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 Nov 28th. The aggregated holding was USD803.0bn.</li>
<li>We estimate that foreign flows to be outflows of USD5,160mln. 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 SAMSUNG BIOLOGICS, Samsung Electronics, NAVER, HD HYUNDAI HEAVY INDUSTRIES, KEPCO.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Nov 28th. The aggregated holding was USD803.0bn.
We estimate that foreign flows to be outflows of USD5,160mln. 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 SAMSUNG BIOLOGICS, Samsung Electronics, NAVER, HD HYUNDAI HEAVY INDUSTRIES, KEPCO.


KRX Foreign Holding Weekly (Nov 28th): SAMSUNG BIOLOGICS, Samsung Electronics, NAVER

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>After taking short positions against Palantir &amp; NVIDIA, Michael Burry has closed his hedge fund and taken to substack to continue his assault on the AI bubble</li>
<li>While he makes some valid points, these are mainly things everybody already knows and in the end he's missing the forest for the trees</li>
<li>There are key structural issues surrounding the AI Infrastructure build out (grid, foundry, memory capacity to mention a few). These will drive course corrections, all by themselves.</li>
</ul>


After taking short positions against Palantir &amp; NVIDIA, Michael Burry has closed his hedge fund and taken to substack to continue his assault on the AI bubble
While he makes some valid points, these are mainly things everybody already knows and in the end he's missing the forest for the trees
There are key structural issues surrounding the AI Infrastructure build out (grid, foundry, memory capacity to mention a few). These will drive course corrections, all by themselves.


NVIDIA. Burry's Claims Miss The Forest For The Trees. The Real Issues Are Structural, Not Legal

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>On 27 November, the Korean Financial Services Commission (FSC) finally announced that it has completely abolished the restrictions on the foreigners opening integrated accounts to trade Korean stocks.</li>
<li>This amendment will start to take effect on 2 January 2026.</li>
<li>What this means is that major global trading platforms such as IBKR will most likely be allowed to trade Korean stocks without any major restrictions sometime starting 1H 2026. </li>
</ul>


On 27 November, the Korean Financial Services Commission (FSC) finally announced that it has completely abolished the restrictions on the foreigners opening integrated accounts to trade Korean stocks.
This amendment will start to take effect on 2 January 2026.
What this means is that major global trading platforms such as IBKR will most likely be allowed to trade Korean stocks without any major restrictions sometime starting 1H 2026. 


Foreigners Integrated Accounts Starting in January 2026: Impact on IBKR & Foreign Trading Platforms

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>Combination of concerns about Fed rate trajectory, AI capex monetization, Chinese growth slowdown and Japanese Yen carry trade unwinding brought the US and Asian markets 4-5% down since late October.</li>
<li>Expensive valuations are now justifiably correcting. Notwithstanding worries about a December cut, the interest rate trajectory remains resolutely downwards. Asian disinflation offers several central banks further room for monetary easing. </li>
<li>AI capex monetization worries will wax and wane. But Asian AI enablers' cash flows seem safe and valuations inexpensive. Corporate earnings environment is solid in US and recovering in Asia.</li>
</ul>


Combination of concerns about Fed rate trajectory, AI capex monetization, Chinese growth slowdown and Japanese Yen carry trade unwinding brought the US and Asian markets 4-5% down since late October.
Expensive valuations are now justifiably correcting. Notwithstanding worries about a December cut, the interest rate trajectory remains resolutely downwards. Asian disinflation offers several central banks further room for monetary easing. 
AI capex monetization worries will wax and wane. But Asian AI enablers' cash flows seem safe and valuations inexpensive. Corporate earnings environment is solid in US and recovering in Asia.


Asian Equities: A Correction, Not a Bear Market; Rates Still Falling and Earnings Are Catching Up

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.</li><li>E-commerce growth has also been rebounding since 3Q25.</li><li>Our top pick is NAVER due to its attractive valuation. Our target price (W410,000) is based on a P/E of 29x (vs. current 2026F P/E of 18x).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.E-commerce growth has also been rebounding since 3Q25.Our top pick is NAVER due to its attractive valuation. Our target price (W410,000) is based on a P/E of 29x (vs. current 2026F P/E of 18x).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mirae Asset Minutes [2025: Volume 22]Biweekly strategy meeting recap

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (000660 KS)

KRX Foreign Holding Weekly (Nov 28th): SAMSUNG BIOLOGICS, Samsung Electronics, NAVER

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SAMSUNG BIOLOGICS, Samsung Electronics, NAVER, HD...

Ke Yan, CFA, FRM

NVIDIA. Burry's Claims Miss The Forest For The Trees. The Real Issues Are Structural, Not Legal

There are key structural issues surrounding the AI Infrastructure build out (grid, foundry, memory capacity to mention a few). These will drive...

William Keating

Foreigners Integrated Accounts Starting in January 2026: Impact on IBKR & Foreign Trading Platforms

FSC abolished restrictions on foreigners opening integrated accounts to trade Korean stocks, effective January 2, 2026. IBKR/others are expected to...

Douglas Kim

Asian Equities: A Correction, Not a Bear Market; Rates Still Falling and Earnings Are Catching Up

Markets bottomed out over 20-24 Nov. Since then S&P500 is up 5.2%, HSI is up 3.2% & KOSPI is up 4.2%. Predictably, the USD (DXY) is down c1%. The...

Manishi Raychaudhuri

Mirae Asset Minutes [2025: Volume 22]Biweekly strategy meeting recap

We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.

Mirae Asset Securities

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