Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>On 10 October, Kiwoom Securities announced shareholder friendly policies. This could lead to Kiwoom Securities outperforming other major Korean securities companies in the next several months. </li>
<li>First, the company will return more than 30% of its net profit to the shareholders in the next three years through dividends and share buybacks/cancellations of treasury shares.</li>
<li>In addition, Kiwoom Securities plans to cancel all 1.4 million treasury shares it currently holds, representing 5.3% of outstanding shares.</li>
</ul>


On 10 October, Kiwoom Securities announced shareholder friendly policies. This could lead to Kiwoom Securities outperforming other major Korean securities companies in the next several months. 
First, the company will return more than 30% of its net profit to the shareholders in the next three years through dividends and share buybacks/cancellations of treasury shares.
In addition, Kiwoom Securities plans to cancel all 1.4 million treasury shares it currently holds, representing 5.3% of outstanding shares.


Kiwoom Securities: Announces Material Improvement in Shareholder Return Policies

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our overall outlook remains largely unchanged; we remain bullish on global equities as long as the MSCI ACWI (ACWI-US) is above major $93 support.</li>
<li>We also discussed that if the 10-year Treasury yield remains below 4.35% and the DXY is below $105.70, we would continue to expect $93 support on ACWI-US to hold.</li>
<li>The 10-year Treasury yield is attempting to break above 4.35% and this could create a problem for ACWI-US; we will continue to monitor closely.</li>
</ul>


Our overall outlook remains largely unchanged; we remain bullish on global equities as long as the MSCI ACWI (ACWI-US) is above major $93 support.
We also discussed that if the 10-year Treasury yield remains below 4.35% and the DXY is below $105.70, we would continue to expect $93 support on ACWI-US to hold.
The 10-year Treasury yield is attempting to break above 4.35% and this could create a problem for ACWI-US; we will continue to monitor closely.


Overweight Value Within Global Ex-U.S. Equities; DXY Below $105.70; Buys in Global Value

Event-Driven

<ul>
<li>After the market close on 21 August, it was reported that Harim Group, Dongwon Group, LX Group, and Hapag-Lloyd have been short-listed as preliminary bidders for HMM.</li>
<li>KDB and KOBC are selling 38.9% stake in HMM on a fully diluted basis. The local media have mentioned that the potential sales price could be about 5-6 trillion won.</li>
<li>We continue to have a Negative view of HMM. e expect additional 20-30%+ downside risk over the next 6-12 months.</li>
</ul>


After the market close on 21 August, it was reported that Harim Group, Dongwon Group, LX Group, and Hapag-Lloyd have been short-listed as preliminary bidders for HMM.
KDB and KOBC are selling 38.9% stake in HMM on a fully diluted basis. The local media have mentioned that the potential sales price could be about 5-6 trillion won.
We continue to have a Negative view of HMM. e expect additional 20-30%+ downside risk over the next 6-12 months.


Privatization of HMM: Hapag-Lloyd, Harim, Dongwon, and LX Groups [Short-Listed Bidding Candidates]

EURO STOXX 50 Price EUR / Technical Analysis

<ul>
<li>It appears the recent pullback is over, and we could see the MSCI ACWI (ACWI-US) test YTD highs at $93. We still expect $93 to cap upside in 2023.</li>
<li>Overweight Europe/UK and non-U.S., we are buyers on pullbacks as long as FTSE 100 is above 7700, STOXX Europe 50 is above 3800, and EURO STOXX 50 is above 4000.</li>
<li>As long as these support levels are holding, we are constructive from a price perspective</li>
</ul>


It appears the recent pullback is over, and we could see the MSCI ACWI (ACWI-US) test YTD highs at $93. We still expect $93 to cap upside in 2023.
Overweight Europe/UK and non-U.S., we are buyers on pullbacks as long as FTSE 100 is above 7700, STOXX Europe 50 is above 3800, and EURO STOXX 50 is above 4000.
As long as these support levels are holding, we are constructive from a price perspective


