Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Event-Driven

HD Hyundai Heavy Industries  / Event-Driven

<ul>
<li>Hyundai Heavy Industries (HHI) was listed on Korea Exchange on 17th September, 2021. Its one year lock-up will expire on 17th Sep, 2022.</li>
<li>Hyundai Heavy Industries (HHI) is a South Korean shipbuilder. The company is majority owned by Korea Shipbuilding &amp; Offshore Engineering (009540 KS) after the latter’s spin-off in 2019.</li>
<li>In this note, we will talk about the upcoming lock-up expiry, along with recent updates.</li>
</ul>


Hyundai Heavy Industries (HHI) was listed on Korea Exchange on 17th September, 2021. Its one year lock-up will expire on 17th Sep, 2022.
Hyundai Heavy Industries (HHI) is a South Korean shipbuilder. The company is majority owned by Korea Shipbuilding &amp; Offshore Engineering (009540 KS) after the latter’s spin-off in 2019.
In this note, we will talk about the upcoming lock-up expiry, along with recent updates.


Hyundai Heavy IPO Lock-Up - Last of the Lockups with Employees Coming Free

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

Hyundai Engineering & Construction / Equity Bottom-Up

<ul>
<li>Mohammed bin Salman (MBS), the Crown Prince of Saudi Arabia, is expected to visit South Korea in late October/early November 2022.</li>
<li>In this insight, we discuss the top 14 stocks in Korea that could benefit from his visit of South Korea in a couple of months.</li>
<li>We think that many local investors have been buying some of the 14 stocks mentioned in this insight with the expectation of further positive news from MBS visiting South Korea.</li>
</ul>


Mohammed bin Salman (MBS), the Crown Prince of Saudi Arabia, is expected to visit South Korea in late October/early November 2022.
In this insight, we discuss the top 14 stocks in Korea that could benefit from his visit of South Korea in a couple of months.
We think that many local investors have been buying some of the 14 stocks mentioned in this insight with the expectation of further positive news from MBS visiting South Korea.


Top 14 Korean Stocks to Benefit from Mohammed Bin Salman's Visit to South Korea in October/November

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.

<ul>
<li>The market seems to be focusing more on the cost risk increase than on Hyundai E&amp;C's sales growth following the top-line expansion of the urban renewal market.</li>
<li>Instead, the market is looking forward to the possibility that Hyundai E&amp;C's leap forward as a nuclear power solution provider will lead to a growth premium for the share price. </li>
<li>The trading point should be to target this risk when the price is peaking out from the nuclear power theme. Specifically, we need to consider a sector pair long/short setup.</li>
</ul>


The market seems to be focusing more on the cost risk increase than on Hyundai E&amp;C's sales growth following the top-line expansion of the urban renewal market.
Instead, the market is looking forward to the possibility that Hyundai E&amp;C's leap forward as a nuclear power solution provider will lead to a growth premium for the share price. 
The trading point should be to target this risk when the price is peaking out from the nuclear power theme. Specifically, we need to consider a sector pair long/short setup.


Hyundai Engineering & Construction (000720 KS): Trading Points

<ul>
<li>We highlight the top five catalysts of why we believe Hyundai E&amp;C is likely to outperform the market in the next 6-12 months. </li>
<li>Higher housing supply, surge in new orders, expansion in nuclear projects/inclusion in nuclear ETFs, Neom mega project, and shift to value stocks are likely to drive Hyundai E&amp;C's outperformance.</li>
<li>Housing/Architecture accounted for 57.1% and 59.7% of total sales in 2021 and 1Q 2022, respectively. Plants/power plants accounted for 25.7% of total sales in 2021.</li>
</ul>


We highlight the top five catalysts of why we believe Hyundai E&amp;C is likely to outperform the market in the next 6-12 months. 
Higher housing supply, surge in new orders, expansion in nuclear projects/inclusion in nuclear ETFs, Neom mega project, and shift to value stocks are likely to drive Hyundai E&amp;C's outperformance.
Housing/Architecture accounted for 57.1% and 59.7% of total sales in 2021 and 1Q 2022, respectively. Plants/power plants accounted for 25.7% of total sales in 2021.


Hyundai Engineering & Construction: Top Five Catalysts

Kepco Plant Service & Engineering / Event-Driven

<ul>
<li>Nuclear power is a landmark policy that Korea's current administration heavily pushes. In response, the local market has quickly launched nuclear thematic ETFs: KINDEX &amp; HANARO, which got listed today.</li>
<li>Nuclear power is likely to become the next big thing, AUM-wise, similar to the secondary battery-themed ETFs under the former administration.</li>
<li>Since most of these nuclear stocks have significantly smaller market caps than those battery ones, the actual flow impact is likely to be more significant.</li>
</ul>


Nuclear power is a landmark policy that Korea's current administration heavily pushes. In response, the local market has quickly launched nuclear thematic ETFs: KINDEX &amp; HANARO, which got listed today.
Nuclear power is likely to become the next big thing, AUM-wise, similar to the secondary battery-themed ETFs under the former administration.
Since most of these nuclear stocks have significantly smaller market caps than those battery ones, the actual flow impact is likely to be more significant.


Two Nuclear ETFs Listed Today (KINDEX & HANARO): Passive Flow Outlook

South Korea

Hyundai Engineering & Construction Co., Ltd., a general construction company, provides civil engineering, architectural, industrial, and electrical engineering services.  The Company constructs roadways, dams, bridges, ports, industrial plants, apartment complexes, and cultural facilities.

Hyundai Engineering & Construction (000720 KS)

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Hyundai Engineering & Construction (000720 KS)

Hyundai Heavy IPO Lock-Up - Last of the Lockups with Employees Coming Free

Hyundai Heavy Industries (HHI) was listed on Korea Exchange on 17th September, 2021. Its one year lock-up will expire on 17th Sep, 2022.

Sumeet Singh

Top 14 Korean Stocks to Benefit from Mohammed Bin Salman's Visit to South Korea in October/November

In this insight, we discuss the top 14 stocks in Korea that could benefit from Saudi Arabia's Mohammed bin Salman's visit of South Korea in a...

Douglas Kim