Materials| Industrials |Commodities

Rahul Jain

Equity Bottom-Up

Samsung Heavy Industries / Equity Bottom-Up

<ul>
<li>SHI reported robust Q1 2025 results with revenue of KRW 2.49T (+6% YoY) and operating profit of KRW 123B (+58% YoY), reflecting improved offshore project execution and margin expansion.</li>
<li>Management reiterated FY2025 guidance of KRW 10.5T revenue and KRW 630B operating profit, with offshore accounting for ~40% of new orders and a USD 9.8B full-year target</li>
<li>With LNG carrier replacement demand, FLNG ramp-up, and leadership in eco-vessels, SHI’s earnings trajectory supports its 22x FY27E P/E, despite execution and competition risks.</li>
</ul>


SHI reported robust Q1 2025 results with revenue of KRW 2.49T (+6% YoY) and operating profit of KRW 123B (+58% YoY), reflecting improved offshore project execution and margin expansion.
Management reiterated FY2025 guidance of KRW 10.5T revenue and KRW 630B operating profit, with offshore accounting for ~40% of new orders and a USD 9.8B full-year target
With LNG carrier replacement demand, FLNG ramp-up, and leadership in eco-vessels, SHI’s earnings trajectory supports its 22x FY27E P/E, despite execution and competition risks.


Samsung Heavy Industries (010140.KQ) – Offshore Momentum, LNG Tailwinds Justify Premium

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

Doosan Robotics  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doosan-robotics" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (DOOSANROBO KS)</a> is looking to raise up to US$314m in its Korean IPO. </li>
<li>Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module. </li>
<li>In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.</li>
</ul>



Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO. 
Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module. 
In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.


Doosan Robotics IPO - Thoughts on Valuation - A Punt at Best, a Crash at Worst

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> is looking to raise up to US$147m in its Korean IPO.</li>
<li>Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs. </li>
<li>Fadu’s revenue growth has been stupendous, to say the least. However, the firm’s revenues are derived mainly from two customers, which exposes it to a large degree of concentration risk.</li>
</ul>



Fadu (440110 KS) is looking to raise up to US$147m in its Korean IPO.
Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs. 
Fadu’s revenue growth has been stupendous, to say the least. However, the firm’s revenues are derived mainly from two customers, which exposes it to a large degree of concentration risk.


Fadu Pre-IPO - Stupendous Revenue Growth but Heavily Reliant on Two Key Customers

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jun 6th. The aggregated holding was USD571.3bn.</li>
<li>We estimate that foreign flows to be inflows of USD829mln. We tabulates 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 (000660 KS).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jun 6th. The aggregated holding was USD571.3bn.
We estimate that foreign flows to be inflows of USD829mln. We tabulates 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 (000660 KS).


KRX Foreign Holding Weekly (Jun 6th): SK Hynix

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Index Rebalance

<ul>
<li>Top 3 stays unchanged — HD KSOE beats HHI on consolidated sales, and index rules push HHI to the Plus side since a group sibling’s already in the Top 3.</li>
<li>Plus Universe also looks stable, but HD Hyundai Mipo’s weight drops from 14.12% to 10% Friday — triggering ~₩40B in passive outflows, a key flow trade setup.</li>
<li>₩40B sell vs. ₩60–90B daily turnover, all hitting via one ETF desk (Shinhan SOL) Friday afternoon — flow size could move the tape. Should keep it on our radar.</li>
</ul>


Top 3 stays unchanged — HD KSOE beats HHI on consolidated sales, and index rules push HHI to the Plus side since a group sibling’s already in the Top 3.
Plus Universe also looks stable, but HD Hyundai Mipo’s weight drops from 14.12% to 10% Friday — triggering ~₩40B in passive outflows, a key flow trade setup.
₩40B sell vs. ₩60–90B daily turnover, all hitting via one ETF desk (Shinhan SOL) Friday afternoon — flow size could move the tape. Should keep it on our radar.


Friday’s Cap Reversion in the SOL Shipbuilding Top 3 ETF Sets up a Clean Flow Trade Opportunity

South Korea

Samsung Heavy Industries Co., Ltd. manufactures crude oil tankers, container vessels, bulk carriers, cruisers, and passenger ferries.  The Company also produces steel and bridge structures, and material handling equipment.  In addition, Samsung Heavy Industries provides civil engineering, architectural, and plant construction services.

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Samsung Heavy Industries (010140 KS)

Samsung Heavy Industries (010140.KQ) – Offshore Momentum, LNG Tailwinds Justify Premium

SHI posts strong Q1 results, reaffirms FY2025 guidance with focus on offshore projects and LNG carrier demand driving earnings growth.

Rahul Jain

Doosan Robotics IPO - Thoughts on Valuation - A Punt at Best, a Crash at Worst

Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO. comparison. In this note, we talk about valuation.

Ethan Aw

Fadu Pre-IPO - Stupendous Revenue Growth but Heavily Reliant on Two Key Customers

Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid...

Ethan Aw

KRX Foreign Holding Weekly (Jun 6th): SK Hynix

We analyzed KRX foreign holding data for the past week. We highlighted foreign holding changes in SK Hynix (000660 KS).

Ke Yan, CFA, FRM

Friday’s Cap Reversion in the SOL Shipbuilding Top 3 ETF Sets up a Clean Flow Trade Opportunity

This post breaks down Friday’s cap reversion in the SOL Shipbuilding Top 3 ETF — a setup that presents a clear flow trade opportunity.

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Samsung Heavy Industries (010140.KQ) – Offshore Momentum, LNG Tailwinds Justify Premium

​SHI posts strong Q1 results, reaffirms FY2025 guidance with focus on offshore projects and LNG carrier demand driving earnings growth.

Rahul Jain

Doosan Robotics IPO - Thoughts on Valuation - A Punt at Best, a Crash at Worst

Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO. comparison. In this note, we talk about valuation.

Ethan Aw

Fadu Pre-IPO - Stupendous Revenue Growth but Heavily Reliant on Two Key Customers

Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid...

Ethan Aw

KRX Foreign Holding Weekly (Jun 6th): SK Hynix

We analyzed KRX foreign holding data for the past week. We highlighted foreign holding changes in SK Hynix (000660 KS).

Ke Yan, CFA, FRM

Friday’s Cap Reversion in the SOL Shipbuilding Top 3 ETF Sets up a Clean Flow Trade Opportunity

This post breaks down Friday’s cap reversion in the SOL Shipbuilding Top 3 ETF — a setup that presents a clear flow trade opportunity.

Sanghyun Park

SHI posts strong Q1 results, reaffirms FY2025 guidance with focus on offshore projects and LNG carrier demand driving earnings growth.