Remain Overweight Europe/UK & Non-US Equities; Pullback Over?; Buys in Industrials and Financials

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>In this note, we will take a look at bookrunner performance for Korean IPOs from 2021-2022. </li>
<li>The following dataset includes all Korean IPOs above US$100m for the period of Calendar Years 2021-2022, which amounted to a total of <strong>11 deals</strong>.</li>
<li>The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.</li>
</ul>


In this note, we will take a look at bookrunner performance for Korean IPOs from 2021-2022. 
The following dataset includes all Korean IPOs above US$100m for the period of Calendar Years 2021-2022, which amounted to a total of 11 deals.
The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.


Aequitas Korea IPOs Bookrunner Performance (2021-2022)

South Korea

Korea Investment Holdings Co., Ltd. is a financial holding company. The Company operates and controls its financial subsidiaries such as Korea Investment & Securities, Korea Investment Partners, and Korea Investment Mutual Savings Bank.

Korea Investment Holdings Co, Ltd. (071050 KS)

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52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

Korea Investment Holdings Co, Ltd. (071050 KS)

Kiwoom Securities: Announces Material Improvement in Shareholder Return Policies

Kiwoom Securities announced shareholder-friendly policies, including returning over 30% of net profit to shareholders and cancelling all treasury...

Douglas Kim

Overweight Value Within Global Ex-U.S. Equities; DXY Below $105.70; Buys in Global Value

We're constructive on global equities as long as $ACWI is above $93 support, however, the 10-year Treasury yield $TNX is breaking above 4.35%...

Vermilion Research

Privatization of HMM: Hapag-Lloyd, Harim, Dongwon, and LX Groups [Short-Listed Bidding Candidates]

Kim Jae-cheol, the honorary chairman of Dongwon Group, expressed his determination to acquire HMM today, saying, “I think the acquisition of HMM is...

Douglas Kim

Remain Overweight Europe/UK & Non-US Equities; Pullback Over?; Buys in Industrials and Financials

Remain overweight Europe/UK and non-US equities; we are buyers on pullbacks as long as the FTSE 100 is above 7700, the STOXX Europe 50 is above...

Vermilion Research

Aequitas Korea IPOs Bookrunner Performance (2021-2022)

In this note, we will take a look at bookrunner performance for Korean IPOs from 2021-2022, which includes all Korean IPOs above US$100m, amounting...

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kiwoom Securities: Announces Material Improvement in Shareholder Return Policies

​Kiwoom Securities announced shareholder-friendly policies, including returning over 30% of net profit to shareholders and cancelling all treasury...

Douglas Kim

Overweight Value Within Global Ex-U.S. Equities; DXY Below $105.70; Buys in Global Value

We're constructive on global equities as long as $ACWI is above $93 support, however, the 10-year Treasury yield $TNX is breaking above 4.35%...

Vermilion Research

Privatization of HMM: Hapag-Lloyd, Harim, Dongwon, and LX Groups [Short-Listed Bidding Candidates]

Kim Jae-cheol, the honorary chairman of Dongwon Group, expressed his determination to acquire HMM today, saying, “I think the acquisition of HMM is...

Douglas Kim

Remain Overweight Europe/UK & Non-US Equities; Pullback Over?; Buys in Industrials and Financials

Remain overweight Europe/UK and non-US equities; we are buyers on pullbacks as long as the FTSE 100 is above 7700, the STOXX Europe 50 is above...

Vermilion Research

Aequitas Korea IPOs Bookrunner Performance (2021-2022)

In this note, we will take a look at bookrunner performance for Korean IPOs from 2021-2022, which includes all Korean IPOs above US$100m, amounting...

Ethan Aw

Kiwoom Securities announced shareholder-friendly policies, including returning over 30% of net profit to shareholders and cancelling all treasury...