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 Jul 19th which has an aggregated holding worth USD563.2bn.</li>
<li>We estimate that foreign flows to be outflows of USD350mln. 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 Samsung Heavy In, Sk Hynix, Samsung Electronics, Doosan Bobcat.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 19th which has an aggregated holding worth USD563.2bn.
We estimate that foreign flows to be outflows of USD350mln. 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 Samsung Heavy In, Sk Hynix, Samsung Electronics, Doosan Bobcat.


KRX Foreign Holding Weekly (Jul 19th): Samsung Heavy In, Samsung Electronics, Doosan Bobcat

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Sumitomo Mitsui Financial Group / Technical Analysis

<ul>
<li>Our bullish outlook (since early-November 2023) remains intact. Continue to ride this trend higher and buy dips as long as ACWI-US and EEM-US remain above supports at $110 and $41-$42.</li>
<li>In our previous Int'l Compass (June 27) we discussed the rotation that we believed was starting, whereby global Technology (IXN-US) would consolidate as investors rotate to laggard areas.</li>
<li>This rotation has continued while Technology goes through a healthy consolidation. Continue to focus on other more value-oriented Sectors while Technology/growth consolidates</li>
</ul>


Our bullish outlook (since early-November 2023) remains intact. Continue to ride this trend higher and buy dips as long as ACWI-US and EEM-US remain above supports at $110 and $41-$42.
In our previous Int'l Compass (June 27) we discussed the rotation that we believed was starting, whereby global Technology (IXN-US) would consolidate as investors rotate to laggard areas.
This rotation has continued while Technology goes through a healthy consolidation. Continue to focus on other more value-oriented Sectors while Technology/growth consolidates


Rotation Continues; Bullish Outlook Intact; Buys in Global Financials, Industrials, Discretionary

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Equity Capital Markets

Doosan Robotics  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doosan-robotics" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (DOOSANROBO KS)</a> is looking to raise up to US$314m in its Korean IPO. </li>
<li>Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module. </li>
<li>In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.</li>
</ul>



Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO. 
Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module. 
In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.


Doosan Robotics IPO - Thoughts on Valuation - A Punt at Best, a Crash at Worst

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> is looking to raise up to US$147m in its Korean IPO.</li>
<li>Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs. </li>
<li>Fadu’s revenue growth has been stupendous, to say the least. However, the firm’s revenues are derived mainly from two customers, which exposes it to a large degree of concentration risk.</li>
</ul>



Fadu (440110 KS) is looking to raise up to US$147m in its Korean IPO.
Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs. 
Fadu’s revenue growth has been stupendous, to say the least. However, the firm’s revenues are derived mainly from two customers, which exposes it to a large degree of concentration risk.


Fadu Pre-IPO - Stupendous Revenue Growth but Heavily Reliant on Two Key Customers

Equity Bottom-Up

<ul>
<li>After a 35% price decline in 2021 and 11% performance YTD, we are exploring if SMM is able to capitalize on the high oil price environment.</li>
<li>We will look at its recent financial performance, orderbook, and financial forecast in 2022.</li>
<li>We will also look at how to value the company and the key risk with our valuation.</li>
</ul>


After a 35% price decline in 2021 and 11% performance YTD, we are exploring if SMM is able to capitalize on the high oil price environment.
We will look at its recent financial performance, orderbook, and financial forecast in 2022.
We will also look at how to value the company and the key risk with our valuation.


Sembcorp Marine: Beneficiary of High Oil Price? Not so Fast

South Korea

Hanwha Ocean Co., Ltd. operates as a shipbuilding and offshore company. The Company provides floating structure construction, steel wire drying, commercial vessels, specialty vessels, gas carrier, tanker, containership, ro ro, bulk carrier, submarine, warship, auxiliaries, cruise ships, and ferries manufacturing services. Hanwha Ocean also offers onshore plants services.

Hyundai Rotem Company Ltd. manufactures railroad equipment and defense vehicles. The Company produces high-speed trains, light rail vehicles, locomotives, and passenger coaches, main battle tanks, armored recovery vehicles, and related defense equipment. Hyundai Rotem operates worldwide.

HD Korea Shipbuilding & Offshore Engineering Co., Ltd. operates as a shipbuilding and offshore company. The Company provides industrial plant engineering, special and naval shipbuilding, marine engine and machinery, industrial machinery and energy services. HD Korea Shipbuilding & Offshore Engineering markets its products worldwide.

HD Korea Shipbuilding & Offshore Engineering (009540 KS)

HD Korea Shipbuilding & Offshore Engineering

Bobcat Company specializes in design, manufacture, marketing and distribution of compact equipment for construction, rental, landscaping, agriculture, grounds maintenance, government, utility, industry and mining.

Hyundai Mipo Dockyard Co., Ltd. is shipbuilders in the sectors of medium-sized conventional ships and specialized vessels. The Company constructs and delivers medium-ranged product carriers, chemical tankers, containerships, LPG carriers, pure car truck carriers and others.

