Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

<ul>
<li>Svb Financial has collapsed and Credit Suisse is on the verge of collapse. We discuss a trading strategy on Korean banks amid the ongoing turbulence on the global banking system.</li>
<li>Our trading strategy is to go long on a basket of three largest banks in Korea (KB, Shinhan, Hana) and go short on a basket of five smaller banks. </li>
<li>Post collapse of SVB Financial, one clear signal appears to be increasing global capital allocation to the "too big to fail banks" and reduced capital allocation to regional banks.</li>
</ul>


Svb Financial has collapsed and Credit Suisse is on the verge of collapse. We discuss a trading strategy on Korean banks amid the ongoing turbulence on the global banking system.
Our trading strategy is to go long on a basket of three largest banks in Korea (KB, Shinhan, Hana) and go short on a basket of five smaller banks. 
Post collapse of SVB Financial, one clear signal appears to be increasing global capital allocation to the "too big to fail banks" and reduced capital allocation to regional banks.


Investors' Capital Allocation Shift Among Korean Banks Post Collapse of SVB Financial

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

Grupo Financiero Banorte SAB d / Equity Bottom-Up

<ul>
<li>We explore Citibank’s upcoming Banamex disposal, which appears to have become a one horse race and question whether an IPO is completely off the cards</li>
<li>Bank sector data trends to December remain robust, but headwinds are building; rising funding costs threaten credit spreads and worsening cost of credit trends, both set to erode 2023 returns</li>
<li>BBVA Mexico generates consistent premium ROE of 25%+, investors can gain exposure through parent BBVA shares; we remain cautious on Banorte, due to the growing risks to returns and valuation</li>
</ul>


We explore Citibank’s upcoming Banamex disposal, which appears to have become a one horse race and question whether an IPO is completely off the cards
Bank sector data trends to December remain robust, but headwinds are building; rising funding costs threaten credit spreads and worsening cost of credit trends, both set to erode 2023 returns
BBVA Mexico generates consistent premium ROE of 25%+, investors can gain exposure through parent BBVA shares; we remain cautious on Banorte, due to the growing risks to returns and valuation


Banamex Update & Mexican Banks’ December Data; Risks of Credit Spread Erosion & Rising Credit Costs

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

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>In this note, we will take a look at the performance of bookrunners for Korean placements from 2019-2022. </li>
<li>The following dataset includes all Korean placements above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 29 deals.</li>
<li>The deals you see in this note are based on our historical placements tracker. Feel free to drop us a message for additional information on any of these placements.</li>
</ul>


In this note, we will take a look at the performance of bookrunners for Korean placements from 2019-2022. 
The following dataset includes all Korean placements above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 29 deals.
The deals you see in this note are based on our historical placements tracker. Feel free to drop us a message for additional information on any of these placements.


Aequitas Korea Placements Bookrunner Performance (2019-2022)

<ul>
<li>In this note, we will take a look at bookrunner performance for Korean IPOs from 2021-2022. </li>
<li>The following dataset includes all Korean IPOs above US$100m for the period of Calendar Years 2021-2022, which amounted to a total of 11 deals.</li>
<li>The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.</li>
</ul>


In this note, we will take a look at bookrunner performance for Korean IPOs from 2021-2022. 
The following dataset includes all Korean IPOs above US$100m for the period of Calendar Years 2021-2022, which amounted to a total of 11 deals.
The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.


Aequitas Korea IPOs Bookrunner Performance (2021-2022)

<ul>
<li>In this note, we will take a look at the performance of bookrunners for ASEAN placements from 2019-2022.</li>
<li>The following dataset includes all ASEAN placements above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 54 deals.</li>
<li>The deals you see in this note are based on our historical placements tracker. Feel free to drop us a message for additional information on any of these placements.</li>
</ul>


In this note, we will take a look at the performance of bookrunners for ASEAN placements from 2019-2022.
The following dataset includes all ASEAN placements above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 54 deals.
The deals you see in this note are based on our historical placements tracker. Feel free to drop us a message for additional information on any of these placements.


Aequitas ASEAN Placements Bookrunner Performance (2019-2022)

United States

Citigroup Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers. The Company services include investment banking, retail brokerage, corporate banking, and cash management products and services. Citigroup serves customers globally.

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Citigroup Inc (C US)

Investors' Capital Allocation Shift Among Korean Banks Post Collapse of SVB Financial

Svb Financial has collapsed and Credit Suisse is on the verge of collapse. We discuss a trading strategy on Korean banks amid the ongoing...

Douglas Kim

Banamex Update & Mexican Banks’ December Data; Risks of Credit Spread Erosion & Rising Credit Costs

The Banamex sale is a one horse race, Mexican bank PBVs are high; is an IPO totally off the cards? December data was solid, but higher funding...

Victor Galliano

Aequitas Korea Placements Bookrunner Performance (2019-2022)

In this note, we will take a look at the performance of bookrunners for Korean placements from 2019-2022, which includes all Korean placements...

Ethan Aw

Aequitas Korea IPOs Bookrunner Performance (2021-2022)

In this note, we will take a look at bookrunner performance for Korean IPOs from 2021-2022, which includes all Korean IPOs above US$100m, amounting...

Ethan Aw

Aequitas ASEAN Placements Bookrunner Performance (2019-2022)

In this note, we will take a look at the performance of bookrunners for ASEAN placements from 2019-2022, which includes all ASEAN placements above...

Ethan Aw

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