Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Apr 4th which has an aggregated holding worth USD465.8bn.</li>
<li>We estimate that foreign flows to be outflows of USD2,455mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Hyundai Motor, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Apr 4th which has an aggregated holding worth USD465.8bn.
We estimate that foreign flows to be outflows of USD2,455mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Hyundai Motor, Samsung Electronics.


KRX Foreign Holding Weekly (Apr 4th): SK Hynix, Hyundai Motor, Samsung Electronics

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In this insight, we discuss 20 Korean stocks that could outperform the market in the next two months amid global tariff war and local political turmoil.</li>
<li>Going forward, we believe these 20 Korean stocks could continue to outperform the market in the next couple of months. </li>
<li>As the market tries to digest further the uncertainties due to tariff war and the local Presidential election, these 20 stocks could provide sound defensive outperformance. </li>
</ul>


In this insight, we discuss 20 Korean stocks that could outperform the market in the next two months amid global tariff war and local political turmoil.
Going forward, we believe these 20 Korean stocks could continue to outperform the market in the next couple of months. 
As the market tries to digest further the uncertainties due to tariff war and the local Presidential election, these 20 stocks could provide sound defensive outperformance. 


20 Korean Stocks That Could Outperform Next 2 Months Amid Tariff War and Local Political Turmoil

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

Event-Driven

<ul>
<li>Short notional ticked higher on the KOSPI and KOSDAQ markets and is expected to continue increasing over the next few months.</li>
<li>Since the resumption of short selling, foreign holdings of Korean equities have increased from 29.26% to 29.3%.</li>
<li>The <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX)</a> to <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> ratio has stayed stable over the last 3 trading days.</li>
</ul>


Short notional ticked higher on the KOSPI and KOSDAQ markets and is expected to continue increasing over the next few months.
Since the resumption of short selling, foreign holdings of Korean equities have increased from 29.26% to 29.3%.
The Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) to KOSDAQ 150 Index (KOSDQ150 INDEX) ratio has stayed stable over the last 3 trading days.


Korea Short Selling: What Happened on Day 1?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dn-solutions" target="_blank" data-smartkarma-citation="entities:44474:1" rel="noopener">DN Solutions (298440 KS)</a> (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.</li>
<li>DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.</li>
<li>We have looked at its past performance in our earlier notes. In this note, we will talk about valuations.</li>
</ul>



DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
We have looked at its past performance in our earlier notes. In this note, we will talk about valuations.


DN Solutions IPO - Thoughts on Valuations - Probably Needs a Price Cut

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dn-solutions" target="_blank" data-smartkarma-citation="entities:44474:1" rel="noopener">DN Solutions (298440 KS)</a> (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.</li>
<li>DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.</li>
<li>We have looked at its past performance in our earlier notes. In this note, we will undertake a peer comparison.</li>
</ul>



DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
We have looked at its past performance in our earlier notes. In this note, we will undertake a peer comparison.


South Korea

Naver Corp. provides Internet site with web portal services, such as search engine, online game and content development.  The Company also offers marketing service through text and banner advertisement.

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Naver Corp (035420 KS)

KRX Foreign Holding Weekly (Apr 4th): SK Hynix, Hyundai Motor, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Hyundai Motor, Samsung Electronics.

Ke Yan, CFA, FRM

20 Korean Stocks That Could Outperform Next 2 Months Amid Tariff War and Local Political Turmoil

In this insight, we discuss 20 Korean stocks that could outperform the market in the next two months amid global tariff war and local political...

Douglas Kim

Korea Short Selling: What Happened on Day 1?

Short notional has increased as has foreign ownership of Korean equities. Stock selection will become increasingly important. The forecast index...

Brian Freitas

DN Solutions IPO - Thoughts on Valuations - Probably Needs a Price Cut

DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares. In this note we...

Sumeet Singh

DN Solutions Pre-IPO - Peer Comparison

DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares. In this note, we...

Sumeet Singh

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