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 Dec 22nd which has an aggregated short interest worth USD9.9bn.</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 Hanwha Solutions, Samsung Electron, Hyundai Motor.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Dec 22nd which has an aggregated short interest worth USD9.9bn.
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 Hanwha Solutions, Samsung Electron, Hyundai Motor.


KRX Short Interest Weekly (Dec 22nd): Hanwha Solutions, Samsung Electron, Hyundai Motor

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Dec 15th which has an aggregated short interest worth USD10.4bn.</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 Hlb, Lg Electronics, Samsung C&amp;T, Samsung Electron, Posco Holdings I, Sk Hynix.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Dec 15th which has an aggregated short interest worth USD10.4bn.
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 Hlb, Lg Electronics, Samsung C&amp;T, Samsung Electron, Posco Holdings I, Sk Hynix.


KRX Short Interest Weekly (Dec 15th): HLB, Lg Electronics, Samsung C&T, Samsung Electron

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adbri-ltd" target="_blank" data-smartkarma-citation="entities:20166:1" rel="noopener">Adbri (ABC AU)</a> has disclosed a non-binding proposal from <a href="https://www.smartkarma.com/entities/crh-plc-48f6cfec-562f-4a6b-a3b8-f4bd3f5243d4" target="_blank" data-smartkarma-citation="entities:24514:1" rel="noopener">CRH (CRH LN)</a> and Barro at A$3.20 per share, a 41.0% premium to the undisturbed price of A$2.27 (13 December).</li>
<li>The offer is the best and final offer. The Board has granted an exclusive due diligence period, which ends on 28 February 2024. </li>
<li>The Board intends to recommend a binding proposal. The offer requires FIRB approval (ACCC approval is not mentioned). The offer is attractive vs. peer multiples and historical ranges.  </li>
</ul>



Adbri (ABC AU) has disclosed a non-binding proposal from CRH (CRH LN) and Barro at A$3.20 per share, a 41.0% premium to the undisturbed price of A$2.27 (13 December).
The offer is the best and final offer. The Board has granted an exclusive due diligence period, which ends on 28 February 2024. 
The Board intends to recommend a binding proposal. The offer requires FIRB approval (ACCC approval is not mentioned). The offer is attractive vs. peer multiples and historical ranges.  


Adbri (ABC AU): CRH and Barro’s Non-Binding A$3.20 Offer

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Dec 8th which has an aggregated short interest worth USD10.8bn.</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 have highlighted KRX short interest weekly changes in Naver.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Dec 8th which has an aggregated short interest worth USD10.8bn.
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 have highlighted KRX short interest weekly changes in Naver.


KRX Short Interest Weekly (Dec 8th): Naver

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>EcoPro Materials and Doosan Robotics, recent IPOs, join the Large category. Their inclusion signals at least two Large stocks, CS Wind Corp and BGF Retail, shifting to Mid.</li>
<li>There's a chance three Mid-stocks will transition to Large: Ssangyong Cement, Hyundai Electric, and LOTTE Corp. Conversely, LS Corp, Hotel Shilla, and Kepco E&amp;C will move from Large to Mid.</li>
<li>With ample time left in the screening period, cautious monitoring is essential. Still, Large→Mid candidates, with a notable gap from the ₩2.95T cutoff, warrant a focus on proactive setups.</li>
</ul>


EcoPro Materials and Doosan Robotics, recent IPOs, join the Large category. Their inclusion signals at least two Large stocks, CS Wind Corp and BGF Retail, shifting to Mid.
There's a chance three Mid-stocks will transition to Large: Ssangyong Cement, Hyundai Electric, and LOTTE Corp. Conversely, LS Corp, Hotel Shilla, and Kepco E&amp;C will move from Large to Mid.
With ample time left in the screening period, cautious monitoring is essential. Still, Large→Mid candidates, with a notable gap from the ₩2.95T cutoff, warrant a focus on proactive setups.


Identifying KOSPI Size Migration Candidates & Assessing Proactive Setup Feasibility

South Korea

Hanil Cement co.,Ltd. operates as a cement manufacturing company. The Company produces and sells cement, special cement, ready mixed concrete products, high solidity admixture, and other products. Hanil Cement markets its products throughout Korea.

Hanil Holdings Co.,Ltd. manufactures cement products. The Company produces and sells cement, ready-mixed concrete, ready-mixed dry mortar, and other related products. Hanil Holdings also provides information technology services and construction services.

Asia Cement Co., Ltd. manufactures cement and aggregate products.  The Company produces and sells cement, ready-mix concrete, and dry mortar. Asia Cement offers its products to construction industry in Korea.

SAMPYO Cement Co., Ltd. manufactures and distributes cement products. The Company produces slag cement, low heat cement, and other related products. SAMPYO Cement markets its products worldwide.

