APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

Doosan Robotics  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doosan-robotics" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (DOOSANROBO KS)</a> is looking to raise up to US$314m in its Korean IPO. </li>
<li>Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module. </li>
<li>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>



Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO. 
Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module. 
In this note, we will talk about the not-so-positive aspects of the deal.


Doosan Robotics IPO - The Negatives - But Losses Continue to Widen

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Event-Driven

Korea Stock Exchange KOSPI 200 / Event-Driven

<ul>
<li>The KOSPI 200 index last week closed down (CC=-1). This particular pattern is very bullish: 78% of the time the index closes the week up after -1 week down.</li>
<li>The index has been stuck sideways between 348 and 330 for weeks, we still see a buy-the-dip opportunity to ride the continuation of the Bull run from here.</li>
<li>
Main support area to go LONG, based on the Market Reversal Matrix's readings, is between 337 and 335. Time+space estimated probability of success is between 64% and 76%.</li>
</ul>


The KOSPI 200 index last week closed down (CC=-1). This particular pattern is very bullish: 78% of the time the index closes the week up after -1 week down.
The index has been stuck sideways between 348 and 330 for weeks, we still see a buy-the-dip opportunity to ride the continuation of the Bull run from here.

Main support area to go LONG, based on the Market Reversal Matrix's readings, is between 337 and 335. Time+space estimated probability of success is between 64% and 76%.


EQD | KOSPI 200 Index WEEKLY Trend Analysis

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> raised US$151m in its Korean IPO, after the deal was priced at KRW31,000/share, the top end of its IPO price range.</li>
<li>Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs. </li>
<li>In this note, we will talk about the demand for the deal and other trading dynamics.</li>
</ul>



Fadu (440110 KS) raised US$151m in its Korean IPO, after the deal was priced at KRW31,000/share, the top end of its IPO price range.
Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs. 
In this note, we will talk about the demand for the deal and other trading dynamics.


Fadu IPO Trading - Strong Subscription Rates Compared to Recent Korean IPOs

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> is looking to raise up to US$147m in its Korean IPO.</li>
<li>Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison.</li>
</ul>



Fadu (440110 KS) is looking to raise up to US$147m in its Korean IPO.
Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs.
In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison.


Fadu Pre-IPO - Peer Comparison - Hardly Comparable in Scale to Its Peers

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>Samsung FN REIT announced its IPO book building results. The IPO price was determined at 5,000 won per share. The demand ratio was 24.88 to 1. </li>
<li>The core investment thesis of Samsung FN REIT is that it is the only publicly listed Samsung affiliate that provides REIT services.</li>
<li>It is a stable business with excellent locations for its existing properties and the company is expected to provide 5.6% annual dividend yield in the next three years.</li>
</ul>


Samsung FN REIT announced its IPO book building results. The IPO price was determined at 5,000 won per share. The demand ratio was 24.88 to 1. 
The core investment thesis of Samsung FN REIT is that it is the only publicly listed Samsung affiliate that provides REIT services.
It is a stable business with excellent locations for its existing properties and the company is expected to provide 5.6% annual dividend yield in the next three years.


South Korea

Samsung Fire & Marine Insurance Co., Ltd. provides insurance services. The Company offers auto, fire, marine, casualty, health, leisure, and retirement products and services. Samsung Fire & Marine Insurance serves customers in South Korea.

Samsung Fire & Marine Insurance (000810 KS)

Dongbu Insurance Co., Ltd. provides a variety of non-life insurance services such as auto, long-term casualty and property, pension and retirement, fire and marine, and leisure insurance products.

Hanwha Life Insurance Co., Ltd. offers life insurance services and reinsurance services.  The Company also does insurance against loss business, beverages business, real estate rental, and securities investment business through its subsidiaries.

Hyundai Marine & Fire Insurance Co., Ltd. (HDMF) is a property and casualty insurer.  The Company's products include auto, fire, marine, general liability, leisure, travel, pension, and medical insurances.

Hyundai Marine & Fire Insurance Co., Ltd (001450 KS)

Korean Reinsurance Company is a reinsurer which underwrites life and non-life insurance.  The Company's products include life, fire, marine, auto, casualty, guarantee, pension, long-term, and foreign reinsurance.

