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

<div><p>Kakao Pay (KP), one of South Korea’s largest payment and financial services apps, aims to raise up to US$1.3bn in its South Korean IPO. Kakao held a 55% stake prior to listing, with Ant Financial holding the balance 45% stake.</p></div><div></div><div>
<p>We have covered most aspects of the deal in our earlier notes:</p>
<ul>
<li><a href="https://www.smartkarma.com/insights/kakao-pay-ipo-guided-by-ant-financial-to-be-a-mini-ant" target="_blank" rel="noopener">Kakao Pay IPO - Guided by Ant Financial to be a mini Ant, </a></li>
<li><a href="https://www.smartkarma.com/insights/kakao-pay-ipo-peer-comparison-local-and-international" target="_blank" rel="noopener">Kakao Pay IPO - Peer comparison - local and international, and</a></li>
</ul>
</div><ul><li><a href="https://www.smartkarma.com/insights/kakao-pay-ipo-valuation-and-likely-impact-of-latest-announcement" target="_blank" rel="noopener">Kakao Pay IPO - Valuation and Likely Impact of Latest Announcement</a></li></ul><div><p>As the company is slated to be in front of investors again and finally launch its bookbuilding next week, in this note we will talk about the updates from the refiled prospectus and have a relook at valuations.</p></div>

Kakao Pay (KP), one of South Korea’s largest payment and financial services apps, aims to raise up to US$1.3bn in its South Korean IPO. Kakao held a 55% stake prior to listing, with Ant Financial holding the balance 45% stake.
We have covered most aspects of the deal in our earlier notes:

Kakao Pay IPO - Guided by Ant Financial to be a mini Ant, 
Kakao Pay IPO - Peer comparison - local and international, and

Kakao Pay IPO - Valuation and Likely Impact of Latest AnnouncementAs the company is slated to be in front of investors again and finally launch its bookbuilding next week, in this note we will talk about the updates from the refiled prospectus and have a relook at valuations.

Kakao Pay IPO - Low-End Still Appear Reasonable but Stock Will More Likely Be Driven by Sentiment

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

<p>Below are the details of the disposal trust agreement that Samsung's Lee family members newly signed with the trust institution.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Disposal trust contract"}'>Disposal trust contract</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Lee Bu-jin (daughter)"}'>Lee Bu-jin (daughter)</td>
<td colspan="2" style="text-align: center;" data-sheets-value='{"1":2,"2":"Lee Seo-hyun (daughter)"}'>Lee Seo-hyun (daughter)</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Hong Ra-hee (spouse)"}'>Hong Ra-hee (spouse)</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Company"}'>Company</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Samsung SDS Co Ltd"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>Samsung SDS</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Samsung Life Insurance co., Ltd"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>Samsung Life Insurance</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Samsung SDS Co Ltd"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>Samsung SDS</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Samsung Electronics Co Ltd"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>Samsung Electronics</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"018260"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='="018260"'>018260</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"032830"}' data-sheets-formula='="032830"'>032830</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"018260"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='="018260"'>018260</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"005930"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='="005930"'>005930</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Disposition trust amount"}'>Disposition trust amount (shares)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1509430}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>1,509,430</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3459490}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>3,459,490</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1509430}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>1,509,430</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":19941860}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>19,941,860</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"% of the shares out"}'><strong>% of the shares out</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.019507274696359937}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[-1]C[0]/googlefinance(R[-2]C[0], "shares")'><strong>1.95%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.01729745}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[-1]C[0]/googlefinance(R[-2]C[0], "shares")'><strong>1.73%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.019507274696359937}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[-1]C[0]/googlefinance(R[-2]C[0], "shares")'><strong>1.95%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.003340466731070464}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[-1]C[0]/googlefinance(R[-2]C[0], "shares")'><strong>0.33%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":": Value"}'><strong>: Value (at the last close)</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.242263515}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=R[-2]C[0]*googlefinance(R[-3]C[0], "price")/1000000000000'><strong>₩0.24T</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.247353535}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=R[-2]C[0]*googlefinance(R[-3]C[0], "price")/1000000000000'><strong>₩0.25T</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.242263515}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=R[-2]C[0]*googlefinance(R[-3]C[0], "price")/1000000000000'><strong>₩0.24T</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.42584299}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=R[-2]C[0]*googlefinance(R[-3]C[0], "price")/1000000000000'><strong>₩1.43T</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Trust institution"}'>Trust institution</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"KB Bank"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}'>KB Bank</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"KB Bank"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}'>KB Bank</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"KB Bank"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}'>KB Bank</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"KB Bank"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}'>KB Bank</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Contract date"}'>Contract date</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44474}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2021. 10. 05</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44474}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2021. 10. 05</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44474}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2021. 10. 05</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44474}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2021. 10. 05</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Contract ends"}'>Contract ends</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44676}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2022. 04. 25</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44676}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2022. 04. 25</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44676}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2022. 04. 25</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44676}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2022. 04. 25</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Disposal deadline"}'><strong>Disposal deadline</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"N/A"}'><strong>N/A</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44554}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'><strong>2021. 12. 24</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"N/A"}'><strong>N/A</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"N/A"}'><strong>N/A</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Purpose"}'><strong>Purpose</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"For inheritance tax payment"}'><strong>For inheritance tax payment</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"For inheritance tax payment"}'><strong>For inheritance tax payment</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"For inheritance tax payment"}'><strong>For inheritance tax payment</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"For inheritance tax payment"}'><strong>For inheritance tax payment</strong></td>
</tr>
<tr><td colspan="5" data-sheets-value='{"1":2,"2":"Source: KRX FIND &amp; Korean NTS"}'>Source: KRX KIND</td></tr>
</tbody>
</table><div class="content-highlight">
<p><strong>Key takeaways</strong></p>
<ul>
<li><strong>All the family members, except Lee Jae-yong, disclosed they had newly signed a disposal trust agreement on the same date (October 5) with the same trust institution, KB Bank.</strong></li>
<li><strong>However, all of these regulatory filings were published after the market closed last Friday. That is, the market only found it out late Friday, so whatever impact will likely be reflected in the price next trading day, which is next Tuesday.</strong></li>
<li><strong>All four trust contracts expire on April 25 next year. However, it does not necessarily mean that the deadline for the stake sale is April 25.</strong></li>
<li><strong>Only Samsung Life Insurance disclosed the deadline for sale to be December 24 of this year. But it strongly suggests that this December 24 will likely be the deadline for the other trust contrasts as well.</strong></li>
<li><strong>All four trust contracts clearly stated that the purpose was to pay inheritance tax.</strong></li>
</ul>
</div>

