Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>The trading data of Korean stock market on January 27th and 28th clearly shows how the NPS and other local pension funds strongly supported LG Energy Solution IPO's stock price. </li>
<li>What is concerning is that the local pension funds nearly neglected net purchase of all other 2,400+ stocks in Korea.</li>
<li>NPS and local pension funds may have less room to overly support LG Energy Solution and other Korean stocks in February. </li>
</ul>


The trading data of Korean stock market on January 27th and 28th clearly shows how the NPS and other local pension funds strongly supported LG Energy Solution IPO's stock price. 
What is concerning is that the local pension funds nearly neglected net purchase of all other 2,400+ stocks in Korea.
NPS and local pension funds may have less room to overly support LG Energy Solution and other Korean stocks in February. 


NPS Exclusively Buying LG Energy Solution At the Expense of Other 2,400+ Stocks in Korea

Event-Driven

<ul>
<li>In this insight, we discuss the end of the mandatory lock-up periods for 44 stocks in Korea in February 2022. 
</li>
<li>Among these 44 stocks, 8 stocks are in KOSPI and 36 stocks are in KOSDAQ.</li>
<li>These 44 stocks could be subject to further selling pressures in February and could on average underperform relative to the market. </li>
</ul>


In this insight, we discuss the end of the mandatory lock-up periods for 44 stocks in Korea in February 2022. 

Among these 44 stocks, 8 stocks are in KOSPI and 36 stocks are in KOSDAQ.
These 44 stocks could be subject to further selling pressures in February and could on average underperform relative to the market. 


End of Mandatory Lock-Up Periods for 44 Stocks in Korea in February 2022

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

LG Energy Solution / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> saw strong retail demand for its mega US$10bn+ IPO.</li>
<li>Other IPO markets (ex-Korea) are starting to show signs of life. There were no major placements this week.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

LG Energy Solution (373220 KS) saw strong retail demand for its mega US$10bn+ IPO.
Other IPO markets (ex-Korea) are starting to show signs of life. There were no major placements this week.


ECM Weekly (23rd Jan 2022) - Hyundai Engineering, KakaoBank, Wanda, AInnovation, Cloudr, LG Energy

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.

<ul>
<li>For Kakao Bank, the 6M IPO lockup (2.79%) will hit the market. Also, the possibility that the 4.48% stake held by Anchor/TPG will hit the market should be left open.</li>
<li>In Krafton's case, Tencent is the most notable player, owning 13.56%. It recently suggested a reduction in overseas holdings. So, some of this 13.56% stake should appear in the market.</li>
<li>The 4.84% stake held by Premier Superior is available after February 14. Samsung Electronics and Samsung SDS shares by the Samsung family are also likely to take place in February.</li>
</ul>


For Kakao Bank, the 6M IPO lockup (2.79%) will hit the market. Also, the possibility that the 4.48% stake held by Anchor/TPG will hit the market should be left open.
In Krafton's case, Tencent is the most notable player, owning 13.56%. It recently suggested a reduction in overseas holdings. So, some of this 13.56% stake should appear in the market.
The 4.84% stake held by Premier Superior is available after February 14. Samsung Electronics and Samsung SDS shares by the Samsung family are also likely to take place in February.


KOSPI Overhang Stocks: Krafton, Kakao Bank, SKIET, Samsung Elec, & Samsung SDS

<ul>
<li>Kakao Bank's six month IPO lock-up will end on 6th Feb 2022. </li>
<li>It will result in freeing up another US$2.5bn+ worth of shares held by a number of pre-IPO and local IPO investors.</li>
<li>In this note, we will talk about the upcoming lock-up expiry.</li>
</ul>


Kakao Bank's six month IPO lock-up will end on 6th Feb 2022. 
It will result in freeing up another US$2.5bn+ worth of shares held by a number of pre-IPO and local IPO investors.
In this note, we will talk about the upcoming lock-up expiry.


Kakao Bank Six-Month Lock-Up - Over US$2.5bn Stock Release Will Only Add to the Recent Rout

South Korea

KakaoBank Corp. operates bank businesses. The Company provides deposit money, withdraw money, credit cards, stock accounts, linked loans, and other services. KakaoBank conducts businesses in South Korea.

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KakaoBank (323410 KS)

NPS Exclusively Buying LG Energy Solution At the Expense of Other 2,400+ Stocks in Korea

In this insight, we discuss the details of how the local pension funds strongly supported LG Energy Solution IPO's stock price on January 27th and...

Douglas Kim

End of Mandatory Lock-Up Periods for 44 Stocks in Korea in February 2022

In this insight, we discuss the end of the mandatory lock-up periods for 44 stocks in Korea in February 2022. These 44 stocks could be subject to...

Douglas Kim

ECM Weekly (23rd Jan 2022) - Hyundai Engineering, KakaoBank, Wanda, AInnovation, Cloudr, LG Energy

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

KOSPI Overhang Stocks: Krafton, Kakao Bank, SKIET, Samsung Elec, & Samsung SDS

This post discusses the potential overhang stocks on KOSPI in February: Kakao Bank, Krafton, SKIET, Samsung Electronics, and Samsung SDS.

Sanghyun Park

Kakao Bank Six-Month Lock-Up - Over US$2.5bn Stock Release Will Only Add to the Recent Rout

Kakao Bank's six month IPO lock-up will end on 6th Feb 2022, releasing over US$2.5bn worth of shares. In this note, we will look at the lock-up...

Sumeet Singh

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