Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<ul>
<li>FSS provided further details as to the number of Korean companies that plan to change their dividend payout system to their shareholders in 2024.</li>
<li>There are 636 companies out of a total 2,267 listed companies in Korea (28%) that have confirmed that they will change their dividend payout system starting 2024.</li>
<li>As listed companies set different voting rights and dividend record dates from the end of the year, investors need to check the dividend record date and dividend amount before investing.</li>
</ul>


FSS provided further details as to the number of Korean companies that plan to change their dividend payout system to their shareholders in 2024.
There are 636 companies out of a total 2,267 listed companies in Korea (28%) that have confirmed that they will change their dividend payout system starting 2024.
As listed companies set different voting rights and dividend record dates from the end of the year, investors need to check the dividend record date and dividend amount before investing.


FSS Provides Further Details of Korean Companies That Plan to Change Dividend Payout System in 2024

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/samsung-kodex-fn-top10-equal-weight-etf" target="_blank" data-smartkarma-citation="entities:40203:1" rel="noopener">Samsung KODEX Fn Top10 Equal Weight ETF (395170 KS)</a> tracks the FnGuide Top 10 Index and has an AUM of US$264m.</li>
<li>We expect <a href="https://www.smartkarma.com/entities/kia-corp" target="_blank" data-smartkarma-citation="entities:156:1" rel="noopener">Kia Corp (000270 KS)</a> to replace <a href="https://www.smartkarma.com/entities/posco-future-m-co-ltd" target="_blank" data-smartkarma-citation="entities:12421:1" rel="noopener">Posco Future M (003670 KS)</a> in the index at the December rebalance.</li>
<li>There will be 0.4x ADV to buy in <a href="https://www.smartkarma.com/entities/kia-corp" target="_blank" data-smartkarma-citation="entities:156:1" rel="noopener">Kia Corp (000270 KS)</a> while passives will need to sell 0.1x ADV of <a href="https://www.smartkarma.com/entities/posco-future-m-co-ltd" target="_blank" data-smartkarma-citation="entities:12421:1" rel="noopener">Posco Future M (003670 KS)</a>. </li>
</ul>


The Samsung KODEX Fn Top10 Equal Weight ETF (395170 KS) tracks the FnGuide Top 10 Index and has an AUM of US$264m.
We expect Kia Corp (000270 KS) to replace Posco Future M (003670 KS) in the index at the December rebalance.
There will be 0.4x ADV to buy in Kia Corp (000270 KS) while passives will need to sell 0.1x ADV of Posco Future M (003670 KS). 


FnGuide Top10 Equal Weight Index Rebalance Preview: Kia Corp Could Replace Posco Future M

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

REPT BATTERO Energy / Equity Capital Markets

<ul>
<li>REPT BATTERO Energy (REPT HK) is looking to raise US$1bn in its upcoming Hong Kong IPO. </li>
<li>REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs. </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


REPT BATTERO Energy (REPT HK) is looking to raise US$1bn in its upcoming Hong Kong IPO. 
REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs. 
In this note, we will talk about the positive aspects of the deal.


REPT BATTERO Energy Pre-IPO - The Positives - Has Scaled Rapidly

Tata Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a> (TT) raised around US$370m in its India IPO.</li>
<li>Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.</li>
<li>In our previous note, we looked at the company’s past performance and valuation. In this note, we talk about the demand and trading dynamics.</li>
</ul>



Tata Technologies (TATATECH IN) (TT) raised around US$370m in its India IPO.
Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.
In our previous note, we looked at the company’s past performance and valuation. In this note, we talk about the demand and trading dynamics.


Tata Technologies IPO Trading - Will Be a Good Listing Owing to over Enthusiasm

<ul>
<li>It was announced that founder of Socar Lee Jae-Woong purchased 336,000 additional shares of Socar. This signals a potential M&amp;A fight for Socar between Lee Jae-Woong/related parties and Lotte Rental.</li>
<li>Founder Lee Jae-Woong and related parties currently own 37.8% stake in Socar versus Lotte Rental which has 32.9% stake.   </li>
<li>Socar is currently trading at more attractive valuations and we like the company's aggressive strategy to raise profitability. </li>
</ul>


It was announced that founder of Socar Lee Jae-Woong purchased 336,000 additional shares of Socar. This signals a potential M&amp;A fight for Socar between Lee Jae-Woong/related parties and Lotte Rental.
Founder Lee Jae-Woong and related parties currently own 37.8% stake in Socar versus Lotte Rental which has 32.9% stake.   
Socar is currently trading at more attractive valuations and we like the company's aggressive strategy to raise profitability. 


A Potential Fight for Management Rights of Socar Between Lee Jae-Woong and Lotte Rental

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 (005385 KS)

FSS Provides Further Details of Korean Companies That Plan to Change Dividend Payout System in 2024

There are 636 companies out of a total 2,267 listed companies in Korea (28%) that have confirmed that they will change their dividend payout system...

Douglas Kim

FnGuide Top10 Equal Weight Index Rebalance Preview: Kia Corp Could Replace Posco Future M

Kia Corp could replace Posco Future M in the FnGuide Top10 Equal Weight index in Dec - that would reverse the Sep change. There is 0.4x ADV to buy...

Brian Freitas

REPT BATTERO Energy Pre-IPO - The Positives - Has Scaled Rapidly

The company has just filed its PHIP and is said to be looking to raise around US$300m in its Hong Kong IPO. We had looked at the company's past...

Sumeet Singh

Tata Technologies IPO Trading - Will Be a Good Listing Owing to over Enthusiasm

Tata Technologies (TATATECH IN) (TT) raised around US$370m in its India IPO. In this note, we talk about the demand and trading updates.

Sumeet Singh

A Potential Fight for Management Rights of Socar Between Lee Jae-Woong and Lotte Rental

Founder of Socar, Lee Jae-Woong, buys more shares, hinting at a potential M&A battle with Lotte Rental for control of the company.

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

FSS Provides Further Details of Korean Companies That Plan to Change Dividend Payout System in 2024

There are 636 companies out of a total 2,267 listed companies in Korea (28%) that have confirmed that they will change their dividend payout system...

Douglas Kim

FnGuide Top10 Equal Weight Index Rebalance Preview: Kia Corp Could Replace Posco Future M

Kia Corp could replace Posco Future M in the FnGuide Top10 Equal Weight index in Dec - that would reverse the Sep change. There is 0.4x ADV to buy...

Brian Freitas

REPT BATTERO Energy Pre-IPO - The Positives - Has Scaled Rapidly

The company has just filed its PHIP and is said to be looking to raise around US$300m in its Hong Kong IPO. We had looked at the company's past...

Sumeet Singh

Tata Technologies IPO Trading - Will Be a Good Listing Owing to over Enthusiasm

Tata Technologies (TATATECH IN) (TT) raised around US$370m in its India IPO. In this note, we talk about the demand and trading updates.

Sumeet Singh

A Potential Fight for Management Rights of Socar Between Lee Jae-Woong and Lotte Rental

​Founder of Socar, Lee Jae-Woong, buys more shares, hinting at a potential M&A battle with Lotte Rental for control of the company.

Douglas Kim

Founder of Socar, Lee Jae-Woong, buys more shares, hinting at a potential M&A battle with Lotte Rental for control of the company.