Below are the details of the disposal trust agreement that Samsung's Lee family members newly signed with the trust institution.









Disposal trust contract
Lee Bu-jin (daughter)
Lee Seo-hyun (daughter)
Hong Ra-hee (spouse)


Company
Samsung SDS
Samsung Life Insurance
Samsung SDS
Samsung Electronics


Ticker
018260
032830
018260
005930


Disposition trust amount (shares)
1,509,430
3,459,490
1,509,430
19,941,860


% of the shares out
1.95%
1.73%
1.95%
0.33%


: Value (at the last close)
₩0.24T
₩0.25T
₩0.24T
₩1.43T


Trust institution
KB Bank
KB Bank
KB Bank
KB Bank


Contract date
2021. 10. 05
2021. 10. 05
2021. 10. 05
2021. 10. 05


Contract ends
2022. 04. 25
2022. 04. 25
2022. 04. 25
2022. 04. 25



Disposal deadline
N/A
2021. 12. 24
N/A
N/A


Purpose
For inheritance tax payment
For inheritance tax payment
For inheritance tax payment
For inheritance tax payment

Source: KRX KIND


Key takeaways

All the family members, except Lee Jae-yong, disclosed they had newly signed a disposal trust agreement on the same date (October 5) with the same trust institution, KB Bank.
However, all of these regulatory filings were published after the market closed last Friday. That is, the market only found it out late Friday, so whatever impact will likely be reflected in the price next trading day, which is next Tuesday.
All four trust contracts expire on April 25 next year. However, it does not necessarily mean that the deadline for the stake sale is April 25.
Only Samsung Life Insurance disclosed the deadline for sale to be December 24 of this year. But it strongly suggests that this December 24 will likely be the deadline for the other trust contrasts as well.
All four trust contracts clearly stated that the purpose was to pay inheritance tax.



Samsung Founding Family's Stake Sale: Impact on SamE Share Buyback Vs. Special Dividend

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

GLOBALFOUNDRIES  / Equity Capital Markets

<p>We offer some thoughts on Global Foundries coming IPO. We admire the strategic pivot the company took two years ago, and think there is alot to like here. The proposed $25-30B valuation does seem a bit high given TSMC trades at 13x forward EBITDA and this would be closer to 20x. Maybe they should see if Intel is still interested...</p><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div>

We offer some thoughts on Global Foundries coming IPO. We admire the strategic pivot the company took two years ago, and think there is alot to like here. The proposed $25-30B valuation does seem a bit high given TSMC trades at 13x forward EBITDA and this would be closer to 20x. Maybe they should see if Intel is still interested...Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

