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 Nov 7th. The aggregated holding was USD818.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,227mln. 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, Doosan Enerbility, NAVER, Hanwha Ocean, SKSQUARE.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Nov 7th. The aggregated holding was USD818.4bn.
We estimate that foreign flows to be outflows of USD3,227mln. 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, Doosan Enerbility, NAVER, Hanwha Ocean, SKSQUARE.


KRX Foreign Holding Weekly (Nov 7th): SK Hynix, Doosan Enerbility, NAVER, Hanwha Ocean, SKSQUARE

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

Tekscend Photomask / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> is a global leader in semiconductor photomasks. At the IPO price, Tekscend will raise JPY138 billion (US$910 million). The shares will be listed on 16 October.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tekscend-photomask-429a-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:203592" rel="noopener">Tekscend Photomask (429A JP) IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/tekscend-photomask-429a-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:203753" rel="noopener">Tekscend Photomask (429A JP) IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/tekscend-photomask-429a-jp-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:204079" rel="noopener">Tekscend Photomask (429A JP) IPO: Valuation Insights</a>. </li>
<li>The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.</li>
</ul>



Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. At the IPO price, Tekscend will raise JPY138 billion (US$910 million). The shares will be listed on 16 October.
I previously discussed the IPO in Tekscend Photomask (429A JP) IPO: The Bull Case, Tekscend Photomask (429A JP) IPO: The Bear Case and Tekscend Photomask (429A JP) IPO: Valuation Insights. 
The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.


Tekscend Photomask (429A JP) IPO: Trading Debut

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$828 million). Pricing is on 30 September.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tekscend-photomask-429a-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:203592" rel="noopener">Tekscend Photomask (429A JP) IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/tekscend-photomask-429a-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:203753" rel="noopener">Tekscend Photomask (429A JP) IPO: The Bear Case</a>. </li>
<li>In this note, I present my forecasts and discuss valuation. My analysis suggests that Tekscend is attractively valued at the IPO price range compared to peer multiples.</li>
</ul>



Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$828 million). Pricing is on 30 September.
I previously discussed the IPO in Tekscend Photomask (429A JP) IPO: The Bull Case and Tekscend Photomask (429A JP) IPO: The Bear Case. 
In this note, I present my forecasts and discuss valuation. My analysis suggests that Tekscend is attractively valued at the IPO price range compared to peer multiples.


Tekscend Photomask (429A JP) IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$832 million). Pricing is on 30 September.</li>
<li>In <a href="https://www.smartkarma.com/insights/tekscend-photomask-429a-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:203592" rel="noopener">Tekscend Photomask (429A JP) IPO: The Bull Case</a>, I highlighted the key elements of the bull case. In this note, I outline the bear case.</li>
<li>The bear case rests on its worrisome revenue growth trends, weakening lead revenue indicators, cash burn, and large post-IPO share overhang. </li>
</ul>



Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$832 million). Pricing is on 30 September.
In Tekscend Photomask (429A JP) IPO: The Bull Case, I highlighted the key elements of the bull case. In this note, I outline the bear case.
The bear case rests on its worrisome revenue growth trends, weakening lead revenue indicators, cash burn, and large post-IPO share overhang. 


Tekscend Photomask (429A JP) IPO: The Bear Case

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$832 million). Pricing is on 30 September.   </li>
<li>Tekscend, which was carved out of <a href="https://www.smartkarma.com/entities/toppan-printing-co-ltd" target="_blank" data-smartkarma-citation="entities:11875:1" rel="noopener">Toppan Printing (7911 JP)</a> in 2022, is owned by Toppan (with a 50.1% stake) and <a href="https://www.smartkarma.com/entities/integral-corp" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral (5842 JP)</a> (with a 49.9% stake).   </li>
<li>The bull case rests on its leading market position, attractive market opportunity, stable underlying margins, net cash position, and attractive dividend policy. </li>
</ul>



Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$832 million). Pricing is on 30 September.   
Tekscend, which was carved out of Toppan Printing (7911 JP) in 2022, is owned by Toppan (with a 50.1% stake) and Integral (5842 JP) (with a 49.9% stake).   
The bull case rests on its leading market position, attractive market opportunity, stable underlying margins, net cash position, and attractive dividend policy. 


Tekscend Photomask (429A JP) IPO: The Bull Case

South Korea

LG Innotek Co., Ltd. develops and produces cellular phone parts such as mini vibration motors, LCD modules, light emitting diode (LED), camera modules, protection circuit modules. The Company also manufactures liquid crystal displays (LCD) and plasma display panels (PDP) parts such as inverters, intelligent power modules, multi chip modules, and tuners.

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Lg Innotek (011070 KS)

KRX Foreign Holding Weekly (Nov 7th): SK Hynix, Doosan Enerbility, NAVER, Hanwha Ocean, SKSQUARE

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

Ke Yan, CFA, FRM

Tekscend Photomask (429A JP) IPO: Trading Debut

The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.

Arun George

Tekscend Photomask (429A JP) IPO: Valuation Insights

Tekscend is seeking to raise up to JPY123 billion (US$828 million). My analysis suggests that Tekscend is attractively valued at the IPO price...

Arun George

Tekscend Photomask (429A JP) IPO: The Bear Case

Tekscend is seeking to raise up to JPY123 billion (US$832 million). I previously discussed the bull case. In this note, I outline the bear case.

Arun George

Tekscend Photomask (429A JP) IPO: The Bull Case

Tekscend Photomask, a global leader in semiconductor photomasks, is seeking to raise up to JPY123 billion (US$832 million). In this note, I discuss...

Arun George

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