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.

Event-Driven

<ul>
<li>KKR raised around US$730m via selling some stake in <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> Japan IPO in Sep 2023. Its remaining stake will be released from its IPO linked lockup soon.</li>
<li>KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>


KKR raised around US$730m via selling some stake in Kokusai Electric (6525 JP) Japan IPO in Sep 2023. Its remaining stake will be released from its IPO linked lockup soon.
KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Kokusai Electric IPO Lock-Up - KKR Will Be Tempted by the US$2.7bn Release but Might Have to Wait

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

<ul>
<li>Mega-Cap growth names such as AMZN, TSLA, MSFT, GOOGL, and META have picked up the slack as semiconductors (SMH, SOXX, NVDA, AVGO, etc.) are simply consolidating after getting extended.</li>
<li>This was a possibility we discussed in last week's Compass (6/25/24), which means we are not seeing any lasting rotation away from large-cap growth.</li>
<li>We remain bullish on all names listed (including the semiconductors), and we continue to recommend an overweight to large-cap growth (relative to value) as initially discussed in our 5/29/24 Compass</li>
</ul>


Mega-Cap growth names such as AMZN, TSLA, MSFT, GOOGL, and META have picked up the slack as semiconductors (SMH, SOXX, NVDA, AVGO, etc.) are simply consolidating after getting extended.
This was a possibility we discussed in last week's Compass (6/25/24), which means we are not seeing any lasting rotation away from large-cap growth.
We remain bullish on all names listed (including the semiconductors), and we continue to recommend an overweight to large-cap growth (relative to value) as initially discussed in our 5/29/24 Compass


Remain Overweight Large-Cap Growth; Downgrading Materials to Underweight; Software Buys $MSTR $CRWD

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Equity Capital Markets

Webtoon Entertainment / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/webtoon-entertainment-inc" target="_blank" data-smartkarma-citation="entities:43652:1" rel="noopener">Webtoon Entertainment (WBTN US)</a> is looking to raise up to US$315m in its US IPO, down from an earlier reported float of US$500m.</li>
<li>Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.</li>
<li>In our previous notes, we talked about the company’s historical performance and undertook a peer comparison. In this note, we share our thoughts on valuation.</li>
</ul>



Webtoon Entertainment (WBTN US) is looking to raise up to US$315m in its US IPO, down from an earlier reported float of US$500m.
Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.
In our previous notes, we talked about the company’s historical performance and undertook a peer comparison. In this note, we share our thoughts on valuation.


Webtoon Entertainment IPO - Thoughts on Valuation

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/webtoon-entertainment-inc" target="_blank" data-smartkarma-citation="entities:43652:1" rel="noopener">Webtoon Entertainment (WBTN US)</a> is a global storytelling platform. Webtoon has launched a Nasdaq IPO to raise US$270-315 million at a US$18.00 to US$21.00 price range.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/webtoon-entertainment-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:146038" rel="noopener">Webtoon Entertainment IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/webtoon-entertainment-wbtn-us-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:149092" rel="noopener">Webtoon Entertainment (WBTN US) IPO: The Bear Case</a>.</li>
<li>In this note, we outline our forecasts and valuation. Our valuation analysis suggests that Webtoon is attractively valued at the IPO price range.</li>
</ul>



Webtoon Entertainment (WBTN US) is a global storytelling platform. Webtoon has launched a Nasdaq IPO to raise US$270-315 million at a US$18.00 to US$21.00 price range.
We previously discussed the IPO in Webtoon Entertainment IPO: The Bull Case and Webtoon Entertainment (WBTN US) IPO: The Bear Case.
In this note, we outline our forecasts and valuation. Our valuation analysis suggests that Webtoon is attractively valued at the IPO price range.


Webtoon Entertainment (WBTN US) IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> plans to raise up to US$320m in its South Korean IPO.</li>
<li>Shift Up is a South Korean games developer, which as released three games so far for the global markets.</li>
<li>We have looked at the company’s performance, undertaken a peer comparison and talked about valuations in our past notes. In this note, we talk about the refiling and other updates.</li>
</ul>



Shift Up (462870 KS) plans to raise up to US$320m in its South Korean IPO.
Shift Up is a South Korean games developer, which as released three games so far for the global markets.
We have looked at the company’s performance, undertaken a peer comparison and talked about valuations in our past notes. In this note, we talk about the refiling and other updates.


Shift Up IPO - Refiling and Other Updates, Not Ranked at the Top Anymore

United States

Alphabet, Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOG US)

Kokusai Electric IPO Lock-Up - KKR Will Be Tempted by the US$2.7bn Release but Might Have to Wait

As per media reports, KKR is considering sell half its stake in Kokusai, with the company planning to buyback some shares as well. The company has...

Sumeet Singh

Remain Overweight Large-Cap Growth; Downgrading Materials to Underweight; Software Buys $MSTR $CRWD

Remain Overweight Large-Cap Growth $IWF as discussed 5/29/24; Downgrading Materials $XLB to Underweight; Buy/Stay Long Software Stocks $IGV $MSFT...

Vermilion Research

Webtoon Entertainment IPO - Thoughts on Valuation

Webtoon Entertainment (WBTN US) is looking to raise up to US$315m in its US IPO, down from an earlier reported float of US$500m.

Ethan Aw

Webtoon Entertainment (WBTN US) IPO: Valuation Insights

Webtoon has launched a Nasdaq IPO to raise US$270-315m at an US$18.00 to US$21.00 price range. Our valuation analysis suggests that Webtoon is...

Arun George

Shift Up IPO - Refiling and Other Updates, Not Ranked at the Top Anymore

Shift Up (462870 KS) plans to raise up to US$320m in its South Korean IPO. In this note, we talk about the refiling and other updates.

Sumeet Singh

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