ocean-co-ltd" target="_blank" data-smartkarma-citation="entities:12531:1" rel="noopener">Hanwha Ocean (042660 KS)</a>'s bid based on regulatory concerns.  Hanwha reckons these should not be an issue.</li>
<li>If you can tolerate owning the mobile biz, buy <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> on dips. If not, avoid Rakuten Group and Rakuten Bank short-term; buy Rakuten Bank on larger dips.</li>
</ul>


Murakami to tender stake in JSR Corp (4185 JP)? Maybe the "double arb": i.e. short on swap, long on cash, will tender the cash, remain short the back end.

Austal Ltd (ASB AU) rejected (for now) Hanwha Ocean (042660 KS)'s bid based on regulatory concerns.  Hanwha reckons these should not be an issue.
If you can tolerate owning the mobile biz, buy Rakuten (4755 JP) on dips. If not, avoid Rakuten Group and Rakuten Bank short-term; buy Rakuten Bank on larger dips.


Last Week in Event SPACE: JSR, Austal, Rakuten, Hyundai Home Shopping, Hanmi Science

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

HD Hyundai Marine Solution  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a> is looking to raise up to US$555m in its Korean IPO.</li>
<li>HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship.</li>
<li>In our previous note, we talked about the company’s historical performance. In this note, we talk about peer comparison.</li>
</ul>



HD Hyundai Marine Solution (443060 KS) is looking to raise up to US$555m in its Korean IPO.
HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship.
In our previous note, we talked about the company’s historical performance. In this note, we talk about peer comparison.


HD Hyundai Marine Solution IPO - Peer Comparison - Not Particularly Exciting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a> is looking to raise up to US$555m in its Korean IPO.</li>
<li>HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship. </li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



HD Hyundai Marine Solution (443060 KS) is looking to raise up to US$555m in its Korean IPO.
HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship. 
In this note, we talk about the company’s historical performance.


HD Hyundai Marine Solution IPO - Strong Profitability Growth but Lacking in Disclosures

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>
Kum Yang and Youlchon Chemical are within the borderline for inclusion, whereas Hwaseung Enterprise and K Car are in the deletion zone.</li>
<li>Since the review period has reached 75%, it seems reasonable to consider a somewhat aggressive buildup for them.</li>
<li>We can also consider setting up preemptive positions only for Kum Yang and Hwaseung Enterprise and then sequentially look for entry opportunities for Youlchon and K Car later on.</li>
</ul>



Kum Yang and Youlchon Chemical are within the borderline for inclusion, whereas Hwaseung Enterprise and K Car are in the deletion zone.
Since the review period has reached 75%, it seems reasonable to consider a somewhat aggressive buildup for them.
We can also consider setting up preemptive positions only for Kum Yang and Hwaseung Enterprise and then sequentially look for entry opportunities for Youlchon and K Car later on.


Names for a Preemptive Long Short Setup for KOSPI 200 June Rebalancing

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

HDC Hyundai Development Co-Engineering & Construction / Event-Driven

HDC Hyundai Development Co-Engineering & Construction

<ul>
<li>There will be 7 additions and 7 deletions for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)</a> at the December rebalance that will be implemented on 14 December.</li>
<li>The rebalance is on expected lines, though the index committee decided not to add <a href="https://www.smartkarma.com/entities/youngpoong-paper-mfg-co-ltd" target="_blank" data-smartkarma-citation="entities:3467:1" rel="noopener">Youngpoong Paper (006740 KS)</a> to the index. Not really a big surprise given the price move.</li>
<li>
<a href="https://www.smartkarma.com/entities/hdc-hyundai-development-co-engineering-construction" target="_blank" data-smartkarma-citation="entities:27397:1" rel="noopener">HDC Hyundai Development Co-Engineering &amp; Construction (294870 KS)</a> is a surprise delete and there is not much short interest that could cover against the passive selling.</li>
</ul>


There will be 7 additions and 7 deletions for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY) at the December rebalance that will be implemented on 14 December.
The rebalance is on expected lines, though the index committee decided not to add Youngpoong Paper (006740 KS) to the index. Not really a big surprise given the price move.

HDC Hyundai Development Co-Engineering &amp; Construction (294870 KS) is a surprise delete and there is not much short interest that could cover against the passive selling.


KOSPI200 Index Rebalance: Mostly Expected Though Some Discretion Used

South Korea

YES24 Co.,Ltd is an on-line retailer.  The company markets and sells books. The company also provides online advertising service.

ISE Commerce Co., Ltd. provides overseas online shopping service.  The company allows customers to buy overseas items with foreign registered credit cards acting as buying agent on behalf of them.  The service also includes local language description and delivery.

Shinsegae International Co., Ltd. was spun off from Shinsegae in 1996.  The company imports and distributes famous foreign brands and manufactures/distribut es domestic brand.  The Company's line of business includes the wholesale distribution of men's and women's apparel.

