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 13th. The aggregated short interest was USD7.6bn.</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, Hanmi Semicon, Posco Chemical.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jun 13th. The aggregated short interest was USD7.6bn.
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, Hanmi Semicon, Posco Chemical.


KRX Short Interest Weekly (Jun 13th): 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

Event-Driven

<ul>
<li>In this insight, we also provide a list of 30 top performing stocks in KOSPI in the past one week (in terms of price performance and trading value).</li>
<li>We also discuss the surging share price of Samsung Life Insurance which suggests a near-term regulation change that could require the company to partially dispose its stake in Samsung Electronics. </li>
<li>With Lee Jae-Myung becoming the new South Korean President, the probability of Samsung Life Insurance being forced to sell its stake in Samsung Electronics has risen much more.</li>
</ul>


In this insight, we also provide a list of 30 top performing stocks in KOSPI in the past one week (in terms of price performance and trading value).
We also discuss the surging share price of Samsung Life Insurance which suggests a near-term regulation change that could require the company to partially dispose its stake in Samsung Electronics. 
With Lee Jae-Myung becoming the new South Korean President, the probability of Samsung Life Insurance being forced to sell its stake in Samsung Electronics has risen much more.


Top 30 Best Performing Stocks in KOSPI in Past Week and Surging Price of Samsung Life Insurance

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, when we discussed that 5110-5120 on the S&amp;P 500 (SPX) was a bounce spot and a level to trade [long] against.</li>
<li>We'll maintain our bullish view as long as market dynamics remain healthy and SPX and ACWI-US are above 5500 and $115; we would be buyers on pullbacks to these levels.</li>
<li>We would also be buyers at 5700-5785 on SPX and $120-$121 on ACWI-US, which are shorter-term supports.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, when we discussed that 5110-5120 on the S&amp;P 500 (SPX) was a bounce spot and a level to trade [long] against.
We'll maintain our bullish view as long as market dynamics remain healthy and SPX and ACWI-US are above 5500 and $115; we would be buyers on pullbacks to these levels.
We would also be buyers at 5700-5785 on SPX and $120-$121 on ACWI-US, which are shorter-term supports.


MSCI ACWI (ACWI-US) Testing All-Time Highs; Buy Pullbacks to $120-$121 or $115 Supports. Many Buys

<ul>
<li>Lee Jae-Myung (who is leading in most election polls) has mentioned cancellation of treasury shares as one of the key campaign pledges to improve the corporate governance in Korea.</li>
<li>If the cancellation of these shares becomes mandatory, the SK Group and Lotte Group will be most affected. </li>
<li>We provide a list of 21 stocks in KOSPI200 that have the highest ratios for treasury shares/total outstanding shares. These stocks could receive more attention in the next several months. </li>
</ul>


Lee Jae-Myung (who is leading in most election polls) has mentioned cancellation of treasury shares as one of the key campaign pledges to improve the corporate governance in Korea.
If the cancellation of these shares becomes mandatory, the SK Group and Lotte Group will be most affected. 
We provide a list of 21 stocks in KOSPI200 that have the highest ratios for treasury shares/total outstanding shares. These stocks could receive more attention in the next several months. 


Lee Jae-Myung's Campaign Pledge - Cancellation of Treasury Shares

South Korea

Doosan Co., Ltd operates as a diversified manufacturing and service company. The Company conducts electronic components production, logistics equipment manufacturing, information technology consulting, and other businesses. Doosan provides services worldwide.

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Doosan Corp (000150 KS)

KRX Short Interest Weekly (Jun 13th): 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, Hanmi...

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

Top 30 Best Performing Stocks in KOSPI in Past Week and Surging Price of Samsung Life Insurance

In this insight, we also provide a list of 30 top performing stocks in KOSPI in the past one week and the surging share price of Samsung Life...

Douglas Kim

MSCI ACWI (ACWI-US) Testing All-Time Highs; Buy Pullbacks to $120-$121 or $115 Supports. Many Buys

MSCI $ACWI Testing All-Time Highs; Buy Pullbacks to $120-$121 or $115 Supports; Bullish Outlook Intact. Discussed Thursday pre-market that a...

Vermilion Research

Lee Jae-Myung's Campaign Pledge - Cancellation of Treasury Shares

Lee Jae-Myung (who is leading in most election polls) has mentioned cancellation of treasury shares as one of the key campaign pledges to improve...

Douglas Kim

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