Hyundai Elevator Co., Ltd. (HELCO) manufactures, installs, sells, and services elevators, escalators, moving walkways, automated parking systems, and material handling systems.  The Company also produces screen doors used on platforms in train stations.

People and Technology INC is a company manufacturing in Secondary Battery and Semiconductors.

HSD Engine Co., Ltd. is an integrated engine manufacturer specializing in producing diesel engine for large vessels. The Company provides business in diesel power plant construction and operation, engine parts sales, and engine maintenance and repair services.

STX Heavy Industries Co., Ltd. manufactures diesel engine components for ships. The Company's products include crank shafts, cylinder liners, turbo chargers, and cargo pumps.

Dawonsys Co., LTD. operates special power generating business such as Nuclear Fusion, Inductiral Electric and Plasma Power business. The Company also operates Inductive Heating and ESD Polyimide Film Business.

Seatrium Ltd offers engineering solutions for the offshore, marine, and energy industries. The Company provides rigs and floaters, repairs and upgrades, offshore platforms, and specialized shipbuilding. Seatrium serves customers worldwide.

Yangzijiang Shipbuilding (Holdings) Limited builds a wide range of ships. The Company produces a wide range of commercial vessels, mini bulk carriers, multi-purpose cargo vessels, containerships, chemical tankers, offshore supply vessels, rescue and salvage vessels, and lifting vessels.

AGCO Corporation manufactures and distributes agricultural equipment throughout the world.  The Company sells a range of agricultural equipment and related replacement parts, including tractors, combines, hay tools, sprayers, and forage equipment.  AGCO markets its products under a variety of brand names, including Massey Ferguson, AGCO, Tye, GLEANER, and Hesston.

Kurita Water Industries Ltd. manufactures, sells, and maintains water treatment equipment and systems.  The Company's products include water purification and waste water treatment equipment as well as soil remediation systems.  Kurita also manufactures and sells chemicals for water treatment related to sanitation, air-conditioning, and construction.

Thermax Ltd manufactures equipment and machinery used to both produce and to conserve energy. The Company operates through a number of divisions, including Boilers, Heat Recovery Steam Generators, Water Treatment Plants and Air Pollution Control Equipment. In addition, Thermax  produces steam and gas turbines and diesel gensets through a number of strategic alliances.

EBARA CORPORATION manufactures pneumatic and hydraulic pumps and related equipment.  The Company's products include fuel, oil, water, and firefighting pumps, as well as steam turbines and boilers.  Ebara Corporation also engineers garbage incinerators, smoke desulfurizers, and other products related to environmental technology.

IHI Corporation manufactures heavy machinery. The Company produces aircraft jet engines, rocket propulsion systems, and ships for military and commercial use. Ishikawajima-Harima also constructs petroleum refineries and nuclear power plants.

Watts Water Technologies, Inc. designs, manufactures, and sells a line of products to the water regulation and control markets.  The Company has manufacturing plants and distribution channels in the United States, Canada, and Europe, as well as a joint venture in The People's Republic of China.

Chart Industries, Inc. is a global manufacturer of equipment used in the production, storage, and end-use of hydrocarbon and industrial gases. The Company's products include vacuum-insulated containment vessels, heat exchangers, cold boxes, and other cryogenic components.

RBC Bearings Incorporated designs, manufactures, and markets bearing products. The Company offers precision plain, roller, cam followers, couplings, collars, locking, tool holders, shafts, pins, rods, tubes, and ball bearings. RBC Bearings serves industrial, aerospace, and defense markets worldwide.

Samsung Heavy Industries Co., Ltd. manufactures crude oil tankers, container vessels, bulk carriers, cruisers, and passenger ferries.  The Company also produces steel and bridge structures, and material handling equipment.  In addition, Samsung Heavy Industries provides civil engineering, architectural, and plant construction services.

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Samsung Heavy Industries (010140 KS)

KRX Foreign Holding Weekly (Jul 19th): Samsung Heavy In, Samsung Electronics, Doosan Bobcat

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

Ke Yan, CFA, FRM

Rotation Continues; Bullish Outlook Intact; Buys in Global Financials, Industrials, Discretionary

Rotation Continues; Bullish Outlook Intact as $ACWI and $EEM hold above $110 and $41-42; Buys in global Financials, Industrials, and Consumer...

Vermilion Research

Doosan Robotics IPO - Thoughts on Valuation - A Punt at Best, a Crash at Worst

Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO. comparison. In this note, we talk about valuation.

Ethan Aw

Fadu Pre-IPO - Stupendous Revenue Growth but Heavily Reliant on Two Key Customers

Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid...

Ethan Aw

Sembcorp Marine: Beneficiary of High Oil Price? Not so Fast

In this rapid response, we examine the business of Sembcorp Marine and are of the view that the high oil price will not translate into a more...

Ke Yan, CFA, FRM

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