Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>Amid a major decline in the Korean stock market (KOSPI down 19.6% YTD), one of the best outperformers has been Kia Corp (000270 KS) which is down only 2% YTD.</li>
<li>Kia Corp is well poised to continue to outperform KOSPI in the next 6-12 months, mainly driven by its increasing market share for EVs globally and cheap EV/EBITDA valuation multiples.</li>
<li>The company also reported outstanding 2Q 2022 results, which should boost near-term sentiment on the stock. Kia Corp plans to launch its flagship EV9 model (large sized SUV) in 2023.</li>
</ul>


Amid a major decline in the Korean stock market (KOSPI down 19.6% YTD), one of the best outperformers has been Kia Corp (000270 KS) which is down only 2% YTD.
Kia Corp is well poised to continue to outperform KOSPI in the next 6-12 months, mainly driven by its increasing market share for EVs globally and cheap EV/EBITDA valuation multiples.
The company also reported outstanding 2Q 2022 results, which should boost near-term sentiment on the stock. Kia Corp plans to launch its flagship EV9 model (large sized SUV) in 2023.


Kia Corp: The Best Performing Stock Among Top 10 Market Cap Companies in KOSPI YTD

Equity Capital Markets

<ul>
<li>Socar, the largest car sharing platform in Korea, is getting ready to complete its IPO in KOSPI. The IPO base case offering size is from $120 million to $159 million.</li>
<li>The IPO price range is from 34,000 won to 45,000 won. The expected market cap of the company is from 1.2 trillion won to 1.6 trillion won.</li>
<li>Book building for the institutional investors starts on 1 August. Mirae Asset Securities and Samsung Securities are the lead underwriters in this IPO. </li>
</ul>


Socar, the largest car sharing platform in Korea, is getting ready to complete its IPO in KOSPI. The IPO base case offering size is from $120 million to $159 million.
The IPO price range is from 34,000 won to 45,000 won. The expected market cap of the company is from 1.2 trillion won to 1.6 trillion won.
Book building for the institutional investors starts on 1 August. Mirae Asset Securities and Samsung Securities are the lead underwriters in this IPO. 


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.

Sona Blw Precision Forgings Lt / Equity Capital Markets

<ul>
<li>Sona Comstar (Sona) raised around US$761m in its Indian IPO in Jun 2021. </li>
<li>The shares are now trading well above the IPO price and its largest PE investor, Blackstone, will be released from its lockup soon.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


Sona Comstar (Sona) raised around US$761m in its Indian IPO in Jun 2021. 
The shares are now trading well above the IPO price and its largest PE investor, Blackstone, will be released from its lockup soon.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Sona Comstar Lock-Up - Blackstone up 17x, Sold Half in the IPO with over US$1bn Left

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a> 's dealers are optimistic, expecting easing supply, new launches and the Maruti brand promise to drive back some of the lost market share. </li>
<li>
<a href="https://www.smartkarma.com/entities/kia-motors-corp" target="_blank" data-smartkarma-citation="entities:156:1" rel="noopener">Kia Motors Corp (000270 KS)</a> is gaining when it comes to fighting with its big brother <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a>. </li>
<li>There is a set of customers that now prefers Indian brands giving a good tailwind for <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> &amp; <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a>. </li>
</ul>



Maruti Suzuki India (MSIL IN) 's dealers are optimistic, expecting easing supply, new launches and the Maruti brand promise to drive back some of the lost market share. 

Kia Motors Corp (000270 KS) is gaining when it comes to fighting with its big brother Hyundai Motor Co (005380 KS). 
There is a set of customers that now prefers Indian brands giving a good tailwind for Tata Motors Ltd (TTMT IN) &amp; Mahindra &amp; Mahindra (MM IN). 


India Channel Insight #39 | Maruti, Hyundai

<ul>
<li>Amid the global markets chaos, there has been a huge truckers strike in South Korea, causing havoc across many industries.</li>
<li>On 14 June, the Post Office Courier Labor Union (POCLU) also warned that it will strike soon.</li>
<li>The labor union strikes by major industry groups in Korea could pose another big headache on the Korean equity markets in 2022. </li>
</ul>


Amid the global markets chaos, there has been a huge truckers strike in South Korea, causing havoc across many industries.
On 14 June, the Post Office Courier Labor Union (POCLU) also warned that it will strike soon.
The labor union strikes by major industry groups in Korea could pose another big headache on the Korean equity markets in 2022. 


Cargo Truckers Strike, Post Office Couriers Strike, & More Strikes Likely in Korea in 2022

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)

Kia Corp: The Best Performing Stock Among Top 10 Market Cap Companies in KOSPI YTD

Kia Corp is well poised to continue to outperform KOSPI in the next 6-12 months, mainly driven by its increasing market share for EVs globally and...

Douglas Kim

Socar IPO Preview

Socar, the largest car sharing platform in Korea, is getting ready to complete its IPO in KOSPI. The IPO base case offering size is from $120...

Douglas Kim

Sona Comstar Lock-Up - Blackstone up 17x, Sold Half in the IPO with over US$1bn Left

Sona Comstar (Sona) raised around US$761m in its Indian IPO in Jun 2021. The shares are trading well above the IPO price. Blackstone still owns...

Sumeet Singh

India Channel Insight #39 | Maruti, Hyundai

Going into FY23, the competitive dynamics in the Indian PV industry is changing. Maruti is expected to leverage its brand promise, Kia is eating...

Pranav Bhavsar

Cargo Truckers Strike, Post Office Couriers Strike, & More Strikes Likely in Korea in 2022

Amid the global markets chaos, there has been a huge truckers strike in South Korea, causing havoc across many industries.

Douglas Kim

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