Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<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

Event-Driven

<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

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>For Kakao Bank, the 6M IPO lockup (2.79%) will hit the market. Also, the possibility that the 4.48% stake held by Anchor/TPG will hit the market should be left open.</li>
<li>In Krafton's case, Tencent is the most notable player, owning 13.56%. It recently suggested a reduction in overseas holdings. So, some of this 13.56% stake should appear in the market.</li>
<li>The 4.84% stake held by Premier Superior is available after February 14. Samsung Electronics and Samsung SDS shares by the Samsung family are also likely to take place in February.</li>
</ul>


For Kakao Bank, the 6M IPO lockup (2.79%) will hit the market. Also, the possibility that the 4.48% stake held by Anchor/TPG will hit the market should be left open.
In Krafton's case, Tencent is the most notable player, owning 13.56%. It recently suggested a reduction in overseas holdings. So, some of this 13.56% stake should appear in the market.
The 4.84% stake held by Premier Superior is available after February 14. Samsung Electronics and Samsung SDS shares by the Samsung family are also likely to take place in February.


KOSPI Overhang Stocks: Krafton, Kakao Bank, SKIET, Samsung Elec, & Samsung SDS

Equity Capital Markets

LG Energy Solution / Equity Capital Markets

<ul>
<li>LG Energy Solution completed its two days retail subscription demand on 18-19 January. </li>
<li>LG Energy Solution raised 114 trillion won in IPO subscription margin and achieved a new record in the Korean IPO market. The retail demand ratio was 69.3 to 1. </li>
<li>In this insight, we provide a detailed retail demand analysis of the LG Energy Solution IPO, which is getting ready to start trading on 27 January.</li>
</ul>


LG Energy Solution completed its two days retail subscription demand on 18-19 January. 
LG Energy Solution raised 114 trillion won in IPO subscription margin and achieved a new record in the Korean IPO market. The retail demand ratio was 69.3 to 1. 
In this insight, we provide a detailed retail demand analysis of the LG Energy Solution IPO, which is getting ready to start trading on 27 January.


LG Energy Solution IPO: Record Retail Demand Amount

<ul>
<li>On 18 January, Microsoft Corp (MSFT US) announced that it will acquire Activision Blizzard (ATVI US) for $68.7 billion all-cash deal.</li>
<li>The acquisition of Activision Blizzard by Microsoft is likely to have a positive impact on the entire global game sector including in Korea. </li>
<li>This major acquisition of Activision Blizzard by Microsoft could rejuvenate the entire global game sector as it could signal greater M&amp;A interest in high-quality game companies.</li>
</ul>


On 18 January, Microsoft Corp (MSFT US) announced that it will acquire Activision Blizzard (ATVI US) for $68.7 billion all-cash deal.
The acquisition of Activision Blizzard by Microsoft is likely to have a positive impact on the entire global game sector including in Korea. 
This major acquisition of Activision Blizzard by Microsoft could rejuvenate the entire global game sector as it could signal greater M&amp;A interest in high-quality game companies.


Microsoft to Buy Activision Blizzard for $69 Billion: Impact on NCsoft, Krafton, & Netmarble

South Korea

Krafton, Inc. operates as a game development company. The Company develops console games, mobile games, computer games, and other related products. Krafton markets its products throughout South Korea.

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Krafton (259960 KS)

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

KOSPI Overhang Stocks: Krafton, Kakao Bank, SKIET, Samsung Elec, & Samsung SDS

This post discusses the potential overhang stocks on KOSPI in February: Kakao Bank, Krafton, SKIET, Samsung Electronics, and Samsung SDS.

Sanghyun Park

LG Energy Solution IPO: Record Retail Demand Amount

In this insight, we provide a detailed retail demand analysis of the LG Energy Solution IPO, which is getting ready to start trading on 27 January.

Douglas Kim

Microsoft to Buy Activision Blizzard for $69 Billion: Impact on NCsoft, Krafton, & Netmarble

Microsoft Corp announced that it will acquire Activision Blizzard for $68.7 billion all-cash deal. This is likely to have a positive impact on the...

Douglas Kim

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