APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

Hyundai Engineering   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-engineering-co-ltd" target="_blank" data-smartkarma-citation="entities:33008:1" rel="noopener">Hyundai Engineering Co Ltd (HEC KS)</a> is looking to raise up to US$1bn in its upcoming Korea IPO. </li>
<li>Hyundai Engineering is an engineering firm that covers the entire life-cycle, from procurement, development, maintenance post-completion of the building/project.</li>
<li>As per Korea Construction Association in 2021, it ranks 6th position, with a construction capacity of KRW8.5 tn.</li>
</ul>



Hyundai Engineering Co Ltd (HEC KS) is looking to raise up to US$1bn in its upcoming Korea IPO. 
Hyundai Engineering is an engineering firm that covers the entire life-cycle, from procurement, development, maintenance post-completion of the building/project.
As per Korea Construction Association in 2021, it ranks 6th position, with a construction capacity of KRW8.5 tn.


Hyundai Engineering Pre-IPO - Order Backlog Aids Visibility However, Margins Have Been Fluctuating

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

LG Energy Solution / Equity Capital Markets

<ul>
<li>In this insight, we discuss about what the locals are saying about LG Energy Solution in Korea to better understand how the locals are thinking about this IPO.</li>
<li>The local market is generally positive on the LG Energy Solution IPO. Valuations are reasonable and many investors expect the IPO to be priced at 300,000 won (high end). </li>
<li>Some of the major issues highlighted by the locals on this IPO include relatively cheap valuation relative to CATL, growing market share globally (ex-China), and low free float post IPO. </li>
</ul>


In this insight, we discuss about what the locals are saying about LG Energy Solution in Korea to better understand how the locals are thinking about this IPO.
The local market is generally positive on the LG Energy Solution IPO. Valuations are reasonable and many investors expect the IPO to be priced at 300,000 won (high end). 
Some of the major issues highlighted by the locals on this IPO include relatively cheap valuation relative to CATL, growing market share globally (ex-China), and low free float post IPO. 


LG Energy Solution - What Are the Locals Saying About This IPO?

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>LG Energy’s IPO prospectus discussed a number of risks to their business on the technological front. </li>
<li>We believe that chief among these is the risk from the rapidly evolving LFP chemistry in China. </li>
<li>The impact on LG Energy’s long term market share is discussed below.</li>
</ul>


LG Energy’s IPO prospectus discussed a number of risks to their business on the technological front. 
We believe that chief among these is the risk from the rapidly evolving LFP chemistry in China. 
The impact on LG Energy’s long term market share is discussed below.


LG Energy IPO – The Technological Risk from LFP

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (LGENERGY KS)</a> (LGES) is looking to raise up to US$10.8bn in its upcoming South Korea IPO.</li>
<li>LGES is the EV battery unit of LG Chem. It was spun off in December last year. The company is a major supplier to customers including Tesla and General Motors.</li>
<li>LGES will likely continue to be the dominant battery player in the market second to CATL based planned capacity.</li>
</ul>



LG Energy Solution (LGENERGY KS) (LGES) is looking to raise up to US$10.8bn in its upcoming South Korea IPO.
LGES is the EV battery unit of LG Chem. It was spun off in December last year. The company is a major supplier to customers including Tesla and General Motors.
LGES will likely continue to be the dominant battery player in the market second to CATL based planned capacity.


LG Energy Pre-IPO -  Industry and Competitive Landscape - LGES Will Remain a Dominant Player

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>In <a href="https://www.smartkarma.com/insights/lg-energy-solution-ipo-initiation-amp-my-ride" target="_blank" data-smartkarma-citation="insights:62402" rel="noopener">LG Energy Solution IPO Initiation: Amp My Ride</a>, we stated that LGES has attractive fundamentals with a strong backlog, healthy revenue growth and improving margins (recall provisions have peaked). </li>
<li>In <a href="https://www.smartkarma.com/insights/lg-energy-solution-vs-catl-vs-samsung-sdi-vs-sk-innovation" target="_blank" data-smartkarma-citation="insights:62445" rel="noopener">LG Energy Solution Vs CATL Vs Samsung SDI Vs SK Innovation</a>, we benchmarked LGES and its listed battery peers across key financial metrics. </li>
<li>In this note, we look at the syndicate's valuation methodology and present our valuation methodology. Our valuation analysis suggests that the IPO price range is attractive. </li>
</ul>


In LG Energy Solution IPO Initiation: Amp My Ride, we stated that LGES has attractive fundamentals with a strong backlog, healthy revenue growth and improving margins (recall provisions have peaked). 
In LG Energy Solution Vs CATL Vs Samsung SDI Vs SK Innovation, we benchmarked LGES and its listed battery peers across key financial metrics. 
In this note, we look at the syndicate's valuation methodology and present our valuation methodology. Our valuation analysis suggests that the IPO price range is attractive. 


LG Energy Solution IPO: Valuation Insights

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)

Hyundai Engineering Pre-IPO - Order Backlog Aids Visibility However, Margins Have Been Fluctuating

Hyundai Engineering Co Ltd (HEC KS) is looking to raise up to US$1bn in its upcoming Korea IPO. As per Korea Construction Association in 2021, it...

Clarence Chu

LG Energy Solution - What Are the Locals Saying About This IPO?

The local market is generally positive on the LG Energy Solution IPO. Valuations are reasonable and many investors expect the IPO to be priced at...

Douglas Kim

LG Energy IPO – The Technological Risk from LFP

LG Energy’s IPO prospectus discussed a number of risks to their business including the risk from the rapidly evolving LFP chemistry in China which...

Mio Kato

LG Energy Pre-IPO - Industry and Competitive Landscape - LGES Will Remain a Dominant Player

LG Energy Solution (LGES) is raising US$10.8bn in its upcoming South Korea IPO. LGES will likely continue to be the dominant battery player in the...

Sumeet Singh

LG Energy Solution IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range is attractive. Pre-marketing closes on 17 Dec and the international roadshow will run...

Arun George

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