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

<ul>
<li>Kakao Bank's six month IPO lock-up will end on 6th Feb 2022. </li>
<li>It will result in freeing up another US$2.5bn+ worth of shares held by a number of pre-IPO and local IPO investors.</li>
<li>In this note, we will talk about the upcoming lock-up expiry.</li>
</ul>


Kakao Bank's six month IPO lock-up will end on 6th Feb 2022. 
It will result in freeing up another US$2.5bn+ worth of shares held by a number of pre-IPO and local IPO investors.
In this note, we will talk about the upcoming lock-up expiry.


Kakao Bank Six-Month Lock-Up - Over US$2.5bn Stock Release Will Only Add to the Recent Rout

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>November semiconductor revenues set a record for the highest shipment month in the history of the industry</li>
<li>Year-To-Date revenues and unit shipments, excluding December, are still higher than any full year in the industry's history</li>
<li>There is plenty of room for this to continue, barring a global economic meltdown</li>
</ul>


November semiconductor revenues set a record for the highest shipment month in the history of the industry
Year-To-Date revenues and unit shipments, excluding December, are still higher than any full year in the industry's history
There is plenty of room for this to continue, barring a global economic meltdown


November Semiconductors Once Again Set Records

<ul>
<li>2022 is likely to be a very good year for semiconductors, with 6% revenue growth following outstanding 2021 growth of ~22%.</li>
<li>Demand is solid, and shortages are driving prices higher.  Since revenues are demand times price, all signs are positive.</li>
<li>The factors that caused the last collapse, in 2019, are not in place this time, indicating that a downturn is very unlikely.</li>
</ul>


2022 is likely to be a very good year for semiconductors, with 6% revenue growth following outstanding 2021 growth of ~22%.
Demand is solid, and shortages are driving prices higher.  Since revenues are demand times price, all signs are positive.
The factors that caused the last collapse, in 2019, are not in place this time, indicating that a downturn is very unlikely.


2022 High Conviction - Modest Semiconductor Growth

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>The news on the market this afternoon is that Hong Ra-hee's block deals on Samsung Electronics are highly likely to be postponed to next month.</li>
<li>It means the possibility of a sharp decline in the share price due to this block deal immediately after Samsung Electronics' ex-dividend date should be low at this time.</li>
<li>Instead, it seems more appropriate to set a trading entry point for this block deal after the announcement of 4Q interim results on January 7.</li>
</ul>


The news on the market this afternoon is that Hong Ra-hee's block deals on Samsung Electronics are highly likely to be postponed to next month.
It means the possibility of a sharp decline in the share price due to this block deal immediately after Samsung Electronics' ex-dividend date should be low at this time.
Instead, it seems more appropriate to set a trading entry point for this block deal after the announcement of 4Q interim results on January 7.


Hong Ra-Hee Block Deals on Samsung Electronics: Likely Pushed Back to Early Next Year

Equity Bottom-Up

<ul>
<li>Micron Technology posted revenues of 7.7 billion for its most recent quarter, down 7% Q/Q but up 33% Y/Y with a 47% gross margin</li>
<li>The company provided a positive outlook for the upcoming quarter and for its future in general</li>
<li>This is in stark contrast with recent forecasts based on a big decline in spot market DRAM and NAND flash prices.  We show spot prices to be unreliable predictors.</li>
</ul>


Micron Technology posted revenues of 7.7 billion for its most recent quarter, down 7% Q/Q but up 33% Y/Y with a 47% gross margin
The company provided a positive outlook for the upcoming quarter and for its future in general
This is in stark contrast with recent forecasts based on a big decline in spot market DRAM and NAND flash prices.  We show spot prices to be unreliable predictors.


Micron Bullish After Strong Showing, Counter to Certain Forecasts

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 (SMSN LI)

Kakao Bank Six-Month Lock-Up - Over US$2.5bn Stock Release Will Only Add to the Recent Rout

Kakao Bank's six month IPO lock-up will end on 6th Feb 2022, releasing over US$2.5bn worth of shares. In this note, we will look at the lock-up...

Sumeet Singh

November Semiconductors Once Again Set Records

The semiconductor market once again set records in November, with 2021 revenues and unit shipments out-stripping all prior record years in its...

Jim Handy

2022 High Conviction - Modest Semiconductor Growth

Can today's semiconductor revenue growth continue, or will the market undergo another collapse? Objective Analysis calls for 6% growth, and shows...

Jim Handy

Hong Ra-Hee Block Deals on Samsung Electronics: Likely Pushed Back to Early Next Year

The current consensus of the local market on the timing of Hong Ra-hee's block deals on Samsung Electronics is around mid-January.

Sanghyun Park

Micron Bullish After Strong Showing, Counter to Certain Forecasts

Micron announced its earnings December 21. After a strong quarter the company has an outlook for continuing strength. Why is this when certain...

Jim Handy

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