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 Aug 22nd. The aggregated holding was USD632.9bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,182mln. We tabulate 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, Samsung Electronics, Doosan Enerbility, Alteogen, Samyang Food.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 22nd. The aggregated holding was USD632.9bn.
We estimate that foreign flows to be outflows of USD1,182mln. We tabulate 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, Samsung Electronics, Doosan Enerbility, Alteogen, Samyang Food.


KRX Foreign Holding Weekly (Aug 22nd): SK Hynix, Samsung Electronics, Doosan Enerbility, Alteogen

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Aug 15th. The aggregated holding was USD653.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD772mln. We tabulate 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, NAVER, Samsung Electronics, Kakao, Hanwha Ocean.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 15th. The aggregated holding was USD653.4bn.
We estimate that foreign flows to be inflows of USD772mln. We tabulate 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, NAVER, Samsung Electronics, Kakao, Hanwha Ocean.


KRX Foreign Holding Weekly (Aug 15th): SK Hynix, NAVER, Samsung Electronics, Kakao, Hanwha Ocean

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Aug 8th. The aggregated holding was USD649.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD271mln. We tabulate 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 Samsung Electronics, NAVER, KEPCO, Kakao, HYUNDAI ROTEM.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 8th. The aggregated holding was USD649.4bn.
We estimate that foreign flows to be outflows of USD271mln. We tabulate 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 Samsung Electronics, NAVER, KEPCO, Kakao, HYUNDAI ROTEM.


KRX Foreign Holding Weekly (Aug 8th): Samsung Electronics, NAVER, KEPCO, Kakao, HYUNDAI ROTEM

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.

Event-Driven

<ul>
<li>We’ve got a locked-in floor on ’26 DPS and clear upside, providing a solid dividend yield baseline—ideal for leaning into aggressive trade setups.</li>
<li>We can lean into spot longs with covered calls, but yields (especially KB, Shinhan) aren’t yet compelling. A pullback before the ’26 dividend run is a prime entry window.</li>
<li>Plus, a bank long-short: long KB/Shinhan, short Hana/Woori. KB and Shinhan face payout increases, with ’26 guidance in 4Q25 earnings as the catalyst.</li>
</ul>


We’ve got a locked-in floor on ’26 DPS and clear upside, providing a solid dividend yield baseline—ideal for leaning into aggressive trade setups.
We can lean into spot longs with covered calls, but yields (especially KB, Shinhan) aren’t yet compelling. A pullback before the ’26 dividend run is a prime entry window.
Plus, a bank long-short: long KB/Shinhan, short Hana/Woori. KB and Shinhan face payout increases, with ’26 guidance in 4Q25 earnings as the catalyst.


Korea Local Banks: New Dividend Tax Effectively Locks in a De Facto Minimum Yield Play

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>We stick with Hana Financial as our sole buy in Korean banks; even though it does not top our proprietary scorecard, it remains attractively valued and its returns are improving</li>
<li>We downgrade Woori to a neutral from a buy, with Woori now trading at a PBV premium to Hana; historically, this has been an indicator of future poor share performance</li>
<li>KB Financial ranks top in our scorecard; KB is one watch, but remains a neutral due to limited appeal in terms of valuation</li>
</ul>


We stick with Hana Financial as our sole buy in Korean banks; even though it does not top our proprietary scorecard, it remains attractively valued and its returns are improving
We downgrade Woori to a neutral from a buy, with Woori now trading at a PBV premium to Hana; historically, this has been an indicator of future poor share performance
KB Financial ranks top in our scorecard; KB is one watch, but remains a neutral due to limited appeal in terms of valuation


Korean Banks; Keep Buy on Hana (086790 KS), Take Profits on Woori (316140 KS)

South Korea

KB Financial Group Inc. (the "Company"), in accordance with Financial Holding Companies Act, was established on September 29, 2008, through stock transfer with the former shareholders of its subsidiaries including Kookmin Bank in order to provide management services and financing to associated companies. The headquarters are located at Seoul, Korea

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KB Financial (105560 KS)

KRX Foreign Holding Weekly (Aug 22nd): SK Hynix, Samsung Electronics, Doosan Enerbility, Alteogen

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

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Aug 15th): SK Hynix, NAVER, Samsung Electronics, Kakao, Hanwha Ocean

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, NAVER, Samsung Electronics, Kakao,...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Aug 8th): Samsung Electronics, NAVER, KEPCO, Kakao, HYUNDAI ROTEM

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, NAVER, KEPCO, Kakao, HYUNDAI...

Ke Yan, CFA, FRM

Korea Local Banks: New Dividend Tax Effectively Locks in a De Facto Minimum Yield Play

This post covers a trade angle on local banks benefiting from the dividend income separate tax floor — effectively locking in a de facto minimum...

Sanghyun Park

Korean Banks; Keep Buy on Hana (086790 KS), Take Profits on Woori (316140 KS)

We stick with Hana as a buy in Korean banks, downgrading Woori to neutral, due to its premium PBV ratio to Hana; scorecard-topping KB Financial is...

Victor Galliano

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52-week Range

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KRX Foreign Holding Weekly (Aug 22nd): SK Hynix, Samsung Electronics, Doosan Enerbility, Alteogen

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

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Aug 15th): SK Hynix, NAVER, Samsung Electronics, Kakao, Hanwha Ocean

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, NAVER, Samsung Electronics, Kakao,...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Aug 8th): Samsung Electronics, NAVER, KEPCO, Kakao, HYUNDAI ROTEM

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, NAVER, KEPCO, Kakao, HYUNDAI...

Ke Yan, CFA, FRM

Korea Local Banks: New Dividend Tax Effectively Locks in a De Facto Minimum Yield Play

This post covers a trade angle on local banks benefiting from the dividend income separate tax floor — effectively locking in a de facto minimum...

Sanghyun Park

Korean Banks; Keep Buy on Hana (086790 KS), Take Profits on Woori (316140 KS)

​We stick with Hana as a buy in Korean banks, downgrading Woori to neutral, due to its premium PBV ratio to Hana; scorecard-topping KB Financial is...

Victor Galliano

We stick with Hana as a buy in Korean banks, downgrading Woori to neutral, due to its premium PBV ratio to Hana; scorecard-topping KB Financial is...