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 short interest of KRX stocks as of Jun 6th. The aggregated short interest was USD0.8bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Lg Energy Solution, Celltrion, Ecoprobm Co.Ltd, Hanmi Semicon, Hlb.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jun 6th. The aggregated short interest was USD0.8bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Lg Energy Solution, Celltrion, Ecoprobm Co.Ltd, Hanmi Semicon, Hlb.


KRX Short Interest Weekly (Jun 6th): Lg Energy Solution, Celltrion, Ecoprobm, Hanmi Semicon

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>We provide updated NAV valuations of Doosan Corp (000150 KS), Hanwha Corporation (000880 KS), CJ Corp (001040 KS), GS Holdings (078930 KS), and LOTTE Corporation (004990 KS).</li>
<li>These holding companies' outperformance has been driven by investors' perception that the new Lee Jae-Myung administration will make real changes to improve corporate governance policies that could unlock greater value. </li>
<li>The share prices of Hanwha Corp, Doosan Corp, CJ Corp, GS Holdings, and Lotte Corp are up on average 97% YTD. </li>
</ul>


We provide updated NAV valuations of Doosan Corp (000150 KS), Hanwha Corporation (000880 KS), CJ Corp (001040 KS), GS Holdings (078930 KS), and LOTTE Corporation (004990 KS).
These holding companies' outperformance has been driven by investors' perception that the new Lee Jae-Myung administration will make real changes to improve corporate governance policies that could unlock greater value. 
The share prices of Hanwha Corp, Doosan Corp, CJ Corp, GS Holdings, and Lotte Corp are up on average 97% YTD. 


Updated NAV Valuations of Doosan Corp, Hanwha Corp, CJ Corp, GS Holdings, and Lotte Corp

<ul>
<li>Holding companies have been the best performing asset class in the Korean stock market in the past month.</li>
<li>In this insight, we provide updated NAV valuations of the top five, largest "pure" holdcos in Korea including SK Square, SK Inc, LG Corp, Hanjin KAL, and HD Hyundai.</li>
<li>The NAVs of these five holdcos are about 18% higher than their current prices on average. </li>
</ul>


Holding companies have been the best performing asset class in the Korean stock market in the past month.
In this insight, we provide updated NAV valuations of the top five, largest "pure" holdcos in Korea including SK Square, SK Inc, LG Corp, Hanjin KAL, and HD Hyundai.
The NAVs of these five holdcos are about 18% higher than their current prices on average. 


NAV Valuations of Top Five Largest "Pure" Holdcos in Korea

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

Korea Stock Exchange KOSPI 200 / Equity Derivatives

<ul>
<li>In just three weeks, on June 3rd, South Korea will hold an early presidential election.</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">KOSPI 200 INDEX</a> on Tuesday closed at 347.17,  entering deeply overbought territory based on our time and price quantitative models. </li>
<li>Whether the index rallies into the election and then declines, or starts selling off ahead of the vote, our tactical stance is unchanged: we recommend short exposure or appropriate hedging.
</li>
</ul>


In just three weeks, on June 3rd, South Korea will hold an early presidential election.
The KOSPI 200 INDEX on Tuesday closed at 347.17,  entering deeply overbought territory based on our time and price quantitative models. 
Whether the index rallies into the election and then declines, or starts selling off ahead of the vote, our tactical stance is unchanged: we recommend short exposure or appropriate hedging.



KOSPI 200 Tactical Outlook: Waiting for the June Elections

Event-Driven

<ul>
<li>In this insight, we discuss about SK Inc (034730 KS) which is considering on selling the controlling stake of SK Siltron.</li>
<li>If SK is successful in selling 70.6% stake in SK Siltron for about 5 trillion won, it could result in more than 3 trillion won cash inflow for SK Inc. </li>
<li>Our base case valuation of SK Inc is NAV of 13.9 trillion won (NAV per share of 192,217 won), representing a 61% upside from current levels.</li>
</ul>


In this insight, we discuss about SK Inc (034730 KS) which is considering on selling the controlling stake of SK Siltron.
If SK is successful in selling 70.6% stake in SK Siltron for about 5 trillion won, it could result in more than 3 trillion won cash inflow for SK Inc. 
Our base case valuation of SK Inc is NAV of 13.9 trillion won (NAV per share of 192,217 won), representing a 61% upside from current levels.


Potential Sale of a Controlling Stake in SK Siltron to Hahn & Co

South Korea

LG Corp. is a holding company, which operates subsidiaries including LG Electronics, LG Household & Health Care, LG Chem Ltd., and Dacom Corp. The Company's main business areas are electronics, chemicals, and household products manufacturing and telecommunications services.

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LG Corp (003550 KS)

KRX Short Interest Weekly (Jun 6th): Lg Energy Solution, Celltrion, Ecoprobm, Hanmi Semicon

We analyzed KRX short interest report for the past week and highlighted short interest changes in Lg Energy Solution, Celltrion, Ecoprobm Co.Ltd,...

Ke Yan, CFA, FRM

Updated NAV Valuations of Doosan Corp, Hanwha Corp, CJ Corp, GS Holdings, and Lotte Corp

We provide updated NAV valuations of Doosan Corp (000150 KS), Hanwha Corporation (000880 KS), CJ Corp (001040 KS), GS Holdings (078930 KS), and...

Douglas Kim

NAV Valuations of Top Five Largest "Pure" Holdcos in Korea

In this insight, we provide updated NAV valuations of the top five, largest "pure" holdcos in Korea including SK Square, SK Inc, LG Corp, Hanjin...

Douglas Kim

KOSPI 200 Tactical Outlook: Waiting for the June Elections

The KOSPI 200 INDEX is in overbought territory ahead of SK's early presidential election on June 3rd, this insight discusses tactical...

Nico Rosti

Potential Sale of a Controlling Stake in SK Siltron to Hahn & Co

If SK is successful in selling 70.6% stake in SK Siltron for about 5 trillion won, it could result in more than 3 trillion won cash inflow for SK Inc.

Douglas Kim

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52-week Range

Market Cap (USDm)

P/E

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