Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a>'s listing has been approved by the JPX and the stock is expected to start trading on 24 March. </li>
<li>News reports indicate a raise of US$1bn (JPY 115.5bn). This translates to an IPO price of JPY 1,920/share, valuing the company at JPY 300bn (US$2.59bn).</li>
<li>The stock should be added to the <a href="https://www.smartkarma.com/entities/tokyo-stock-exchange-tokyo-price-index-topix" target="_blank" data-smartkarma-citation="entities:22910:1" rel="noopener">TPX INDEX</a> at the close on 27 April where trackers will need to buy over 14% of the stock issued in the IPO.</li>
</ul>



SBI Sumishin Net Bank (7163 JP)'s listing has been approved by the JPX and the stock is expected to start trading on 24 March. 
News reports indicate a raise of US$1bn (JPY 115.5bn). This translates to an IPO price of JPY 1,920/share, valuing the company at JPY 300bn (US$2.59bn).
The stock should be added to the TPX INDEX at the close on 27 April where trackers will need to buy over 14% of the stock issued in the IPO.


SBI Sumishin Net Bank (7163 JP) IPO: Listing in March, TPX Inclusion Possibly in April

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>Foreigners net purchased 2.6 trillion won worth of five major Korean bank stocks from 8/26/2021 to 2/11/2022. Foreigners were net buyers of 1.8 trillion won worth of KOSPI stocks.</li>
<li>This means that foreigners were net sellers of 0.8 trillion won worth of other KOSPI stocks (excluding the five major banking stocks). </li>
<li>The five major bank stocks in Korea currently have average dividend yield of 5.4%. DPS for the five major Korean banks increased by 70.9% YoY on average in 2021.</li>
</ul>


Foreigners net purchased 2.6 trillion won worth of five major Korean bank stocks from 8/26/2021 to 2/11/2022. Foreigners were net buyers of 1.8 trillion won worth of KOSPI stocks.
This means that foreigners were net sellers of 0.8 trillion won worth of other KOSPI stocks (excluding the five major banking stocks). 
The five major bank stocks in Korea currently have average dividend yield of 5.4%. DPS for the five major Korean banks increased by 70.9% YoY on average in 2021.


Shinhan Financial Group: Chairman Buys Shares, Capital Flows Analysis, & Higher Dividends Likely

<ul>
<li>The trading data of Korean stock market on January 27th and 28th clearly shows how the NPS and other local pension funds strongly supported LG Energy Solution IPO's stock price. </li>
<li>What is concerning is that the local pension funds nearly neglected net purchase of all other 2,400+ stocks in Korea.</li>
<li>NPS and local pension funds may have less room to overly support LG Energy Solution and other Korean stocks in February. </li>
</ul>


The trading data of Korean stock market on January 27th and 28th clearly shows how the NPS and other local pension funds strongly supported LG Energy Solution IPO's stock price. 
What is concerning is that the local pension funds nearly neglected net purchase of all other 2,400+ stocks in Korea.
NPS and local pension funds may have less room to overly support LG Energy Solution and other Korean stocks in February. 


NPS Exclusively Buying LG Energy Solution At the Expense of Other 2,400+ Stocks in Korea

<ul>
<li>In this insight, we discuss the end of the mandatory lock-up periods for 44 stocks in Korea in February 2022. 
</li>
<li>Among these 44 stocks, 8 stocks are in KOSPI and 36 stocks are in KOSDAQ.</li>
<li>These 44 stocks could be subject to further selling pressures in February and could on average underperform relative to the market. </li>
</ul>


In this insight, we discuss the end of the mandatory lock-up periods for 44 stocks in Korea in February 2022. 

Among these 44 stocks, 8 stocks are in KOSPI and 36 stocks are in KOSDAQ.
These 44 stocks could be subject to further selling pressures in February and could on average underperform relative to the market. 


End of Mandatory Lock-Up Periods for 44 Stocks in Korea in February 2022

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.

Equity Capital Markets

LG Energy Solution / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> saw strong retail demand for its mega US$10bn+ IPO.</li>
<li>Other IPO markets (ex-Korea) are starting to show signs of life. There were no major placements this week.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

LG Energy Solution (373220 KS) saw strong retail demand for its mega US$10bn+ IPO.
Other IPO markets (ex-Korea) are starting to show signs of life. There were no major placements this week.


ECM Weekly (23rd Jan 2022) - Hyundai Engineering, KakaoBank, Wanda, AInnovation, Cloudr, LG Energy

South Korea

KakaoBank Corp. operates bank businesses. The Company provides deposit money, withdraw money, credit cards, stock accounts, linked loans, and other services. KakaoBank conducts businesses in South Korea.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

KakaoBank (323410 KS)

SBI Sumishin Net Bank (7163 JP) IPO: Listing in March, TPX Inclusion Possibly in April

JPX has approved SBI Sumishin Net Bank's IPO and the stock should list on 24 March. First Section on listing and then to the Prime Market. TOPIX...

Brian Freitas

Shinhan Financial Group: Chairman Buys Shares, Capital Flows Analysis, & Higher Dividends Likely

Foreigners net purchased 2.6 trillion won worth of five major Korean bank stocks from 8/26/2021 to 2/11/2022. Foreigners were net buyers of 1.8...

Douglas Kim

NPS Exclusively Buying LG Energy Solution At the Expense of Other 2,400+ Stocks in Korea

In this insight, we discuss the details of how the local pension funds strongly supported LG Energy Solution IPO's stock price on January 27th and...

Douglas Kim

End of Mandatory Lock-Up Periods for 44 Stocks in Korea in February 2022

In this insight, we discuss the end of the mandatory lock-up periods for 44 stocks in Korea in February 2022. These 44 stocks could be subject to...

Douglas Kim

ECM Weekly (23rd Jan 2022) - Hyundai Engineering, KakaoBank, Wanda, AInnovation, Cloudr, LG Energy

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)