Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>In the past 24 hours, there have been many news flow about numerous US airports that have been cyber attacked by suspects from Russia. </li>
<li>The increasing media attention on cyberattack threat could result in greater concerns about cybersecurity inducing higher global spending on software and other services that help to protect against cyber attacks. </li>
<li>Global cybersecurity stocks that could benefit from greater media attention on cyberattacks include Palo Alto Networks (PANW US)  Crowdstrike Holdings Inc (CRWD US)  CloudFlare (NET US).  </li>
</ul>


In the past 24 hours, there have been many news flow about numerous US airports that have been cyber attacked by suspects from Russia. 
The increasing media attention on cyberattack threat could result in greater concerns about cybersecurity inducing higher global spending on software and other services that help to protect against cyber attacks. 
Global cybersecurity stocks that could benefit from greater media attention on cyberattacks include Palo Alto Networks (PANW US)  Crowdstrike Holdings Inc (CRWD US)  CloudFlare (NET US).  


Cyberattacks at Numerous US Airports by Suspects from Russia

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-shieldus-co-ltd" target="_blank" data-smartkarma-citation="entities:35799:1" rel="noopener">SK Shieldus (ABFHIZ KS)</a> is a leading South Korean security provider. It is seeking a KRX IPO to raise up to US$0.9 billion. </li>
<li>The primary change in the updated prospectus is the syndicate's valuation methodology which results in a 10% lower value per share. The IPO price range of KRW31,000-38,800 is unchanged.</li>
<li>Sentiment on IPOs remains poor. For investors willing to look at IPOs, our valuation analysis suggests that the IPO price range remains reasonable.  </li>
</ul>



SK Shieldus (ABFHIZ KS) is a leading South Korean security provider. It is seeking a KRX IPO to raise up to US$0.9 billion. 
The primary change in the updated prospectus is the syndicate's valuation methodology which results in a 10% lower value per share. The IPO price range of KRW31,000-38,800 is unchanged.
Sentiment on IPOs remains poor. For investors willing to look at IPOs, our valuation analysis suggests that the IPO price range remains reasonable.  


SK Shieldus IPO: The Syndicate's Revised Methodology

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-shieldus-co-ltd" target="_blank" data-smartkarma-citation="entities:35799:1" rel="noopener">SK Shieldus (ABFHIZ KS)</a> is a leading South Korean security provider. It is pre-marketing a KRX IPO to raise up to US$0.9 billion.  </li>
<li>In <a href="https://www.smartkarma.com/insights/sk-shieldus-ipo-initiation-track-and-shield" target="_blank" data-smartkarma-citation="insights:67989" rel="noopener">SK Shieldus IPO Initiation: Track and Shield</a>, we noted that SK shieldus has attractive fundamentals with healthy growth and margins. The leverage is manageable due to good cash generation.  </li>
<li>In this note, we look at the syndicate's valuation methodology and present our valuation methodology. Our valuation analysis suggests that the IPO price range is attractive.</li>
</ul>



SK Shieldus (ABFHIZ KS) is a leading South Korean security provider. It is pre-marketing a KRX IPO to raise up to US$0.9 billion.  
In SK Shieldus IPO Initiation: Track and Shield, we noted that SK shieldus has attractive fundamentals with healthy growth and margins. The leverage is manageable due to good cash generation.  
In this note, we look at the syndicate's valuation methodology and present our valuation methodology. Our valuation analysis suggests that the IPO price range is attractive.


Thematic (Sector/Industry)

<ul>
<li><strong>One of the interesting capital flow changes that is occurring amid the on-going war between Russia and Ukraine is the increasing capital flow to the major global cybersecurity stocks.</strong></li>
<li>The 20 largest IT security stocks listed in the US are up on average 5.5% in February, significantly outperforming S&amp;P500 which was down 3.1% in the same period.</li>
<li>
<strong>Palo Alto Networks (PANW US),</strong> Crowdstrike Holdings Inc (CRWD US), Fortinet Inc (FTNT US), and Check Point Software Tech (CHKP US) have been clear winners in this period.</li>
</ul>


One of the interesting capital flow changes that is occurring amid the on-going war between Russia and Ukraine is the increasing capital flow to the major global cybersecurity stocks.
The 20 largest IT security stocks listed in the US are up on average 5.5% in February, significantly outperforming S&amp;P500 which was down 3.1% in the same period.

Palo Alto Networks (PANW US), Crowdstrike Holdings Inc (CRWD US), Fortinet Inc (FTNT US), and Check Point Software Tech (CHKP US) have been clear winners in this period.


The Russia & Ukraine War Forcing Capital to Shift into Cybersecurity Stocks

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<ul>
<li>There are 6 inclusions and 6 exclusions for the <a href="https://www.smartkarma.com/entities/nasdaq-100-stock-index" target="_blank" data-smartkarma-citation="entities:26197:1" rel="noopener">Nasdaq-100 Stock Index (NDX INDEX)</a> at the annual December reconstitution. The estimated one-way trade is US$11.05bn.</li>
<li>Impact on the inclusions ranges from 0.25-2.22 days of ADV to buy, while the impact on the deletions varies from 1.4-3.38 days of ADV to sell.</li>
<li>There will be large inflows on <a href="https://www.smartkarma.com/entities/meta-platforms-inc-class-a-facebook" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Meta Platforms (FB US)</a> and large outflows on Tesla, Apple, NVidia, Amazon and Google.</li>
</ul>


There are 6 inclusions and 6 exclusions for the Nasdaq-100 Stock Index (NDX INDEX) at the annual December reconstitution. The estimated one-way trade is US$11.05bn.
Impact on the inclusions ranges from 0.25-2.22 days of ADV to buy, while the impact on the deletions varies from 1.4-3.38 days of ADV to sell.
There will be large inflows on Meta Platforms (FB US) and large outflows on Tesla, Apple, NVidia, Amazon and Google.


NASDAQ 100 Index Rebalance: Six Changes at the Annual Reconstitution

United States

Check Point Software Technologies Ltd. develops, markets and supports a range of software and hardware products and services for information technology (IT) security and offers its customers a network and gateway security solutions, data and endpoint security solutions and management solutions.

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Check Point Software Tech (CHKP US)

Cyberattacks at Numerous US Airports by Suspects from Russia

In the past 24 hours, there have been many news flow about numerous US airports that have been cyber attacked by suspects from Russia. This could...

Douglas Kim

SK Shieldus IPO: The Syndicate's Revised Methodology

The primary change in the updated prospectus is the syndicate's valuation methodology which results in a 10% lower value per share. The unchanged...

Arun George

SK Shieldus IPO: Valuation Insights

SK shieldus is pre-marketing a KRX IPO to raise up to US$0.9 billion. Our valuation analysis suggests that the IPO price range is attractive.

Arun George

The Russia & Ukraine War Forcing Capital to Shift into Cybersecurity Stocks

One of the interesting capital flow changes that is occurring amid the on-going war between Russia and Ukraine is the increasing capital flow to...

Douglas Kim

NASDAQ 100 Index Rebalance: Six Changes at the Annual Reconstitution

There are 6 changes for the NASDAQ-100 index at the annual December reconstitution. Apart from the flows on the adds and deletes, there will be...

Brian Freitas

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