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>The FnGuide Top 10 (TIGER ETF) currently has an AUM of ₩1.18T, and the next rebalancing will be on June 13, and the rebalancing trading on June 10.</li>
<li>If we perform the screening based on the current stock prices and the FnGuide-concluded index float rates, the possibility that Shinhan Financial will replace Celltrion is relatively high.</li>
<li>If Shinhan replaces Celltrion, the passive flow size seems more significant than the previous rebalancing. Shinhan will face a passive inflow of 1.17x ADTV, while Celltrion will face -0.61x ADTV.</li>
</ul>


The FnGuide Top 10 (TIGER ETF) currently has an AUM of ₩1.18T, and the next rebalancing will be on June 13, and the rebalancing trading on June 10.
If we perform the screening based on the current stock prices and the FnGuide-concluded index float rates, the possibility that Shinhan Financial will replace Celltrion is relatively high.
If Shinhan replaces Celltrion, the passive flow size seems more significant than the previous rebalancing. Shinhan will face a passive inflow of 1.17x ADTV, while Celltrion will face -0.61x ADTV.


FnGuide Top 10 (TIGER ETF) Rebalancing Preview: Shinhan Financial IN & Celltrion OUT

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

JD.com Inc (ADR) / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>Placements were back with a bang this week with multiple blocks across the region. All eyes will be on <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a> in the coming week.</li>
<li>
<a href="https://www.smartkarma.com/entities/farm-fresh-berhad" target="_blank" data-smartkarma-citation="entities:34617:1" rel="noopener">Farm Fresh Berhad (FF MY)</a>'s IPO got off to a good start, while Hong Kong IPOs continue to be lackluster.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
Placements were back with a bang this week with multiple blocks across the region. All eyes will be on JD.com Inc. (9618 HK) in the coming week.

Farm Fresh Berhad (FF MY)'s IPO got off to a good start, while Hong Kong IPOs continue to be lackluster.


ECM Weekly (27th Mar 2022) - JD, Tencent, Prosus, Ferretti, Recbio, Nomura, Navi, Samsung, Celltrion

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>After the market close today, it was announced that ION Investment will partially sell its stakes in Celltrion and Celltrion Healthcare for about 560 billion won in a block deal.</li>
<li>The block deal price ranges are at 6 to 9 percent discount to current prices of Celltrion and Celltrion Healthcare.</li>
<li>We would take this take this deal due to settling of the accounting issue, more reasonable valuations, and sizeable block deal discount range. </li>
</ul>


After the market close today, it was announced that ION Investment will partially sell its stakes in Celltrion and Celltrion Healthcare for about 560 billion won in a block deal.
The block deal price ranges are at 6 to 9 percent discount to current prices of Celltrion and Celltrion Healthcare.
We would take this take this deal due to settling of the accounting issue, more reasonable valuations, and sizeable block deal discount range. 


Block Deal Sale of Celltrion & Celltrion Healthcare by ION Investment

<ul>
<li>Temasek aims to raise around US$450m+ via selling 1.7% of <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> and <a href="https://www.smartkarma.com/entities/celltrion-healthcare" target="_blank" data-smartkarma-citation="entities:23641:1" rel="noopener">Celltrion Healthcare (091990 KS)</a> each.</li>
<li>We have looked at its two previous sell downs in 2018 and 2020.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>


Temasek aims to raise around US$450m+ via selling 1.7% of Celltrion Inc (068270 KS) and Celltrion Healthcare (091990 KS) each.
We have looked at its two previous sell downs in 2018 and 2020.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Celltrion and Celltrion Health Placement - Past Deals Have Been Mixed

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> markets four in-house products in Korea, including influenza, shingles, and chicken pox vaccines. The company has partnerships with global companies for the production of COVID-19 vaccines. </li>
<li>SK Bioscience has started shipment of Novavax’ COVID-19 vaccine, while its own vaccine is in phase 3 trial. With ~15% vaccination in low-income countries, demand for vaccine is still high.  </li>
<li>SK Bioscience has a rich pipeline, with four promising blockbuster candidates for the global market. This entails strong revenue visibility in post-COVID era.</li>
</ul>



SK Bioscience (302440 KS) markets four in-house products in Korea, including influenza, shingles, and chicken pox vaccines. The company has partnerships with global companies for the production of COVID-19 vaccines. 
SK Bioscience has started shipment of Novavax’ COVID-19 vaccine, while its own vaccine is in phase 3 trial. With ~15% vaccination in low-income countries, demand for vaccine is still high.  
SK Bioscience has a rich pipeline, with four promising blockbuster candidates for the global market. This entails strong revenue visibility in post-COVID era.


SK Bioscience (302440 KS): An Attractive Pure-Play on Vaccines- Both COVID and Non-COVID

South Korea

Celltrion Inc. produces and sells biosimilar products and also provides consignm ent processing service for other companies.  The Company's main product is Abata cept which is for arthritis treatment

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Celltrion Inc (068270 KS)

FnGuide Top 10 (TIGER ETF) Rebalancing Preview: Shinhan Financial IN & Celltrion OUT

This post previews the semi-annual rebalancing of the FnGuide Top 10 Theme Index (TIGER ETF), which will occur on June 10.

Sanghyun Park

ECM Weekly (27th Mar 2022) - JD, Tencent, Prosus, Ferretti, Recbio, Nomura, Navi, Samsung, Celltrion

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Block Deal Sale of Celltrion & Celltrion Healthcare by ION Investment

It was announced that ION Investment will partially sell its stakes in Celltrion and Celltrion Healthcare for about 560 billion won in a block...

Douglas Kim

Celltrion and Celltrion Health Placement - Past Deals Have Been Mixed

Temasek aims to raise around US$450m+ via selling 1.7% of Celltrion Inc (068270 KS) and Celltrion Healthcare (091990 KS) each.

Sumeet Singh

SK Bioscience (302440 KS): An Attractive Pure-Play on Vaccines- Both COVID and Non-COVID

SK Bioscience’s near-term growth will be driven by CMO contract of Novavax COVID-19 vaccine. The company’s rich non-COVID pipeline and global...

Tina Banerjee

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