Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Dec 12th. The aggregated short interest was USD12.1bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in SANIL ELECTRIC, Hanwha Vision, kakaopay, Samsung F&amp;M Insurance, Alteogen.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Dec 12th. The aggregated short interest was USD12.1bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in SANIL ELECTRIC, Hanwha Vision, kakaopay, Samsung F&amp;M Insurance, Alteogen.


KRX Short Interest Weekly (Dec 12th): SANIL ELECTRIC, Hanwha Vision, Kakaopay, Samsung F&M Insurance

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Nov 7th. The aggregated short interest was USD11.9bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in NAVER, SAMSUNG SDS, L&amp;F, Samsung SDI, Alteogen.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Nov 7th. The aggregated short interest was USD11.9bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in NAVER, SAMSUNG SDS, L&amp;F, Samsung SDI, Alteogen.


KRX Short Interest Weekly (Nov 7th): NAVER, SAMSUNG SDS, L&F, Samsung SDI, Alteogen

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>In this insight, we discuss the end of the mandatory lock-up periods for 44 stocks in Korea in February 2022. 
</li>
<li>Among these 44 stocks, 8 stocks are in KOSPI and 36 stocks are in KOSDAQ.</li>
<li>These 44 stocks could be subject to further selling pressures in February and could on average underperform relative to the market. </li>
</ul>


In this insight, we discuss the end of the mandatory lock-up periods for 44 stocks in Korea in February 2022. 

Among these 44 stocks, 8 stocks are in KOSPI and 36 stocks are in KOSDAQ.
These 44 stocks could be subject to further selling pressures in February and could on average underperform relative to the market. 


End of Mandatory Lock-Up Periods for 44 Stocks in Korea in February 2022

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Below are KOSPI stocks that will see lockup releases in September. Four of these stocks have recently gone public.<table class="table table-striped">
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<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Name"}'>Name</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Share type"}'>Share type</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Release date"}'>Release date</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Release volume"}'>Release volume</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"% of SO"}'>% of SO</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ottogi Corp"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Ottogi Corp</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"007310"}' data-sheets-formula='="007310"'>007310</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ordinary"}'>Ordinary</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44464}' data-sheets-numberformat='[null,5,"yyyy. mm. dd",1]'>2021. 09. 25</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":66744}' data-sheets-numberformat='[null,2,"#,##0",1]'>66,744</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.018176564639087185}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/googlefinance(R[0]C[-4], "shares")'>1.82%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ajusteel Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Ajusteel</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"139990"}' data-sheets-formula='="139990"'>139990</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ordinary"}'>Ordinary</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44459}' data-sheets-numberformat='[null,5,"yyyy. mm. dd",1]'>2021. 09. 20</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2507518}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=sum('139990'!R[12]C[0]:R[18]C[0])+'139990'!R[24]C[0]">2,507,518</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.09479434764359199}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/googlefinance(R[0]C[-4], "shares")'>9.48%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Y2 Solution Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Y2 Solution</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"011690"}' data-sheets-formula='="011690"'>011690</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ordinary"}'>Ordinary</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44458}' data-sheets-numberformat='[null,5,"yyyy. mm. dd",1]'>2021. 09. 19</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":59000000}' data-sheets-numberformat='[null,2,"#,##0",1]'>59,000,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.40071820384082696}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/googlefinance(R[0]C[-4], "shares")'>40.07%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"SK Bioscience Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>SK Bioscience</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"302440"}' data-sheets-formula='="302440"'>302440</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ordinary"}'>Ordinary</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44457}' data-sheets-numberformat='[null,5,"yyyy. mm. dd",1]'>2021. 09. 18</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":56298100}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="='302440'!R[4]C[0]+'302440'!R[8]C[0]">56,298,100</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.7359228758169934}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/googlefinance(R[0]C[-4], "shares")'>73.59%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Krafton Inc"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Krafton</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"259960"}' data-sheets-formula='="259960"'>259960</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ordinary"}'>Ordinary</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44449}' data-sheets-numberformat='[null,5,"yyyy. mm. dd",1]'>2021. 09. 10</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2137478}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=sum('259960'!R[18]C[0]:R[19]C[0])+'259960'!R[25]C[0]">2,137,478</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0436652687167866}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/googlefinance(R[0]C[-4], "shares")'>4.37%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Krafton Inc"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Krafton</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"259960"}' data-sheets-formula='="259960"'>259960</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ordinary"}'>Ordinary</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44448}' data-sheets-numberformat='[null,5,"yyyy. mm. dd",1]'>2021. 09. 09</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":90000}' data-sheets-numberformat='[null,2,"#,##0",1]'>90,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0018385565533356573}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/googlefinance(R[0]C[-4], "shares")'>0.18%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Kakao Bank"}'>Kakao Bank</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"323410"}' data-sheets-formula='="323410"'>323410</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ordinary"}'>Ordinary</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44445}' data-sheets-numberformat='[null,5,"yyyy. mm. dd",1]'>2021. 09. 06</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3141600}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="='323410'!R[13]C[0]">3,141,600</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.006612499332430348}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/googlefinance(R[0]C[-4], "shares")'>0.66%</td>
</tr>
<tr><td colspan="6" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX KIND"}'>Source: KRX KIND</td></tr>
</tbody>
</table><hr><div class="content-highlight">In the DETAIL section below, let's take a look at the flow of the 4 recently listed stocks this month one by one.</div>

