Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>WCP starts trading on its IPO tomorrow (30 September) in Korea. Even at the lower share price of 60,000 won, we continue to have a Negative View of WCP. </li>
<li>We have updated our valuation on WCP taking into account the latest prices and valuation multiples of the comps as of 29 September. </li>
<li>Our base case valuation of WCP is market cap of 1.8 trillion won or target price of 51,973 won, which is 13% lower than the IPO price of 60,000 won.</li>
</ul>


WCP starts trading on its IPO tomorrow (30 September) in Korea. Even at the lower share price of 60,000 won, we continue to have a Negative View of WCP. 
We have updated our valuation on WCP taking into account the latest prices and valuation multiples of the comps as of 29 September. 
Our base case valuation of WCP is market cap of 1.8 trillion won or target price of 51,973 won, which is 13% lower than the IPO price of 60,000 won.


Trading Strategy for WCP Post Lowered IPO Price

<ul>
<li>In this insight, we discuss the first day trading strategy of CALB (3931 HK) amid market turmoil.</li>
<li>CALB priced its IPO at HK$38 per share, which is at the low end of the IPO price range. CALB raised US$1.3 billion in this IPO. </li>
<li>Unlike recent disappointing IPOs for Leapmotor and Onewo, we believe CALB's IPO could perform better in its IPO debut. </li>
</ul>


In this insight, we discuss the first day trading strategy of CALB (3931 HK) amid market turmoil.
CALB priced its IPO at HK$38 per share, which is at the low end of the IPO price range. CALB raised US$1.3 billion in this IPO. 
Unlike recent disappointing IPOs for Leapmotor and Onewo, we believe CALB's IPO could perform better in its IPO debut. 


CALB IPO: First Day Trading Strategy Amid Market Turmoil

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the STOXX Europe 600 and EuroSTOXX Indices for the December 2022 Rebalance.</li>
<li>There could be five M&amp;A-related intra-review deletions between now and the end of the year.</li>
<li>There could be more index changes in the December 2022 Rebalance too. </li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the STOXX Europe 600 and EuroSTOXX Indices for the December 2022 Rebalance.
There could be five M&amp;A-related intra-review deletions between now and the end of the year.
There could be more index changes in the December 2022 Rebalance too. 


STOXX Europe Quiddity Leaderboard Dec 22: Five Intra-Review Changes, Porsche Leading The Race

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>CALB aims to raise up to US$1.7bn in its Hong Kong IPO.</li>
<li>CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products.</li>
<li>In this note, we will run the deal through our ECM framework and talk about IPO pricing.</li>
</ul>


CALB aims to raise up to US$1.7bn in its Hong Kong IPO.
CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products.
In this note, we will run the deal through our ECM framework and talk about IPO pricing.


CALB IPO - Low-End Appears Reasonable but Will Still Need Some Charging Support

Dr Ing hc F Porsche  / Equity Capital Markets

<ul>
<li>Our base case valuation of Porsche is EV of 83.6 billion EUR, implied market cap of 88.9 billion EUR, and target base case price target of 98 EUR per share. </li>
<li>This represents 23% higher than the mid-point of the IPO price range. Given the relative solid upside, we have a Positive View of the Porsche IPO. </li>
<li>The market related risk is clearly the biggest risk for the Porsche IPO right now in our view. </li>
</ul>


Our base case valuation of Porsche is EV of 83.6 billion EUR, implied market cap of 88.9 billion EUR, and target base case price target of 98 EUR per share. 
This represents 23% higher than the mid-point of the IPO price range. Given the relative solid upside, we have a Positive View of the Porsche IPO. 
The market related risk is clearly the biggest risk for the Porsche IPO right now in our view. 


Germany

Dr. Ing. h.c. F. Porsche Aktiengesellschaft manufactures passenger vehicles. The Company offers sports cars, SUVs, and other motor vehicles, as well as provides finance services. Dr. Ing. h.c. F. Porsche serves customers worldwide.

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Dr Ing hc F Porsche (P911 GR)

Trading Strategy for WCP Post Lowered IPO Price

Our base case valuation of WCP is market cap of 1.8 trillion won or target price of 51,973 won, which is 13% lower than the IPO price of 60,000 won.

Douglas Kim

CALB IPO: First Day Trading Strategy Amid Market Turmoil

We discuss the first day trading strategy of CALB (3931 HK) amid market turmoil. Unlike recent disappointing IPOs for Leapmotor and Onewo, we...

Douglas Kim

STOXX Europe Quiddity Leaderboard Dec 22: Five Intra-Review Changes, Porsche Leading The Race

I expect ~12 ADDs/DELs in total for the STOXX Europe 600 index before the end of the year including intra-review changes and regular review...

Janaghan Jeyakumar, CFA

CALB IPO - Low-End Appears Reasonable but Will Still Need Some Charging Support

CALB aims to raise up to US$1.7bn in its Hong Kong IPO. In this note, we talk about the deal valuations and run it through our ECM framework.

Sumeet Singh

Porsche IPO Valuation Analysis

Our base case valuation of Porsche is EV of 83.6 billion EUR, implied market cap of 88.9 billion EUR, and target base case price target of 98 EUR...

Douglas Kim

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