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

<ul>
<li>WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO.</li>
<li>WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries</li>
<li>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>


WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO.
WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries
In this note, we will talk about the not-so-positive aspects of the deal.


WCP IPO - The Negatives - Patent, Going Concern, Customer Concentration

<ul>
<li>WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO.</li>
<li>WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO.
WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries
In this note, we will talk about the positive aspects of the deal.


WCP IPO - The Positives - Past Sales Have Been Very Strong

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

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

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>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 Innovation Co., Ltd. refines, markets, and distributes oil.  The Company produces a variety of petroleum products, such as gasoline, kerosene, liquefied petroleumgas (LPG), and diesel oil.  SK Energy also manufactures petrochemical p roducts, including paraxylene, synthetic resins, styrene monomer, and ethylene.

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SK Innovation (096770 KS)

WCP IPO - The Negatives - Patent, Going Concern, Customer Concentration

WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO. In this note, we talk about the not so...

Sumeet Singh

WCP IPO - The Positives - Past Sales Have Been Very Strong

WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO. In this note, we talk about the positive...

Sumeet Singh

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

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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