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

Zhejiang Leapmotor Technologie / Equity Capital Markets

<ul>
<li>Leapmotor (LM) aims to raise around US$1.5bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.</li>
<li>As of end Jun 22, it had delivered a total of 104,829 cars with most of its sales coming from its mini units, T03.</li>
<li>In our previous notes, we spoke about the company’s past performance and its PHIP updates. In this note, we will undertake a peer comparison.</li>
</ul>


Leapmotor (LM) aims to raise around US$1.5bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.
As of end Jun 22, it had delivered a total of 104,829 cars with most of its sales coming from its mini units, T03.
In our previous notes, we spoke about the company’s past performance and its PHIP updates. In this note, we will undertake a peer comparison.


Leapmotor Pre-IPO - Peer Comparison - One of the Leaders in 2Q Volumes but Lags on Margins

WM Motor Technology Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wm-motor-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29225:1" rel="noopener">WM Motor Technology Co Ltd (WMT CH)</a> (WMM) is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>WM Motor is a smart EV player in China. As of the latest practicable date, it had a total of four main EV models. </li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



WM Motor Technology Co Ltd (WMT CH) (WMM) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
WM Motor is a smart EV player in China. As of the latest practicable date, it had a total of four main EV models. 
In this note, we talk about the positive aspects of the deal.


WM Motor Holding IPO - The Positives - Fast Growth Driven by Its SUV and Mainstream Focus

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>Hyundai Mobis said it was considering a split but had not yet made a decision. This kind of response is generally seen as an ACKNOWLEDGMENT.</li>
<li>The eventual goal should be to liquidate the Chung family's Mobis stake via spin-off/merger and swap it with Kia Motors' Mobis stake. It implies that this will be a spin-off.</li>
<li>This aspect serves as an opportunity to use today's Mobis price drop as a swing trading entry point. I would consider building a Long/Short setup with HMC at this point.</li>
</ul>


Hyundai Mobis said it was considering a split but had not yet made a decision. This kind of response is generally seen as an ACKNOWLEDGMENT.
The eventual goal should be to liquidate the Chung family's Mobis stake via spin-off/merger and swap it with Kia Motors' Mobis stake. It implies that this will be a spin-off.
This aspect serves as an opportunity to use today's Mobis price drop as a swing trading entry point. I would consider building a Long/Short setup with HMC at this point.


Looking at Hyundai Mobis Spin-Off from a Swing Trading Perspective

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>In the past several days, there have been numerous local media outlets that have mentioned about a potential launch of Apple Pay in Korea in the coming months. </li>
<li>We believe the launch of Apple Pay in Korea could occur in the next 6-12 months and this is likely to further heighten the competitive pressures on Kakao Pay.</li>
<li>We continue to be concerned about the lofty valuation multiples of Kakao Pay as it is trading at 165x P/E (2024E) and 5.1x P/B (2024E). </li>
</ul>


In the past several days, there have been numerous local media outlets that have mentioned about a potential launch of Apple Pay in Korea in the coming months. 
We believe the launch of Apple Pay in Korea could occur in the next 6-12 months and this is likely to further heighten the competitive pressures on Kakao Pay.
We continue to be concerned about the lofty valuation multiples of Kakao Pay as it is trading at 165x P/E (2024E) and 5.1x P/B (2024E). 


The Launch of Apple Pay Is Likely to Result in Market Share Losses for Kakao Pay

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Last week we noted that the bullish reversals had begun, with the MSCI ACWI (ACWI-US), STOXX Europe 50, and SPX the first few to reverse topside their 4-month downtrends.</li>
<li>As we discuss below, bullish reversals are proliferating globally, something that continues to support our belief that global equities are bottoming.</li>
<li>Global growth Sectors continue to gain momentum and have emerged as leadership -- overweight growth. Sectors covered today include Technology, Consumer Discretionary, and Industrials -- add exposure</li>
</ul>


Last week we noted that the bullish reversals had begun, with the MSCI ACWI (ACWI-US), STOXX Europe 50, and SPX the first few to reverse topside their 4-month downtrends.
As we discuss below, bullish reversals are proliferating globally, something that continues to support our belief that global equities are bottoming.
Global growth Sectors continue to gain momentum and have emerged as leadership -- overweight growth. Sectors covered today include Technology, Consumer Discretionary, and Industrials -- add exposure


Bullish Reversals Proliferate; Stick With Growth; Buy Ideas in Tech, Discretionary, & Industrials

South Korea

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

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Hyundai Motor (005385 KS)

Leapmotor Pre-IPO - Peer Comparison - One of the Leaders in 2Q Volumes but Lags on Margins

Leapmotor (LM) aims to raise around US$1.5bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015. In this note, we...

Sumeet Singh

WM Motor Holding IPO - The Positives - Fast Growth Driven by Its SUV and Mainstream Focus

WM Motor Technology Co Ltd is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects of...

Sumeet Singh

Looking at Hyundai Mobis Spin-Off from a Swing Trading Perspective

This post looks at the Hyundai Mobis spin-off situation from a swing trade perspective, specifically a pair trade with Hyundai Motor.

Sanghyun Park

Bullish Reversals Proliferate; Stick With Growth; Buy Ideas in Tech, Discretionary, & Industrials

Bullish reversals begun last week in $ACWI, $SPX, and $STOXX Europe 50, with each reversing topside their 4-month downtrends. Now, bullish...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Leapmotor Pre-IPO - Peer Comparison - One of the Leaders in 2Q Volumes but Lags on Margins

Leapmotor (LM) aims to raise around US$1.5bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015. In this note, we...

Sumeet Singh

WM Motor Holding IPO - The Positives - Fast Growth Driven by Its SUV and Mainstream Focus

WM Motor Technology Co Ltd is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects of...

Sumeet Singh

Looking at Hyundai Mobis Spin-Off from a Swing Trading Perspective

This post looks at the Hyundai Mobis spin-off situation from a swing trade perspective, specifically a pair trade with Hyundai Motor.

Sanghyun Park

The Launch of Apple Pay Is Likely to Result in Market Share Losses for Kakao Pay

We believe the launch of Apple Pay in Korea could occur in the next 6-12 months and this is likely to further heighten the competitive pressures on...

Douglas Kim

Bullish Reversals Proliferate; Stick With Growth; Buy Ideas in Tech, Discretionary, & Industrials

Bullish reversals begun last week in $ACWI, $SPX, and $STOXX Europe 50, with each reversing topside their 4-month downtrends. Now, bullish...

Vermilion Research