Cuckoo Homesys Co. Ltd. manufactures kitchen appliances. The Company produces and sells electric pressure cookers, dishwashers, blenders, water purifiers, and other products. Cuckoo Homesys also provides kitchen appliances exporting services. Cuckoo Homesys markets its products worldwide.

Kolao Holdings retails new and used cars, and provided repairs and maintenance services in Laos.  The company also retails motorcycles and automobile parts.

Seobu T&D operates a truck terminal and gas stations. The Company also provides freight and real estate leasing services.

LS Networks Co., Ltd. manufactures leather and athletic shoes, sports apparel, golf accessories, and leisure items.  The Company also operates a building leasing business.

Lotte Himart Company, Ltd. offers retailing and distribution services for consum er electronics and household appliances.  The Company offers a wide range of ele ctronic goods including TV, cell phones, computers, printers, GPS, digital camer as and MP3 as well as household appliances including refrigerators, microwaves, hair dryers and vacuum cleaners.

GwangjuShinsegae Co., Ltd. manages department store in Gwangju city located in southwest of Korea.  The Company's merchandise includes men and women's clothes, foods, and consumer goods.

Deutsch Motors Inc. operates automobile dealership for new and used cars.  The Company also rents and leases the motor vehicles and provides after-sales services.  Deutsch Motors' cars include BMW and BMW's Mini.

BELLUNA CO., LTD. is a mail-order company offering clothing, household goods, and hobby goods through catalogs.  The Company also provides financing service.

Oisix ra daichi Inc. sells various food products online. Among other products, the company sells vegetables, fruits, fish, meat, milk, and ready-made food.

boohoo group plc is an online fashion retailer. The Company offers women's clothing and apparel through its website. boohoo.com ships its products around the world.

On the Beach Group PLC is an online retailer of beach vacations. The Company aims to provide customers in the United Kingdom with affording short-haul holidays. On the Beach Group's technology platform allows customers to package their vacation details, including flights and hotel combinations.

Dustin Group AB offers IT products and related services to businesses, governments and individuals. The Company sells computers, printers, copiers, tablets, mobile phones and other electronics and accessories.

Kogan.com Ltd operates as a portfolio of retail and services businesses that includes retail, marketplace, mobile, broadband, insurance, and travel. The Company focuses on making in-demand products and services. Kogan.com specializes in consumer brand renowned for price leadership through digital solutions.

Stitch Fix, Inc. operates as an online subscription and personal shopping platform. The Company offers shirts, jackets, sweaters, blazers, leggings, vests, scarfs, jeans, loafers, and boots for men and women. Stitch Fix serves customers in the United States.

Ci Medical Co.,Ltd. manufactures and sells dental care products by mail order. The Company provides dental care products, toothbrushes, and other products. Ci Medical also operates dental magazines publishing.

Qurate Retail, Inc. provides e-commerce services. The Company engages in the video and digital commerce via television networks and e-commerce sites, social pages, mobile application, print catalogs, and in-store destinations. Qurate Retail serves customers worldwide.

Amway (Malaysia) Holdings Berhad is a direct marketing company. Through its subsidiaries, the Company distributes consumer products under the AMWAY trademark in Malaysia. The four product lines distributed are nutrition and wellness, personal care, home care, and home tech.

Hyundai Home Shopping Network Corporation  mechandises consumer products. The Company's products include clothes, home appliances, food, and luxuries. Hyundai Home Shopping retails through TV home shoppoing channels, catalogs, and the Inte rnet shopping mall.

Hyundai Home Shopping Network (057050 KS)

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Hyundai Home Shopping Network (057050 KS)

Last Week in Event SPACE: JSR, Austal, Rakuten, Hyundai Home Shopping, Hanmi Science

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

HD Hyundai Marine Solution IPO - Peer Comparison - Not Particularly Exciting

HD Hyundai Marine Solution (443060 KS) is looking to raise up to US$555m in its Korean IPO. In this note, we talk about peer comparison.

Ethan Aw

HD Hyundai Marine Solution IPO - Strong Profitability Growth but Lacking in Disclosures

HD Hyundai Marine Solution (443060 KS) is looking to raise up to US$555m in its Korean IPO. In this note, we talk about the company’s historical...

Ethan Aw

Names for a Preemptive Long Short Setup for KOSPI 200 June Rebalancing

Despite controversies, KRX will fast-track Ecopro Materials into KOSPI 200 during the December 15th regular rebalancing, removing K Car. An...

Sanghyun Park

KOSPI200 Index Rebalance: Mostly Expected Though Some Discretion Used

There are 7 changes for the KOSPI200 in December. While most changes are expected, there are a few surprises. Impact is large on most stocks and...

Brian Freitas

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