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

HD Hyundai Marine Solution  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a> is looking to raise up to US$551m in its Korean IPO.</li>
<li>HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship.</li>
<li>In our previous notes, we talked about the company’s historical performance and undertook a peer comparison. In this note, we share our thoughts on valuation.</li>
</ul>



HD Hyundai Marine Solution (443060 KS) is looking to raise up to US$551m in its Korean IPO.
HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship.
In our previous notes, we talked about the company’s historical performance and undertook a peer comparison. In this note, we share our thoughts on valuation.


HD Hyundai Marine Solution IPO - Thoughts on Valuation

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Opposition's probable win in the election sparks concerns about Value-up initiative's momentum. However, market sentiment doesn't universally echo these worries.</li>
<li>Value-Up stocks' recent corrections likely stem from Q4 dividend arbitrage liquidation, rather than election result concerns.</li>
<li>Post-Election, even if the opposition wins, the left-leaning Value-up program might continue, limiting the opposition's influence, as seen in recent National Pension Service flows.</li>
</ul>


Opposition's probable win in the election sparks concerns about Value-up initiative's momentum. However, market sentiment doesn't universally echo these worries.
Value-Up stocks' recent corrections likely stem from Q4 dividend arbitrage liquidation, rather than election result concerns.
Post-Election, even if the opposition wins, the left-leaning Value-up program might continue, limiting the opposition's influence, as seen in recent National Pension Service flows.


Observations on Post-Election Flows of Value-Up Stocks, Based on Recent Local Institutional Trades

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a> is looking to raise up to US$555m in its Korean IPO.</li>
<li>HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship.</li>
<li>In our previous note, we talked about the company’s historical performance. In this note, we talk about peer comparison.</li>
</ul>



HD Hyundai Marine Solution (443060 KS) is looking to raise up to US$555m in its Korean IPO.
HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship.
In our previous note, we talked about the company’s historical performance. In this note, we talk about peer comparison.


HD Hyundai Marine Solution IPO - Peer Comparison - Not Particularly Exciting

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a>, the ship after-service subsidiary of <a href="https://www.smartkarma.com/entities/hd-hyundai-co-ltd" target="_blank" data-smartkarma-citation="entities:24075:1" rel="noopener">HD Hyundai (267250 KS)</a>, aims to raise up to US$550 million.</li>
<li>We previously discussed the IPO in <strong><em><a href="https://www.smartkarma.com/insights/hd-hyundai-marine-solutions-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:135501" rel="noopener">HD Hyundai Marine Solutions IPO: The Investment Case</a></em></strong>. </li>
<li>We examine the syndicate's valuation methodology. Our analysis suggests that the HMS is, at best, fairly valued at the IPO price range. We would pass on the IPO.</li>
</ul>



HD Hyundai Marine Solution (443060 KS), the ship after-service subsidiary of HD Hyundai (267250 KS), aims to raise up to US$550 million.
We previously discussed the IPO in HD Hyundai Marine Solutions IPO: The Investment Case. 
We examine the syndicate's valuation methodology. Our analysis suggests that the HMS is, at best, fairly valued at the IPO price range. We would pass on the IPO.


HD Hyundai Marine Solutions IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a> is looking to raise up to US$555m in its Korean IPO.</li>
<li>HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship. </li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



HD Hyundai Marine Solution (443060 KS) is looking to raise up to US$555m in its Korean IPO.
HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship. 
In this note, we talk about the company’s historical performance.


HD Hyundai Marine Solution IPO - Strong Profitability Growth but Lacking in Disclosures

South Korea

Hyundai Mipo Dockyard Co., Ltd. is shipbuilders in the sectors of medium-sized conventional ships and specialized vessels. The Company constructs and delivers medium-ranged product carriers, chemical tankers, containerships, LPG carriers, pure car truck carriers and others.

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

Hyundai Mipo Dockyard (010620 KS)

HD Hyundai Marine Solution IPO - Thoughts on Valuation

Books have opened today as the firm seeks to raise up to US$550m. Bookbuilding will run from today to April 22, with pricing slated for April 24....

Ethan Aw

Observations on Post-Election Flows of Value-Up Stocks, Based on Recent Local Institutional Trades

This post outlines my observations on the post-election flows of Value-up beneficiary stocks, derived from recent local institutional trades.

Sanghyun Park

HD Hyundai Marine Solution IPO - Peer Comparison - Not Particularly Exciting

HD Hyundai Marine Solution (443060 KS) is looking to raise up to US$555m in its Korean IPO. In this note, we talk about peer comparison.

Ethan Aw

HD Hyundai Marine Solutions IPO: Valuation Insights

We examine the syndicate's valuation methodology. Our analysis suggests that the HMS is, at best, fairly valued at the IPO price range. We would...

Arun George

HD Hyundai Marine Solution IPO - Strong Profitability Growth but Lacking in Disclosures

HD Hyundai Marine Solution (443060 KS) is looking to raise up to US$555m in its Korean IPO. In this note, we talk about the company’s historical...

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)