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

Angelalign Technology  / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/angelalign-technology-inc" target="_blank" data-smartkarma-citation="entities:31480:1" rel="noopener">Angelalign Technology (AAT HK)</a> is a leading clear aligner treatment solution provider in China. It is the second-largest player accounting for 41.0% market share in 2020 as measured by case shipments, according to CIC. Angelalign is pre-marketing an HKEx IPO to raise $300 million, according to press reports. </div>
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</div></div></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/angelalign-ipo-initiation-if-tooth-be-told" target="_blank" data-smartkarma-citation="insights:51881" rel="noopener">Angelalign IPO Initiation: If Tooth Be Told</a>, we stated that Angelalign is ideally positioned to benefit from this market opportunity due to high market share, strong growth, rising margins and prodigious cash generation. We concluded that Angelalign is worth a look. In this note, we present our forecasts and take the first look at Angelalign's potential valuation range. </p></div></div></div>



Angelalign Technology (AAT HK) is a leading clear aligner treatment solution provider in China. It is the second-largest player accounting for 41.0% market share in 2020 as measured by case shipments, according to CIC. Angelalign is pre-marketing an HKEx IPO to raise $300 million, according to press reports. 

In Angelalign IPO Initiation: If Tooth Be Told, we stated that Angelalign is ideally positioned to benefit from this market opportunity due to high market share, strong growth, rising margins and prodigious cash generation. We concluded that Angelalign is worth a look. In this note, we present our forecasts and take the first look at Angelalign's potential valuation range. 

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<p>It has been more than a year that it has been discussed in the Korean media about a potential visit of Xi Jinping to South Korea. Due to concerns about COVID-19 and other political factors, Xi Jinping's visit to South Korea has continued to get delayed. Xi Jinping's visit to South Korea is very important since it signifies that there could be much improved measures to increase trade and business opportunities between the two countries. His visit could also lead to the Chinese government opening up measures to allow greater travel measures for the people in China to visit South Korea. </p><p><strong>When will Xi Jinping Visit South Korea? </strong>Although the exact time period of when Xi Jinping could visit South Korea is uncertain, late August/early September could be a probable time when he could visit South Korea. This would be about four months from now which would provide more time for the South Korean government to reduce the daily new cases of COVID-19. It is also probably likely that some investors are already buying shares of these stocks ahead of the actual official announcement of a potential visit of South Korea by Xi Jinping.</p>

It has been more than a year that it has been discussed in the Korean media about a potential visit of Xi Jinping to South Korea. Due to concerns about COVID-19 and other political factors, Xi Jinping's visit to South Korea has continued to get delayed. Xi Jinping's visit to South Korea is very important since it signifies that there could be much improved measures to increase trade and business opportunities between the two countries. His visit could also lead to the Chinese government opening up measures to allow greater travel measures for the people in China to visit South Korea. When will Xi Jinping Visit South Korea? Although the exact time period of when Xi Jinping could visit South Korea is uncertain, late August/early September could be a probable time when he could visit South Korea. This would be about four months from now which would provide more time for the South Korean government to reduce the daily new cases of COVID-19. It is also probably likely that some investors are already buying shares of these stocks ahead of the actual official announcement of a potential visit of South Korea by Xi Jinping.

Xi Jinping's Visit to South Korea: A Trading Strategy for Korean Cosmetics & Consumer Stocks

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Cross Asset Strategy

<p>Whilst Q4's list posted strong price performance it was a case that a rising tide floated most boats. As in the previous few quarters, we are on the watch for the risk of deteriorating credit metrics, but in particular during H1 2021. In Q1, the Altman Z score is at a market-cap-weighted 1.03 times, a significant decrease on the 1.52 in Q4. This deterioration needs to be monitored since earnings continue to be adjusted by analysts and their limited visibility of any bottoming. 25 stocks appear in our Q1 2021 screen, versus 15 in Q4 2020.</p>

Whilst Q4's list posted strong price performance it was a case that a rising tide floated most boats. As in the previous few quarters, we are on the watch for the risk of deteriorating credit metrics, but in particular during H1 2021. In Q1, the Altman Z score is at a market-cap-weighted 1.03 times, a significant decrease on the 1.52 in Q4. This deterioration needs to be monitored since earnings continue to be adjusted by analysts and their limited visibility of any bottoming. 25 stocks appear in our Q1 2021 screen, versus 15 in Q4 2020.

Screening the Silk Road: Q1 2021 High Risk Names to Avoid

<p>The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. </p><p>Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example <a href="https://www.smartkarma.com/entities/nanos-co-ltd" target="_blank" data-smartkarma-citation="entities:16796:1" rel="noopener">Nanos Co Ltd (151910 KS),</a>which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including <a href="https://www.smartkarma.com/entities/sang-a-frontec-co-ltd" target="_blank" data-smartkarma-citation="entities:20692:1" rel="noopener">Sang A Frontec (089980 KS)</a>, Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), <a href="https://www.smartkarma.com/entities/koreacenter-com-co-ltd" target="_blank" data-smartkarma-citation="entities:28329:1" rel="noopener">Koreacenter.com Co Ltd (290510 KS)</a>, and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  </p><p>The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions. </p>

The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example Nanos Co Ltd (151910 KS),which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including Sang A Frontec (089980 KS), Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), Koreacenter.com Co Ltd (290510 KS), and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions. 

KOSDAQ150 and KRX300 Indices Rebalances (Overlapping Additions & Deletions)

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

<div>2Q will miss and full year guidance will be lowered.  Eventually this company will sell its shares (22% of o/s) as a lifeline.  Whether that be taken as a positive or negative, will depend on who they sell to. </div>

2Q will miss and full year guidance will be lowered.  Eventually this company will sell its shares (22% of o/s) as a lifeline.  Whether that be taken as a positive or negative, will depend on who they sell to. 

Dentium (145720 KS)  Strength Without Substance

South Korea

Osstem Implant Co., Ltd. manufactures dental implant system. The Company also markets dental management software. Osstem Implant provides products for dental surgery and exports abroad.

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Osstem Implant (048260 KS)

Angelalign IPO: Valuation First-Look

Angelalign is pre-marketing an HKEx IPO to raise $300 million, according to press reports. In this note, we present our forecasts and take the...

Arun George

Xi Jinping's Visit to South Korea: A Trading Strategy for Korean Cosmetics & Consumer Stocks

In this insight, we discuss the increasing probability of Xi Jinping visiting South Korea in August/September. This could be a key catalyst for...

Douglas Kim

Screening the Silk Road: Q1 2021 High Risk Names to Avoid

As in the previous few quarters, we are on the watch for the risk of deteriorating credit metrics, but in particular during H1 2021. 25 stocks...

David Lepper

KOSDAQ150 and KRX300 Indices Rebalances (Overlapping Additions & Deletions)

We highlight the KOSDAQ150 and KRX300 indices rebalances. There are some interesting new names, especially among those that are over lapping in...

Douglas Kim

Dentium (145720 KS) Strength Without Substance

2Q will miss and full year guidance will be lowered. Eventually this company will sell its shares (22% of o/s) as a lifeline. Whether that be...

Ken S. Kim

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