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

<ul>
<li>PHC Holding had raised US$645m in its Japan IPO in Oct 2021, after the deal was downsized and priced at the low-end.</li>
<li>PHC is engaged in the development, manufacturing and sale of healthcare devices and services. The company has three main segments: Diabetes Management; Healthcare Services; and Diagnosis/Life Science.</li>
<li>The pre-IPO shareholders will be released from the lockup today on 11th Apr 2022. Its largest shareholder is KKR, who still owns a 39% stake in the company. </li>
</ul>


PHC Holding had raised US$645m in its Japan IPO in Oct 2021, after the deal was downsized and priced at the low-end.
PHC is engaged in the development, manufacturing and sale of healthcare devices and services. The company has three main segments: Diabetes Management; Healthcare Services; and Diagnosis/Life Science.
The pre-IPO shareholders will be released from the lockup today on 11th Apr 2022. Its largest shareholder is KKR, who still owns a 39% stake in the company. 


PHC Holdings IPO Lock-Up - Stock Might Be Cheap but It’s Stuck with a US$1bn Overhang

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/international-business-machines-corp" target="_blank" data-smartkarma-citation="entities:1064:1" rel="noopener">International Business Machines (IBM US)</a>, <a href="https://www.smartkarma.com/entities/alphabet-inc-cl-c" target="_blank" data-smartkarma-citation="entities:11369:1" rel="noopener">Alphabet Inc Cl C (GOOG US)</a><a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple Inc (AAPL US)</a>, <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a>, and <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> are the top five AI innovators.</li>
<li>Top "non-tech" companies include medical diagnostic/surgical players like <a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a>, <a href="https://www.smartkarma.com/entities/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic Plc (MDT US)</a>, and financials like State Farm Mutual, and <a href="https://www.smartkarma.com/entities/capital-one-financial-corp" target="_blank" data-smartkarma-citation="entities:255:1" rel="noopener">Capital One Financial (COF US)</a>
</li>
<li>Since AI technology includes integrating several areas of technology, we have data-mined from multiple technological areas that we think are fundamental to AI, We have detailed these in the report.</li>
</ul>



International Business Machines (IBM US), Alphabet Inc Cl C (GOOG US)Apple Inc (AAPL US), Amazon.com Inc (AMZN US), and Samsung Electronics (005930 KS) are the top five AI innovators.
Top "non-tech" companies include medical diagnostic/surgical players like Johnson &amp; Johnson (JNJ US), Medtronic Plc (MDT US), and financials like State Farm Mutual, and Capital One Financial (COF US)

Since AI technology includes integrating several areas of technology, we have data-mined from multiple technological areas that we think are fundamental to AI, We have detailed these in the report.


Insights from Data Mining Technical Publications - A Look into Artificial Intelligence

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.

LG Energy Solution / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (LGENERGY KS)</a> has launched its IPO to raise US$9.2-10.8 billion at the price range of KRW257,000-300,000 per share.</li>
<li>In <a href="https://www.smartkarma.com/insights/lg-energy-solution-ipo-initiation-amp-my-ride" target="_blank" data-smartkarma-citation="insights:62402" rel="noopener">LG Energy Solution IPO Initiation: Amp My Ride</a>, we stated that LGES has attractive fundamentals with a strong backlog, healthy revenue growth and improving margins.</li>
<li>Our base-case DCF value is KRW321,594 per share, 15% above the mid-point of the IPO price range. Our DCF sensitivity analysis shows that the IPO price remains attractive. </li>
</ul>



LG Energy Solution (LGENERGY KS) has launched its IPO to raise US$9.2-10.8 billion at the price range of KRW257,000-300,000 per share.
In LG Energy Solution IPO Initiation: Amp My Ride, we stated that LGES has attractive fundamentals with a strong backlog, healthy revenue growth and improving margins.
Our base-case DCF value is KRW321,594 per share, 15% above the mid-point of the IPO price range. Our DCF sensitivity analysis shows that the IPO price remains attractive. 


LG Energy Solution IPO: DCF Scenario Analysis

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (LGENERGY KS)</a> (LGES) is looking to raise up to US$10.8bn in its upcoming South Korea IPO.</li>
<li>LGES is the EV battery unit of LG Chem. It was spun off in December last year. The company is a major supplier to customers including Tesla and General Motors.</li>
<li>In this note, we take a look at assumptions, valuation, sensitivity analysis, and potential trades to put up.</li>
</ul>



LG Energy Solution (LGENERGY KS) (LGES) is looking to raise up to US$10.8bn in its upcoming South Korea IPO.
LGES is the EV battery unit of LG Chem. It was spun off in December last year. The company is a major supplier to customers including Tesla and General Motors.
In this note, we take a look at assumptions, valuation, sensitivity analysis, and potential trades to put up.


LG Energy Pre-IPO - Valuation - LGES Inexpensive, Potential LG Chem Trade Leading up to IPO

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Our base case valuation of LG Energy Solution is price per share of 424,093 won, which is 41% higher than the high end of the IPO price of 300,000 won.</li>
<li>Our valuation is based on 29.8x EV/EBITDA multiple times our estimated EBITDA of 3,276 billion won in 2022, resulting in EV of 97.5 trillion won.</li>
<li>Given the attractive upside, we have a positive view of the LG Energy Solution IPO.</li>
</ul>


Our base case valuation of LG Energy Solution is price per share of 424,093 won, which is 41% higher than the high end of the IPO price of 300,000 won.
Our valuation is based on 29.8x EV/EBITDA multiple times our estimated EBITDA of 3,276 billion won in 2022, resulting in EV of 97.5 trillion won.
Given the attractive upside, we have a positive view of the LG Energy Solution IPO.


LG Energy Solution IPO Valuation Analysis: An Attractive IPO with a 40%+ Upside

Japan

Panasonic Corporation manufactures electric and electronic products. The Company produces home appliances, car navigation systems, digital devices, computer peripherals, telecommunications, industrial equipment, and electronic parts. Panasonic has associated companies around the world.

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Panasonic Corp (6752 JP)

PHC Holdings IPO Lock-Up - Stock Might Be Cheap but It’s Stuck with a US$1bn Overhang

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Sumeet Singh

Insights from Data Mining Technical Publications - A Look into Artificial Intelligence

The global artificial intelligence (AI) market is forecast to grow rapidly in the coming years. In this report, we data-mine publications to rank...

Pyari Menon

LG Energy Solution IPO: DCF Scenario Analysis

Our base-case DCF value is KRW321,594 per share, 15% above the mid-point of the IPO price range. Our DCF sensitivity analysis shows that the IPO...

Arun George

LG Energy Pre-IPO - Valuation - LGES Inexpensive, Potential LG Chem Trade Leading up to IPO

LG Energy Solution is looking to raise up to US$10.8bn in its upcoming South Korea IPO. In this note, we take a look at assumptions, valuation,...

Sumeet Singh

LG Energy Solution IPO Valuation Analysis: An Attractive IPO with a 40%+ Upside

Our base case valuation of LG Energy Solution is price per share of 424,093 won, which is 41% higher than the high end of the IPO price of 300,000...

Douglas Kim

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