Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<ul>
<li>At the end of September 2022, Korean stocks accounted for 13.6% of total assets of the NPS whose target for domestic stock exposure is 15.9% by end of this year. </li>
<li>In recent months, NPS has been net increasing purchases of companies including Naver, Celltrion, POSCO Chemical, Samsung Life Insurance, and Krafton. </li>
<li>Although the allowable range for SAA by NPS is ±3%p, there is some leeway for NPS to add to the domestic equities given that they were much lower than target. </li>
</ul>


At the end of September 2022, Korean stocks accounted for 13.6% of total assets of the NPS whose target for domestic stock exposure is 15.9% by end of this year. 
In recent months, NPS has been net increasing purchases of companies including Naver, Celltrion, POSCO Chemical, Samsung Life Insurance, and Krafton. 
Although the allowable range for SAA by NPS is ±3%p, there is some leeway for NPS to add to the domestic equities given that they were much lower than target. 


NPS Could Raise Investments in Korean Stocks in December 2022

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.

Equity Capital Markets

Alibaba Group Holding  / Equity Capital Markets

<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>On the IPO front, things are picking up again going into the year end.</li>
<li>There were no large placement or blocks this week, although prior lockup linked blocks kept flowing through.</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.
On the IPO front, things are picking up again going into the year end.
There were no large placement or blocks this week, although prior lockup linked blocks kept flowing through.


ECM Weekly (27th Nov 2022) - Growatt, Lygend, Sunshine Ins, Weilong, DPC, Daiei, Skymark, GoTo

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>KRX will lower the tick sizes for KOSPI and KOSDAQ starting next January to reduce actual transaction costs and increase market liquidity by attracting more high-frequency traders.</li>
<li>KRX's acceptance of the market's long-standing demand at this point can be seen as primarily driven by the purpose of resolving the problem of reduced market liquidity.</li>
<li>We need to design a setup that takes a tighter holding period of event and flow trading in the Korean local market from next year.</li>
</ul>


KRX will lower the tick sizes for KOSPI and KOSDAQ starting next January to reduce actual transaction costs and increase market liquidity by attracting more high-frequency traders.
KRX's acceptance of the market's long-standing demand at this point can be seen as primarily driven by the purpose of resolving the problem of reduced market liquidity.
We need to design a setup that takes a tighter holding period of event and flow trading in the Korean local market from next year.


Lowering Tick Sizes for KOSPI & KOSDAQ Starting Next January

<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>On the IPO front,  Indian IPOs delivered some decent performance while HK IPOs are likely to pick up as well.</li>
<li>There were a number of placement and blocks this week, after the expiry of lockups in a few Indian names.</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.
On the IPO front,  Indian IPOs delivered some decent performance while HK IPOs are likely to pick up as well.
There were a number of placement and blocks this week, after the expiry of lockups in a few Indian names.


ECM Weekly (20th Nov 2022) - I-Tail, Growatt, Lygend, SinoHytech, Meituan/Tencent, Olympus, Paytm

Equity Bottom-Up

<ul>
<li>On 15 November, Ecopro Group announced a major equity grant for 2,706 employees that work for various affiliates of the Ecopro Group.</li>
<li>The company announced that it will provide equity grant shares worth about 10 million won per employee (for most of the Ecopro Group full time employees as of 30 September).</li>
<li>We like what Ecopro Group is trying to do with this equity grant program and we believe this equity grant program will positively impact Ecopro Co and Ecopro BM. </li>
</ul>


On 15 November, Ecopro Group announced a major equity grant for 2,706 employees that work for various affiliates of the Ecopro Group.
The company announced that it will provide equity grant shares worth about 10 million won per employee (for most of the Ecopro Group full time employees as of 30 September).
We like what Ecopro Group is trying to do with this equity grant program and we believe this equity grant program will positively impact Ecopro Co and Ecopro BM. 


Ecopro Group: Major Equity Grants for 2,706 Employees

South Korea

Naver Corp. provides Internet site with web portal services, such as search engine, online game and content development.  The Company also offers marketing service through text and banner advertisement.

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Naver Corp (035420 KS)

NPS Could Raise Investments in Korean Stocks in December 2022

At the end of September 2022, Korean stocks accounted for 13.6% of total assets of the NPS whose target for domestic stock exposure is 15.9% by end...

Douglas Kim

ECM Weekly (27th Nov 2022) - Growatt, Lygend, Sunshine Ins, Weilong, DPC, Daiei, Skymark, GoTo

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

Lowering Tick Sizes for KOSPI & KOSDAQ Starting Next January

This post details KRX's pre-announced plan to lower the tick sizes for KOSPI and KOSDAQ starting next January and discusses the market impacts...

Sanghyun Park

ECM Weekly (20th Nov 2022) - I-Tail, Growatt, Lygend, SinoHytech, Meituan/Tencent, Olympus, Paytm

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

Ecopro Group: Major Equity Grants for 2,706 Employees

On 15 November, Ecopro Group announced a major equity grant for 2,706 employees that work for various affiliates of the Ecopro Group.

Douglas Kim

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