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 Sep 20th which has an aggregated short interest worth USD5.0bn.</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 Electronics, KB Financial, Shinhan Group, Posco.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Sep 20th which has an aggregated short interest worth USD5.0bn.
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 Electronics, KB Financial, Shinhan Group, Posco.


KRX Short Interest Weekly (Sep 20th): Samsung Electronics, KB Financial, Shinhan Group, Posco

Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

Event-Driven

<ul>
<li>Significant peer price performance declines leaves IPO valuation stretched, the desired discount multiple to attract interest has suddenly become a premium</li>
<li>Investor interest in memory semiconductors, AI derivative stocks has cooled</li>
<li>Peer price sell-offs are extreme but could quickly change, reflecting the highly cyclical nature of the sector</li>
</ul>


Significant peer price performance declines leaves IPO valuation stretched, the desired discount multiple to attract interest has suddenly become a premium
Investor interest in memory semiconductors, AI derivative stocks has cooled
Peer price sell-offs are extreme but could quickly change, reflecting the highly cyclical nature of the sector


Tech: Japan's Biggest IPO in 6 Years, Kioxia, Is Off. Here Is the Likely Reason

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/k-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:36073:1" rel="noopener">K Bank (279570 KS)</a> plans to raise up to US$740m in its upcoming South Korean IPO.</li>
<li>K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.</li>
<li>In our previous note, we have looked at the company’s past performance. In this note, we will undertake a peer comparison.</li>
</ul>



K Bank (279570 KS) plans to raise up to US$740m in its upcoming South Korean IPO.
K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.
In our previous note, we have looked at the company’s past performance. In this note, we will undertake a peer comparison.


K Bank IPO - Peer Comparison - Lags Its Main Peer on Most Fronts

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Sep 20th which has an aggregated holding worth USD544.0bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,602mln. 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 Alteogen, Samsung Electronics, Sk Hynix.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Sep 20th which has an aggregated holding worth USD544.0bn.
We estimate that foreign flows to be outflows of USD1,602mln. 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 Alteogen, Samsung Electronics, Sk Hynix.


KRX Foreign Holding Weekly (Sep 20th): Alteogen, Samsung Electronics, Sk Hynix

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> will initially use Novatek's DDIC (Display Driver IC) for the iPhone 16, but it will soon being replaced largely.</li>
<li>In 4Q24, there is a possibility of experiencing a decline, with a potential quarter-over-quarter decrease of approximately 5-10%.</li>
<li>The Chinese panel market continues to be a key battleground, and Novatek must navigate these challenges to remain competitive.</li>
</ul>



Apple (AAPL US) will initially use Novatek's DDIC (Display Driver IC) for the iPhone 16, but it will soon being replaced largely.
In 4Q24, there is a possibility of experiencing a decline, with a potential quarter-over-quarter decrease of approximately 5-10%.
The Chinese panel market continues to be a key battleground, and Novatek must navigate these challenges to remain competitive.


Novatek (3034.TT): To Utilizing on IPhone 16 DDIC Will Soon Be Largely Replaced by Korean Fabless.

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 (005930 KS)

KRX Short Interest Weekly (Sep 20th): Samsung Electronics, KB Financial, Shinhan Group, Posco

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, KB Financial, Shinhan Group,...

Ke Yan, CFA, FRM

Tech: Japan's Biggest IPO in 6 Years, Kioxia, Is Off. Here Is the Likely Reason

IPO valuation stretched as peer price declines leave desired discount turning into a premium. investor interest in memory semiconductors and AI...

Neil Campling

K Bank IPO - Peer Comparison - Lags Its Main Peer on Most Fronts

K Bank (279570 KS) plans to raise up to US$740m in its upcoming South Korean IPO. We have looked at the past performance in our earlier notes, in...

Sumeet Singh

KRX Foreign Holding Weekly (Sep 20th): Alteogen, Samsung Electronics, Sk Hynix

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

Ke Yan, CFA, FRM

Novatek (3034.TT): To Utilizing on IPhone 16 DDIC Will Soon Be Largely Replaced by Korean Fabless.

In 4Q24, Novatek faces potential decline in Chinese panel market, with a potential QoQ decrease of approximately 5-10%, and the demand may start...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KRX Short Interest Weekly (Sep 20th): Samsung Electronics, KB Financial, Shinhan Group, Posco

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, KB Financial, Shinhan Group,...

Ke Yan, CFA, FRM

Tech: Japan's Biggest IPO in 6 Years, Kioxia, Is Off. Here Is the Likely Reason

​IPO valuation stretched as peer price declines leave desired discount turning into a premium. investor interest in memory semiconductors and AI...

Neil Campling

K Bank IPO - Peer Comparison - Lags Its Main Peer on Most Fronts

K Bank (279570 KS) plans to raise up to US$740m in its upcoming South Korean IPO. We have looked at the past performance in our earlier notes, in...

Sumeet Singh

KRX Foreign Holding Weekly (Sep 20th): Alteogen, Samsung Electronics, Sk Hynix

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

Ke Yan, CFA, FRM

Novatek (3034.TT): To Utilizing on IPhone 16 DDIC Will Soon Be Largely Replaced by Korean Fabless.

​In 4Q24, Novatek faces potential decline in Chinese panel market, with a potential QoQ decrease of approximately 5-10%, and the demand may start...

Patrick Liao

IPO valuation stretched as peer price declines leave desired discount turning into a premium. investor interest in memory semiconductors and AI...

In 4Q24, Novatek faces potential decline in Chinese panel market, with a potential QoQ decrease of approximately 5-10%, and the demand may start...