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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/monde-nissin-corp" target="_blank" data-smartkarma-citation="entities:32188:1" rel="noopener">Monde Nissin Corp (MONDE PM)</a> shares are down 18% on the back of FY22 results which revealed a net loss of PHP13 billion mainly due to a large impairment charge.</li>
<li>While softening demand in meat alternatives is a headwind, Monde should benefit from the tailwinds of market share gains (in APAC BFB) and margin improvement (easing cost inflation).</li>
<li>The valuation is undemanding (SOTP valuation of PHP10.21 per share) and will prove attractive to investors with a longer-term investment horizon.</li>
</ul>



Monde Nissin Corp (MONDE PM) shares are down 18% on the back of FY22 results which revealed a net loss of PHP13 billion mainly due to a large impairment charge.
While softening demand in meat alternatives is a headwind, Monde should benefit from the tailwinds of market share gains (in APAC BFB) and margin improvement (easing cost inflation).
The valuation is undemanding (SOTP valuation of PHP10.21 per share) and will prove attractive to investors with a longer-term investment horizon.


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 short interest of KRX stocks as of Dec 6th which has an aggregated short interest worth USD3.8bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Lg Energy Solution, Samsung Electronics, KB Financial.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Dec 6th which has an aggregated short interest worth USD3.8bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Lg Energy Solution, Samsung Electronics, KB Financial.


KRX Short Interest Weekly (Dec 6th): Lg Energy Solution, Samsung Electronics, KB Financial

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>On 4 July, NPS disclosed the details of the ownership changes for 112 listed companies in Korea, of which 87 were listed in KOSPI and 25 in KOSDAQ. </li>
<li>In 2Q 2024, the NPS reduced its investments in defense and military stocks and increased investments in cosmetics, shipbuilding, and food companies in Korea.</li>
<li>NPS reduced its capital allocation to the military &amp; defense sector. NPS reduced its stake in LIG Nex1 (-2.32%), Poongsan Corp (-2.24%), and Hanwha Aerospace (-1.02%). </li>
</ul>


On 4 July, NPS disclosed the details of the ownership changes for 112 listed companies in Korea, of which 87 were listed in KOSPI and 25 in KOSDAQ. 
In 2Q 2024, the NPS reduced its investments in defense and military stocks and increased investments in cosmetics, shipbuilding, and food companies in Korea.
NPS reduced its capital allocation to the military &amp; defense sector. NPS reduced its stake in LIG Nex1 (-2.32%), Poongsan Corp (-2.24%), and Hanwha Aerospace (-1.02%). 


What Did NPS Buy and Sell in Korean Stock Market in 2Q 2024?

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Nov 17th which has an aggregated short interest worth USD11.9bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Celltrion, Celltrion Health, Amorepacific.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Nov 17th which has an aggregated short interest worth USD11.9bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Celltrion, Celltrion Health, Amorepacific.


KRX Short Interest Weekly (Nov 17th): Short Covers for Celltrion, Celltrion Health, Amorepacific

<ul>
<li>In the past week, several leading Korean instant noodle makers including Nongshim, Samyang Foods, and Ottogi announced that they will be reducing instant noodle and snack prices starting July.</li>
<li>This government pressure to lower instant noodle and snack prices are likely to negatively impact companies including Nongshim, Samyang Foods, and Ottogi Corp.</li>
<li>We believe the share prices of the three major instant noodle makers including Nongshim, Samyang Foods, and Ottogi could face further underperformance relative to KOSPI in the next 3-6 months. </li>
</ul>


In the past week, several leading Korean instant noodle makers including Nongshim, Samyang Foods, and Ottogi announced that they will be reducing instant noodle and snack prices starting July.
This government pressure to lower instant noodle and snack prices are likely to negatively impact companies including Nongshim, Samyang Foods, and Ottogi Corp.
We believe the share prices of the three major instant noodle makers including Nongshim, Samyang Foods, and Ottogi could face further underperformance relative to KOSPI in the next 3-6 months. 


Government Pressures Korean Instant Noodles & Flour Makers to Lower Prices

South Korea

Nongshim Co., Ltd. manufactures, and markets instant noodles, snacks, and beverages.  The Company also produces refined palm oil and food ingredients.

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Nongshim Co Ltd (004370 KS)

Monde Nissin: The Investment Case

The sentiment is weak due to the large impairment charges. The valuation is undemanding (SOTP valuation of PHP10.21) and will prove attractive to...

Arun George

KRX Short Interest Weekly (Dec 6th): Lg Energy Solution, Samsung Electronics, KB Financial

We analyzed KRX short interest report for the past week and highlighted short interest changes in Lg Energy Solution, Samsung Electronics, KB...

Ke Yan, CFA, FRM

What Did NPS Buy and Sell in Korean Stock Market in 2Q 2024?

In 2Q 2024, the NPS reduced its investments in defense and military stocks and increased investments in cosmetics, shipbuilding, and food companies...

Douglas Kim

KRX Short Interest Weekly (Nov 17th): Short Covers for Celltrion, Celltrion Health, Amorepacific

We analyzed KRX short interest report for the past week and highlight short interest changes in Celltrion, Celltrion Health, Amorepacific.

Ke Yan, CFA, FRM

Government Pressures Korean Instant Noodles & Flour Makers to Lower Prices

We believe the share prices of the three major instant noodle makers including Nongshim, Samyang Foods, and Ottogi could face further...

Douglas Kim

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)