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

Hyundai Engineering   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-engineering-co-ltd" target="_blank" data-smartkarma-citation="entities:33008:1" rel="noopener">Hyundai Engineering Co Ltd (HEC KS)</a>/HEC is a leading global EPC (Engineering, Procurement and Construction) contractor. It is seeking to raise up to $1 billion.  </li>
<li>HEC is offering 16.0 million shares with a primary/secondary split of 25/75 at an indicative price range of KRW57,900-66,800 per share.</li>
<li>HEG has attractive fundamentals with a strong backlog, healthy book-to-bill, improving 3Q21 revenue growth and improving margins. </li>
</ul>



Hyundai Engineering Co Ltd (HEC KS)/HEC is a leading global EPC (Engineering, Procurement and Construction) contractor. It is seeking to raise up to $1 billion.  
HEC is offering 16.0 million shares with a primary/secondary split of 25/75 at an indicative price range of KRW57,900-66,800 per share.
HEG has attractive fundamentals with a strong backlog, healthy book-to-bill, improving 3Q21 revenue growth and improving margins. 


Hyundai Engineering IPO Initiation: Building on Good Foundations

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 success of this IPO depends on whether Hyundai Engineering can present a growth story that can justify a valuation premium of up to twice that of the local peers.</li>
<li>Of course, Hyundai Engineering is indeed in an advantageous position compared to the local competitors because it can present synergies with Hyundai Motor Group affiliates.</li>
<li>However, it depends on how specific a picture of financial growth is presented, which will be a significant challenge for Hyundai Engineering as well.</li>
</ul>


The success of this IPO depends on whether Hyundai Engineering can present a growth story that can justify a valuation premium of up to twice that of the local peers.
Of course, Hyundai Engineering is indeed in an advantageous position compared to the local competitors because it can present synergies with Hyundai Motor Group affiliates.
However, it depends on how specific a picture of financial growth is presented, which will be a significant challenge for Hyundai Engineering as well.


Hyundai Engineering IPO: Offering Details, Valuation Issues, & Index Fast Entry

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.

WorleyParsons Ltd / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/jacobs-engineering-group-inc" target="_blank" data-smartkarma-citation="entities:3767:1" rel="noopener">Jacobs Engineering Group (JEC US)</a>  is looking to sell about US$370m (AUD505m) worth of <a href="https://www.smartkarma.com/entities/worleyparsons-ltd" target="_blank" data-smartkarma-citation="entities:178:1" rel="noopener">WorleyParsons Ltd (WOR AU)</a> shares. This is a clean-up trade.In this note, we will run the deal through our ECM framework and share our thoughts on deal dynamics.

Jacobs Engineering Group (JEC US)  is looking to sell about US$370m (AUD505m) worth of WorleyParsons Ltd (WOR AU) shares. This is a clean-up trade.In this note, we will run the deal through our ECM framework and share our thoughts on deal dynamics.

Worley Placement - Selldown by Jacobs but Could Be a Tough One to Digest

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Last week we noted some deterioration in market dynamics, all while reiterating our overall constructive outlook looking weeks and months ahead. The fact is, “perfectly bullish” conditions rarely exist, and a weight of the evidence approach is necessary. To that end, the positives continue to outweigh the negatives and our outlook remains constructive.

Last week we noted some deterioration in market dynamics, all while reiterating our overall constructive outlook looking weeks and months ahead. The fact is, “perfectly bullish” conditions rarely exist, and a weight of the evidence approach is necessary. To that end, the positives continue to outweigh the negatives and our outlook remains constructive.

The S&amp;P 500, Nasdaq 100, and Russell 2000 are all holding above their respective short-term support levels and market dynamics remain positive. As a result, our outlook remains bullish and we continue to believe a “buy the dip” mentality is warranted. In today’s report we highlight attractive Groups and stocks within Services, Transportation, &amp; Utilities: Construction &amp; Engineering, Large-Cap, Auctions, Vehicle Rentals/Leasing, Electric, Southwest

The S&amp;P 500, Nasdaq 100, and Russell 2000 are all holding above their respective short-term support levels and market dynamics remain positive. As a result, our outlook remains bullish and we continue to believe a “buy the dip” mentality is warranted. In today’s report we highlight attractive Groups and stocks within Services, Transportation, &amp; Utilities: Construction &amp; Engineering, Large-Cap, Auctions, Vehicle Rentals/Leasing, Electric, Southwest

U. S. Equity Strategy: Upgrading Utilities; Downgrading Communications

United States

Jacobs Solutions Inc. provides technical professional services. The Company offers engineering and construction services, as well as scientific and specialty consulting for a broad range of clients including companies, organizations, and government agencies. Jacobs Solutions serves customers worldwide.

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Jacobs Solutions (J US)

Hyundai Engineering IPO Initiation: Building on Good Foundations

HEC is seeking to raise up to $1 billion. HEG has attractive fundamentals with a strong backlog, healthy book-to-bill, improving 3Q21 revenue...

Arun George

Hyundai Engineering IPO: Offering Details, Valuation Issues, & Index Fast Entry

Hyundai Engineering, another big fish in Korea's local IPO market, put out its listing prospectus. The company offers 16M shares, representing...

Sanghyun Park

Worley Placement - Selldown by Jacobs but Could Be a Tough One to Digest

Jacobs Engineering Group (JEC US) is looking to sell about US$370m (AUD505m) worth of WorleyParsons Ltd (WOR AU) shares. This is a clean-up trade.

Sumeet Singh

Breakaway Gaps In Place

Market dynamics are not perfect, but the fact is that “perfectly bullish” conditions rarely exist. The positives continue to outweigh the negatives...

Vermilion Research

U. S. Equity Strategy: Upgrading Utilities; Downgrading Communications

We are upgrading Utilities and downgrading Communications. We recap important technical levels across major indexes and share actionable ideas...

Vermilion Research

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