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 short interest of KRX stocks as of Sep 20th which has an aggregated short interest worth USD5.0bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Samsung Electronics, KB Financial, Shinhan Group, Posco.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Sep 20th which has an aggregated short interest worth USD5.0bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Samsung Electronics, KB Financial, Shinhan Group, Posco.


KRX Short Interest Weekly (Sep 20th): Samsung Electronics, KB Financial, Shinhan Group, Posco

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/k-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:36073:1" rel="noopener">K Bank (279570 KS)</a> is a Korean internet bank. It has launched an IPO to raise up to US$734 million.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/k-bank-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:160037" rel="noopener">K Bank IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/k-bank-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:159133" rel="noopener">K Bank IPO: The Bull Case</a>. 
</li>
<li>We examine the syndicate's valuation methodology. Our analysis suggests that K Bank is unattractively valued in the IPO price range. We would pass on the IPO.</li>
</ul>



K Bank (279570 KS) is a Korean internet bank. It has launched an IPO to raise up to US$734 million.
We previously discussed the IPO in K Bank IPO: The Bear Case and K Bank IPO: The Bull Case. 

We examine the syndicate's valuation methodology. Our analysis suggests that K Bank is unattractively valued in the IPO price range. We would pass on the IPO.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/k-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:36073:1" rel="noopener">K Bank (279570 KS)</a> plans to raise up to US$740m in its upcoming South Korean IPO.</li>
<li>K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.</li>
<li>In our previous note, we have looked at the company’s past performance. In this note, we will undertake a peer comparison.</li>
</ul>



K Bank (279570 KS) plans to raise up to US$740m in its upcoming South Korean IPO.
K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.
In our previous note, we have looked at the company’s past performance. In this note, we will undertake a peer comparison.


K Bank IPO - Peer Comparison - Lags Its Main Peer on Most Fronts

<ul>
<li>
<a href="https://www.smartkarma.com/entities/k-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:36073:1" rel="noopener">K Bank (279570 KS)</a> is a Korean internet bank. It has launched an IPO to raise up to US$734 million.</li>
<li>In <a href="https://www.smartkarma.com/insights/k-bank-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:159133" rel="noopener">K Bank IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on rising competitive intensity, the smallest deposit base among Internet banks, below-peer loan book growth, and a high-risk crypto play due to the Dunamu partnership.</li>
</ul>



K Bank (279570 KS) is a Korean internet bank. It has launched an IPO to raise up to US$734 million.
In K Bank IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on rising competitive intensity, the smallest deposit base among Internet banks, below-peer loan book growth, and a high-risk crypto play due to the Dunamu partnership.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/k-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:36073:1" rel="noopener">K Bank (279570 KS)</a> plans to raise up to US$740m in its upcoming South Korean IPO.</li>
<li>K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



K Bank (279570 KS) plans to raise up to US$740m in its upcoming South Korean IPO.
K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.
In this note, we talk about the not-so-positive aspects of the deal.


K Bank IPO - The Negatives - Ample Issues Along with Crypto Exposure & Lockup

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.

Price Gauge
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KakaoBank (323410 KS)

KRX Short Interest Weekly (Sep 20th): Samsung Electronics, KB Financial, Shinhan Group, Posco

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, KB Financial, Shinhan Group,...

Ke Yan, CFA, FRM

K Bank IPO: Valuation Insights

We examine the syndicate's valuation methodology. Our analysis suggests that K Bank is unattractively valued in the IPO price range. We would pass...

Arun George

K Bank IPO - Peer Comparison - Lags Its Main Peer on Most Fronts

K Bank (279570 KS) plans to raise up to US$740m in its upcoming South Korean IPO. We have looked at the past performance in our earlier notes, in...

Sumeet Singh

K Bank IPO: The Bear Case

The bear case rests on rising competitive intensity, the smallest deposit base among Internet banks, below-peer loan book growth, and a high-risk...

Arun George

K Bank IPO - The Negatives - Ample Issues Along with Crypto Exposure & Lockup

K Bank (279570 KS) plans to raise up to US$740m in its upcoming South Korean IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Price Gauge

52-week Range

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