Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Jul 12th which has an aggregated short interest worth USD6.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Samsung Electronics (005930 KS) , Posco (005490 KS) .</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jul 12th which has an aggregated short interest worth USD6.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Samsung Electronics (005930 KS) , Posco (005490 KS) .


KRX Short Interest Weekly (Jul 12th): Samsung Electronics, Posco

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 3Q 2024.</li>
<li>Of the 38 pair trades, 21 of them involved holdcos outperforming opcos in the past six months, suggesting increased capital allocation to Korean holdcos relative to their opcos.</li>
<li>These pairs could generate trading opportunities in terms of their pricing gaps closing reversal (Doosan Corp vs. Doosan Enerbility; Hyundai Mobis vs Hyundai Motor).</li>
</ul>


In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 3Q 2024.
Of the 38 pair trades, 21 of them involved holdcos outperforming opcos in the past six months, suggesting increased capital allocation to Korean holdcos relative to their opcos.
These pairs could generate trading opportunities in terms of their pricing gaps closing reversal (Doosan Corp vs. Doosan Enerbility; Hyundai Mobis vs Hyundai Motor).


Korean Holdcos Vs Opcos Gap Trading Opportunities in 3Q 2024

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hk-inno-n-corp" target="_blank" data-smartkarma-citation="entities:33522:1" rel="noopener">HK inno.N (195940 KS)</a> is expected to see significant improvement in operating profit margin this year to 10.9% (vs. 8% in 2023).</li>
<li>Growing sales of flagship drug K-CAB, increasing capacity utilization in new IV fluids plant, and improving profitability of health and beauty products segment, will be three important margin drivers.</li>
<li>With accelerating global presence, HK inno is on track to achieve its target of entering 100 countries by 2028 and achieve global sales of KRW2 trillion ($1.4 billion) by 2030.</li>
</ul>



HK inno.N (195940 KS) is expected to see significant improvement in operating profit margin this year to 10.9% (vs. 8% in 2023).
Growing sales of flagship drug K-CAB, increasing capacity utilization in new IV fluids plant, and improving profitability of health and beauty products segment, will be three important margin drivers.
With accelerating global presence, HK inno is on track to achieve its target of entering 100 countries by 2028 and achieve global sales of KRW2 trillion ($1.4 billion) by 2030.


HK Inno.N (195940 KS): 2024 Will See Robust Profit Growth On Growing Momentum of Key Drug

HDC Hyundai Development Co-Engineering & Construction / Equity Bottom-Up

HDC Hyundai Development Co-Engineering & Construction

<ul>
<li>In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 2Q 2024.</li>
<li>Of the 38 pair trades, 26 of them involved holdcos outperforming opcos in the past six months, suggesting increased capital allocation to Korean holdcos relative to their opcos.  </li>
<li>These pairs could generate trading opportunities in terms of their pricing gaps closing reversal. [CJ Corp vs CJ Cheiljedang &amp; Hanjin KAL Corp vs Korean Air Lines].</li>
</ul>


In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 2Q 2024.
Of the 38 pair trades, 26 of them involved holdcos outperforming opcos in the past six months, suggesting increased capital allocation to Korean holdcos relative to their opcos.  
These pairs could generate trading opportunities in terms of their pricing gaps closing reversal. [CJ Corp vs CJ Cheiljedang &amp; Hanjin KAL Corp vs Korean Air Lines].


Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2024

Event-Driven

<ul>
<li>After the market close on 12 January, OCI Holdings (010060 KS) announced that it plans to acquire a 27.03% stake in Hanmi Science (008930 KS) for 770 billion won. </li>
<li>Through this investment and integration between OCI Holdings and Hanmi Science, the OCI Group and Hanmi Pharmaceutical Group plans to establish a joint management system.</li>
<li><strong>This deal between OCI Holdings and Hanmi Science is not over and it could lead to an M&amp;A fight for the control of Hanmi Science by its family members. </strong></li>
</ul>


After the market close on 12 January, OCI Holdings (010060 KS) announced that it plans to acquire a 27.03% stake in Hanmi Science (008930 KS) for 770 billion won. 
Through this investment and integration between OCI Holdings and Hanmi Science, the OCI Group and Hanmi Pharmaceutical Group plans to establish a joint management system.
This deal between OCI Holdings and Hanmi Science is not over and it could lead to an M&amp;A fight for the control of Hanmi Science by its family members. 


OCI Holdings Plans to Acquire a 27% In Hanmi Science - To Spark a Family Feud?

South Korea

Hanmi Pharm. Company Ltd. produces pharmaceutical products, including antibiotics, vitamins, and intestinal tonics.  The Company also provides beverages and processes soft capsules for other pharmaceutical firms.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hanmi Pharm (128940 KS)

KRX Short Interest Weekly (Jul 12th): Samsung Electronics, Posco

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, Posco.

Ke Yan, CFA, FRM

Korean Holdcos Vs Opcos Gap Trading Opportunities in 3Q 2024

In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

HK Inno.N (195940 KS): 2024 Will See Robust Profit Growth On Growing Momentum of Key Drug

HK inno will see significant improvement in op. margin this year, riding on growing sales of K-CAB, increasing capacity utilization in new IV fluid...

Tina Banerjee

Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2024

In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

OCI Holdings Plans to Acquire a 27% In Hanmi Science - To Spark a Family Feud?

After the market close on 12 January, OCI Holdings (010060 KS) announced that it plans to acquire a 27.03% stake in Hanmi Science (008930 KS) for...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)