Eugene Corp. manufactures and markets ready mixed concrete and asphalt concrete. The Company handles pavement works and constructs commercial and residential buildings.

Dong Won Co., Ltd. owns and operates coal mines in South Korea.  The Company's products include hard coal for industrial and household uses.  Dong Won also develops overseas oil and gas fields, especially in South America.

Hanil Hyundai Cement Co.,Ltd manufactures and distributes cement products. The Company produces portland cement, slag cement, and other related products. Hanil Hyundai Cement also operates traveler accommodation businesses.

Sungshin Cement Co., Ltd. manufactures cement, ready-mixed concrete, clinker, and dry ready-mixed cement mortar.  The Company provides its products mainly to domestic market.

Korea Petroleum Industrial Co., Ltd. manufactures and markets asphalt used in constructions.  The Company also produces solvents, waterproofing sheets, and synthetic resins for the building contractors and manufacturers of paint, tire, and pharmaceuticals.  In addition, Korea Petroleum Industrial distributes gasoline, kerosene, and other chemicals.

Baek Kwang Mineral Products Co., Ltd. manufactures quicklime, calcium hydroxide, granular calcium oxide, and calcium hydroxide fertilizer.

The Ramco Cements Limited manufactures cement, ready mix concrete and dry mix products.  The Company also exports  cement and owns and operates a private sector wind mill power generating farm.

Gansu Qilianshan Cement Group Co.,Ltd manufactures cement products. The Company produces portland cements, low alkali cements, sulphate resistant cements, cement clinkers, and other products. Gansu Qilianshan Cement Group also produces cement equipment.

China Resources Cement Holdings Limited, through its subsidiaries, produces, distributes and sells cement, clinker and concrete.

Goldsun Building Materials Co., Ltd. manufactures building materials. The Company produces pre-mixed concrete, corrugated asbestos sheets, and concrete products. The Company also operates in the real estate development business.

Taiwan Goldsun Building Materials (2504 TT)

PT Semen Indonesia (Persero) Tbk manufactures cement including portland cement, oil well cement, and mixed cement. Through its subsidiaries, the Company also develops and operates an industrial estate, mines limestone and clay, and packages and distributes cement.

United States Lime & Minerals, Inc. supplies lime and limestone products to the steel, paper, agriculture, environmental protection, and construction industries.  The Company operates plants in Texas and Arkansas.

Vicat S.A. manufactures and sells cements, ready-mix concrete, aggregates and concrete pipes, as well as stucco and mortar for use in building construction internationally.  The Company also produces a variety of papers, medium-to-large capacity paper bags and chemicals and provides freight transportation services.

BBMG Corporation has operation in manufacturing and sales of cement and modern building materials. The Company also operates in property development, property investment and provision of property management services in China.

CSG Holding Co. Ltd.  manufactures raw sheets of high-grade float glass, archite ctural glass, delicacy glass, automotive glass, new-typed electronic components, and structure ceramic materials. The Company also operates in real estate development.

Cementos Argos SA is a cement and concrete producer and marketer, covering  several markets such as Colombia, Caribbean and Central America, and United  States.

Ssangyong Cement Industrial Co., Ltd. produces cement and ready-mixed concrete. The Company also manufactures fine ceramics for industrial uses and ferrite magnets for components used in audio equipment.  In addition, Ssangyong Cement Industrial develops housing, plant engineering, environmental resources, and leisure businesses.

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Ssangyong Cement Industrial (003410 KS)

KRX Short Interest Weekly (Dec 22nd): Hanwha Solutions, Samsung Electron, Hyundai Motor

We analyzed KRX short interest report for the past week and highlight short interest changes in Hanwha Solutions, Samsung Electron, Hyundai Motor.

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Dec 15th): HLB, Lg Electronics, Samsung C&T, Samsung Electron

We analyzed KRX short interest report for the past week and highlight short interest changes in Hlb, Lg Electronics, Samsung C&T, Samsung Electron,...

Ke Yan, CFA, FRM

Adbri (ABC AU): CRH and Barro’s Non-Binding A$3.20 Offer

The Board intends to recommend a binding proposal. The offer requires FIRB approval (ACCC approval is not mentioned). The offer is attractive vs....

Arun George

KRX Short Interest Weekly (Dec 8th): Naver

We analyzed the KRX short interest report for the past week and we highlighted weekly KRX short interest changes in Naver.

Ke Yan, CFA, FRM

Identifying KOSPI Size Migration Candidates & Assessing Proactive Setup Feasibility

This post identifies potential KOSPI Size migration candidates for the upcoming March review and evaluates the feasibility of proactive setups.

Sanghyun Park

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