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.

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> announced a somewhat reasonable pricing range, while <a href="https://www.smartkarma.com/entities/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> looks to open up the Korean market for larger IPOs again.</li>
<li>On the placement front,  <a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> found itself in the eye of a storm after its stupendous 6x increase since listing.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Tryt Inc (9164 JP) announced a somewhat reasonable pricing range, while Fadu (440110 KS) looks to open up the Korean market for larger IPOs again.
On the placement front,  Socionext (6526 JP) found itself in the eye of a storm after its stupendous 6x increase since listing.


ECM Weekly (9th July 2023) - Socionext, Yongtai, Tryt, Redox, S.F. Holding, Lalatech, Fadu, Amman

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Our base case valuation analysis suggests implied market cap of 2.2 trillion won or 43,676 won per share, representing 41% higher than the high end of the IPO price range. </li>
<li>At the high end of our valuation sensitivity analysis, it suggests implied price of 62,893 won per share, representing 103% higher than the high end of the IPO price range.</li>
<li>Fadu is a system semiconductor fabless company specializing in data centers, which is experiencing a strong growth due to higher data demand for cloud, AI/Big data, 5G, and autonomous driving.</li>
</ul>


Our base case valuation analysis suggests implied market cap of 2.2 trillion won or 43,676 won per share, representing 41% higher than the high end of the IPO price range. 
At the high end of our valuation sensitivity analysis, it suggests implied price of 62,893 won per share, representing 103% higher than the high end of the IPO price range.
Fadu is a system semiconductor fabless company specializing in data centers, which is experiencing a strong growth due to higher data demand for cloud, AI/Big data, 5G, and autonomous driving.


<ul>
<li>Fadu is getting ready to complete its IPO in Korea in August. Fadu is one of the most highly anticipated IPOs in Korea in 2023. </li>
<li>The expected market cap at the top end of the IPO price range is 1.6 trillion won. The IPO price range is from 26,000 won to 31,000 won.</li>
<li>Fadu is a system semiconductor fabless company specializing in data centers.</li>
</ul>


Fadu is getting ready to complete its IPO in Korea in August. Fadu is one of the most highly anticipated IPOs in Korea in 2023. 
The expected market cap at the top end of the IPO price range is 1.6 trillion won. The IPO price range is from 26,000 won to 31,000 won.
Fadu is a system semiconductor fabless company specializing in data centers.


South Korea

Koh Young Technology Inc. (Koh Young) manufactures and develops a 3D measurement and inspection equipment used for testing accuracy and reliability in various machineries.  The company also produces 3D inspection system for substrate bump in a semiconductor.

Wonik QNC Corporation designs and produces quartz products.  The Company's products are used to protect semiconductor from impurities.  Wonik QNC also manufactures fine ceramics for liquid crystal display (LCD) and semiconductor process.

S&S Tech Corporation manufactures blank masks for semiconductor and TFT-LCD. The Company supplies it's products to Samsung Electronics, Hynix, PKL, and Toppan in Korea.

KoMiCo Ltd. provides and markets cleaning and coating services on semiconductor and displays devices.

Duksan Techopia Co.,Ltd. produces and sells assembly materials. The Company manufactures and sells silicon compound, hexachlorodisilane, silicon tetrachlorosilane, and other products. Duksan Techopia markets its products throughout Korea.

Eugene Technology Company Ltd. manufactures tools for wafer fabs.  The Company uses the wafer fabs to produce integrated circuits in volume.

ISC Co., Ltd. manufactures semiconductor testing equipments such as test sockets, burn-in sockets, and interposers. Testing equipments are used in the final testing process of semiconductors including DRAM, NAND/NOR Flash Memory, and Graphic Processing Unit(GPU) and are supplied to semiconductor manufacturers  abroad.

Innox Advanced Materials Co.,Ltd. operates as an IT material company. The Company manufactures semiconductor PKG material, flexible circuit board material, and OLED material. Innox Advanced Materials develops material used for smartphones, tablets, laptops, and vehicles.

Innox Advanced Materials Co,Ltd. (272290 KS)

Haesung DS Co., Ltd. manufactures and specializes on semiconductor components.   The Company mainly produces package substrate and lead frames, such as  Stamped Lead Frame(SLF) and Etched Lead Frame(ELF).

Hana Micron Inc. designs, develops, manufactures, and sells semiconductor packages for memory and non-memory semiconductor products.  The Company also produces USB flash drive (UFD), a mobile storage devices which can substitute floppy disk drives.

Taiwan Semiconductor Co., Ltd. designs, manufactures, and distributes rectifiers, thermal bar code printers, and color photo printers.

Nationz Technologies, Inc. designs integrated circuits and chips.  The Company's products include secure storage chips, trusted computing chips, mobile payment chips, communication interface chips, and radio frequency communication chips.

SDI Corporation manufactures and markets stationery and lead frames for semiconductors. The Company produces a variety of blades, stationery, hardware, office accessories and steel byproducts.

FURUYA METAL CO., LTD. manufactures and sells precious metal products such as platinum and iridium for industrial use.  The Company also manufactures and sells thin film components used for LSI and MD, CD, and DVD displays.  FURUYA METAL produces temperature sensors used such as in semiconductor industry.

Ningbo Kangqiang Electronics Co.,Ltd. manufactures and markets semiconductor packaging materials. The company's primary products are lead frames and bonding wires.

Ningbo Kangqiang Electronics Co, Ltd. (002119 CH)

Hubei Tech Semiconductors Co., Ltd manufactures and sells high power semiconductor devices.  The Company's products include thyristors, modules, and heat sink devices.

Eris Technology Corp. manufactures and markets semiconductors particularly in diodes and wafers. The company also design, research, development and quality control of products. Products are sold both domestically and internationally.

Neo Solar Power Corp. researches, develops, and manufactures solar cells.

Sunplus Technology Co., Ltd. designs, manufactures, and markets integrated circuits (IC).  The Company's products include liquid crystal display (LCD) controllers, microcontrollers, voice and music synthesizers, and multimedia applied ICs.

Episil Holdings Inc is a holding company for subsidiaries producing materials for semiconductors. The Company's subsidiaries design and produce silicon epitaxial wafers.

Fadu Inc. oprates electronic component manufacturing businesses. The Company produces controller components, integrated circuits, and other products. Fadu conducts businesses in South Korea.

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Fadu (440110 KS)

ECM Weekly (9th July 2023) - Socionext, Yongtai, Tryt, Redox, S.F. Holding, Lalatech, Fadu, Amman

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Fadu IPO Valuation Analysis

Our base case valuation analysis of Fadu suggests implied market cap of 2.2 trillion won or 43,676 won per share, representing 41% higher than the...

Douglas Kim

Fadu IPO Preview

Fadu is a Korean system semiconductor fabless company specializing in data centers. It is getting ready to complete its IPO in August. Fadu is one...

Douglas Kim

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