Tongyang Life Insurance offers life insurance services. The Company markets its products through individuals and groups.

Lotte Non-Life Insurance Company Ltd. provides a variety of non-life insurance services, such as auto, fire, marine, long-term casualty and property, pension, and retirement insurance products. The Company also operates a foreign reinsurance business.

Mirae Asset Life Insurance Co., Ltd. provides life insurance and related products.  The Company offers a wide range of services including retirement pension, non-saving products, individual savings, bank assurance, and other financial consulting services.

Mirae Asset Life Insurance Co., (085620 KS)

Hanwha General Insurance Co., Ltd. provides a variety of non-life insurance services, such as fire, marine, auto, long term casualty and property, pension and retirement, leisure, and air products.

HungKuk Fire & Marine Insurance Co., Ltd. provides a variety of non-life insurance services, such as fire, marine, long term casualty and property, auto, pension and retirement, and leisure insurance.

Heungkuk Fire & Marine Insurance (000540 KS)

New China Life Insurance Company Limited provides life insurance in local and foreign currencies, acts as an insurance agent, provides checks, claims and insurance consulting. The Company's main products include life insurance, accident insurance, health insurance products and services.

The People's Insurance Company (Group) of China Limited, through its subsidiaries, offers a range of property and casualty insurance products. The Company also offers asset management services for a variety of customers throughout China.

Insurance Australia Group Limited (IAG) is an Australian-based international general insurance group with operations in Australia, New Zealand, and Asia. The Group provides a range of personal and commercial insurance products, primarily motor vehicle and home insurance.

Unum Group provides group disability and special risk insurance.  The Company provides disability insurance, group life insurance, and payroll-deducted voluntary benefits offered to employees at their worksites.

T&D Holdings, Inc. is a holding company established through the merger of Taiyo Life Insurance, Daido Life Insurance, and T&D Financial Life Insurance. The Company manages life insurance operations for its subsidiaries.

Suncorp Group Ltd. offers retail and business banking, life and general insurance, superannuation and funds management services.  The Company's services include personal banking and loans, personal insurance products, credit cards, pension savings accounts, term deposits, property development finance, commercial lending, investments and lease financing.

CNA Financial Corporation operates as an insurance holding company. The Company, through its subsidiaries, provides commercial property and casualty coverages such as risk management, information services, warranty, and claims administration. CNA Financial serves clients throughout the United States.

American Financial Group, Inc. provides multi-line property and casualty insurance.  The Company also sells tax-deferred annuities and certain life and supplemental health insurance products.  American Financial operates in the United States.

Great Eastern Holdings Limited operates in the life insurance business. The Company provides fund management services including retirement plans and endowments as well as life and health insurance, personal accident insurance, and general insurance

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Company's business primarily consists of catastrophe reinsurance, specialty reinsurance, and individual risk business.

Samsung Life Insurance Co., Ltd. provides insurance services. The Company offers life and health insurance services. Samsung Life Insurance serves customers in South Korea.

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Samsung Life Insurance (032830 KS)

Doosan Robotics IPO - The Negatives - But Losses Continue to Widen

Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO. In this note, we will talk about the not-so-positive aspects...

Ethan Aw

EQD | KOSPI 200 Index WEEKLY Trend Analysis

The KOSPI 200 Index got stuck in a range during the last few weeks, but it may be readying to resume its Bull run. Read the latest Market Reversal...

Nico Rosti

Fadu IPO Trading - Strong Subscription Rates Compared to Recent Korean IPOs

Fadu (440110 KS) raised US$151m in its Korean IPO. In this note, we will talk about the demand for the deal and other trading dynamics.

Ethan Aw

Fadu Pre-IPO - Peer Comparison - Hardly Comparable in Scale to Its Peers

Fadu (440110 KS) is looking to raise up to US$147m in its Korean IPO. In our previous notes, we looked at the company’s past performance. In this...

Ethan Aw

Samsung FN REIT: Book Building Results

Samsung FN REIT announced its IPO book building results. The core investment thesis of Samsung FN REIT is that it is the only publicly listed...

Douglas Kim

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