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 analysed the earning revision of component stocks of M-Korea in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER, Samsung Elec (PREF), KIA, LG Chem, Naver, Korea Electric Power, Samsung Electronics Non Voting Pre, Kia, Orion.</li>
</ul>


We analysed the earning revision of component stocks of M-Korea in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER, Samsung Elec (PREF), KIA, LG Chem, Naver, Korea Electric Power, Samsung Electronics Non Voting Pre, Kia, Orion.


M-Korea Index Earning Revision (Nov): ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Nov 28th. The aggregated holding was USD803.0bn.</li>
<li>We estimate that foreign flows to be outflows of USD5,160mln. 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 BIOLOGICS, Samsung Electronics, NAVER, HD HYUNDAI HEAVY INDUSTRIES, KEPCO.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Nov 28th. The aggregated holding was USD803.0bn.
We estimate that foreign flows to be outflows of USD5,160mln. 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 BIOLOGICS, Samsung Electronics, NAVER, HD HYUNDAI HEAVY INDUSTRIES, KEPCO.


KRX Foreign Holding Weekly (Nov 28th): SAMSUNG BIOLOGICS, Samsung Electronics, NAVER

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>On 25 November, the Democratic Party of Korea confirmed that the cancellation of treasury shares will be made into law by the end of 2025.</li>
<li>Companies that buyback their shares (as treasury shares) will be required to cancel them within one year of the buyback. </li>
<li><em><strong>There may be a LOOPHOLE if the company fails to cancel the treasury shares on time. Fine per director is only 50 million won and this may be too low. </strong></em></li>
</ul>


On 25 November, the Democratic Party of Korea confirmed that the cancellation of treasury shares will be made into law by the end of 2025.
Companies that buyback their shares (as treasury shares) will be required to cancel them within one year of the buyback. 
There may be a LOOPHOLE if the company fails to cancel the treasury shares on time. Fine per director is only 50 million won and this may be too low. 


Confirmation of Cancellation of Treasury Shares To Be Made Into Law by End of 2025 and a Loophole?

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Nov 14th. The aggregated short interest was USD11.9bn.</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 Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES, Alteogen, HanmiPharm, SK Hynix.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Nov 14th. The aggregated short interest was USD11.9bn.
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 Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES, Alteogen, HanmiPharm, SK Hynix.


KRX Short Interest Weekly (Nov 14th): Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES, Alteogen

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Nov 14th. The aggregated holding was USD813.3bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,793mln. 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 SK Hynix, Celltrion, Alteogen, Samsung Electronics, KB Financial.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Nov 14th. The aggregated holding was USD813.3bn.
We estimate that foreign flows to be inflows of USD1,793mln. 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 SK Hynix, Celltrion, Alteogen, Samsung Electronics, KB Financial.


KRX Foreign Holding Weekly (Nov 14th): SK Hynix, Celltrion, Alteogen, Samsung Electronics

South Korea

APR Corporation of Korea operates cosmetics businesses. The Company develops and produces facial mask, lotion, elite fluid, and other products. APR also develops and manufactures beauty devices.

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52-week Range	0.00 - 0.00
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APR (278470 KS)

M-Korea Index Earning Revision (Nov): ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER

We analyzed M-Korea's consensus for Nov 2025 and highlighted changes of EPS in ORION (271560 KS), KEPCO (015760 KS), LG Energy Solution (373220...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Nov 28th): SAMSUNG BIOLOGICS, Samsung Electronics, NAVER

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SAMSUNG BIOLOGICS, Samsung Electronics, NAVER, HD...

Ke Yan, CFA, FRM

Confirmation of Cancellation of Treasury Shares To Be Made Into Law by End of 2025 and a Loophole?

There may be a LOOPHOLE if the company fails to cancel the treasury shares on time. Fine per director is only 50 million won and this may be too low.

Douglas Kim

KRX Short Interest Weekly (Nov 14th): Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES, Alteogen

We analyzed KRX short interest report for the past week and highlighted short interest changes in Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES,...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Nov 14th): SK Hynix, Celltrion, Alteogen, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Celltrion, Alteogen, Samsung...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

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