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 Jun 14th which has an aggregated holding worth USD547.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,575mln. 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 foreign changes in Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Jun 14th which has an aggregated holding worth USD547.8bn.
We estimate that foreign flows to be inflows of USD1,575mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia.


KRX Foreign Holding Weekly (Jun 14th): Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia

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

Equity Bottom-Up

<ul>
<li>We conducted a Q&amp;A with Kinik, who is a key supplier to companies including TSMC, UMC, and Micron.</li>
<li>Kinik is dramatically expanding its diamond disk capacity; these products are critical to the production of wafers for advanced semiconductor nodes.</li>
<li>We believe Kinik has high visibility into future industry demand. Gross margins are likely to expand in the coming years as advanced diamond products become increasingly important to wafer production.</li>
</ul>


We conducted a Q&amp;A with Kinik, who is a key supplier to companies including TSMC, UMC, and Micron.
Kinik is dramatically expanding its diamond disk capacity; these products are critical to the production of wafers for advanced semiconductor nodes.
We believe Kinik has high visibility into future industry demand. Gross margins are likely to expand in the coming years as advanced diamond products become increasingly important to wafer production.


TechChain Insights: Q&A with TSMC Supplier Kinik; Diamond Capex Implies Industry Strength Visibility

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Equity Capital Markets

<ul>
<li>Woori PE, NH PE and KDB Capital seek to raise around KRW195bn (US$141m) through a secondary block deal, selling 0.71m shares (3.64% of TSO) of <a href="https://www.smartkarma.com/entities/enchem-co-ltd" target="_blank" data-smartkarma-citation="entities:34297:1" rel="noopener">Enchem (348370 KS).</a>
</li>
<li>The deal is a small one to digest at only 1.1 days of three-month ADV. </li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Woori PE, NH PE and KDB Capital seek to raise around KRW195bn (US$141m) through a secondary block deal, selling 0.71m shares (3.64% of TSO) of Enchem (348370 KS).

The deal is a small one to digest at only 1.1 days of three-month ADV. 
In this note, we will talk about the placement and run the deal through our ECM framework.


Enchem Placement- Easily Digestible but a Punt at Best

Webtoon Entertainment / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/webtoon-entertainment-inc" target="_blank" data-smartkarma-citation="entities:43652:1" rel="noopener">Webtoon Entertainment (WBTN US)</a> is looking to raise up to US$500m in its US IPO.</li>
<li>Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.</li>
<li>In our previous note, we talked about the company’s historical performance. In this note, we undertake a peer comparison.</li>
</ul>



Webtoon Entertainment (WBTN US) is looking to raise up to US$500m in its US IPO.
Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.
In our previous note, we talked about the company’s historical performance. In this note, we undertake a peer comparison.


Webtoon Entertainment Pre-IPO - Peer Comparison - Relatively Small in Operating Scale as a Platform

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>Global semi sales for April '24 were $46.4 billion,  +15.8% YoY &amp; +1.1% MoM</li>
<li>WSTS now forecasts a 16.1% increase in 2024 semi sales, up from 13.1% in their previous forecast</li>
<li>We think the WSTS forecast for Memory is too high &amp; their forecast for Logic is too low. Excluding memory, the WSTS forecast reflects just 3.1% growth in 2024.</li>
</ul>


Global semi sales for April '24 were $46.4 billion,  +15.8% YoY &amp; +1.1% MoM
WSTS now forecasts a 16.1% increase in 2024 semi sales, up from 13.1% in their previous forecast
We think the WSTS forecast for Memory is too high &amp; their forecast for Logic is too low. Excluding memory, the WSTS forecast reflects just 3.1% growth in 2024.


Global Semi Sales YTD 2024 & Outlook: The Good & The Not So Good

South Korea

COSMOAM&T Co., Ltd. manufactures, sells, and exports blank video & audio recording tapes including back-coated tapes, high speed recordable tapes, and video head cleaners.  The Company also produces recordable and rewritable optical discs, such as compact discs (CD), mini discs (MD), and digital video discs (DVD).

Hyundai IBT Co., Ltd. develops and manufactures various monitors. The Company'sproducts include thin film transistor-liquid crystal display (TFT-LCD), plasma display panel (PDP), and color display tubes (CDT) monitors. Imagequest also produces thin client (window based terminal) products and markets notebook computers.

E-Investment&Development Co., Ltd. develops and manufactures mobile modules. The Company produces slide hinge module of cellular phone and mock-up for cellular phone.

Sindoh Co., Ltd. manufactures office equipment such as copiers, facsimiles, printers, and copier related products.  The Company also offers financial services through its subsidiaries.

Kona I Co., Ltd. develops and provides electronic purse cards, called smartcards , which can be used for online and offline settlements and payments.  The Company also sells smart card readers, automatic teller machines, integrated transportation systems, and chips on board (COB) used in electronic cards.

Spigen Korea Co Ltd manufactures phone accessories.  The Company's main products include mobile phone cases, screen protectors and bags.

Samsung SDI Co., Ltd. specializes in developing Lithium Ion Battery (LIB) technology.  The Company also manufactures cathode ray tubes (CRTs) for televisions and computer monitors.  Samsung SDI also produces liquid crystal display (LCD) components and rechargeable batteries for cellular phones , personal digital assistants (PDAs), Energy Storage Systems and solar panels.

Samsung Electro-Mechanics Co., Ltd. manufactures a variety of electronic components used in computers, audio and video products, industrial electronics, and telecommunication equipment. The Company's products include multi-layer boards and capacitors, optical Pick Ups, deflection yokes (DY), keyboards, speakers, and light emitting diode (LED) products.

