APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

Event-Driven

HD Hyundai Marine Solution  / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a> was listed in Korea on 9th May 2024 after raising US$540m. Its six-month lockup will expire on 7th Nov 2024.</li>
<li>HD Hyundai Marine Solution is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



HD Hyundai Marine Solution (443060 KS) was listed in Korea on 9th May 2024 after raising US$540m. Its six-month lockup will expire on 7th Nov 2024.
HD Hyundai Marine Solution is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship.
In this note, we will talk about the lock-up dynamics and updates since our last note.


HD Hyundai Marine US$1.18bn Lockup Expiry - KKR Might Be Tempted to Book Gains

Ethan Aw

Equity Capital Markets

HD Hyundai Marine Solution  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a> had raised around US$539m in its Korean IPO, after pricing the deal at the top end of KRW83,400/share.</li>
<li>HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship.</li>
<li>In this note, we will talk about the demand for the deal and other trading dynamics.</li>
</ul>



HD Hyundai Marine Solution (443060 KS) had raised around US$539m in its Korean IPO, after pricing the deal at the top end of KRW83,400/share.
HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship.
In this note, we will talk about the demand for the deal and other trading dynamics.


HD Hyundai Marine Solution IPO Trading - Strong Demand and Peers Continue to Rise

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

EURO STOXX 50 Price EUR / Technical Analysis

<ul>
<li>We continue to view the latest pullback as healthy and normal within the ongoing bull market on MSCI ACWI (ACWI-US) and the EURO STOXX 50, as discussed April 18</li>
<li>Discussed last Thursday(4/18/24) how further downside may be limited with these indexes 4-5% off their highs, combined with ACWI-US testing gap support ($105) and the EURO STOXX50 testing 6-month uptrend. </li>
<li>So far, these supports have held strong, and Japan's TOPIX has also held strong above 2615 support -- with all producing strong bounces far this week.</li>
</ul>


We continue to view the latest pullback as healthy and normal within the ongoing bull market on MSCI ACWI (ACWI-US) and the EURO STOXX 50, as discussed April 18
Discussed last Thursday(4/18/24) how further downside may be limited with these indexes 4-5% off their highs, combined with ACWI-US testing gap support ($105) and the EURO STOXX50 testing 6-month uptrend. 
So far, these supports have held strong, and Japan's TOPIX has also held strong above 2615 support -- with all producing strong bounces far this week.


Upgrading Europe to Overweight; Supports Holding on MSCI ACWI, ACWI Ex-US, EAFE, and EM

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a> is looking to raise up to US$555m in its Korean IPO.</li>
<li>HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship.</li>
<li>In our previous note, we talked about the company’s historical performance. In this note, we talk about peer comparison.</li>
</ul>



HD Hyundai Marine Solution (443060 KS) is looking to raise up to US$555m in its Korean IPO.
HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship.
In our previous note, we talked about the company’s historical performance. In this note, we talk about peer comparison.


HD Hyundai Marine Solution IPO - Peer Comparison - Not Particularly Exciting

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a>, the ship after-service subsidiary of <a href="https://www.smartkarma.com/entities/hd-hyundai-co-ltd" target="_blank" data-smartkarma-citation="entities:24075:1" rel="noopener">HD Hyundai (267250 KS)</a>, aims to raise up to US$550 million.</li>
<li>We previously discussed the IPO in <strong><em><a href="https://www.smartkarma.com/insights/hd-hyundai-marine-solutions-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:135501" rel="noopener">HD Hyundai Marine Solutions IPO: The Investment Case</a></em></strong>. </li>
<li>We examine the syndicate's valuation methodology. Our analysis suggests that the HMS is, at best, fairly valued at the IPO price range. We would pass on the IPO.</li>
</ul>



HD Hyundai Marine Solution (443060 KS), the ship after-service subsidiary of HD Hyundai (267250 KS), aims to raise up to US$550 million.
We previously discussed the IPO in HD Hyundai Marine Solutions IPO: The Investment Case. 
We examine the syndicate's valuation methodology. Our analysis suggests that the HMS is, at best, fairly valued at the IPO price range. We would pass on the IPO.


HD Hyundai Marine Solutions IPO: Valuation Insights

Finland

Wartsila OYJ Abp provides solutions for power generation and marine propulsion. The Company delivers customized power plant solutions including gas and oil fired power plants.

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Wartsila Oyj Abp (WRT1V FH)

HD Hyundai Marine US$1.18bn Lockup Expiry - KKR Might Be Tempted to Book Gains

KKR is selling around 4% of HD Hyundai Marine's stock to raise US$160m. The selldown comes right after the PE comes out of its six-month IPO...

Clarence Chu

HD Hyundai Marine Solution IPO Trading - Strong Demand and Peers Continue to Rise

HD Hyundai Marine Solution (443060 KS) had raised around US$539m in its Korean IPO, after pricing the deal at the top end of KRW83,400/share.

Ethan Aw

Upgrading Europe to Overweight; Supports Holding on MSCI ACWI, ACWI Ex-US, EAFE, and EM

Upgrading Europe to Overweight EURO $STOXX 50 $FEZ; Supports Holding on MSCI $ACWI, $ACWX, $EFA, and $EEM. Latest 4-6% pullback remains healthy...

Vermilion Research

HD Hyundai Marine Solution IPO - Peer Comparison - Not Particularly Exciting

HD Hyundai Marine Solution (443060 KS) is looking to raise up to US$555m in its Korean IPO. In this note, we talk about peer comparison.

Ethan Aw

HD Hyundai Marine Solutions IPO: Valuation Insights

We examine the syndicate's valuation methodology. Our analysis suggests that the HMS is, at best, fairly valued at the IPO price range. We would...

Arun George

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