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 9th which has an aggregated holding worth USD518.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,842mln. 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 (005930 KS), Sk Hynix (000660 KS).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 9th which has an aggregated holding worth USD518.5bn.
We estimate that foreign flows to be outflows of USD1,842mln. 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 (005930 KS), Sk Hynix (000660 KS).


KRX Foreign Holding Weekly (Aug 9th): Samsung Electronics, Sk Hynix

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

<ul>
<li>Trading opportunities arise when overseas traders' SSF positions face unwinding by local market makers, who enter SSF positions and take opposing spot positions, unwinding at expiry.</li>
<li>August-Expiry SSF data shows reverse flow impact by local market makers today, with varying degrees of impact per stock but an observable overall trend.</li>
<li>With ongoing market volatility in Korea, consider setups targeting price impacts from reverse flows of sector pairs trading on the next SSF expiration date.</li>
</ul>


Trading opportunities arise when overseas traders' SSF positions face unwinding by local market makers, who enter SSF positions and take opposing spot positions, unwinding at expiry.
August-Expiry SSF data shows reverse flow impact by local market makers today, with varying degrees of impact per stock but an observable overall trend.
With ongoing market volatility in Korea, consider setups targeting price impacts from reverse flows of sector pairs trading on the next SSF expiration date.


Trading Opportunities from the Rise of Sector Pairs Trading Using SSFs & MM Unwinding at Expiry

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Honor's IPO faces challenges as Huawei makes a comeback in the market, highlighting the stiff competition in the tech industry.</li><li>Hanoi's goal to become a semiconductor hub through new legislation and investments puts Vietnam on the map as a player in global tech.</li><li>Hyundai's technological advancements contribute to South Korea's dominance in Olympic archery, showcasing the impact of innovation in sports.</li></ul>

Honor's IPO faces challenges as Huawei makes a comeback in the market, highlighting the stiff competition in the tech industry.Hanoi's goal to become a semiconductor hub through new legislation and investments puts Vietnam on the map as a player in global tech.Hyundai's technological advancements contribute to South Korea's dominance in Olympic archery, showcasing the impact of innovation in sports.

Tech Supply Chain Tracker (08-Aug-2024): Honor IPO faces hurdles amid Huawei rise.

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Aug 2nd which has an aggregated short interest worth USD5.4bn.</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 Sk Hynix, Korea Aerospace, Posco.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 2nd which has an aggregated short interest worth USD5.4bn.
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 Sk Hynix, Korea Aerospace, Posco.


KRX Short Interest Weekly (Aug 2nd): Sk Hynix, Korea Aerospace, Posco

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>The 2Q24 revenue was NT$15.3bn, 1.6% QoQ and -14.4% YoY. GM in 2Q24 was 32.3%, -5.8% QQ and -14.3% YoY. OPM in 2Q24 was 22.0%, -16.3% QoQ and -24.1% YoY.</li>
<li>The widespread adoption of AI-driven electronic devices, along with the onset of the AI-powered device replacement cycle, is likely driving increased demand for peripheral ICs and sensors. </li>
<li>With inventory levels gradually depleting and downstream customers ramping up production capacity in 2025, the semiconductor industry is expected to recover in 2H24 and maintain an optimistic outlook for 2025.</li>
</ul>


The 2Q24 revenue was NT$15.3bn, 1.6% QoQ and -14.4% YoY. GM in 2Q24 was 32.3%, -5.8% QQ and -14.3% YoY. OPM in 2Q24 was 22.0%, -16.3% QoQ and -24.1% YoY.
The widespread adoption of AI-driven electronic devices, along with the onset of the AI-powered device replacement cycle, is likely driving increased demand for peripheral ICs and sensors. 
With inventory levels gradually depleting and downstream customers ramping up production capacity in 2025, the semiconductor industry is expected to recover in 2H24 and maintain an optimistic outlook for 2025.


GlobalWafers (6488.TT): Semi Industry Expected to Recover in 2H24, Holding an Bright Outlook in 2025

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.

Samsung Electronics Pref Shares (005935 KS)

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Samsung Electronics Pref Shares (005935 KS)

KRX Foreign Holding Weekly (Aug 9th): Samsung Electronics, Sk Hynix

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

Ke Yan, CFA, FRM

Trading Opportunities from the Rise of Sector Pairs Trading Using SSFs & MM Unwinding at Expiry

This post explores trading opportunities from the rise of sector pairs trading using single-stock futures and market makers unwinding at expiry.

Sanghyun Park

Tech Supply Chain Tracker (08-Aug-2024): Honor IPO faces hurdles amid Huawei rise.

Tech news roundup: Honor IPO struggles, Huawei rebounds; Hanoi aims for semiconductor hub status; Hyundai boosts South Korea's Olympic archery...

Tech Supply Chain Tracker

KRX Short Interest Weekly (Aug 2nd): Sk Hynix, Korea Aerospace, Posco

We analyzed KRX short interest report for the past week and highlighted short interest changes in Sk Hynix, Korea Aerospace, Posco.

Ke Yan, CFA, FRM

GlobalWafers (6488.TT): Semi Industry Expected to Recover in 2H24, Holding an Bright Outlook in 2025

2Q24 revenue for the semiconductor industry saw a slight QoQ increase but a significant YoY decrease. Recovery expected in 2H24 with an optimistic...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KRX Foreign Holding Weekly (Aug 9th): Samsung Electronics, Sk Hynix

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

Ke Yan, CFA, FRM

Trading Opportunities from the Rise of Sector Pairs Trading Using SSFs & MM Unwinding at Expiry

This post explores trading opportunities from the rise of sector pairs trading using single-stock futures and market makers unwinding at expiry.

Sanghyun Park

Tech Supply Chain Tracker (08-Aug-2024): Honor IPO faces hurdles amid Huawei rise.

Tech news roundup: Honor IPO struggles, Huawei rebounds; Hanoi aims for semiconductor hub status; Hyundai boosts South Korea's Olympic archery...

Tech Supply Chain Tracker

KRX Short Interest Weekly (Aug 2nd): Sk Hynix, Korea Aerospace, Posco

We analyzed KRX short interest report for the past week and highlighted short interest changes in Sk Hynix, Korea Aerospace, Posco.

Ke Yan, CFA, FRM

GlobalWafers (6488.TT): Semi Industry Expected to Recover in 2H24, Holding an Bright Outlook in 2025

​2Q24 revenue for the semiconductor industry saw a slight QoQ increase but a significant YoY decrease. Recovery expected in 2H24 with an optimistic...

Patrick Liao

2Q24 revenue for the semiconductor industry saw a slight QoQ increase but a significant YoY decrease. Recovery expected in 2H24 with an optimistic...