Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>We discuss the surging share cancellations in Korea in 2024. As of 8 February 2024, Korean companies have announced 3.3 trillion won worth of shares to be completed this year. </li>
<li>At current blistering pace, it is likely that the share cancellations in Korea could jump at least 100% YoY to jump more than 10 trillion won in 2024. </li>
<li>Some of the leading Korean companies including Samsung C&amp;T and KT&amp;G that have announced share cancellations this year continue to outperform the market on average. </li>
</ul>


We discuss the surging share cancellations in Korea in 2024. As of 8 February 2024, Korean companies have announced 3.3 trillion won worth of shares to be completed this year. 
At current blistering pace, it is likely that the share cancellations in Korea could jump at least 100% YoY to jump more than 10 trillion won in 2024. 
Some of the leading Korean companies including Samsung C&amp;T and KT&amp;G that have announced share cancellations this year continue to outperform the market on average. 


Korea: Surging Share Cancellations in 2024

Equity Capital Markets

<ul>
<li>Our base case valuation of Samhyun is target price of 28,106 won, which is 25% higher than the mid-point of the IPO price range (22,500 won).</li>
<li>Given the moderate upside, we have a Positive view of Samhyun IPO. Our base case valuation is based on P/E of 34.6x net profit of 8.6 billion won in 2023.</li>
<li>Samhyun developed one of the world's first CVVD (Continuously Variable Valve Duration) technology for automobile engines, which improves fuel efficiency by controlling the engine's valve opening time.</li>
</ul>


Our base case valuation of Samhyun is target price of 28,106 won, which is 25% higher than the mid-point of the IPO price range (22,500 won).
Given the moderate upside, we have a Positive view of Samhyun IPO. Our base case valuation is based on P/E of 34.6x net profit of 8.6 billion won in 2023.
Samhyun developed one of the world's first CVVD (Continuously Variable Valve Duration) technology for automobile engines, which improves fuel efficiency by controlling the engine's valve opening time.


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>Yesterday, five companies disclosed dividend record dates and amounts. Hyundai Motor set record dates before March futures expired. Hyundai Motor offers single stock futures, presenting arbitrage opportunities.</li>
<li>Daily updates and monitoring of dividend arbitrage spread are crucial. Despite limited English support, KLCA webpage proves effective with prompt updates, simplifying the process.</li>
<li>KLCA webpage offers real-time updates and intuitive layout, ideal for dividend arbitrage trading preparation in the Korean market.</li>
</ul>


Yesterday, five companies disclosed dividend record dates and amounts. Hyundai Motor set record dates before March futures expired. Hyundai Motor offers single stock futures, presenting arbitrage opportunities.
Daily updates and monitoring of dividend arbitrage spread are crucial. Despite limited English support, KLCA webpage proves effective with prompt updates, simplifying the process.
KLCA webpage offers real-time updates and intuitive layout, ideal for dividend arbitrage trading preparation in the Korean market.


Tracking Dividend Record Dates: Hyundai Motor Leads, Best Monitoring Channel Revealed

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 foreign holdings of KRX Stocks as of Feb 2nd which has an aggregated holding worth USD509.3bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,941mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instistutions.</li>
<li>We highlight foreign changes in Samsung Electronics, Kia, Samsung C&amp;T, Hyundai Motor, Samsung Biologic.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Feb 2nd which has an aggregated holding worth USD509.3bn.
We estimate that foreign flows to be inflows of USD1,941mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instistutions.
We highlight foreign changes in Samsung Electronics, Kia, Samsung C&amp;T, Hyundai Motor, Samsung Biologic.


KRX Foreign Holding Weekly (Feb 2nd): Samsung Electronics, Kia, Samsung C&T, Hyundai Motor

<ul>
<li>Samhyun is getting ready to complete its IPO on the KOSDAQ exchange in March. The IPO total offering amount is 40 billion won to 50 billion won. </li>
<li>The company generated sales of 99.8 billion won (up 45.5% YoY) and operating profit of 9.8 billion won (up 250% YoY) in 2023.</li>
<li>Samhyun developed one of the world's first CVVD (Continuously Variable Valve Duration) technology for automobile engines, which improves fuel efficiency by controlling the engine's valve opening time. </li>
</ul>


Samhyun is getting ready to complete its IPO on the KOSDAQ exchange in March. The IPO total offering amount is 40 billion won to 50 billion won. 
The company generated sales of 99.8 billion won (up 45.5% YoY) and operating profit of 9.8 billion won (up 250% YoY) in 2023.
Samhyun developed one of the world's first CVVD (Continuously Variable Valve Duration) technology for automobile engines, which improves fuel efficiency by controlling the engine's valve opening time. 


South Korea

Kia Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks and commercial vehicles. The Company also manufactures auto-parts and tools using hybrid electric and fuel cell technology. Kia markets its products worldwide.

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Kia Corp (000270 KS)

Samhyun IPO Valuation Analysis

Our base case valuation of Samhyun is target price of 28,106 won, which is 25% higher than the mid-point of the IPO price range (22,500 won).

Douglas Kim

Tracking Dividend Record Dates: Hyundai Motor Leads, Best Monitoring Channel Revealed

Here is the most recent list of companies that have finalized their dividend record date, among those that deferred the yearend dividend record...

Sanghyun Park

KRX Foreign Holding Weekly (Feb 2nd): Samsung Electronics, Kia, Samsung C&T, Hyundai Motor

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Kia, Samsung C&T, Hyundai...

Ke Yan, CFA, FRM

Samhyun IPO Preview

Samhyun is getting ready to complete its IPO on the KOSDAQ exchange in March. Samhyun developed one of the world's first CVVD technology for...

Douglas Kim

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Korea: Surging Share Cancellations in 2024

We discuss the surging share cancellations in Korea in 2024. As of 8 February 2024, Korean companies have announced 3.3 trillion won worth of...

Douglas Kim

Samhyun IPO Valuation Analysis

Our base case valuation of Samhyun is target price of 28,106 won, which is 25% higher than the mid-point of the IPO price range (22,500 won).

Douglas Kim

Tracking Dividend Record Dates: Hyundai Motor Leads, Best Monitoring Channel Revealed

Here is the most recent list of companies that have finalized their dividend record date, among those that deferred the yearend dividend record...

Sanghyun Park

KRX Foreign Holding Weekly (Feb 2nd): Samsung Electronics, Kia, Samsung C&T, Hyundai Motor

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Kia, Samsung C&T, Hyundai...

Ke Yan, CFA, FRM

Samhyun IPO Preview

Samhyun is getting ready to complete its IPO on the KOSDAQ exchange in March. Samhyun developed one of the world's first CVVD technology for...

Douglas Kim