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.

Equity Capital Markets

Shinhan Financial / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bnp-paribas" target="_blank" data-smartkarma-citation="entities:525:1" rel="noopener">BNP Paribas (BNP FP)</a> is looking to raise around US$680m via selling 3.5% of its stake in <a href="https://www.smartkarma.com/entities/shinhan-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:6978:1" rel="noopener">Shinhan Financial (055550 KS)</a>.</li>
<li>This will be the fourth selldown for the stock since the start of the year. It will also be the largest one of the lot, so far.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



BNP Paribas (BNP FP) is looking to raise around US$680m via selling 3.5% of its stake in Shinhan Financial (055550 KS).
This will be the fourth selldown for the stock since the start of the year. It will also be the largest one of the lot, so far.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Shinhan Financial Group Placement - Another Selldown, Momentum Is Strong but Deal Is Large

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>IMM Private Equity announced that it is selling a 1.7% stake in Woori Financial Group (316140 KS) in a block deal sale. </li>
<li>The number of shares subject to sale is 12.56 million, or 177.7 billion won to 181.5 billion won.</li>
<li>Block deal sale discount range is reasonable, valuation multiples are low, and we expect continued positive capital inflow into stocks related to Corporate Value Up in the next 12 months. </li>
</ul>


IMM Private Equity announced that it is selling a 1.7% stake in Woori Financial Group (316140 KS) in a block deal sale. 
The number of shares subject to sale is 12.56 million, or 177.7 billion won to 181.5 billion won.
Block deal sale discount range is reasonable, valuation multiples are low, and we expect continued positive capital inflow into stocks related to Corporate Value Up in the next 12 months. 


Block Deal Sale of 1.7% Stake of Woori Financial by IMM Private Equity

<ul>
<li>EQT Partners announced that it is selling all of its remaining shares in Shinhan Financial for about 400 billion won in a block deal sale.</li>
<li>The block deal sale price range is expected to be 43,776 won to 44,688 won, representing 2% to 4% discount to the closing price on 6 March (45,600 won).</li>
<li>We would take the deal. The block deal discount is reasonable and Shinhan Financial continues to have attractive valuations and dividend yield despite recent share price appreciation. </li>
</ul>


EQT Partners announced that it is selling all of its remaining shares in Shinhan Financial for about 400 billion won in a block deal sale.
The block deal sale price range is expected to be 43,776 won to 44,688 won, representing 2% to 4% discount to the closing price on 6 March (45,600 won).
We would take the deal. The block deal discount is reasonable and Shinhan Financial continues to have attractive valuations and dividend yield despite recent share price appreciation. 


Block Deal Sale of About 400 Billion Won of Shinhan Financial by EQT Partners

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

SAMSUNGACTIVE KoAct Dividend Growth ETF / Event-Driven

<ul>
<li>The Samsung KoAct Dividend Growth Active ETF (476850F.KS) raised around US$7.4m and started trading on 27 February.</li>
<li>There are 45 stocks in the ETF and the aim is to beat the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-index" target="_blank" data-smartkarma-citation="entities:22911:1" rel="noopener">Korea Stock Exchange Kospi Index (KOSPI INDEX)</a> by employing an active management strategy. </li>
<li>Financials, Consumer Discretionary and Industrials stocks make up nearly two-thirds of the ETF, the dividend yield of the underlying basket is 4% and the forward dividend yield is slightly higher.</li>
</ul>


The Samsung KoAct Dividend Growth Active ETF (476850F.KS) raised around US$7.4m and started trading on 27 February.
There are 45 stocks in the ETF and the aim is to beat the Korea Stock Exchange Kospi Index (KOSPI INDEX) by employing an active management strategy. 
Financials, Consumer Discretionary and Industrials stocks make up nearly two-thirds of the ETF, the dividend yield of the underlying basket is 4% and the forward dividend yield is slightly higher.


Samsung KoAct Dividend Growth Active ETF: A Look at the First Corporate Value-Up ETF

<ul>
<li>Samsung Active Management launched the first Corporate Value Up ETF called KoAct Dividend Growth Active ETF on 27 February. It also revealed some of the major constituents of this ETF.</li>
<li>Samsung Active Management revealed the top 20 constituents of this ETF, which comprised 73.2% of the total ETF AUM.</li>
<li>In the coming weeks, there will be many other Corporate Value Up related ETFs that will be created that are similar to Samsung's KoAct Dividend Growth ETF. </li>
</ul>


Samsung Active Management launched the first Corporate Value Up ETF called KoAct Dividend Growth Active ETF on 27 February. It also revealed some of the major constituents of this ETF.
Samsung Active Management revealed the top 20 constituents of this ETF, which comprised 73.2% of the total ETF AUM.
In the coming weeks, there will be many other Corporate Value Up related ETFs that will be created that are similar to Samsung's KoAct Dividend Growth ETF. 


Constituents of the 1st Corporate Value Up ETF in Korea

South Korea

Hana Financial Group Inc., in accordance with Financial Holding Companies Act, was established on December 1, 2005, through stock transfer with the former shareholders of its subsidiaries in order to provide management services and financing to associated companies.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hana Financial (086790 KS)

Shinhan Financial Group Placement - Another Selldown, Momentum Is Strong but Deal Is Large

BNP Paribas (BNP FP) is looking to raise around US$680m via selling 3.5% of its stake in Shinhan Financial (055550 KS). In this note, we talk about...

Sumeet Singh

Block Deal Sale of 1.7% Stake of Woori Financial by IMM Private Equity

On 13 March, Woori Financial Group announced that it will purchase 9.36 million shares of the company (1.24% of outstanding shares) held by Korea...

Douglas Kim

Block Deal Sale of About 400 Billion Won of Shinhan Financial by EQT Partners

EQT Partners announced that it is selling all of its remaining shares in Shinhan Financial for about 400 billion won in a block deal sale. We would...

Douglas Kim

Samsung KoAct Dividend Growth Active ETF: A Look at the First Corporate Value-Up ETF

The Samsung KoAct Dividend Growth Active ETF (476850F.KS) raised around US$7.4m and started trading on 27 February. The div yield of the underlying...

Brian Freitas

Constituents of the 1st Corporate Value Up ETF in Korea

Samsung Active Management launched the first Corporate Value Up ETF called KoAct Dividend Growth Active ETF on 27 February. The top 20 constituents...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)