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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doosan-enerbility-co-ltd" target="_blank" data-smartkarma-citation="entities:7389:1" rel="noopener">Doosan Enerbility (034020 KS)</a> aims to raise around US$220m via selling around 4.9% of <a href="https://www.smartkarma.com/entities/doosan-bobcat-inc" target="_blank" data-smartkarma-citation="entities:23592:1" rel="noopener">Doosan Bobcat Inc (241560 KS)</a> .</li>
<li>This will be the third selldown in the company in less than a year with the previous two deals in Nov 22 and May 23 having delivered mixed results</li>
<li>In this note, we will run the deal through our ECM framework and comment on other deal dynamics.</li>
</ul>



Doosan Enerbility (034020 KS) aims to raise around US$220m via selling around 4.9% of Doosan Bobcat Inc (241560 KS) .
This will be the third selldown in the company in less than a year with the previous two deals in Nov 22 and May 23 having delivered mixed results
In this note, we will run the deal through our ECM framework and comment on other deal dynamics.


Doosan Bobcat Placement - Past Deals Have Been Mixed but the Stock Has Been Doing Well

Equity Capital Markets

Doosan Bobcat Inc / Equity Capital Markets

<ul>
<li>A group of shareholders aim to raise around US$138m by selling all of their remaining stake in Doosan Bobcat.</li>
<li>The same shareholders had earlier sold in Nov 22, see <a href="https://www.smartkarma.com/insights/doosan-bobcat-placement-momentum-is-strong-but-past-deals-have-been-a-mixed-bag" target="_blank" data-smartkarma-citation="insights:85256" rel="noopener">Doosan Bobcat Placement - Momentum Is Strong but past Deals Have Been a Mixed Bag</a>. That deal didn’t do well.</li>
<li>In this note, we will run the deal through our ECM framework and comment on other deal dynamics.</li>
</ul>


A group of shareholders aim to raise around US$138m by selling all of their remaining stake in Doosan Bobcat.
The same shareholders had earlier sold in Nov 22, see Doosan Bobcat Placement - Momentum Is Strong but past Deals Have Been a Mixed Bag. That deal didn’t do well.
In this note, we will run the deal through our ECM framework and comment on other deal dynamics.


Doosan Bobcat Placement - Past Deal Didn’t Do Well, This Time Could Be Different

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>In this insight, we discuss a list of 60 stocks in Korea where NPS recently added or reduced 1% or more stake (27 adds and 33 reduce). </li>
<li>Among the stocks NPS increased its stake, many of them are clear beneficiaries of the end of zero COVID policies in China including Hotel Shilla, Amorepacific Corp, and GKL. </li>
<li>Among the top market cap stocks where the NPS decreased its stake by 1% or more, they include Lg Innotek, Hyundai E&amp;C, Hyundai Mipo, and Posco International. </li>
</ul>


In this insight, we discuss a list of 60 stocks in Korea where NPS recently added or reduced 1% or more stake (27 adds and 33 reduce). 
Among the stocks NPS increased its stake, many of them are clear beneficiaries of the end of zero COVID policies in China including Hotel Shilla, Amorepacific Corp, and GKL. 
Among the top market cap stocks where the NPS decreased its stake by 1% or more, they include Lg Innotek, Hyundai E&amp;C, Hyundai Mipo, and Posco International. 


APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doosan-bobcat-inc" target="_blank" data-smartkarma-citation="entities:23592:1" rel="noopener">Doosan Bobcat Inc (241560 KS)</a> aims to sell a US$145m block. Its recent price momentum is strong but past deals have shown mixed results. </li>
<li>The deal doesn’t appear to be well flagged and is a relatively large one to digest, representing 20.9 days of its three month ADV.  </li>
<li>In this note, we will run the deal through our ECM framework and comment on other deal dynamics.</li>
</ul>



Doosan Bobcat Inc (241560 KS) aims to sell a US$145m block. Its recent price momentum is strong but past deals have shown mixed results. 
The deal doesn’t appear to be well flagged and is a relatively large one to digest, representing 20.9 days of its three month ADV.  
In this note, we will run the deal through our ECM framework and comment on other deal dynamics.


Doosan Bobcat Placement - Momentum Is Strong but past Deals Have Been a Mixed Bag

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>There are 7 adds and 7 deletes for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> rebalance to be implemented at the close on 9 June.</li>
<li>There are also a bunch of stocks that will have changes applied to their free float. There were announced last week and are much less tracked.</li>
<li>The flows and impact on some of the float change names are significant and pre-positioning and passive flows could move the stocks over the next few days.</li>
</ul>


There are 7 adds and 7 deletes for the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) rebalance to be implemented at the close on 9 June.
There are also a bunch of stocks that will have changes applied to their free float. There were announced last week and are much less tracked.
The flows and impact on some of the float change names are significant and pre-positioning and passive flows could move the stocks over the next few days.


KOSPI200 Index Rebalance: Float Changes, Flows & Trades

South Korea

Hyundai Elevator Co., Ltd. (HELCO) manufactures, installs, sells, and services elevators, escalators, moving walkways, automated parking systems, and material handling systems.  The Company also produces screen doors used on platforms in train stations.

HSD Engine Co., Ltd. is an integrated engine manufacturer specializing in producing diesel engine for large vessels. The Company provides business in diesel power plant construction and operation, engine parts sales, and engine maintenance and repair services.

People and Technology INC is a company manufacturing in Secondary Battery and Semiconductors.

STX Heavy Industries Co., Ltd. manufactures diesel engine components for ships. The Company's products include crank shafts, cylinder liners, turbo chargers, and cargo pumps.

