Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a>'s CCASS movements are a thing, and there are things going on in the background, but the things in the foreground are not as menacing as they appear. </li>
<li>
<a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732" rel="noopener">Suzuki Motor (7269 JP)</a>'s NAV discount and implied stub plumb new lows. Again.</li>
<li>Musk has made a non-binding proposal for <a href="https://www.smartkarma.com/entities/twitter-inc" target="_blank" data-smartkarma-citation="entities:667" rel="noopener">Twitter Inc (TWTR US)</a> at US$54.20/share. Get it? Get it? Nudge nudge wink wink. That's all part of the fun for him.</li>
</ul>



JD.com (9618 HK)'s CCASS movements are a thing, and there are things going on in the background, but the things in the foreground are not as menacing as they appear. 

Suzuki Motor (7269 JP)'s NAV discount and implied stub plumb new lows. Again.
Musk has made a non-binding proposal for Twitter Inc (TWTR US) at US$54.20/share. Get it? Get it? Nudge nudge wink wink. That's all part of the fun for him.


Last Week in Event SPACE: JD.com, Suzuki, Twitter, Toyo Construction, Uniti Group, Singapore Press

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>SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO.</li>
<li>SKS is the security subsidiary of SK Square. It provides security services across four main categories: information security/Cybersecurity, convergence security, physical security, and Safety &amp; Care.</li>
<li>In this note, we look at valuations for its main segments.</li>
</ul>


SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO.
SKS is the security subsidiary of SK Square. It provides security services across four main categories: information security/Cybersecurity, convergence security, physical security, and Safety &amp; Care.
In this note, we look at valuations for its main segments.


<ul>
<li>SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO.</li>
<li>SKS is the security subsidiary of SK Square. It provides security services across four main categories: information security/Cybersecurity, convergence security, physical security, and Safety &amp; Care.</li>
<li>In this note, we undertake a peer comparison for its two largest verticals.</li>
</ul>


SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO.
SKS is the security subsidiary of SK Square. It provides security services across four main categories: information security/Cybersecurity, convergence security, physical security, and Safety &amp; Care.
In this note, we undertake a peer comparison for its two largest verticals.


SK Shieldus IPO - Peer Comparison - Better Top Line Growth, Worse Margin Decline

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Shanghai is in lockdown and citizens are finding it hard to get enough food.</li>
<li>Community group purchase has been taking consumers from e-commerce apps.</li>
<li>The central government reiterates the zero-COVID policy, but the Omicron variant is spreading with very few death cases.</li>
</ul>


Shanghai is in lockdown and citizens are finding it hard to get enough food.
Community group purchase has been taking consumers from e-commerce apps.
The central government reiterates the zero-COVID policy, but the Omicron variant is spreading with very few death cases.


Alibaba (BABA): Shanghai and Its E-Commerce Under Lockdown

Travis Lundy

<ul>
<li>Today, CCASS data showed that 700,000,047 Class A Shares of <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a> popped into existence in CCASS (from outside of CCASS the day before). Poof!</li>
<li>They showed up in Deutsche Bank's CCASS Participant account. Just like the 600,000,000 Class A Shares which popped in on 15 December 2021. </li>
<li>There's a thing here, and there are things going on in the background, but the things in the foreground are not as menacing as they appear. I explore and explain.</li>
</ul>


Today, CCASS data showed that 700,000,047 Class A Shares of JD.com Inc. (9618 HK) popped into existence in CCASS (from outside of CCASS the day before). Poof!
They showed up in Deutsche Bank's CCASS Participant account. Just like the 600,000,000 Class A Shares which popped in on 15 December 2021. 
There's a thing here, and there are things going on in the background, but the things in the foreground are not as menacing as they appear. I explore and explain.


JD.com's Musical Shares - Less Than You Think

China

JD.com, Inc. is an online direct sales company in China. The Company offers a wide selection of products through its website and mobile applications. JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (9618 HK)

Last Week in Event SPACE: JD.com, Suzuki, Twitter, Toyo Construction, Uniti Group, Singapore Press

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

SK Shieldus IPO - Fairly Valued, at Best

SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO. In this note, we talk about...

Sumeet Singh

SK Shieldus IPO - Peer Comparison - Better Top Line Growth, Worse Margin Decline

SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO. In this note, we undertake a...

Sumeet Singh

Alibaba (BABA): Shanghai and Its E-Commerce Under Lockdown

Shanghai is in lockdown and citizens find they are hard to get enough food. Community group purchase is taking consumers from e-commerce apps.

Ming Lu

JD.com's Musical Shares - Less Than You Think

JD.com saw a huge swing of 700 million shares into CCASS from outside of CCASS. This is much less ominous than it looks. It is almost certainly...

Travis Lundy

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