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>Long/Short basket trading on an equal weight using only six stocks for a 10% ceiling reversion with SungEel and Sebitchem would have delivered a daily yield of close to 2%.</li>
<li>An outright position on SungEel and Sebitchem and the biggest mover, Ecopro BM, alone would have delivered a pretty juicy yield of 4.2%.</li>
<li>The rebalancing of this ETF is an event that allows you to bet on highly predictable share price movements by forming a basket with a relatively small number of stocks.</li>
</ul>


Long/Short basket trading on an equal weight using only six stocks for a 10% ceiling reversion with SungEel and Sebitchem would have delivered a daily yield of close to 2%.
An outright position on SungEel and Sebitchem and the biggest mover, Ecopro BM, alone would have delivered a pretty juicy yield of 4.2%.
The rebalancing of this ETF is an event that allows you to bet on highly predictable share price movements by forming a basket with a relatively small number of stocks.


Tracing Back TIGER (WISE) Battery ETF Rebalancing on October 13

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Yunsung F&amp;C is a leading maker of materials mixing equipment that are used in the rechargeable battery production.</li>
<li>The IPO price range is from 53,000 won to 62,000 won and offering amount is from 106 billion won to 124 billion won. The book building starts on 26 October. </li>
<li>According to the bankers' valuation, the expected IPO market cap range is from 423 billion won to 495 billion won. </li>
</ul>


Yunsung F&amp;C is a leading maker of materials mixing equipment that are used in the rechargeable battery production.
The IPO price range is from 53,000 won to 62,000 won and offering amount is from 106 billion won to 124 billion won. The book building starts on 26 October. 
According to the bankers' valuation, the expected IPO market cap range is from 423 billion won to 495 billion won. 


Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

Equity Bottom-Up

<ul>
<li>Why <a href="https://www.smartkarma.com/entities/kakaobank-corp" target="_blank" data-smartkarma-citation="entities:33501:1" rel="noopener">KakaoBank (323410 KS)</a> , <a href="https://www.smartkarma.com/entities/kakao-games-corp" target="_blank" data-smartkarma-citation="entities:26730:1" rel="noopener">Kakao Games Corp (293490 KS)</a> and <a href="https://www.smartkarma.com/entities/kakao-pay-corp" target="_blank" data-smartkarma-citation="entities:29675:1" rel="noopener">Kakao Pay (377300 KS)</a> were hit recently</li>
<li>Aside from the sum of the 3, why <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a> is getting hit further</li>
<li>Are near the bottom or is there more to go? </li>
</ul>


Why KakaoBank (323410 KS) , Kakao Games Corp (293490 KS) and Kakao Pay (377300 KS) were hit recently
Aside from the sum of the 3, why Kakao Corp (035720 KS) is getting hit further
Are near the bottom or is there more to go? 


Is Kakao Cheap or Not? Actions Louder than Words

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/calb-co-ltd" target="_blank" data-smartkarma-citation="entities:35985:1" rel="noopener">CALB (3931 HK)</a> priced its H Share at HK$38.00 per share to raise net proceeds of HK$9.9 billion (US$1.3 billion). The H Share will start trading tomorrow.</li>
<li>Grey market prices across various platforms show the shares last traded at HK$37.30-38.00 per share i.e., -2% down to unchanged compared to the IPO price.</li>
<li>Despite peer multiple derating, the IPO price continues to imply a discount to the median peer CY2023 EV/EBITDA multiple. CALB should be, at least, valued in line with peer multiples.</li>
</ul>



CALB (3931 HK) priced its H Share at HK$38.00 per share to raise net proceeds of HK$9.9 billion (US$1.3 billion). The H Share will start trading tomorrow.
Grey market prices across various platforms show the shares last traded at HK$37.30-38.00 per share i.e., -2% down to unchanged compared to the IPO price.
Despite peer multiple derating, the IPO price continues to imply a discount to the median peer CY2023 EV/EBITDA multiple. CALB should be, at least, valued in line with peer multiples.


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>CALB raised around US$1.2bn in its Hong Kong IPO, after pricing its offering at the low-end.</li>
<li>CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products.</li>
<li>In this note, we will talk about the demand for the deal and other trading dynamics.</li>
</ul>


CALB raised around US$1.2bn in its Hong Kong IPO, after pricing its offering at the low-end.
CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products.
In this note, we will talk about the demand for the deal and other trading dynamics.


CALB IPO Trading - Last of the Lot with the Least Demand of the Lot

South Korea

LG Energy Solution produces and sells batteries. The Company manufactures and sells automobile batteries, small batteries, energy storage system batteries, and other products. LG Energy Solution markets its products worldwide.

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LG Energy Solution (373220 KS)

Tracing Back TIGER (WISE) Battery ETF Rebalancing on October 13

This post traces back and backtests the rebalancing of the WISE Battery ETF, which occurred last Thursday, to examine the correction degree of net...

Sanghyun Park

Yunsung F&C IPO Preview

Yunsung F&C is a leading maker of materials mixing equipment that are used in the rechargeable battery production. The expected IPO market cap...

Douglas Kim

Is Kakao Cheap or Not? Actions Louder than Words

Has Kakao bottomed or is there further downside from here? We examine why the stock is more likely to fall and what investors are using as...

Ken S. Kim

CALB IPO: Trading Debut

Grey market prices are down -2% to flat to the IPO price. Despite peer multiple derating, the IPO price implies a discount to the median peer EV...

Arun George

CALB IPO Trading - Last of the Lot with the Least Demand of the Lot

CALB raised around US$1.2bn in its Hong Kong IPO, after pricing its offering at the low-end. In this note, we talk about the demand for the deal...

Sumeet Singh

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