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.

Event-Driven

HD Hyundai Heavy Industries  / Event-Driven

<ul>
<li>Hyundai Heavy Industries (HHI) was listed on Korea Exchange on 17th September, 2021. Its one year lock-up will expire on 17th Sep, 2022.</li>
<li>Hyundai Heavy Industries (HHI) is a South Korean shipbuilder. The company is majority owned by Korea Shipbuilding &amp; Offshore Engineering (009540 KS) after the latter’s spin-off in 2019.</li>
<li>In this note, we will talk about the upcoming lock-up expiry, along with recent updates.</li>
</ul>


Hyundai Heavy Industries (HHI) was listed on Korea Exchange on 17th September, 2021. Its one year lock-up will expire on 17th Sep, 2022.
Hyundai Heavy Industries (HHI) is a South Korean shipbuilder. The company is majority owned by Korea Shipbuilding &amp; Offshore Engineering (009540 KS) after the latter’s spin-off in 2019.
In this note, we will talk about the upcoming lock-up expiry, along with recent updates.


Hyundai Heavy IPO Lock-Up - Last of the Lockups with Employees Coming Free

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>On the IPO front, a few large Hong Kong IPOs are lining up to launch soon.</li>
<li>Placements picked up this week in Japan and India with most being secondary deals.</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.
On the IPO front, a few large Hong Kong IPOs are lining up to launch soon.
Placements picked up this week in Japan and India with most being secondary deals.


ECM Weekly (12th Sep 2022) - Onewo, CALB, YSB, Medanta, Beneunder, JMDC, SH Holdings, Indigo

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>On 19 August, KB Kookmin Bank sold a 3.1% stake (14.76 million shares) in KakaoBank (323410 KS). </li>
<li>The block deal sale price was 28,704 won, which was 8% discount to the previous day's closing price.</li>
<li>We continue to have a Negative view of Kakao Bank, due to further overhang on more share sales, concerns about partial ban of simple remittance, and unattractive valuations.</li>
</ul>


On 19 August, KB Kookmin Bank sold a 3.1% stake (14.76 million shares) in KakaoBank (323410 KS). 
The block deal sale price was 28,704 won, which was 8% discount to the previous day's closing price.
We continue to have a Negative view of Kakao Bank, due to further overhang on more share sales, concerns about partial ban of simple remittance, and unattractive valuations.


A Block Deal Sale of 3.1% of Kakao Bank by KB Kookmin Bank

Equity Bottom-Up

<ul>
<li>Kakao Pay's shares were down 6.6% today to 68,400 won, driven by the Korean regulators announcing a crackdown on the simple money remittance using fintech companies' apps without bank accounts.</li>
<li>There is a very high probability that the FSC will likely ban simple remittance and transfer of money using apps such as Kakao Pay in the coming months. </li>
<li>This will likely have a major negative impact on Kakao Pay and will further drive the stock downwards.</li>
</ul>


Kakao Pay's shares were down 6.6% today to 68,400 won, driven by the Korean regulators announcing a crackdown on the simple money remittance using fintech companies' apps without bank accounts.
There is a very high probability that the FSC will likely ban simple remittance and transfer of money using apps such as Kakao Pay in the coming months. 
This will likely have a major negative impact on Kakao Pay and will further drive the stock downwards.


Kakao Pay: A Likely Ban on Simple Remittance Without Bank Accounts

<ul>
<li>In the past several days, there have been numerous local media outlets that have mentioned about a potential launch of Apple Pay in Korea in the coming months. </li>
<li>We believe the launch of Apple Pay in Korea could occur in the next 6-12 months and this is likely to further heighten the competitive pressures on Kakao Pay.</li>
<li>We continue to be concerned about the lofty valuation multiples of Kakao Pay as it is trading at 165x P/E (2024E) and 5.1x P/B (2024E). </li>
</ul>


In the past several days, there have been numerous local media outlets that have mentioned about a potential launch of Apple Pay in Korea in the coming months. 
We believe the launch of Apple Pay in Korea could occur in the next 6-12 months and this is likely to further heighten the competitive pressures on Kakao Pay.
We continue to be concerned about the lofty valuation multiples of Kakao Pay as it is trading at 165x P/E (2024E) and 5.1x P/B (2024E). 


The Launch of Apple Pay Is Likely to Result in Market Share Losses for Kakao Pay

South Korea

Kakao Pay Corp. operates financial businesses. The Company provides online payment, currency encryption, and other services. Kakao Pay conducts businesses in South Korea.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kakaopay (377300 KS)

Hyundai Heavy IPO Lock-Up - Last of the Lockups with Employees Coming Free

Hyundai Heavy Industries (HHI) was listed on Korea Exchange on 17th September, 2021. Its one year lock-up will expire on 17th Sep, 2022.

Sumeet Singh

ECM Weekly (12th Sep 2022) - Onewo, CALB, YSB, Medanta, Beneunder, JMDC, SH Holdings, Indigo

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

A Block Deal Sale of 3.1% of Kakao Bank by KB Kookmin Bank

We continue to have a Negative view of Kakao Bank following block deal sale, due to further overhang on more share sales, concerns about partial...

Douglas Kim

Kakao Pay: A Likely Ban on Simple Remittance Without Bank Accounts

There is a very high probability that the FSC will likely ban simple remittance and transfer of money using apps such as Kakao Pay in the coming...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hyundai Heavy IPO Lock-Up - Last of the Lockups with Employees Coming Free

Hyundai Heavy Industries (HHI) was listed on Korea Exchange on 17th September, 2021. Its one year lock-up will expire on 17th Sep, 2022.

Sumeet Singh

ECM Weekly (12th Sep 2022) - Onewo, CALB, YSB, Medanta, Beneunder, JMDC, SH Holdings, Indigo

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

A Block Deal Sale of 3.1% of Kakao Bank by KB Kookmin Bank

We continue to have a Negative view of Kakao Bank following block deal sale, due to further overhang on more share sales, concerns about partial...

Douglas Kim

Kakao Pay: A Likely Ban on Simple Remittance Without Bank Accounts

There is a very high probability that the FSC will likely ban simple remittance and transfer of money using apps such as Kakao Pay in the coming...

Douglas Kim

The Launch of Apple Pay Is Likely to Result in Market Share Losses for Kakao Pay

We believe the launch of Apple Pay in Korea could occur in the next 6-12 months and this is likely to further heighten the competitive pressures on...

Douglas Kim