Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>RMB dual counter started trading. <a href="https://www.smartkarma.com/entities/great-wall-motor-co-ltd-cb302af9-398c-4d2d-ba39-023e43287eef" target="_blank" data-smartkarma-citation="entities:128:1" rel="noopener">Great Wall Motor (2333 HK)</a>'s A-shares trade at 3x the multiple. THAT is a big discount to harvest. </li>
<li>
<a href="https://www.smartkarma.com/entities/china-feihe-ltd" target="_blank" data-smartkarma-citation="entities:24413:1" rel="noopener">China Feihe (6186 HK)</a>'s CFO exits an indirect stake of 6.38% around Feihe's all-time low. </li>
<li>
<a href="https://www.smartkarma.com/entities/ecopro-co-ltd" target="_blank" data-smartkarma-citation="entities:19029:1" rel="noopener">EcoPro Co Ltd (086520 KS)</a> has swatted aside analyst downgrades and the indictment of its chairman to touch an all-time high</li>
</ul>


RMB dual counter started trading. Great Wall Motor (2333 HK)'s A-shares trade at 3x the multiple. THAT is a big discount to harvest. 

China Feihe (6186 HK)'s CFO exits an indirect stake of 6.38% around Feihe's all-time low. 

EcoPro Co Ltd (086520 KS) has swatted aside analyst downgrades and the indictment of its chairman to touch an all-time high


Last Week in Event SPACE: Great Wall Motor, China Feihe, EcoPro, PCCW

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>After the market close on 20 June, Doosan Enerbility announced that it will sell 5 million shares of Doosan Bobcat through a block deal worth about 300 billion won.</li>
<li>The block deal price range is from 54,800 won to 56,200 won, which represents a discount range from 6.18% to 8.51% (versus current price).</li>
<li>We have a negative view of Doosan Bobcat block deal as we expect lower share price of Doosan Bobcat in 2H 2023 due to construction sector downturn in North America.</li>
</ul>


After the market close on 20 June, Doosan Enerbility announced that it will sell 5 million shares of Doosan Bobcat through a block deal worth about 300 billion won.
The block deal price range is from 54,800 won to 56,200 won, which represents a discount range from 6.18% to 8.51% (versus current price).
We have a negative view of Doosan Bobcat block deal as we expect lower share price of Doosan Bobcat in 2H 2023 due to construction sector downturn in North America.


Doosan Bobcat Block Deal Sale: Concerned About North America Construction Sector Downturn

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doosan-enerbility-co-ltd" target="_blank" data-smartkarma-citation="entities:7389:1" rel="noopener">Doosan Enerbility (034020 KS)</a> aims to raise around US$220m via selling around 4.9% of <a href="https://www.smartkarma.com/entities/doosan-bobcat-inc" target="_blank" data-smartkarma-citation="entities:23592:1" rel="noopener">Doosan Bobcat Inc (241560 KS)</a> .</li>
<li>This will be the third selldown in the company in less than a year with the previous two deals in Nov 22 and May 23 having delivered mixed results</li>
<li>In this note, we will run the deal through our ECM framework and comment on other deal dynamics.</li>
</ul>



Doosan Enerbility (034020 KS) aims to raise around US$220m via selling around 4.9% of Doosan Bobcat Inc (241560 KS) .
This will be the third selldown in the company in less than a year with the previous two deals in Nov 22 and May 23 having delivered mixed results
In this note, we will run the deal through our ECM framework and comment on other deal dynamics.


Doosan Bobcat Placement - Past Deals Have Been Mixed but the Stock Has Been Doing Well

Equity Bottom-Up

<ul>
<li>In this insight, we discuss the recent Korean stock portfolio allocation changes by the NPS.</li>
<li>The data suggests that NPS has been increasing its holdings into more defensive sectors such as insurance, convenience stores, and industrials. </li>
<li>On the other hand, it has been decreasing capital allocation in consumer discretionary related stocks.</li>
</ul>


In this insight, we discuss the recent Korean stock portfolio allocation changes by the NPS.
The data suggests that NPS has been increasing its holdings into more defensive sectors such as insurance, convenience stores, and industrials. 
On the other hand, it has been decreasing capital allocation in consumer discretionary related stocks.


NPS: Increasing Capital Allocation to More Defensive Stocks in Korea

<ul>
<li>In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 2Q 2023.</li>
<li>Of the 38 pair trades, 21 of them involved holdcos outperforming opcos YTD and 17 of them involved opcos outperforming holdcos in the same period.</li>
<li>We highlight 38 pair trades that involve Korean holdcos and opcos.</li>
</ul>


In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 2Q 2023.
Of the 38 pair trades, 21 of them involved holdcos outperforming opcos YTD and 17 of them involved opcos outperforming holdcos in the same period.
We highlight 38 pair trades that involve Korean holdcos and opcos.


Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2023

South Korea

Doosan Enerbility Co., Ltd. manufactures and distributes construction machines. The Company produces gas turbines, engines, turbine generators, boilers, power plant equipment, and other related products. Doosan Enerbility also offers energy solutions for thermal power, nuclear power, and renewable energy.

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Doosan Enerbility (034020 KS)

Last Week in Event SPACE: Great Wall Motor, China Feihe, EcoPro, PCCW

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Doosan Bobcat Block Deal Sale: Concerned About North America Construction Sector Downturn

We have a negative view of Doosan Bobcat block deal as we expect lower share price of Doosan Bobcat in 2H 2023 due to construction sector downturn...

Douglas Kim

Doosan Bobcat Placement - Past Deals Have Been Mixed but the Stock Has Been Doing Well

Doosan Enerbility (034020 KS) aims to raise around US$220m via selling around 4.9% of Doosan Bobcat Inc (241560 KS) . This will be the third deal...

Sumeet Singh

NPS: Increasing Capital Allocation to More Defensive Stocks in Korea

In this insight, we discuss the recent Korean stock portfolio allocation changes by the NPS. The data suggests that NPS has been increasing its...

Douglas Kim

Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2023

In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 2Q 2023. We highlight 38 pair trades that...

Douglas Kim

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