In today’s briefing:
- Foreign Ownership Limit Stocks in Korea: KT Is Again in the Limelight
- Aequitas 2023 Asia IPO Pipeline – Hong Kong
- Darktrace: Undervalued Cyber Defense Unicorn. A Steep Discount Is Unjustified
- EQD | SPX and NDX : Its US CPI Time and We Look at Trading Opportunites in the Options Market
- Creative Technology: After the Passing of Founder, Is the Company’s Independence at Stake?
Foreign Ownership Limit Stocks in Korea: KT Is Again in the Limelight
- KT’s foreign room has been rising since early September last year. If this trend continues, it will likely approach the inclusion borderline of 15% within a month or two.
- This trend is expected to continue for the time being as the tough relationship between the KT CEO and the government seems unlikely to be resolved in the short term.
- The February inclusion is pretty tight, but May seems like we could be looking out for it.
Aequitas 2023 Asia IPO Pipeline – Hong Kong
- In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, starting with Hong Kong.
- This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
- The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.
Darktrace: Undervalued Cyber Defense Unicorn. A Steep Discount Is Unjustified
- Darktrace is a cyber security and AI unicorn backed by leading VC firms. The company was founded in Cambridge, UK, in 2013 and crossed the $500M ARR mark in 2022.
- Darktrace (DARK LN) currently trades at ~4x EV/CY22E revenues, a steep discount relative to other US-based cybersecurity peers that trade at an average of ~9x EV/CY22E revenues.
- The cyber defense company achieved GAAP Op Margin and FCF Margin break-even in FY21 and FY22, with an opportunity to deliver profitable stellar growth in the coming years.
EQD | SPX and NDX : Its US CPI Time and We Look at Trading Opportunites in the Options Market
- US CPI data is due on Thursday 12th January and is likley to be another important data point
- SPX Index is down nearly 5% since November and NDX Index is down nearly 8% over the same period
- We look for short-term trading opportunities in the options market
Creative Technology: After the Passing of Founder, Is the Company’s Independence at Stake?
- Sim Wong Hoo, founder, and CEO of Creative Technology (CREAF SP), passed away last week.
- Sim Wong Hoo controls 33% of Creative. He has two children but they are not involved in the company. What will happen to his stake is a big unknown.
- The IP portfolio of Creative Technology (CREAF SP) could be appealing to other technology companies. Given its large cash position, the Enterprise Value is only 34M USD.
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