APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Lotte Global Logistics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lotte-global-logistics-co" target="_blank" data-smartkarma-citation="entities:45000:1" rel="noopener">Lotte Global Logistics (LGG KS)</a> aims to raise around US$140m in its Korea IPO via selling a mix of primary and secondary shares.</li>
<li>Lotte Global Logistics is a logistics and shipping company engaged in a comprehensive logistics service business including courier service, land transportation, 3PL, port loading and unloading, and international logistics.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.</li>
</ul>



Lotte Global Logistics (LGG KS) aims to raise around US$140m in its Korea IPO via selling a mix of primary and secondary shares.
Lotte Global Logistics is a logistics and shipping company engaged in a comprehensive logistics service business including courier service, land transportation, 3PL, port loading and unloading, and international logistics.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.


Lotte Global Logistics IPO - Thoughts on Peer Comp and Valuation

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>The word on the street is the Dems are banking on their candidate winning in June, then clearing the veto and pushing the Corporate Act amendment through immediately.</li>
<li>What seemed like a dead issue for the Corporate Act amendment has turned into a surprise, shifting market momentum and potentially impacting the Korean stock scene.</li>
<li>It could shift the Korean market’s focus to long-term governance improvements, targeting major holdcos like CJ, Hanwha, GS, Doosan, Mobis, SK, and Samsung C&amp;T, with June’s election key.</li>
</ul>


The word on the street is the Dems are banking on their candidate winning in June, then clearing the veto and pushing the Corporate Act amendment through immediately.
What seemed like a dead issue for the Corporate Act amendment has turned into a surprise, shifting market momentum and potentially impacting the Korean stock scene.
It could shift the Korean market’s focus to long-term governance improvements, targeting major holdcos like CJ, Hanwha, GS, Doosan, Mobis, SK, and Samsung C&amp;T, with June’s election key.


Corporate Act Amendment Takes Unexpected Turn: Watch for Holdco Momentum Plays Post-June Election

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lotte-global-logistics-co" target="_blank" data-smartkarma-citation="entities:45000:1" rel="noopener">Lotte Global Logistics (LGG KS)</a> aims to raise around US$140m in its Korea IPO via selling a mix of primary and secondary shares.</li>
<li>Lotte Global Logistics is a logistics and shipping company engaged in a comprehensive logistics service business including courier service, land transportation, 3PL, port loading and unloading, and international logistics.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Lotte Global Logistics (LGG KS) aims to raise around US$140m in its Korea IPO via selling a mix of primary and secondary shares.
Lotte Global Logistics is a logistics and shipping company engaged in a comprehensive logistics service business including courier service, land transportation, 3PL, port loading and unloading, and international logistics.
In this note, we talk about the company’s historical performance.


Lotte Logistics Pre-IPO - Sluggish Revenues, High Dependence on Group Affiliates

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February.</li>
<li>Over halfway through the review period, we forecast 39 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 2 to SmallCap.</li>
<li>Three potential downward migrations were deleted from a global index in November. Now, four more potential downward migrations could be deleted from the same global index in February.</li>
</ul>


The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February.
Over halfway through the review period, we forecast 39 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 2 to SmallCap.
Three potential downward migrations were deleted from a global index in November. Now, four more potential downward migrations could be deleted from the same global index in February.


KOSPI Size Indices: When Active Met Passive

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Our NAV analysis of Doosan Corp suggests an implied market cap of 3.9 trillion won or implied price per share of 235,039 won which is 17.2% lower than current price.</li>
<li>Given the lack of upside relative to its NAV, we have a Negative View of Doosan Corp. </li>
<li>Considering Doosan Group's repeated corporate governance concerns in the past decade, our holdco discount estimate of 50% is probably generous. </li>
</ul>


Our NAV analysis of Doosan Corp suggests an implied market cap of 3.9 trillion won or implied price per share of 235,039 won which is 17.2% lower than current price.
Given the lack of upside relative to its NAV, we have a Negative View of Doosan Corp. 
Considering Doosan Group's repeated corporate governance concerns in the past decade, our holdco discount estimate of 50% is probably generous. 


Doosan Corp - NAV Valuation Analysis Amid Index Rebalance Expectations

South Korea

CJ Corp. is an investment holding company.  The Company, through its subsidiaries, manufactures processed food products.  The subsidiaries' products include refined sugar, monosodium glutamate (MSG), condiment, wheat powder, flour, cooking oil, processed meats, and animal feed.

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CJ Corp (001040 KS)

Lotte Global Logistics IPO - Thoughts on Peer Comp and Valuation

Lotte Global Logistics aims to raise around US$140m in its Korea IPO via selling a mix of primary and secondary shares. In this note, we talk about...

Akshat Shah

Corporate Act Amendment Takes Unexpected Turn: Watch for Holdco Momentum Plays Post-June Election

Korea's Corporate Act amendment just took an unexpected turn. We should definitely keep an eye on momentum plays in local holding companies,...

Sanghyun Park

Lotte Logistics Pre-IPO - Sluggish Revenues, High Dependence on Group Affiliates

Lotte Global Logistics (LGG KS) aims to raise around US$140m in its Korea IPO via selling a mix of primary and secondary shares.

Akshat Shah

KOSPI Size Indices: When Active Met Passive

There could be 39 migrations in March. Most of the Large to Mid migrations have been, or will be, deleted from a large global index. Along with...

Brian Freitas

Doosan Corp - NAV Valuation Analysis Amid Index Rebalance Expectations

Our NAV analysis of Doosan Corp suggests an implied market cap of 3.9 trillion won or implied price per share of 235,039 won which is 17.2% lower...

Douglas Kim

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