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 Mar 14th which has an aggregated holding worth USD483.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,135mln. 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 Hanwha Aerospace, Hanwha Ocean, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Mar 14th which has an aggregated holding worth USD483.5bn.
We estimate that foreign flows to be outflows of USD1,135mln. 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 Hanwha Aerospace, Hanwha Ocean, Samsung Electronics.


KRX Foreign Holding Weekly (Mar 14th): Hanwha Aerospace, Hanwha Ocean, Samsung Electronics

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>S&amp;P500 is up 27.7% YTD, outperforming KOSPI which is down 6.9% YTD. Global fund flow continues to pour into top quality US stocks such as Palantir, Tesla, and NVIDIA.</li>
<li>The top 20 best performing stocks in KOSPI 200 are up on average 106.8% YTD. However, the remaining 180 stocks in KOSPI 200 are down on average 9.2% YTD. </li>
<li>There is no large Palantir-like company that deals with AI/data analytics in Korea. However, large cap IT services and telcos in Korea are increasingly expanding their AI/data analytics related business.</li>
</ul>


S&amp;P500 is up 27.7% YTD, outperforming KOSPI which is down 6.9% YTD. Global fund flow continues to pour into top quality US stocks such as Palantir, Tesla, and NVIDIA.
The top 20 best performing stocks in KOSPI 200 are up on average 106.8% YTD. However, the remaining 180 stocks in KOSPI 200 are down on average 9.2% YTD. 
There is no large Palantir-like company that deals with AI/data analytics in Korea. However, large cap IT services and telcos in Korea are increasingly expanding their AI/data analytics related business.


A Comparison of KOSPI 200 and S&P 500 Companies Performances in 2024

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Dec 6th which has an aggregated short interest worth USD3.8bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Lg Energy Solution, Samsung Electronics, KB Financial.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Dec 6th which has an aggregated short interest worth USD3.8bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Lg Energy Solution, Samsung Electronics, KB Financial.


KRX Short Interest Weekly (Dec 6th): Lg Energy Solution, Samsung Electronics, KB Financial

Equity Capital Markets

<ul>
<li>MNC Solution reported its IPO book building results. The IPO price has been determined at 65,000 won, which is 18.8% lower than the low end of the IPO price range. </li>
<li>A total of 198 institutional investors participated in the IPO demand forecast. The competition rate was low at 8.2 to 1. </li>
<li>Our base case valuation of MNC Solution is target price of 92,842 won per share, which is 43% higher than the IPO price of 65,000 won.</li>
</ul>


MNC Solution reported its IPO book building results. The IPO price has been determined at 65,000 won, which is 18.8% lower than the low end of the IPO price range. 
A total of 198 institutional investors participated in the IPO demand forecast. The competition rate was low at 8.2 to 1. 
Our base case valuation of MNC Solution is target price of 92,842 won per share, which is 43% higher than the IPO price of 65,000 won.


MNC Solution IPO Book Building Results Analysis

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mnc-solution" target="_blank" data-smartkarma-citation="entities:44082:1" rel="noopener">MNC Solution (MNC KS)</a> is looking to raise US$200m in its Korea IPO.</li>
<li>MNC Solutions (MNC) supplies high-precision control components for maritime and aviation weaponry, and travel devices for stabilization to the defense industry.</li>
<li>In our previous note, we looked at the firm’s past performance and undertook a peer comparison. In this note, we discuss our thoughts on valuation.</li>
</ul>



MNC Solution (MNC KS) is looking to raise US$200m in its Korea IPO.
MNC Solutions (MNC) supplies high-precision control components for maritime and aviation weaponry, and travel devices for stabilization to the defense industry.
In our previous note, we looked at the firm’s past performance and undertook a peer comparison. In this note, we discuss our thoughts on valuation.


MNC Solutions Pre-IPO - Thoughts on Valuation - Defensively, Would Ideally like a Further Discount

South Korea

Korea Aerospace Industries Ltd. designs and produces aircraft parts including fixed wings for aircrafts and rotary wings for helicopters. The Company also engages in aircraft upgrade and modification business and satellite development business.

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Korea Aerospace Industries (047810 KS)

KRX Foreign Holding Weekly (Mar 14th): Hanwha Aerospace, Hanwha Ocean, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Hanwha Aerospace, Hanwha Ocean, Samsung Electronics.

Ke Yan, CFA, FRM

A Comparison of KOSPI 200 and S&P 500 Companies Performances in 2024

There is no large Palantir-like company that deals with AI/data analytics in Korea. However, large cap IT services and telcos in Korea are...

Douglas Kim

KRX Short Interest Weekly (Dec 6th): Lg Energy Solution, Samsung Electronics, KB Financial

We analyzed KRX short interest report for the past week and highlighted short interest changes in Lg Energy Solution, Samsung Electronics, KB...

Ke Yan, CFA, FRM

MNC Solution IPO Book Building Results Analysis

MNC Solution reported its IPO book building results. The IPO price has been determined at 65,000 won, which is 18.8% lower than the low end of the...

Douglas Kim

MNC Solutions Pre-IPO - Thoughts on Valuation - Defensively, Would Ideally like a Further Discount

MNC Solution (MNC KS) is looking to raise US$200m in its Korea IPO. In our previous note, we looked at the firm’s past performance. In this note,...

Clarence Chu

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