Samsung Electro Mechanics Co, Ltd. (009150 KS)

LG Display Co., Ltd. develops and manufactures digital display products.  The Company's products include thin film transistor-liquid crystal displays (TFT-LCD) for notebook and desktop computer monitors, TVs, mobile phones, and medical equipment.  LG Display provides its products mainly to overseas markets.

LG Innotek Co., Ltd. develops and produces cellular phone parts such as mini vibration motors, LCD modules, light emitting diode (LED), camera modules, protection circuit modules. The Company also manufactures liquid crystal displays (LCD) and plasma display panels (PDP) parts such as inverters, intelligent power modules, multi chip modules, and tuners.

Canon Inc. is a professional and consumer imaging solutions company and patent-holder of digital imaging technologies. The Company's products include networked multifunction devices, digital and analog copiers, computer peripherals, facsimile machines, image filing systems, camcorders, cameras and lenses, semiconductor, and broadcast and medical equipment.

Western Digital Corporation is a global provider of solutions for the collection, storage, management, protection and use of digital content, including audio and video. The Company's products include hard drives, solid-state drives, and home entertainment and networking products.

Quanta Computer Inc. manufactures and markets notebook computers and related peripheral equipment.

HP Inc. provides imaging and printing systems, computing systems, mobile devices, solutions, and services for business and home. The Company offers products which includes laser and inkjet printers, scanners, copiers and faxes, personal computers, workstations, storage solutions, and other computing and printing systems. HP sells its products worldwide.

Super Micro Computer, Inc. designs, develops, manufactures and sells server solutions based on modular and open-standard x86 architecture. The Company's products include servers, motherboards, chassis, and accessories.

Seagate Technology Holdings Public Limited Company offers computer hardware products. The Company designs, manufactures, and markets hard disk drives for enterprise applications, client compute applications, client non-compute applications, personal data backup systems, portable external storage systems and digital media systems.

FUJIFILM Holdings Corporation develops, sells and services Imaging, Information, and Document Solutions.  Its products include color films, digital cameras, photofinishing products and equipment.  The Group also manufactures medical and graphic art use equipment and materials, FPD materials, and optical devices, and provides services on office copy machines, printers, and related equipment.

NEC Corporation manufactures and markets computers, telecommunication equipment, electronic devices, semiconductors, and software.  The Company's products include printers, modems, cellular phones, plasma display panels (PDP), network systems, memory, integrated circuits (IC), thin film transistor-liquid crystal display (TFT-LCD), and printed circuit boards (PCB). NEC operates worldwide.

NetApp, Inc. provides storage and data management solutions. The Company's storage solutions include specialized hardware, software, and services that provide storage management for open network environments. NetApp  serves enterprises, government agencies, and universities worldwide.

BOE Technology Group Co., Ltd. manufactures display products. The Company produces display panels, sensor devices, and other products. BOE Technology Group supplies its products in mobile phones, tablets, notebooks, monitors, and other fields.

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 (005930 KS)

KRX Foreign Holding Weekly (Jun 14th): Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia.

Ke Yan, CFA, FRM

TechChain Insights: Q&A with TSMC Supplier Kinik; Diamond Capex Implies Industry Strength Visibility

Q&A with Kinik reveals expansion of diamond disk capacity crucial for semiconductor production, indicating high visibility into future industry...

Vincent Fernando, CFA

Enchem Placement- Easily Digestible but a Punt at Best

Woori PE, NH PE and KDB Capital seek to raise around KRW195bn (US$141m) through a secondary block deal, selling 0.71m shares (3.64% of TSO) of...

Ethan Aw

Webtoon Entertainment Pre-IPO - Peer Comparison - Relatively Small in Operating Scale as a Platform

Webtoon Entertainment (WBTN US) is looking to raise up to US$500m in its US IPO. In this note, we undertake a peer comparison.

Ethan Aw

Global Semi Sales YTD 2024 & Outlook: The Good & The Not So Good

Global semi sales for April '24 were $46.4 billion, +15.8% YoY & +1.1% MoM. Excluding memory, the latest WSTS forecast reflects just 3.1% growth...

William Keating

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52-week Range

Market Cap (USDm)

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KRX Foreign Holding Weekly (Jun 14th): Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia.

Ke Yan, CFA, FRM

TechChain Insights: Q&A with TSMC Supplier Kinik; Diamond Capex Implies Industry Strength Visibility

​Q&A with Kinik reveals expansion of diamond disk capacity crucial for semiconductor production, indicating high visibility into future industry...

Vincent Fernando, CFA

Enchem Placement- Easily Digestible but a Punt at Best

Woori PE, NH PE and KDB Capital seek to raise around KRW195bn (US$141m) through a secondary block deal, selling 0.71m shares (3.64% of TSO) of...

Ethan Aw

Webtoon Entertainment Pre-IPO - Peer Comparison - Relatively Small in Operating Scale as a Platform

Webtoon Entertainment (WBTN US) is looking to raise up to US$500m in its US IPO. In this note, we undertake a peer comparison.

Ethan Aw

Global Semi Sales YTD 2024 & Outlook: The Good & The Not So Good

Global semi sales for April '24 were $46.4 billion, +15.8% YoY & +1.1% MoM. Excluding memory, the latest WSTS forecast reflects just 3.1% growth...

William Keating

Q&A with Kinik reveals expansion of diamond disk capacity crucial for semiconductor production, indicating high visibility into future industry...