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

Samsung Electronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-life-insurance-co-ltd" target="_blank" data-smartkarma-citation="entities:510:1" rel="noopener">Samsung Life Insurance (032830 KS)</a> and <a href="https://www.smartkarma.com/entities/samsung-fire-marine-insuranc" target="_blank" data-smartkarma-citation="entities:27499:1" rel="noopener">Samsung Fire &amp; Marine Insuranc (000815 KS)</a> are likely to sell around U$1bn worth of <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> shares via a block deal.</li>
<li>The selldown is being undertaken to meet regulatory requirements for shareholding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Samsung Life Insurance (032830 KS) and Samsung Fire &amp; Marine Insuranc (000815 KS) are likely to sell around U$1bn worth of Samsung Electronics (005930 KS) shares via a block deal.
The selldown is being undertaken to meet regulatory requirements for shareholding.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Samsung Electronics US$1bn Technical Selldown Likely, past Deals Haven’t Done Much

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

Samsung Fire & Marine Insurance / Equity Bottom-Up

Samsung Fire & Marine Insurance (000810 KS)

<ul>
<li>
Context: The price ratio of <a href="https://www.smartkarma.com/entities/samsung-fire-marine-insurance" target="_blank" data-smartkarma-citation="entities:511:1" rel="noopener">Samsung Fire &amp; Marine Insurance Commons Shares (000810 KS)</a> vs. <a href="https://www.smartkarma.com/entities/samsung-fire-marine-insuranc" target="_blank" data-smartkarma-citation="entities:27499:1" rel="noopener">Preferred Shares (000815 KS)</a> has deviated more than three standard deviations from its one-year average.</li>
<li>
Highlights: Overweight the Common Shares and underweight the Preferred Shares has the potential for approximately 6% alpha.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The price ratio of Samsung Fire &amp; Marine Insurance Commons Shares (000810 KS) vs. Preferred Shares (000815 KS) has deviated more than three standard deviations from its one-year average.

Highlights: Overweight the Common Shares and underweight the Preferred Shares has the potential for approximately 6% alpha.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Samsung Fire & Marine (000810 KS) Vs. Samsung F&M Pref (000815 KS): Rare Share-Class Dislocation

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Uncertainty regarding private credit has become one of the biggest risk factors facing global investors including in Korea.</li>
<li>Samsung Securities serves as a primary distributor for Blackstone's private credit funds (such as BCRED) in Korea.</li>
<li>In late 2022, Samsung Life and Samsung Fire &amp; Marine committed $650 million to Blackstone-managed alternative funds. </li>
</ul>


Uncertainty regarding private credit has become one of the biggest risk factors facing global investors including in Korea.
Samsung Securities serves as a primary distributor for Blackstone's private credit funds (such as BCRED) in Korea.
In late 2022, Samsung Life and Samsung Fire &amp; Marine committed $650 million to Blackstone-managed alternative funds. 


Samsung Life, Samsung F&M Insurance, & Samsung Securities - Exposure to Blackstone's Private Credit?

Event-Driven

<ul>
<li>On 12 March, Korean Reinsurance Co (003690 KS) announced that its BOD has decided to cancel 18.1 million shares (valued at 245.4 billion won and 9.3% of outstanding shares).</li>
<li>This large scale share cancellation should have a positive boost on Korean Re's share price as it improves ROE and EPS, and raises the ownership levels of existing shareholders.  </li>
<li>Korean Reinsurance Co (003690 KS) is the largest reinsurance company in Korea. </li>
</ul>


On 12 March, Korean Reinsurance Co (003690 KS) announced that its BOD has decided to cancel 18.1 million shares (valued at 245.4 billion won and 9.3% of outstanding shares).
This large scale share cancellation should have a positive boost on Korean Re's share price as it improves ROE and EPS, and raises the ownership levels of existing shareholders.  
Korean Reinsurance Co (003690 KS) is the largest reinsurance company in Korea. 


Korean Re: Cancellation of 9.3% of Outstanding Shares

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Feb 27th. The aggregated holding was USD1,368.0bn.</li>
<li>We estimate that foreign flows to be outflows of USD4,289mln. 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 Electronics, Samsung Elec (PREF), SK Hynix, Hanmi Semi, SAMSUNG LIFE.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Feb 27th. The aggregated holding was USD1,368.0bn.
We estimate that foreign flows to be outflows of USD4,289mln. 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 Electronics, Samsung Elec (PREF), SK Hynix, Hanmi Semi, SAMSUNG LIFE.


KRX Foreign Holding Weekly (Feb 27th): Samsung Electronics, Samsung Elec (PREF), SK Hynix

South Korea

Samsung Life Insurance Co., Ltd. provides insurance services. The Company offers life and health insurance services. Samsung Life Insurance serves customers in South Korea.

Price Gauge
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Samsung Life Insurance (032830 KS)

Aequitas: Samsung Electronics US$1bn Technical Selldown Likely, past Deals Haven’t Done Much

Samsung Life Insurance (032830 KS) and Samsung Fire & Marine Insuranc (000815 KS) are likely to sell around U$1bn worth of Samsung Electronics...

Sumeet Singh

Samsung Life, Samsung F&M Insurance, & Samsung Securities - Exposure to Blackstone's Private Credit?

In this insight, we discuss about Samsung Securities, Samsung Life Insurance, and Samsung F&M Insurance that have exposure to Blackstone's private...

Douglas Kim

Korean Re: Cancellation of 9.3% of Outstanding Shares

On 12 March, Korean Reinsurance Co (003690 KS) announced that its BOD has decided to cancel 18.1 million shares (valued at 245.4 billion won and...

Douglas Kim

KRX Foreign Holding Weekly (Feb 27th): Samsung Electronics, Samsung Elec (PREF), SK Hynix

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Samsung Elec (PREF), SK...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Samsung Electronics US$1bn Technical Selldown Likely, past Deals Haven’t Done Much

Samsung Life Insurance (032830 KS) and Samsung Fire & Marine Insuranc (000815 KS) are likely to sell around U$1bn worth of Samsung Electronics...

Sumeet Singh

Samsung Fire & Marine (000810 KS) Vs. Samsung F&M Pref (000815 KS): Rare Share-Class Dislocation

A 3.5-sigma divergence between Samsung Fire & Marine’s common and preferred shares signals a potential mean-reversion opportunity, with a trade...

Gaudenz Schneider

Samsung Life, Samsung F&M Insurance, & Samsung Securities - Exposure to Blackstone's Private Credit?

In this insight, we discuss about Samsung Securities, Samsung Life Insurance, and Samsung F&M Insurance that have exposure to Blackstone's private...

Douglas Kim

Korean Re: Cancellation of 9.3% of Outstanding Shares

On 12 March, Korean Reinsurance Co (003690 KS) announced that its BOD has decided to cancel 18.1 million shares (valued at 245.4 billion won and...

Douglas Kim

KRX Foreign Holding Weekly (Feb 27th): Samsung Electronics, Samsung Elec (PREF), SK Hynix

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Samsung Elec (PREF), SK...

Ke Yan, CFA, FRM