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>The restructuring plan of Doosan Group announced today primarily consists of two merger events aimed at transferring the stake in Doosan Bobcat held by Doosan Enerbility to Doosan Robotics.</li>
<li>The 50% price cut on Doosan Enerbility's share price for merging with Doosan Robotics boosts Robotics' advantage. This resulted in a swap spread opening with Doosan Bobcat.</li>
<li>Considering an arbitrage strategy in the Doosan Robotics and Doosan Bobcat swap needs caution due to shareholder approval risks, especially with Doosan Enerbility's low controlling stake potentially complicating the process.</li>
</ul>


The restructuring plan of Doosan Group announced today primarily consists of two merger events aimed at transferring the stake in Doosan Bobcat held by Doosan Enerbility to Doosan Robotics.
The 50% price cut on Doosan Enerbility's share price for merging with Doosan Robotics boosts Robotics' advantage. This resulted in a swap spread opening with Doosan Bobcat.
Considering an arbitrage strategy in the Doosan Robotics and Doosan Bobcat swap needs caution due to shareholder approval risks, especially with Doosan Enerbility's low controlling stake potentially complicating the process.


Details of Two Doosan Mergers Involving Enerbility, Robotics, & Bobcat

<ul>
<li>This block deal has an unusual PSR (price swap return) contract at ₩58,200, the July 10th closing price, likely preventing Netmarble's typical stock price correction today.</li>
<li>In 2022, a similar-sized local PSR transaction involved Doosan Bobcat Inc, with 9.9 million shares and a PSR swap price of ₩37,500.</li>
<li>As for Doosan Bobcat, the stock initially dropped but rebounded near the PSR swap price, prompting local brokerages, focused on PSR fee income, to sell rather than realize capital gains.</li>
</ul>


This block deal has an unusual PSR (price swap return) contract at ₩58,200, the July 10th closing price, likely preventing Netmarble's typical stock price correction today.
In 2022, a similar-sized local PSR transaction involved Doosan Bobcat Inc, with 9.9 million shares and a PSR swap price of ₩37,500.
As for Doosan Bobcat, the stock initially dropped but rebounded near the PSR swap price, prompting local brokerages, focused on PSR fee income, to sell rather than realize capital gains.


Trading Setup Targeting the Netmarble PSR Contract, as Seen in the Case of Doosan Bobcat

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology</li>
<li>Portfolio changes: Five stock remains, nine stocks added to our portfolio</li>
<li>Since its inception, it has generated a before-fee total return of 188% versus the MSCI Asia ex Japan of 68%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: Five stock remains, nine stocks added to our portfolio
Since its inception, it has generated a before-fee total return of 188% versus the MSCI Asia ex Japan of 68%


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

<ul>
<li>In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with Japan &amp; Korea, after having looked at Hong Kong and India earlier.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with Japan &amp; Korea, after having looked at Hong Kong and India earlier.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2024 Asia IPO Pipeline - Japan & Korea

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Samsung Electronics   / Equity Capital Markets

<ul>
<li>In this note, we will take a look at broker performance for Korea IPOs and placements in 2023.</li>
<li>The following dataset includes all Korean IPOs and placements above US$100m, <strong>which amounted to a total of seven deals.</strong> Given the small number of deals, we’ll keep the note short.</li>
<li>The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.</li>
</ul>


In this note, we will take a look at broker performance for Korea IPOs and placements in 2023.
The following dataset includes all Korean IPOs and placements above US$100m, which amounted to a total of seven deals. Given the small number of deals, we’ll keep the note short.
The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.


Aequitas Korea IPOs + Placements Broker Performance 2023

South Korea

Bobcat Company specializes in design, manufacture, marketing and distribution of compact equipment for construction, rental, landscaping, agriculture, grounds maintenance, government, utility, industry and mining.

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Doosan Bobcat Inc (241560 KS)

Details of Two Doosan Mergers Involving Enerbility, Robotics, & Bobcat

This post provides an in-depth look at two mergers within Doosan Group, involving Enerbility, Robotics, and Bobcat. The mergers are designed to...

Sanghyun Park

Trading Setup Targeting the Netmarble PSR Contract, as Seen in the Case of Doosan Bobcat

This post discusses trade setups targetting the Netmarble PSR contract, disclosed yesterday by CJ ENM, drawing parallels from the Doosan Bobcat...

Sanghyun Park

The Stocks to Own in Asia – Vol. 44

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Five stock remains, nine stocks added...

A. Stotz Investment Research

Aequitas 2024 Asia IPO Pipeline - Japan & Korea

In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with Japan & Korea, after having looked at Hong Kong and India...

Sumeet Singh

Aequitas Korea IPOs + Placements Broker Performance 2023

In this note, we will take a look at broker performance for Korea IPOs and placements in 2023, which amounted to a total of seven deals. Given the...

Ethan Aw

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