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.

Event-Driven

<ul>
<li>For this March rebalancing, the screening base date is January 28, which is the last trading day of January. So, the 3-month rebalancing review period is now done.</li>
<li>Other than LG Energy (+₩146,2B), we should pay the most attention to AfreecaTV (+1.70x), Chunbo (+0.36x), Douzone Bizon (-4.82x), and SoulBrain (-0.99x).</li>
<li>In addition, large-cap stocks such as SKIET (+0.25x), Ecopro BM (+0.10x), LG Chem (-0.62x), and Posco Chemical (-0.30x) will likely draw much attention.</li>
</ul>


For this March rebalancing, the screening base date is January 28, which is the last trading day of January. So, the 3-month rebalancing review period is now done.
Other than LG Energy (+₩146,2B), we should pay the most attention to AfreecaTV (+1.70x), Chunbo (+0.36x), Douzone Bizon (-4.82x), and SoulBrain (-0.99x).
In addition, large-cap stocks such as SKIET (+0.25x), Ecopro BM (+0.10x), LG Chem (-0.62x), and Posco Chemical (-0.30x) will likely draw much attention.


KRX K-New Deal Index Screening Period Ended: Rebalancing Changes & Passive Impacts Update

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

Equity Capital Markets

LG Energy Solution / Equity Capital Markets

<ul>
<li>In this insight, we discuss the first day trading strategy of LG Energy Solution amid market turmoil.</li>
<li>Due to the recent risk-off sentiment, the prudent course of action would be to take a more moderate upside view on how much LG Energy Solution's stock price could overshoot.</li>
<li>Our base case valuation for LG Energy Solution (373220 KS) remains 424,093 won per share, which is 41% higher than the IPO price of 300,000 won.</li>
</ul>


In this insight, we discuss the first day trading strategy of LG Energy Solution amid market turmoil.
Due to the recent risk-off sentiment, the prudent course of action would be to take a more moderate upside view on how much LG Energy Solution's stock price could overshoot.
Our base case valuation for LG Energy Solution (373220 KS) remains 424,093 won per share, which is 41% higher than the IPO price of 300,000 won.


LG Energy Solution IPO: First Day Trading Strategy Amid Market Turmoil

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.

<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

<ul>
<li>LG Energy Solution completed its two days retail subscription demand on 18-19 January. </li>
<li>LG Energy Solution raised 114 trillion won in IPO subscription margin and achieved a new record in the Korean IPO market. The retail demand ratio was 69.3 to 1. </li>
<li>In this insight, we provide a detailed retail demand analysis of the LG Energy Solution IPO, which is getting ready to start trading on 27 January.</li>
</ul>


LG Energy Solution completed its two days retail subscription demand on 18-19 January. 
LG Energy Solution raised 114 trillion won in IPO subscription margin and achieved a new record in the Korean IPO market. The retail demand ratio was 69.3 to 1. 
In this insight, we provide a detailed retail demand analysis of the LG Energy Solution IPO, which is getting ready to start trading on 27 January.


LG Energy Solution IPO: Record Retail Demand Amount

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
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Kakaopay (377300 KS)

KRX K-New Deal Index Screening Period Ended: Rebalancing Changes & Passive Impacts Update

The KRX K-New Deal Index's screening period ended last Friday. This post updates the screening results and passive impacts.

Sanghyun Park

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

LG Energy Solution IPO: First Day Trading Strategy Amid Market Turmoil

We discuss the first day trading strategy of LG Energy Solution amid market turmoil. Our base case valuation for LG Energy Solution remains 424,093...

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

LG Energy Solution IPO: Record Retail Demand Amount

In this insight, we provide a detailed retail demand analysis of the LG Energy Solution IPO, which is getting ready to start trading on 27 January.

Douglas Kim

Price Gauge

52-week Range

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P/E

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