Below are KOSPI stocks that will see lockup releases in September. Four of these stocks have recently gone public.










Name
Ticker
Share type
Release date
Release volume
% of SO


Ottogi Corp
007310
Ordinary
2021. 09. 25
66,744
1.82%


Ajusteel
139990
Ordinary
2021. 09. 20
2,507,518
9.48%


Y2 Solution
011690
Ordinary
2021. 09. 19
59,000,000
40.07%


SK Bioscience
302440
Ordinary
2021. 09. 18
56,298,100
73.59%


Krafton
259960
Ordinary
2021. 09. 10
2,137,478
4.37%


Krafton
259960
Ordinary
2021. 09. 09
90,000
0.18%


Kakao Bank
323410
Ordinary
2021. 09. 06
3,141,600
0.66%

Source: KRX KIND

In the DETAIL section below, let's take a look at the flow of the 4 recently listed stocks this month one by one.

September Lockup Releases on KOSPI: Looking at Each Stock's Flow Situation

Equity Capital Markets

<div class="content-highlight">Our base case valuation of Aju Steel is implied market cap of 377 billion won or target price of 14,240 won per share, which would represent just 2% above the mid-point of the IPO price range (13,900 won). Given the lack of upside versus the IPO price range, we would AVOID this IPO. </div>

Our base case valuation of Aju Steel is implied market cap of 377 billion won or target price of 14,240 won per share, which would represent just 2% above the mid-point of the IPO price range (13,900 won). Given the lack of upside versus the IPO price range, we would AVOID this IPO. 

South Korea

AJU Steel Co., Ltd. manufactures semifinished metal products. The Company processes general color steels, general steels, special steels, packing materials, and other products. AJU Steel conducts businesses across worldwide.

Price Gauge
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AJU Steel (139990 KS)

KRX Short Interest Weekly (Dec 12th): SANIL ELECTRIC, Hanwha Vision, Kakaopay, Samsung F&M Insurance

We analyzed KRX short interest report for the past week and highlighted short interest changes in SANIL ELECTRIC, Hanwha Vision, kakaopay, Samsung...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Nov 7th): NAVER, SAMSUNG SDS, L&F, Samsung SDI, Alteogen

We analyzed KRX short interest report for the past week and highlighted short interest changes in NAVER, SAMSUNG SDS, L&F, Samsung SDI, Alteogen.

Ke Yan, CFA, FRM

End of Mandatory Lock-Up Periods for 44 Stocks in Korea in February 2022

In this insight, we discuss the end of the mandatory lock-up periods for 44 stocks in Korea in February 2022. These 44 stocks could be subject to...

Douglas Kim

September Lockup Releases on KOSPI: Looking at Each Stock's Flow Situation

This post lists the KOSPI stocks that will see lockup releases in September. This post then examines the flow situation of the four recently listed...

Sanghyun Park

Aju Steel IPO Valuation Analysis

Our base case valuation of Aju Steel is target price of 14,240 won per share, which would represent just 2% above the mid-point of the IPO price...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)