Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>Premier Partners private equity firm plans to sell a total of 3.46 million shares (4.84% stake) of SK IE Technology (361610 KS) in a block deal sale.</li>
<li>Premier Partners is trying to dump its shares right after a dead cat bounce in SK IET's share price rise on 5 July.  </li>
<li>Despite the large block deal discount range, we remain negative on the SK IE Technology shares and we would avoid this block deal. Valuations remain expensive.</li>
</ul>


Premier Partners private equity firm plans to sell a total of 3.46 million shares (4.84% stake) of SK IE Technology (361610 KS) in a block deal sale.
Premier Partners is trying to dump its shares right after a dead cat bounce in SK IET's share price rise on 5 July.  
Despite the large block deal discount range, we remain negative on the SK IE Technology shares and we would avoid this block deal. Valuations remain expensive.


Block Deal Sale of SK IE Technology by Premier Partners: Trying to Dump Shares on a Dead Cat Bounce

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

SK IE Technology   / Equity Capital Markets

<ul>
<li>SK IE Technology’s (SKIE) shareholder aims to raise around US$228m via selling their remaining shareholding.</li>
<li>The same shareholder had sold some of their stake earlier in Nov 21. That deal didn’t end up doing well.</li>
<li>In this note, we will talk about the deal dynamics and  run the deal through our ECM framework.</li>
</ul>


SK IE Technology’s (SKIE) shareholder aims to raise around US$228m via selling their remaining shareholding.
The same shareholder had sold some of their stake earlier in Nov 21. That deal didn’t end up doing well.
In this note, we will talk about the deal dynamics and  run the deal through our ECM framework.


SK IE Technology Placement - Last Deal Didn’t Do Well, More Discount and Cleanup Should Help

Private Capital Markets

<ul>
<li>WCP is a leading maker of separators which are key materials used in EV batteries.</li>
<li>WCP is a wholly-owned subsidiary of W-Scope in Japan. At the end of 2021, W-Scope Corp (Japan) owned a 49.7% stake in WCP. </li>
<li>The company is expected to complete its IPO in 2022 and the valuation of WCP is expected to be about 3 trillion won to 4 trillion won.</li>
</ul>


WCP is a leading maker of separators which are key materials used in EV batteries.
WCP is a wholly-owned subsidiary of W-Scope in Japan. At the end of 2021, W-Scope Corp (Japan) owned a 49.7% stake in WCP. 
The company is expected to complete its IPO in 2022 and the valuation of WCP is expected to be about 3 trillion won to 4 trillion won.


WCP: Leading Producer of Separators for EV Batteries in Korea

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.

<ul>
<li>Among the local theme indexes in Korea, we have three noteworthy ones for July. They are the WISE theme indexes. They will all rebalance on July 15.</li>
<li>Due to some constituents' recent significant price movements, we can now expect some notable passive flows.</li>
<li>These names are worthy of our attention: SKIET, Solus Advanced, Kangwon Land, Hanatour, T'way Air, Yong Pyong Resort, HYBE, CJ ENM, and Studio Dragon.</li>
</ul>


Among the local theme indexes in Korea, we have three noteworthy ones for July. They are the WISE theme indexes. They will all rebalance on July 15.
Due to some constituents' recent significant price movements, we can now expect some notable passive flows.
These names are worthy of our attention: SKIET, Solus Advanced, Kangwon Land, Hanatour, T'way Air, Yong Pyong Resort, HYBE, CJ ENM, and Studio Dragon.


WISE Theme Indexes (TIGER ETFs): Rebalancing Flow Estimations

<ul>
<li>This ETF's AUM has stayed flat over the past three months, sitting at ₩1.3T. It has 28 constituents, and it is unlikely that there will be any addition/deletion.</li>
<li>SKIET is expected to have the most inflow relative to ADTV. Then, we have Ecopro BM, which will increase the number of shares through a rights offering.</li>
<li>On the other hand, among the top-tier stocks, SK Innovation, SKC, and Ecopro Co Ltd deserve our attention for shorting.</li>
</ul>


This ETF's AUM has stayed flat over the past three months, sitting at ₩1.3T. It has 28 constituents, and it is unlikely that there will be any addition/deletion.
SKIET is expected to have the most inflow relative to ADTV. Then, we have Ecopro BM, which will increase the number of shares through a rights offering.
On the other hand, among the top-tier stocks, SK Innovation, SKC, and Ecopro Co Ltd deserve our attention for shorting.


TIGER Theme ETF "Secondary Cell" Rebalancing Projections: SKIET, Ecopro BM, SKI, SKC, & Ecopro

South Korea

SK IE Technology Co., Ltd operates as a material solution provider. The Company provides information material solutions, electronic materials solutions, and other products. SK IE Technology conducts businesses across worldwide.

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SK IE Technology (361610 KS)

Block Deal Sale of SK IE Technology by Premier Partners: Trying to Dump Shares on a Dead Cat Bounce

Premier Partners private equity firm plans to sell a total of 3.46 million shares (4.84% stake) of SK IET in a block deal sale. We remain negative...

Douglas Kim

SK IE Technology Placement - Last Deal Didn’t Do Well, More Discount and Cleanup Should Help

SK IE Technology’s (SKIE) shareholder aims to raise around US$228m via selling their remaining shareholding. The last deal didn't do well.

Sumeet Singh

WCP: Leading Producer of Separators for EV Batteries in Korea

WCP is a leading maker of separators which are key materials used in EV batteries. WCP is a wholly-owned subsidiary of W-Scope in Japan.

Douglas Kim

WISE Theme Indexes (TIGER ETFs): Rebalancing Flow Estimations

This post contains the estimations of the passive flows for the constituents of the three WISE theme indexes, which rebalance on July 14.

Sanghyun Park

TIGER Theme ETF "Secondary Cell" Rebalancing Projections: SKIET, Ecopro BM, SKI, SKC, & Ecopro

This post projects the upcoming rebalancing of the TIGER Theme ETF "Secondary Cell": SKIET, Ecopro BM, SKI, SKC, & Ecopro.

Sanghyun Park

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