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.

Equity Capital Markets

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a>, the world's largest supplier of EV and ESS batteries, has filed for an H Share listing to raise US$5 billion.     </li>
<li>CATL’s global EV battery market share, measured in GWh, rose from 27.6% in 2019 to 36.8% in November 2024.</li>
<li>The investment case rests on a leading market position, forecasted return to growth, peer-leading profitability, cash generation, peer-leading FCF margin and an attractive valuation. </li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH), the world's largest supplier of EV and ESS batteries, has filed for an H Share listing to raise US$5 billion.     
CATL’s global EV battery market share, measured in GWh, rose from 27.6% in 2019 to 36.8% in November 2024.
The investment case rests on a leading market position, forecasted return to growth, peer-leading profitability, cash generation, peer-leading FCF margin and an attractive valuation. 


CATL H Share Listing: The Investment Case

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>SK Inc plans to use SK Hynix as a dividend machine, boosting payouts to ₩3 trillion, and if it absorbs SK Square, it could pocket ₩600 billion—doubling SK Telecom's dividends.</li>
<li>SK Inc will likely use ₩5 trillion from the SK Telecom deal for a tender offer, boosting its stake in SK Square to 60-70% before merging to minimize dilution.</li>
<li>The SK Telecom deal and potential SK Square tender offer could be the main narrative driving SK Group stocks this year, making SK Square a key momentum play.</li>
</ul>


SK Inc plans to use SK Hynix as a dividend machine, boosting payouts to ₩3 trillion, and if it absorbs SK Square, it could pocket ₩600 billion—doubling SK Telecom's dividends.
SK Inc will likely use ₩5 trillion from the SK Telecom deal for a tender offer, boosting its stake in SK Square to 60-70% before merging to minimize dilution.
The SK Telecom deal and potential SK Square tender offer could be the main narrative driving SK Group stocks this year, making SK Square a key momentum play.


SK Stocks’ Main Narrative: SK Telecom Exit & SK Inc Eyeing SK Square

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

Thematic (Sector/Industry)

<ul>
<li>Politics - where do we go from here and is more uncertainty ahead? </li>
<li>Changes to corporate governance for the better for minority investors? </li>
<li>Can the KOSPI perform if Samsung Electronics continues not to? </li>
</ul>


Politics - where do we go from here and is more uncertainty ahead? 
Changes to corporate governance for the better for minority investors? 
Can the KOSPI perform if Samsung Electronics continues not to? 


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.

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at Japan &amp; Korea after having looked at HK &amp; India.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>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.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at Japan &amp; Korea after having looked at HK &amp; India.
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.


Aequitas 2025 Asia IPO Pipeline - Japan and South Korea

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>In 2025, the NPS could purchase significant amounts of Korean stocks (at least 25 trillion won) which could act as support in the domestic stock market. </li>
<li>At the end of September 2024, NPS's domestic stock portfolio was 12.7% of its total assets, a 2.2% lower than NPS's domestic stocks target at the end of 2025 (14.9%).</li>
<li>The top five net purchases by the NPS and local pension funds of Korean stocks in the past one month include Samsung Electronics, Kakao, SK Innovation, Hyundai Motor, and SEMCO.</li>
</ul>


In 2025, the NPS could purchase significant amounts of Korean stocks (at least 25 trillion won) which could act as support in the domestic stock market. 
At the end of September 2024, NPS's domestic stock portfolio was 12.7% of its total assets, a 2.2% lower than NPS's domestic stocks target at the end of 2025 (14.9%).
The top five net purchases by the NPS and local pension funds of Korean stocks in the past one month include Samsung Electronics, Kakao, SK Innovation, Hyundai Motor, and SEMCO.


NPS: Portfolio Rebalance Could Lead to Buying At Least 25 Trillion Won in Korean Stocks in 2025

South Korea

SK Innovation Co., Ltd. refines, markets, and distributes oil.  The Company produces a variety of petroleum products, such as gasoline, kerosene, liquefied petroleumgas (LPG), and diesel oil.  SK Energy also manufactures petrochemical p roducts, including paraxylene, synthetic resins, styrene monomer, and ethylene.

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SK Innovation (096770 KS)

SK Stocks’ Main Narrative: SK Telecom Exit & SK Inc Eyeing SK Square

This post summarizes the key market narrative around SK Group stocks: SK Telecom’s exit and SK Inc potentially eyeing the absorption of SK Square.

Sanghyun Park

2025 Korea

What to expect in Korea for 2025 after a doldrum 2024? Korea has been one of the better performers to start 2025...can it continue?

Ken S. Kim

Aequitas 2025 Asia IPO Pipeline - Japan and South Korea

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at Japan & Korea after having looked at HK & India.

Sumeet Singh

NPS: Portfolio Rebalance Could Lead to Buying At Least 25 Trillion Won in Korean Stocks in 2025

In 2025, the NPS could purchase significant amounts of Korean stocks (at least 25 trillion won) which could act as support in the domestic stock...

Douglas Kim

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CATL H Share Listing: The Investment Case

The investment case rests on a leading market position, forecasted return to growth, peer-leading profitability, cash generation, peer-leading FCF...

Arun George

SK Stocks’ Main Narrative: SK Telecom Exit & SK Inc Eyeing SK Square

This post summarizes the key market narrative around SK Group stocks: SK Telecom’s exit and SK Inc potentially eyeing the absorption of SK Square.

Sanghyun Park

2025 Korea

What to expect in Korea for 2025 after a doldrum 2024? Korea has been one of the better performers to start 2025...can it continue?

Ken S. Kim

Aequitas 2025 Asia IPO Pipeline - Japan and South Korea

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at Japan & Korea after having looked at HK & India.

Sumeet Singh

NPS: Portfolio Rebalance Could Lead to Buying At Least 25 Trillion Won in Korean Stocks in 2025

In 2025, the NPS could purchase significant amounts of Korean stocks (at least 25 trillion won) which could act as support in the domestic stock...

Douglas Kim