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 analyzed the changes in foreign holdings of KRX stocks as of Jun 27th. The aggregated holding was USD625.5bn.</li>
<li>We estimate that foreign flows to be inflows of USD100mln. We tabulates 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, Kakaopay, Naver.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jun 27th. The aggregated holding was USD625.5bn.
We estimate that foreign flows to be inflows of USD100mln. We tabulates 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, Kakaopay, Naver.


KRX Foreign Holding Weekly (Jun 27th): SK Hynix, Kakaopay, Naver

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Our comparable companies valuation analysis suggests implied market cap of 557 billion won or target price of 13,187 won per share.</li>
<li>This represents a 71% upside from the high end of the IPO price range (7,700 won per share). Given the excellent upside, we have a Positive view of this IPO. </li>
<li>One could argue that valuation discount on Samyang Comtech may be too conservative mainly due to higher sales growth, ROE, and operating margins of Samyang Comtech relative to the comps.</li>
</ul>


Our comparable companies valuation analysis suggests implied market cap of 557 billion won or target price of 13,187 won per share.
This represents a 71% upside from the high end of the IPO price range (7,700 won per share). Given the excellent upside, we have a Positive view of this IPO. 
One could argue that valuation discount on Samyang Comtech may be too conservative mainly due to higher sales growth, ROE, and operating margins of Samyang Comtech relative to the comps.


<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jun 20th. The aggregated holding was USD604.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD885mln. We tabulates 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, Lg Cns, Doosan Enerbility, Hanwha Aerospace, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jun 20th. The aggregated holding was USD604.3bn.
We estimate that foreign flows to be outflows of USD885mln. We tabulates 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, Lg Cns, Doosan Enerbility, Hanwha Aerospace, Samsung Electronics.


KRX Foreign Holding Weekly (Jun 20th): SK Hynix, Lg Cns, Doosan Enerbility, Hanwha Aerospace

Cross Asset Strategy

<ul>
<li>In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (20 June to 4 July 2025).</li>
<li>Kakaopay was the best performing stock in KOSPI in the past two weeks. It could be a key potential beneficiary of the increased use of stablecoin based system in Korea.</li>
<li>The top 10 picks in this bi-weekly include S&amp;T Holdings, Samsung Life Insurance, Samsung SDS, Samsung Securities, Hyundai Elevator, SK Hynix, Paradise, Hanwha System, Hanwha Aerospace, and Korea Kolmar. </li>
</ul>


In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (20 June to 4 July 2025).
Kakaopay was the best performing stock in KOSPI in the past two weeks. It could be a key potential beneficiary of the increased use of stablecoin based system in Korea.
The top 10 picks in this bi-weekly include S&amp;T Holdings, Samsung Life Insurance, Samsung SDS, Samsung Securities, Hyundai Elevator, SK Hynix, Paradise, Hanwha System, Hanwha Aerospace, and Korea Kolmar. 


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (20 June to 4 July 2025)

<ul>
<li>Samyang Comtec (a mid-sized defense company) is getting ready to complete its IPO in KOSDAQ in July. It is one of the leaders in the bulletproof and protective materials sector.</li>
<li>The IPO price range is from 6,600 won to 7,700 won per share. The IPO offering amount range is from 95.7 billion won to 111.7 billion won.</li>
<li><em><strong>The company has experienced a surging growth in exports in the past several years. Exports which accounted for only 6.3% of total sales in 2022, increased to 41% in 2024.</strong></em></li>
</ul>


Samyang Comtec (a mid-sized defense company) is getting ready to complete its IPO in KOSDAQ in July. It is one of the leaders in the bulletproof and protective materials sector.
The IPO price range is from 6,600 won to 7,700 won per share. The IPO offering amount range is from 95.7 billion won to 111.7 billion won.
The company has experienced a surging growth in exports in the past several years. Exports which accounted for only 6.3% of total sales in 2022, increased to 41% in 2024.


South Korea

Hyundai Rotem Company Ltd. manufactures railroad equipment and defense vehicles. The Company produces high-speed trains, light rail vehicles, locomotives, and passenger coaches, main battle tanks, armored recovery vehicles, and related defense equipment. Hyundai Rotem operates worldwide.

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Hyundai Rotem Company (064350 KS)

KRX Foreign Holding Weekly (Jun 27th): SK Hynix, Kakaopay, Naver

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Kakaopay, Naver.

Ke Yan, CFA, FRM

Samyang Comtech IPO Valuation Analysis

Our comparable companies valuation analysis suggests implied market cap of 557 billion won or target price of 13,187 won per share, representing a...

Douglas Kim

KRX Foreign Holding Weekly (Jun 20th): SK Hynix, Lg Cns, Doosan Enerbility, Hanwha Aerospace

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Lg Cns, Doosan Enerbility, Hanwha...

Ke Yan, CFA, FRM

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (20 June to 4 July 2025)

Top 10 picks in this bi-weekly include S&T Holdings, Samsung Life Insurance, Samsung SDS, Samsung Securities, Hyundai Elevator, SK Hynix, Paradise,...

Douglas Kim

Samyang Comtech IPO Preview

Samyang Comtec (a mid-sized defense company) is getting ready to complete its IPO in KOSDAQ in July. The company has experienced a surging growth...

Douglas Kim

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