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 Nov 3rd which has an aggregated short interest worth USD12.7bn.</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 Ecopro, Samsung Sdi Co, Sk Hynix, Jusung Engineeri, Hyundai Bioscien, Leeno Industrial.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Nov 3rd which has an aggregated short interest worth USD12.7bn.
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 Ecopro, Samsung Sdi Co, Sk Hynix, Jusung Engineeri, Hyundai Bioscien, Leeno Industrial.


KRX Shorts: Top Changes Prior to Short Ban

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

EcoPro Materials / Equity Capital Markets

<ul>
<li>Ecopro Materials reduced the upper end of the IPO price range from 46,000 won to 44,000 won.</li>
<li>The bankers reduced the IPO discount, EV/EBITDA valuation multiple, and outstanding shares. </li>
<li>We maintain our Bearish view of the Ecopro Materials IPO. Our base case valuation of 37,436 won per share is towards to lower end of the IPO price range. </li>
</ul>


Ecopro Materials reduced the upper end of the IPO price range from 46,000 won to 44,000 won.
The bankers reduced the IPO discount, EV/EBITDA valuation multiple, and outstanding shares. 
We maintain our Bearish view of the Ecopro Materials IPO. Our base case valuation of 37,436 won per share is towards to lower end of the IPO price range. 


Ecopro Materials: Reduces IPO Price Range

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Oct 27th 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 Samsung Biologic, Skc, Hotel Shilla Co, Ecopro, Posco Holdings I, Yuhan, Posco Dx.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Oct 27th 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 Samsung Biologic, Skc, Hotel Shilla Co, Ecopro, Posco Holdings I, Yuhan, Posco Dx.


KRX Short Interest Weekly (Oct 27th): Samsung Biologic, Skc, Hotel Shilla Co, Ecopro

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ecopro-materials" target="_blank" data-smartkarma-citation="entities:36806:1" rel="noopener">EcoPro Materials (ECO123 KS)</a> is looking to raise up to US$469m in its Korean IPO.</li>
<li>Ecopro Materials (EPM) manufactures and sells high-nickel precursors, one of the key materials for high-nickel cathode materials for secondary (rechargeable) batteries.</li>
<li>In our previous notes, we covered the company’s performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we will share our updated thoughts on valuation.</li>
</ul>



EcoPro Materials (ECO123 KS) is looking to raise up to US$469m in its Korean IPO.
Ecopro Materials (EPM) manufactures and sells high-nickel precursors, one of the key materials for high-nickel cathode materials for secondary (rechargeable) batteries.
In our previous notes, we covered the company’s performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we will share our updated thoughts on valuation.


Ecopro Materials IPO - Updated Thoughts on Valuation - Sentiment Has Gotten Worse

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/ecopro-materials" target="_blank" data-smartkarma-citation="entities:36806:1" rel="noopener">EcoPro Materials (ECO123 KS)</a> is a leading player in the electrode material industry. It is seeking to raise up to US$470 million in a KRX IPO.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/ecopro-materials-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:114725" rel="noopener">EcoPro Materials IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/ecopro-materials-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:114976" rel="noopener">EcoPro Materials IPO: The Bear Case</a>.</li>
<li>In this note, we look at the syndicate's valuation methodology. Our valuation analysis suggests that the IPO price range is unattractive, and we would pass on the IPO.</li>
</ul>



EcoPro Materials (ECO123 KS) is a leading player in the electrode material industry. It is seeking to raise up to US$470 million in a KRX IPO.
We previously discussed the IPO in EcoPro Materials IPO: The Bull Case and EcoPro Materials IPO: The Bear Case.
In this note, we look at the syndicate's valuation methodology. Our valuation analysis suggests that the IPO price range is unattractive, and we would pass on the IPO.


South Korea

Posco Future M Co., Ltd. manufactures and distributes energy materials. The Company produces battery materials, advanced chemical materials, basic industrial materials, and other related products. Posco Future M also produces lime chemical and refractory products.

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Posco Future M (003670 KS)

KRX Shorts: Top Changes Prior to Short Ban

We analyzed KRX short interest report for the past week and highlight short interest changes in Ecopro, Samsung Sdi Co, Sk Hynix, Jusung Engineeri,...

Ke Yan, CFA, FRM

Ecopro Materials: Reduces IPO Price Range

Ecopro Materials IPO book building period ends on 3 November. Since 12 October when the company lowered the high end of the IPO price range, the...

Douglas Kim

KRX Short Interest Weekly (Oct 27th): Samsung Biologic, Skc, Hotel Shilla Co, Ecopro

We analyzed KRX short interest report for the past week and highlight short interest changes in Samsung Biologic, Skc, Hotel Shilla Co, Ecopro,...

Ke Yan, CFA, FRM

Ecopro Materials IPO - Updated Thoughts on Valuation - Sentiment Has Gotten Worse

EcoPro Materials (ECO123 KS) is looking to raise up to US$469m in its Korean IPO. In this note, we will share our updated thoughts on valuation.

Ethan Aw

EcoPro Materials IPO: Valuation Insights

In this note, we look at the syndicate's valuation methodology. Our valuation analysis suggests that the IPO price range is unattractive, and we...

Arun George

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