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 foreign holdings of KRX stocks as of Aug 30th which has an aggregated holding worth USD581.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,386mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Sk Hynix (000660 KS), Samsung Electronics (005930 KS).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 30th which has an aggregated holding worth USD581.5bn.
We estimate that foreign flows to be outflows of USD1,386mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Sk Hynix (000660 KS), Samsung Electronics (005930 KS).


KRX Foreign Holding Weekly (Aug 30th): Sk Hynix, Samsung Electronics

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>Construction and semiconductors are key targets due to their low value-up representation. For shareholder returns, keep an eye on Samsung C&amp;T and SK Square.</li>
<li>Expect announcements before the mid-September value-up index, with early September releases mirroring LG Electronics' prior notices and detailed plans arriving by Q4.</li>
<li>Even with prior notices, details will leak. Samsung C&amp;T and SK Square are likely to prioritize short-term shareholder returns over long-term growth, potentially leading to a bigger price impact.</li>
</ul>


Construction and semiconductors are key targets due to their low value-up representation. For shareholder returns, keep an eye on Samsung C&amp;T and SK Square.
Expect announcements before the mid-September value-up index, with early September releases mirroring LG Electronics' prior notices and detailed plans arriving by Q4.
Even with prior notices, details will leak. Samsung C&amp;T and SK Square are likely to prioritize short-term shareholder returns over long-term growth, potentially leading to a bigger price impact.


Keep an Eye on Samsung C&T & SK Square as the Next Hot Picks for Value-Up Announcements

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In the past week, there were numerous local news accounts about a rights offering of nearly 800 billion won by Kum Yang. This has not been confirmed by the company. </li>
<li>Although Kum Yang has not committed to a rights offering, there is a high probability of such capital raise in 4Q24 which is likely to dilute existing shareholders. </li>
<li><em><strong>Kum Yang remains a highly speculative stock. The management has lost so much credibility in the past year. We would stay away from it as far as possible. </strong></em></li>
</ul>


In the past week, there were numerous local news accounts about a rights offering of nearly 800 billion won by Kum Yang. This has not been confirmed by the company. 
Although Kum Yang has not committed to a rights offering, there is a high probability of such capital raise in 4Q24 which is likely to dilute existing shareholders. 
Kum Yang remains a highly speculative stock. The management has lost so much credibility in the past year. We would stay away from it as far as possible. 


Kum Yang: A Major Capital Raise Possible in 4Q24 Which Is Likely to Dilute Existing Shareholders

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Taiwan's defense sector is seen as undervalued, representing a missed opportunity in the global arms race.</li><li>Malaysian officials hold a meeting with Tesla, but plans for a factory in the country are considered unlikely.</li><li>Retailers are using ICT and personnel to drive growth in green energy trading, while Samsung leads the gaming monitor market.</li></ul>

Taiwan's defense sector is seen as undervalued, representing a missed opportunity in the global arms race.Malaysian officials hold a meeting with Tesla, but plans for a factory in the country are considered unlikely.Retailers are using ICT and personnel to drive growth in green energy trading, while Samsung leads the gaming monitor market.

Tech Supply Chain Tracker (29-Aug-2024): Taiwan's defense sector missed opportunity in arms race.

<ul>
<li>Hyundai’s TSR target is 35%+ (dividends plus buybacks), up 10 percentage points from previous years. They’ve also set a new annual dividend of ₩10,000, paid evenly quarterly.</li>
<li>Hyundai's Value-Up targets may not fully meet market expectations, but the key is the timing. By aligning early with government policies, Hyundai has reduced risks and secured investment flow.</li>
<li>Hyundai plans a pref-skewed buyback, likely continuing this approach as retiring preferred shares first may boost ROE.</li>
</ul>


Hyundai’s TSR target is 35%+ (dividends plus buybacks), up 10 percentage points from previous years. They’ve also set a new annual dividend of ₩10,000, paid evenly quarterly.
Hyundai's Value-Up targets may not fully meet market expectations, but the key is the timing. By aligning early with government policies, Hyundai has reduced risks and secured investment flow.
Hyundai plans a pref-skewed buyback, likely continuing this approach as retiring preferred shares first may boost ROE.


Hyundai Motor's Value-Up Disclosure: Trading Implications from Release Timing & Pref-Skewed Buyback

South Korea

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

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Hyundai Motor (005387 KS)

KRX Foreign Holding Weekly (Aug 30th): Sk Hynix, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Samsungelec.

Ke Yan, CFA, FRM

Keep an Eye on Samsung C&T & SK Square as the Next Hot Picks for Value-Up Announcements

This post dives into the potential for Samsung C&T and SK Square to be the next big players in value-up announcements and explores the likely price...

Sanghyun Park

Kum Yang: A Major Capital Raise Possible in 4Q24 Which Is Likely to Dilute Existing Shareholders

Kum Yang remains a highly speculative stock. The management has lost so much credibility in the past year. We would stay away from it as far as...

Douglas Kim

Tech Supply Chain Tracker (29-Aug-2024): Taiwan's defense sector missed opportunity in arms race.

Taiwan's defense sector is overlooked, Malaysia meets Tesla but factory plans may not happen, July 2024 notebook shipment update, retail green...

Tech Supply Chain Tracker

Hyundai Motor's Value-Up Disclosure: Trading Implications from Release Timing & Pref-Skewed Buyback

This post examines Hyundai Motor's Value-Up disclosure released today, focusing on potential trading implications, especially regarding the timing...

Sanghyun Park

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