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

<ul>
<li>One year ago we looked at the arrangement between <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan (7201 JP)</a> and <a href="https://www.smartkarma.com/entities/renault-sa" target="_blank" data-smartkarma-citation="entities:21536:1" rel="noopener">Renault (RNO FP)</a> regarding their relationship, which left Renault with a 28% Nissan stake to be sold.</li>
<li>Since then, Renault has undertaken one selldown but its recent announcement of Ampere’s listing cancellation once again raises the possibility of a further selldown of Nissan’s stake by Renault.</li>
<li>In this note, we talk about the updates since our previous note and the impact of the Ampere listing delay.</li>
</ul>


One year ago we looked at the arrangement between Nissan (7201 JP) and Renault (RNO FP) regarding their relationship, which left Renault with a 28% Nissan stake to be sold.
Since then, Renault has undertaken one selldown but its recent announcement of Ampere’s listing cancellation once again raises the possibility of a further selldown of Nissan’s stake by Renault.
In this note, we talk about the updates since our previous note and the impact of the Ampere listing delay.


Nissan’s Renault Led Selldown Updates - Lack of Ampere Listing Brings Back the US$4bn Overhang

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Our base case valuation of Samhyun is target price of 28,106 won, which is 25% higher than the mid-point of the IPO price range (22,500 won).</li>
<li>Given the moderate upside, we have a Positive view of Samhyun IPO. Our base case valuation is based on P/E of 34.6x net profit of 8.6 billion won in 2023.</li>
<li>Samhyun developed one of the world's first CVVD (Continuously Variable Valve Duration) technology for automobile engines, which improves fuel efficiency by controlling the engine's valve opening time.</li>
</ul>


Our base case valuation of Samhyun is target price of 28,106 won, which is 25% higher than the mid-point of the IPO price range (22,500 won).
Given the moderate upside, we have a Positive view of Samhyun IPO. Our base case valuation is based on P/E of 34.6x net profit of 8.6 billion won in 2023.
Samhyun developed one of the world's first CVVD (Continuously Variable Valve Duration) technology for automobile engines, which improves fuel efficiency by controlling the engine's valve opening time.


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>Yesterday, five companies disclosed dividend record dates and amounts. Hyundai Motor set record dates before March futures expired. Hyundai Motor offers single stock futures, presenting arbitrage opportunities.</li>
<li>Daily updates and monitoring of dividend arbitrage spread are crucial. Despite limited English support, KLCA webpage proves effective with prompt updates, simplifying the process.</li>
<li>KLCA webpage offers real-time updates and intuitive layout, ideal for dividend arbitrage trading preparation in the Korean market.</li>
</ul>


Yesterday, five companies disclosed dividend record dates and amounts. Hyundai Motor set record dates before March futures expired. Hyundai Motor offers single stock futures, presenting arbitrage opportunities.
Daily updates and monitoring of dividend arbitrage spread are crucial. Despite limited English support, KLCA webpage proves effective with prompt updates, simplifying the process.
KLCA webpage offers real-time updates and intuitive layout, ideal for dividend arbitrage trading preparation in the Korean market.


Tracking Dividend Record Dates: Hyundai Motor Leads, Best Monitoring Channel Revealed

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Feb 2nd which has an aggregated holding worth USD509.3bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,941mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instistutions.</li>
<li>We highlight foreign changes in Samsung Electronics, Kia, Samsung C&amp;T, Hyundai Motor, Samsung Biologic.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Feb 2nd which has an aggregated holding worth USD509.3bn.
We estimate that foreign flows to be inflows of USD1,941mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instistutions.
We highlight foreign changes in Samsung Electronics, Kia, Samsung C&amp;T, Hyundai Motor, Samsung Biologic.


KRX Foreign Holding Weekly (Feb 2nd): Samsung Electronics, Kia, Samsung C&T, Hyundai Motor

<ul>
<li>The change in the dividend payment system in Korea in 2024 is likely to result in some attractive <strong>"double dividends"</strong> opportunities.</li>
<li>According to the Korea Exchange, there are seven stocks that have changed their dividend record dates policy last year and also that pay quarterly dividends. </li>
<li>Hyundai Motor (005380 KS) (common) provides a dividend yield of 5.8% and Hyundai Motor (005385 KS) (pref) provides a dividend yield of 9.6% at current prices.</li>
</ul>


The change in the dividend payment system in Korea in 2024 is likely to result in some attractive "double dividends" opportunities.
According to the Korea Exchange, there are seven stocks that have changed their dividend record dates policy last year and also that pay quarterly dividends. 
Hyundai Motor (005380 KS) (common) provides a dividend yield of 5.8% and Hyundai Motor (005385 KS) (pref) provides a dividend yield of 9.6% at current prices.


Timing of Double Dividends Opportunities in Korea

South Korea

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

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Hyundai Motor (005387 KS)

Nissan’s Renault Led Selldown Updates - Lack of Ampere Listing Brings Back the US$4bn Overhang

A year ago we looked at the arrangement between Nissan and Renault regarding their relationship, which left Renault with a 28% Nissan stake to be...

Sumeet Singh

Samhyun IPO Valuation Analysis

Our base case valuation of Samhyun is target price of 28,106 won, which is 25% higher than the mid-point of the IPO price range (22,500 won).

Douglas Kim

Tracking Dividend Record Dates: Hyundai Motor Leads, Best Monitoring Channel Revealed

Here is the most recent list of companies that have finalized their dividend record date, among those that deferred the yearend dividend record...

Sanghyun Park

KRX Foreign Holding Weekly (Feb 2nd): Samsung Electronics, Kia, Samsung C&T, Hyundai Motor

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Kia, Samsung C&T, Hyundai...

Ke Yan, CFA, FRM

Timing of Double Dividends Opportunities in Korea

The change in the dividend payment system in Korea in 2024 is likely to result in some attractive "double dividends" opportunities.

Douglas Kim

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