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>LG Energy's listing will significantly impact the local battery sector indexes. Since the market cap is at least ₩60T, LG Energy's index weight will immediately approach the cap when included.</li>
<li>The stock with the most considerable passive flow impact following the inclusion of LG Energy would be none other than LG Chem.</li>
<li>LG Chem's passive outflow estimated based on the current index weight for each index is about 3.26x of ADTV, representing 1.06% of SO and 1.63% of float shares.</li>
</ul>


LG Energy's listing will significantly impact the local battery sector indexes. Since the market cap is at least ₩60T, LG Energy's index weight will immediately approach the cap when included.
The stock with the most considerable passive flow impact following the inclusion of LG Energy would be none other than LG Chem.
LG Chem's passive outflow estimated based on the current index weight for each index is about 3.26x of ADTV, representing 1.06% of SO and 1.63% of float shares.


LG Chem: Passive Outflow from Local Battery Sector Indexes

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

LG Energy Solution / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (LGENERGY KS)</a> is a leading EV battery manufacturer. It is pre-marketing an IPO to raise up to $10.8 billion, which would be South Korea’s largest-ever listing.  </li>
<li>In <a href="https://www.smartkarma.com/insights/lg-energy-solution-ipo-initiation-amp-my-ride" target="_blank" data-smartkarma-citation="insights:62402" rel="noopener">LG Energy Solution IPO Initiation: Amp My Ride</a>, we stated that LGES has attractive fundamentals with a strong backlog, healthy revenue growth and improving margins (recall provisions have peaked). </li>
<li>In this note, we benchmark LGES and its listed battery peers across key financial metrics.  </li>
</ul>



LG Energy Solution (LGENERGY KS) is a leading EV battery manufacturer. It is pre-marketing an IPO to raise up to $10.8 billion, which would be South Korea’s largest-ever listing.  
In LG Energy Solution IPO Initiation: Amp My Ride, we stated that LGES has attractive fundamentals with a strong backlog, healthy revenue growth and improving margins (recall provisions have peaked). 
In this note, we benchmark LGES and its listed battery peers across key financial metrics.  


LG Energy Solution Vs CATL Vs Samsung SDI Vs SK Innovation

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>After the market close today, it was announced that Chairman of LX Holdings Koo Bon-Joon will sell about 530 billion won worth of LG Corp (003550 KS).</li>
<li>The block sale price range is from 79,800 won to 82,400 won per share, which are 5.2% to 8.2% discount to the closing price of LG Corp today.</li>
<li>We would take the deal and we continue to have a positive view of LG Corp. </li>
</ul>


After the market close today, it was announced that Chairman of LX Holdings Koo Bon-Joon will sell about 530 billion won worth of LG Corp (003550 KS).
The block sale price range is from 79,800 won to 82,400 won per share, which are 5.2% to 8.2% discount to the closing price of LG Corp today.
We would take the deal and we continue to have a positive view of LG Corp. 


Chairman of LX Holdings Koo Bon-Joon Selling About 530 Billion Won Worth of LG Corp

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (LGENERGY KS)</a> is a leading EV battery manufacturer. It is pre-marketing an IPO to raise up to $10.8 billion, which would be South Korea’s largest-ever listing.  </li>
<li>LGES is offering 42.5 million shares with a primary/secondary split of 80/20. Pre-marketing will run until 17 December.  </li>
<li>LGES has attractive fundamentals with a strong backlog, healthy revenue growth and improving margins (recall provisions have peaked). </li>
</ul>



LG Energy Solution (LGENERGY KS) is a leading EV battery manufacturer. It is pre-marketing an IPO to raise up to $10.8 billion, which would be South Korea’s largest-ever listing.  
LGES is offering 42.5 million shares with a primary/secondary split of 80/20. Pre-marketing will run until 17 December.  
LGES has attractive fundamentals with a strong backlog, healthy revenue growth and improving margins (recall provisions have peaked). 


LG Energy Solution IPO Initiation: Amp My Ride

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (LGENERGY KS)</a> (LGES) is looking to raise up to US$10.8bn in its upcoming South Korea IPO.</li>
<li>LGES is the EV battery unit of LG Chem. It was spun off in December last year. The company is a major supplier to customers including Tesla and General Motors.</li>
<li>The company is a dominant player and has all the right ingredients (such as planned capacity, partnerships, order backlog) to benefit from the tailwinds.</li>
</ul>



LG Energy Solution (LGENERGY KS) (LGES) is looking to raise up to US$10.8bn in its upcoming South Korea IPO.
LGES is the EV battery unit of LG Chem. It was spun off in December last year. The company is a major supplier to customers including Tesla and General Motors.
The company is a dominant player and has all the right ingredients (such as planned capacity, partnerships, order backlog) to benefit from the tailwinds.


LG Energy Pre-IPO - Positives - Long Track Record Of Growth

South Korea

LG Chem Ltd. is a chemical manufacturer.  The Company's products include petrochemicals, plastic resins, and engineering plastics.  LG Chem also produces industrial and electronic materials.

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LG Chem Ltd (051910 KS)

LG Chem: Passive Outflow from Local Battery Sector Indexes

This post examines and estimates the passive outflow impact for LG Chem from the local battery sector indexes as a result of LG Energy's listing.

Sanghyun Park

LG Energy Solution Vs CATL Vs Samsung SDI Vs SK Innovation

LGES is pre-marketing an IPO to raise up to $10.8 billion. In this note, we benchmark LGES and its listed battery peers across key financial metrics.

Arun George

Chairman of LX Holdings Koo Bon-Joon Selling About 530 Billion Won Worth of LG Corp

It was announced that Chairman of LX Holdings Koo Bon-Joon will sell about 530 billion won worth of LG Corp through a block deal sale. We would...

Douglas Kim

LG Energy Solution IPO Initiation: Amp My Ride

LGES is pre-marketing an IPO to raise up to $10.8 bn, potentially Korea’s largest-ever listing. It has attractive fundamentals with a strong...

Arun George

LG Energy Pre-IPO - Positives - Long Track Record Of Growth

LG Energy Solution (LGENERGY KS) (LGES) is looking to raise up to US$10.8bn in its upcoming South Korea IPO. LGES is the EV battery unit of LG...

Sumeet Singh

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