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

Doosan Bobcat Inc / Equity Capital Markets

<ul>
<li>A group of shareholders aim to raise around US$138m by selling all of their remaining stake in Doosan Bobcat.</li>
<li>The same shareholders had earlier sold in Nov 22, see <a href="https://www.smartkarma.com/insights/doosan-bobcat-placement-momentum-is-strong-but-past-deals-have-been-a-mixed-bag" target="_blank" data-smartkarma-citation="insights:85256" rel="noopener">Doosan Bobcat Placement - Momentum Is Strong but past Deals Have Been a Mixed Bag</a>. That deal didn’t do well.</li>
<li>In this note, we will run the deal through our ECM framework and comment on other deal dynamics.</li>
</ul>


A group of shareholders aim to raise around US$138m by selling all of their remaining stake in Doosan Bobcat.
The same shareholders had earlier sold in Nov 22, see Doosan Bobcat Placement - Momentum Is Strong but past Deals Have Been a Mixed Bag. That deal didn’t do well.
In this note, we will run the deal through our ECM framework and comment on other deal dynamics.


Doosan Bobcat Placement - Past Deal Didn’t Do Well, This Time Could Be Different

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>Signal #1 -- Micron's CFO warns that margins will be coming in lower than expected and inventories will remain elevated through FY2023E.</li>
<li>Signal #2 -- South Korea semiconductor inventories jump 28% MoM, 39.5% YoY.</li>
<li>Implications for memory chip manufacturers: Biased to Long Micron vs. Short Nanya.</li>
</ul>


Signal #1 -- Micron's CFO warns that margins will be coming in lower than expected and inventories will remain elevated through FY2023E.
Signal #2 -- South Korea semiconductor inventories jump 28% MoM, 39.5% YoY.
Implications for memory chip manufacturers: Biased to Long Micron vs. Short Nanya.


Memory Monitor: Latest Two Signals Show Inventory Problems Worsening; Long Micron Vs. Short Nanya

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>The U.S. is reportedly working to implement China semiconductor restrictions with South Korean firms, after doing the same with Japanese and Dutch firms.</li>
<li>Nanya management sees a bottom for Memory prices in 1Q23E; we look at Long Micron vs. Short Nanya.</li>
<li>Firms are significantly expanding semiconductor capacity in Singapore, with the latest being Applied Materials and French firm Soitec.</li>
</ul>


The U.S. is reportedly working to implement China semiconductor restrictions with South Korean firms, after doing the same with Japanese and Dutch firms.
Nanya management sees a bottom for Memory prices in 1Q23E; we look at Long Micron vs. Short Nanya.
Firms are significantly expanding semiconductor capacity in Singapore, with the latest being Applied Materials and French firm Soitec.


Taiwan Tech Weekly: U.S. Pushing South Korea China Restrictions, Nanya Says Memory Bottom in 1Q23E

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>Notable names that have proposed amendments to their articles of association for changing the dividend record date at this year's AGM include Hyundai Motor Group, POSCO Holdings, and Kakao Corp.</li>
<li>There were skeptical views on how much response local big-name companies would show to Korea FSC's plan. However, the response from large companies has been unexpectedly positive and aggressive.</li>
<li>We should consider the possibility that the preferred stock premium of companies whose dividend visibility has improved through this may continue to improve compared to those that have not.</li>
</ul>


Notable names that have proposed amendments to their articles of association for changing the dividend record date at this year's AGM include Hyundai Motor Group, POSCO Holdings, and Kakao Corp.
There were skeptical views on how much response local big-name companies would show to Korea FSC's plan. However, the response from large companies has been unexpectedly positive and aggressive.
We should consider the possibility that the preferred stock premium of companies whose dividend visibility has improved through this may continue to improve compared to those that have not.


Dividend Record Date Changes Already in Progress in Korea: Trading Ramifications

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/nike-inc-cl-b" target="_blank" data-smartkarma-citation="entities:6658:1" rel="noopener">Nike (NKE US)</a> , <a href="https://www.smartkarma.com/entities/capital-one-financial-corp" target="_blank" data-smartkarma-citation="entities:255:1" rel="noopener">Capital One Financial (COF US)</a> and <a href="https://www.smartkarma.com/entities/under-armour-inc" target="_blank" data-smartkarma-citation="entities:11401:1" rel="noopener">Under Armour (UAA US)</a> </li>
<li>For the thirteen weeks since inception ended 17 Feb the combined innovation portfolio was +2.4%, versus DJIA +0.2%, S&amp;P500 +2.9%, Nasdaq +5.8%, Russell2000 +5.2%, MSCI-ACWI-ETF +4.3%, all in US$ terms</li>
<li>This week the large-cap portfolio underperformed on a mini <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> sell-off while <a href="https://www.smartkarma.com/entities/10x-genomics-inc-class-a" target="_blank" data-smartkarma-citation="entities:35564:1" rel="noopener">10X Genomics (TXG US)</a> was strong in the small caps group. </li>
</ul>


The three companies we write about this week are Nike (NKE US) , Capital One Financial (COF US) and Under Armour (UAA US) 
For the thirteen weeks since inception ended 17 Feb the combined innovation portfolio was +2.4%, versus DJIA +0.2%, S&amp;P500 +2.9%, Nasdaq +5.8%, Russell2000 +5.2%, MSCI-ACWI-ETF +4.3%, all in US$ terms
This week the large-cap portfolio underperformed on a mini Taiwan Semiconductor (TSMC) - ADR (TSM US) sell-off while 10X Genomics (TXG US) was strong in the small caps group. 


The Innovations Portfolio - Week Thirteen

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.

Samsung Electronics Pref Shares (005935 KS)

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Samsung Electronics Pref Shares (005935 KS)

Doosan Bobcat Placement - Past Deal Didn’t Do Well, This Time Could Be Different

A group of shareholders aim to raise around US$138m by selling all of their remaining stake in Doosan Bobcat. This is a clean-up trade.

Sumeet Singh

Memory Monitor: Latest Two Signals Show Inventory Problems Worsening; Long Micron Vs. Short Nanya

Signal #1 -- Micron's CFO warns that margins will be coming in lower than expected and inventories will remain elevated through FY2023E.

Vincent Fernando, CFA

Taiwan Tech Weekly: U.S. Pushing South Korea China Restrictions, Nanya Says Memory Bottom in 1Q23E

Firms are also significantly expanding semiconductor capacity in Singapore, with the latest being Applied Materials and French firm Soitec.

Vincent Fernando, CFA

Dividend Record Date Changes Already in Progress in Korea: Trading Ramifications

We currently see more swift and active progress in changing dividend record dates, signaling a shift in dividend arbitrage trading patterns and...

Sanghyun Park

The Innovations Portfolio - Week Thirteen

For the thirteen weeks since inception ended 17 Feb the combined innovation portfolio was +2.4%, versus DJIA +0.2%, S&P500 +2.9%, Nasdaq +5.8%,...

Pyari Menon

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52-week Range

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