Global Foundries: Some Thoughts on the IPO

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<div class="content-highlight">
<p>It was announced that <a href="https://biz.chosun.com/industry/company/2021/10/09/3RSJJ472C5DHPKNURGL4YSJCFE/?utm_source=naver&amp;utm_medium=original&amp;utm_campaign=biz" target="_blank" rel="noopener">Hong Ra-Hee</a> (wife of the late Samsung Chairman Lee Gun-Hee) will sell about 1.43 trillion won worth of <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS) </a>in order to pay for inheritance taxes. This represents 19.94 million shares at 71,500 won per share of Samsung Electronics.</p>
<p>In addition to Hong Ra-Hee's sale of Samsung Electronics, her daughters Lee Bu-Jin and Lee Seo-Hyun will sell 0.73 trillion won worth of <a href="https://www.smartkarma.com/entities/samsung-sds-co-ltd" target="_blank" data-smartkarma-citation="entities:509:1" rel="noopener">Samsung Sds (018260 KS)</a> and <a href="https://www.smartkarma.com/entities/samsung-life-insurance-co-ltd" target="_blank" data-smartkarma-citation="entities:510:1" rel="noopener">Samsung Life Insurance (032830 KS)</a>. Thus, the total amount of Samsung Group related shares (including Samsung Electronics) to be sold in this sale is about 2.2 trillion won ($1.8 billion).</p>
<p>The stake sale of Samsung Electronics could be quickly absorbed by the market while the sale sales of Samsung SDS and Samsung Life Insurance could take more time to digest. In addition, this will be a recurring event every year for the next five years with the Lee family continuing to sell down their stakes in Samsung Electronics and other Samsung affiliates in order to pay off the exorbitant amount of inheritance taxes. We believe that there could be continued concerns about this inheritance tax sale of Samsung SDS, Samsung Life Insurance, and Samsung Electronics which could further pressure these stocks negatively in the near term. </p>
</div>


It was announced that Hong Ra-Hee (wife of the late Samsung Chairman Lee Gun-Hee) will sell about 1.43 trillion won worth of Samsung Electronics (005930 KS) in order to pay for inheritance taxes. This represents 19.94 million shares at 71,500 won per share of Samsung Electronics.
In addition to Hong Ra-Hee's sale of Samsung Electronics, her daughters Lee Bu-Jin and Lee Seo-Hyun will sell 0.73 trillion won worth of Samsung Sds (018260 KS) and Samsung Life Insurance (032830 KS). Thus, the total amount of Samsung Group related shares (including Samsung Electronics) to be sold in this sale is about 2.2 trillion won ($1.8 billion).
The stake sale of Samsung Electronics could be quickly absorbed by the market while the sale sales of Samsung SDS and Samsung Life Insurance could take more time to digest. In addition, this will be a recurring event every year for the next five years with the Lee family continuing to sell down their stakes in Samsung Electronics and other Samsung affiliates in order to pay off the exorbitant amount of inheritance taxes. We believe that there could be continued concerns about this inheritance tax sale of Samsung SDS, Samsung Life Insurance, and Samsung Electronics which could further pressure these stocks negatively in the near term. 


Lee Family to Sell 2.2 Trillion Won Worth of Samsung Group Affiliates to Pay for Inheritance Tax

Samsung Electronics Pref Shares / Event-Driven

<h2>3Q provision results</h2><p>Samsung Electronics disclosed its provisional 3Q results in a regulatory filing. Its quarterly sales are 73 trillion won, and operating profit is 15.8 trillion won.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/234/203/original/2.png?1633710725" class="editor-image img-responsive" data-smartkarma-image-id="234203"></figure><p>The operating profit is almost in line with the consensus of 15,831.1 billion won of the 22 local brokerages compiled by FnGuide, although the sales are slightly short of hitting the consensus, which I don't think would be a big deal.</p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/234/204/original/3.png?1633711857" class="editor-image img-responsive" data-smartkarma-image-id="234204"></figure></section><div class="content-caption"></div>
<p>Hence, Samsung Electronics' provisional earnings for this quarter were exactly within the market's expectations, so they did not significantly affect the share price immediately after the announcement.</p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/234/205/original/1.png?1633712016" class="editor-image img-responsive" data-smartkarma-image-id="234205"></figure></section></section>

3Q provision resultsSamsung Electronics disclosed its provisional 3Q results in a regulatory filing. Its quarterly sales are 73 trillion won, and operating profit is 15.8 trillion won.The operating profit is almost in line with the consensus of 15,831.1 billion won of the 22 local brokerages compiled by FnGuide, although the sales are slightly short of hitting the consensus, which I don't think would be a big deal.

Hence, Samsung Electronics' provisional earnings for this quarter were exactly within the market's expectations, so they did not significantly affect the share price immediately after the announcement.


Samsung Electronics Yearend Special Dividend Possibility Checkup

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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52-week Range	0.00 - 0.00
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Samsung Electronics (SMSN LI)

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