Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

I investigate special situations, pairs, and index rebalancing trades in Korea.

Korea / Special Sits, Pairs, Index Rebalancing

Messed up Korea IPO Pipeline and Unexpected Beneficiaries

SOCAR IPO: Order Table, Revised Terms, & Thinking Points

Korea IPOs for 2022: 1H Review & 2H Schedules for Flow Clash Risk

SOCAR IPO Post-Listing Flow: VC-Triggered Overhang Vs. Lotte's Counter Move

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Capital Markets

<ul>
<li>There must be a rationale for car sharing to receive a higher valuation than the traditional rental car business. For this, profit per vehicle must be provided, not sales.</li>
<li>Also, whether SOCAR can justify its valuation built on the relatively high valuation premiums granted to ccOS and FMS companies is still questionable.</li>
<li>Concerning fund flow, it is positive that SOCAR can aim for LG Energy's six-month lockup release. But it is unclear how much flow will be left for SOCAR after WCP.</li>
</ul>


There must be a rationale for car sharing to receive a higher valuation than the traditional rental car business. For this, profit per vehicle must be provided, not sales.
Also, whether SOCAR can justify its valuation built on the relatively high valuation premiums granted to ccOS and FMS companies is still questionable.
Concerning fund flow, it is positive that SOCAR can aim for LG Energy's six-month lockup release. But it is unclear how much flow will be left for SOCAR after WCP.


SOCAR Revised Prospectus: Critical Issues Still Not Addressed