IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/emperador-inc" target="_blank" data-smartkarma-citation="entities:3485:1" rel="noopener">Emperador Inc (EMP PM)</a> is pre-marketing a secondary listing on the SGX IPO by raising US$300-500 million, according to press reports. </li>
<li>Emperador has established a track record of decent revenue growth, profitability and cash generation over the years. </li>
<li>While the fundamentals are solid the valuation looks full in comparison to peers and historical trading ranges. </li>
</ul>



Emperador Inc (EMP PM) is pre-marketing a secondary listing on the SGX IPO by raising US$300-500 million, according to press reports. 
Emperador has established a track record of decent revenue growth, profitability and cash generation over the years. 
While the fundamentals are solid the valuation looks full in comparison to peers and historical trading ranges. 


Emperador SGX Secondary Listing: Scotch, Not so Neat

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

<ul>
<li>We discuss the share price performances of the top 50 F&amp;B companies in Korea and whether these Korean F&amp;B companies could continue to outperform the market amid higher inflation rates.</li>
<li>In general, we do believe that the Korean F&amp;B sector as a whole could continue to outperform the market in times of higher inflation rates. </li>
<li>The F&amp;B sector tends to have lower sensitivity to demand relative to higher product prices and many of them can generally offset higher raw material costs with higher product prices. </li>
</ul>


We discuss the share price performances of the top 50 F&amp;B companies in Korea and whether these Korean F&amp;B companies could continue to outperform the market amid higher inflation rates.
In general, we do believe that the Korean F&amp;B sector as a whole could continue to outperform the market in times of higher inflation rates. 
The F&amp;B sector tends to have lower sensitivity to demand relative to higher product prices and many of them can generally offset higher raw material costs with higher product prices. 


Korean Food & Beverage: An Outperforming Sector Beating Inflation & KOSPI

Equity Bottom-Up

<ul>
<li>In this insight, we discuss two major issues impacting the Korean hotels, travel, duty free shops, cosmetics, leisure, &amp; casino related companies.</li>
<li>First is that the South Korean government announced that it will drop quarantine requirement for international arrivals from 21 March.</li>
<li>Second is the potential ramifications of Yoon Suk-Yeol (newly elected South Korean President) who has a relatively hard line stance on North Korea. </li>
</ul>


In this insight, we discuss two major issues impacting the Korean hotels, travel, duty free shops, cosmetics, leisure, &amp; casino related companies.
First is that the South Korean government announced that it will drop quarantine requirement for international arrivals from 21 March.
Second is the potential ramifications of Yoon Suk-Yeol (newly elected South Korean President) who has a relatively hard line stance on North Korea. 


Korea Drops Quarantine Requirements Vs. Yoon Suk-Yeol's Hard Line Stance on North Korea

<ul>
<li>In this insight, we discuss the transition from the COVID-19 pandemic to "live with" COVID-19 endemic in Korea and the impact this will have on the reopening plays in Korea.</li>
<li>In many parts of the world in countries such as the U.K. and Denmark, numerous stringent mandates and restrictions related to COVID-19 have been removed.</li>
<li>The pandemic to endemic reopening could increasingly become a world-wide trend including in Korea and the 17 stocks highlighted in this insight could continue to outperform the market. </li>
</ul>


In this insight, we discuss the transition from the COVID-19 pandemic to "live with" COVID-19 endemic in Korea and the impact this will have on the reopening plays in Korea.
In many parts of the world in countries such as the U.K. and Denmark, numerous stringent mandates and restrictions related to COVID-19 have been removed.
The pandemic to endemic reopening could increasingly become a world-wide trend including in Korea and the 17 stocks highlighted in this insight could continue to outperform the market. 


Pandemic to Endemic Reopening Plays in Korea

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>Another thing to consider in strategic trades aimed at the buying trend for yearend dividend hunting is the ₩1B majority shareholder transfer tax-triggered selling trend.</li>
<li>But the degree of direct conflict between the buying force targeting dividends and this factor at the point close to the ex-dividend date should not be as large as expected.</li>
<li>Considering a gradual preemptive sale of yearend tax evasion until the ex-dividend, we should consider shortening the trading time frame of the yearend dividend play close to the ex-dividend.</li>
</ul>


Another thing to consider in strategic trades aimed at the buying trend for yearend dividend hunting is the ₩1B majority shareholder transfer tax-triggered selling trend.
But the degree of direct conflict between the buying force targeting dividends and this factor at the point close to the ex-dividend date should not be as large as expected.
Considering a gradual preemptive sale of yearend tax evasion until the ex-dividend, we should consider shortening the trading time frame of the yearend dividend play close to the ex-dividend.


Yearend Dividend-Hunt Buying Vs. Majority Shareholder Transfer Tax-Triggered Selling

South Korea

Hite Jinro Co., Ltd. specializes in manufacturing Soju, vodka-like distilled Korean liquor. The Company also produces and sells other alcoholic beverages, such as wine, whiskey, and ginseng liquors as well as non-alcoholic beverages including mineral water and soft drinks. In addition, Jinro also provides information processing and financial services as well as construction services.

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Hite Jinro (000080 KS)

Emperador SGX Secondary Listing: Scotch, Not so Neat

Emperador is pre-marketing a secondary listing on the SGX IPO by raising US$300-500m. While the fundamentals are solid the valuation looks full in...

Arun George

Korean Food & Beverage: An Outperforming Sector Beating Inflation & KOSPI

In this insight, we discuss the share price performances of the top 50 F&B companies in Korea and whether these Korean F&B companies could continue...

Douglas Kim

Korea Drops Quarantine Requirements Vs. Yoon Suk-Yeol's Hard Line Stance on North Korea

The South Korean government announced that it will drop quarantine requirement for international arrivals from 21 March which should boost travel,...

Douglas Kim

Pandemic to Endemic Reopening Plays in Korea

The pandemic to endemic reopening could increasingly become a world-wide trend including in Korea and the 17 stocks highlighted in this insight...

Douglas Kim

Yearend Dividend-Hunt Buying Vs. Majority Shareholder Transfer Tax-Triggered Selling

This post looks at the yearend dividend-hunt buying versus the ₩1B majority shareholder transfer tax-triggered selling trend.

Sanghyun Park

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