Dawonsys Co., LTD. operates special power generating business such as Nuclear Fusion, Inductiral Electric and Plasma Power business. The Company also operates Inductive Heating and ESD Polyimide Film Business.

Sejin Heavy Industries Co. Ltd., operates a shipbuilding firm.  The Company manufactures ship components such as Deck House and Liquified Petroleum Gas (LPG) Tank.

Sejin Heavy Industries Co Ltd (075580 KS)

STX Engine Co., Ltd. develops and manufactures marine diesel engine and military engine.  The Company also manufactures electronic communication equipment.

Taewoong Co., Ltd. manufactures forged products required for heavy industry, such as shipbuilding, petrochemical plant use, and industrial machinery use. The Company's products include flanges, tube sheets, rings, shafts, and piston rods.

Hy-Lok Corporation develops, manufactures, and markets precision fittings and valves used in the petrochemical, semiconductor, and power generation industries.  The Company's products include needle valves, manifolds and gauge valves, filters, tube fittings, and pipe fittings.  In addition, Hy-Lok produces parts and components used in the plumbing market.

TK Corp. manufactures and markets piping materials used in the petrochemical, and shipbuilding industries.  The Company's products include pipe reducers, elbow tee reducers, and steel flanges.  TK also produces fittings and valves for semiconductors.

TADANO LTD. manufactures and sells various types of hydraulic cranes for construction and other industrial use.  The Company, through utilizing its own mechatronics technology, develops truck, all-terrain, and cargo cranes as well as non-crane equipment such as aerial platform trucks and lighting vehicles. The Company also manufactures pneumatic devices.

TriMas Corporation is a diversified manufacturer of proprietary products. The Company manufactures trailer products, recreational accessories, packaging systems, energy products and industrial specialty products for the commercial, manufacturing, and consumer markets.

Mitsui E&S Holdings Co., Ltd. engineers, builds, and repairs ships.  The Company also manufactures industrial machinery and equipment and builds power plants.  Mitsui Engineering & Shipbuilding also operates information systems services and real estate business.

Yunnan Xiyi Industry Co Ltd develops, manufactures and distributes connecting rods for automobile engines and other automobile parts including castings and forge pieces.

NTN CORPORATION manufactures a variety of bearings and machinery parts for industrial use.  The Company's products include bearings for office automation equipment, bearings, hubs, and joints for automobile engines, drive-train, suspension, and transmissions, clutch-related products, and precision machinery. NTN has sales networks in Japan and overseas.

Wabash National Corporation manufactures semi trailers in North America. The company specializes in the design and production of dry freight vans, refrigerated vans, flatbed trailers, drop deck trailers, dump trailers, truck bodies and intermodal equipment.

Makino Milling Machine Co., Ltd. manufactures, sells, and repairs machining centers (MCs), electrical dischargers, numerical control (NC) milling machines, and other related industrial machinery.  The Company also produces die/mold manufacturing systems as well as Computer Aided Manufacturing (CAM) and Computer Aided Design (CAD) systems software to support its machine tools.

Namura Shipbuilding Co., Ltd. is a manufacturer of cargo vessels, tankers, and steel structures such as bridges and floodgates.  The Company also leases, repairs, and provides maintenance services.  As a group, Namura Shipbuilding operates a variety of businesses including software development, information systems sales, precision coil manufacturing, and catering and security services.

Shuangliang Eco-Energy Systems Company Ltd. manufactures air conditioning products.  The Company produces flue gas lithium bromide absorption chillers, lithium bromide heat pump chillers, silicon gel absorption chillers, heat exchangers, and direct air cooled condensers.  Shuangliang Eco-Energy also manufactures sea water desalination equipment.

Shuangliang Eco Energy Systems (600481 CH)

Qinchuan Machine Tool & Tool Group Co. Ltd. manufactures and distributes numerical control machine tools and complex cutting tools. The Company produces cylindrical grinders, gear grinding machines, gear cutting tools, thread cutters, and measuring equipment. Qinchuan Machine Tool & Tool Group markets its products worldwide.

Qinchuan Mchn Tool & Tool Gp Shre (000837 CH)

Hyundai Doosan Infracore Co., Ltd. produces construction machinery. The Company manufactures construction equipment, industrial vehicles, diesel engines, power generators, machine tools, factory automation system, and other products, such as armored vehicles for the defense industry. Hyundai Doosan Infracore markets its products worldwide.

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HD Hyundai Infracore (042670 KS)

Doosan Bobcat Placement - Past Deals Have Been Mixed but the Stock Has Been Doing Well

Doosan Enerbility (034020 KS) aims to raise around US$220m via selling around 4.9% of Doosan Bobcat Inc (241560 KS) . This will be the third deal...

Sumeet Singh

Doosan Bobcat Placement - Past Deal Didn’t Do Well, This Time Could Be Different

A group of shareholders aim to raise around US$138m by selling all of their remaining stake in Doosan Bobcat. This is a clean-up trade.

Sumeet Singh

What Is NPS Buying & Selling?

In this insight, we discuss a list of 60 stocks in Korea where NPS recently added or reduced 1% or more stake (27 adds and 33 reduce).

Douglas Kim

Doosan Bobcat Placement - Momentum Is Strong but past Deals Have Been a Mixed Bag

Doosan Bobcat Inc (241560 KS) aims to sell a US$145m block. Its recent price momentum is strong but past deals have shown mixed results.

Ethan Aw

KOSPI200 Index Rebalance: Float Changes, Flows & Trades

There are significant flows and impact on some stocks that have float changes at the upcoming KOSPI2 rebalance. With over 5 days ADV to buy,...

Brian Freitas

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