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 foreign holdings of KRX stocks as of Nov 29th which has an aggregated holding worth USD481.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD748mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Naver, Samsung Electronics, Alteogen.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Nov 29th which has an aggregated holding worth USD481.3bn.
We estimate that foreign flows to be outflows of USD748mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Naver, Samsung Electronics, Alteogen.


KRX Foreign Holding Weekly (Nov 29th): Naver, Samsung Electronics, Alteogen

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Samsung Semiconductor re-org, new reporting lines, top management promotions and demotions, but the same people. That's going to solve problems? Qualcomm gives up on buying Intel - good idea. </li>
<li>Xiaomi to launch its smartphone chip, but what for? Intel launching a PC GPU again . Apple delays or abandons 2nm for M5 chip (too expensive). TSMC increasing CoWoS again. </li>
<li>China - US worsening relations, side effect is over buying, over stocking of semiconductors? is there a bunch of inventories in China that we can't see?  </li>
</ul>


Samsung Semiconductor re-org, new reporting lines, top management promotions and demotions, but the same people. That's going to solve problems? Qualcomm gives up on buying Intel - good idea. 
Xiaomi to launch its smartphone chip, but what for? Intel launching a PC GPU again . Apple delays or abandons 2nm for M5 chip (too expensive). TSMC increasing CoWoS again. 
China - US worsening relations, side effect is over buying, over stocking of semiconductors? is there a bunch of inventories in China that we can't see?  


Tech News This Week: Samsung Re-Org, QCOM Gives up on Intel, TSMC Increase CoWoS, Apple Delays 2nm

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>Memory Market Diverges: AI Demand Continues to Surges While Legacy Segments Struggle in November</li>
<li>Diverging Demand Trends Highlight Market Decoupling -- AI Driving HBM, Server DRAM, QLC NAND Demand</li>
<li>Outlook for the Memory Market -- Decoupling Trade: Long SK Hynix vs. Short Nanya Tech Trade</li>
</ul>


Memory Market Diverges: AI Demand Continues to Surges While Legacy Segments Struggle in November
Diverging Demand Trends Highlight Market Decoupling -- AI Driving HBM, Server DRAM, QLC NAND Demand
Outlook for the Memory Market -- Decoupling Trade: Long SK Hynix vs. Short Nanya Tech Trade


Memory Monitor: Decoupling Trade Long SK Hynix Vs. Short Nanya Tech

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

Thematic (Sector/Industry)

<ul>
<li>Forget government pressure, will peer pressure help fast forward Korea Corp Value Up program? </li>
<li>Japanese shame game versus Korean pride of the chaebols ? </li>
<li>Heading into 2025 we are seeing major Korean companies come out with longer term shareholder return plans</li>
</ul>


Forget government pressure, will peer pressure help fast forward Korea Corp Value Up program? 
Japanese shame game versus Korean pride of the chaebols ? 
Heading into 2025 we are seeing major Korean companies come out with longer term shareholder return plans


Corporate Value Up Korea; Will It Start Working Now and into 2025?

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

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" rel="noopener">Kioxia Holdings (6600 JP)</a> is a leading player in the NAND flash memory market. It will list on 18 December and seek to raise up to US$740 million.   </li>
<li>Bain Capital, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> and <a href="https://www.smartkarma.com/entities/hoya-corp" target="_blank" data-smartkarma-citation="entities:8990:1" rel="noopener">Hoya Corp (7741 JP)</a> currently own 56.23%, 40.64% and 3.13% of the voting rights, respectively. </li>
<li>The bull case rests on an attractive market opportunity, a return to revenue growth, margins close to all-time highs, a favourable cash conversion cycle, and modest leverage. </li>
</ul>



Kioxia Holdings (6600 JP) is a leading player in the NAND flash memory market. It will list on 18 December and seek to raise up to US$740 million.   
Bain Capital, Toshiba Corp (6502 JP) and Hoya Corp (7741 JP) currently own 56.23%, 40.64% and 3.13% of the voting rights, respectively. 
The bull case rests on an attractive market opportunity, a return to revenue growth, margins close to all-time highs, a favourable cash conversion cycle, and modest leverage. 


South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (SMSD LI)

KRX Foreign Holding Weekly (Nov 29th): Naver, Samsung Electronics, Alteogen

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Naver, Samsung Electronics, Alteogen.

Ke Yan, CFA, FRM

Tech News This Week: Samsung Re-Org, QCOM Gives up on Intel, TSMC Increase CoWoS, Apple Delays 2nm

Samsung re-orgs, Qualcomm backs off from Intel purchase, Xiaomi enters chip market, Intel introduces PC GPU, Apple delays 2nm for M5, TSMC boosts...

Nicolas Baratte

Memory Monitor: Decoupling Trade Long SK Hynix Vs. Short Nanya Tech

AI demand is driving growth in memory market, while legacy segments struggle, creating opportunities for investors to capitalize on decoupling...

Vincent Fernando, CFA

Corporate Value Up Korea; Will It Start Working Now and into 2025?

Will Korea Corp Value Up program start to really work in 2025? What will drive this program to work is not government pressure but peer pressure

Ken S. Kim

Kioxia (285A JP) IPO: The Bull Case

The bull case rests on an attractive market opportunity, a return to revenue growth, margins close to all-time highs, a favourable cash conversion...

Arun George

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KRX Foreign Holding Weekly (Nov 29th): Naver, Samsung Electronics, Alteogen

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Naver, Samsung Electronics, Alteogen.

Ke Yan, CFA, FRM

Tech News This Week: Samsung Re-Org, QCOM Gives up on Intel, TSMC Increase CoWoS, Apple Delays 2nm

​Samsung re-orgs, Qualcomm backs off from Intel purchase, Xiaomi enters chip market, Intel introduces PC GPU, Apple delays 2nm for M5, TSMC boosts...

Nicolas Baratte

Memory Monitor: Decoupling Trade Long SK Hynix Vs. Short Nanya Tech

​AI demand is driving growth in memory market, while legacy segments struggle, creating opportunities for investors to capitalize on decoupling...

Vincent Fernando, CFA

Corporate Value Up Korea; Will It Start Working Now and into 2025?

Will Korea Corp Value Up program start to really work in 2025? What will drive this program to work is not government pressure but peer pressure

Ken S. Kim

Kioxia (285A JP) IPO: The Bull Case

The bull case rests on an attractive market opportunity, a return to revenue growth, margins close to all-time highs, a favourable cash conversion...

Arun George

Samsung re-orgs, Qualcomm backs off from Intel purchase, Xiaomi enters chip market, Intel introduces PC GPU, Apple delays 2nm for M5, TSMC boosts...

AI demand is driving growth in memory market, while legacy segments struggle, creating opportunities for investors to capitalize on decoupling...