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

Angelalign Technology / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/angelalign-technology-inc" target="_blank" data-smartkarma-citation="entities:31480:1" rel="noopener">Angelalign Technology (AAT HK)</a> is a leading clear aligner treatment solution provider in China. It is the second-largest player accounting for 41.0% market share in 2020 as measured by case shipments, according to CIC. Angelalign is pre-marketing an HKEx IPO to raise $300 million, according to press reports. </div>
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</div></div></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/angelalign-ipo-initiation-if-tooth-be-told" target="_blank" data-smartkarma-citation="insights:51881" rel="noopener">Angelalign IPO Initiation: If Tooth Be Told</a>, we stated that Angelalign is ideally positioned to benefit from this market opportunity due to high market share, strong growth, rising margins and prodigious cash generation. We concluded that Angelalign is worth a look. In this note, we present our forecasts and take the first look at Angelalign's potential valuation range. </p></div></div></div>



Angelalign Technology (AAT HK) is a leading clear aligner treatment solution provider in China. It is the second-largest player accounting for 41.0% market share in 2020 as measured by case shipments, according to CIC. Angelalign is pre-marketing an HKEx IPO to raise $300 million, according to press reports. 

In Angelalign IPO Initiation: If Tooth Be Told, we stated that Angelalign is ideally positioned to benefit from this market opportunity due to high market share, strong growth, rising margins and prodigious cash generation. We concluded that Angelalign is worth a look. In this note, we present our forecasts and take the first look at Angelalign's potential valuation range. 

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

Amorepacific Corporation / Equity Bottom-Up

<p>It has been more than a year that it has been discussed in the Korean media about a potential visit of Xi Jinping to South Korea. Due to concerns about COVID-19 and other political factors, Xi Jinping's visit to South Korea has continued to get delayed. Xi Jinping's visit to South Korea is very important since it signifies that there could be much improved measures to increase trade and business opportunities between the two countries. His visit could also lead to the Chinese government opening up measures to allow greater travel measures for the people in China to visit South Korea. </p><p><strong>When will Xi Jinping Visit South Korea? </strong>Although the exact time period of when Xi Jinping could visit South Korea is uncertain, late August/early September could be a probable time when he could visit South Korea. This would be about four months from now which would provide more time for the South Korean government to reduce the daily new cases of COVID-19. It is also probably likely that some investors are already buying shares of these stocks ahead of the actual official announcement of a potential visit of South Korea by Xi Jinping.</p>

It has been more than a year that it has been discussed in the Korean media about a potential visit of Xi Jinping to South Korea. Due to concerns about COVID-19 and other political factors, Xi Jinping's visit to South Korea has continued to get delayed. Xi Jinping's visit to South Korea is very important since it signifies that there could be much improved measures to increase trade and business opportunities between the two countries. His visit could also lead to the Chinese government opening up measures to allow greater travel measures for the people in China to visit South Korea. When will Xi Jinping Visit South Korea? Although the exact time period of when Xi Jinping could visit South Korea is uncertain, late August/early September could be a probable time when he could visit South Korea. This would be about four months from now which would provide more time for the South Korean government to reduce the daily new cases of COVID-19. It is also probably likely that some investors are already buying shares of these stocks ahead of the actual official announcement of a potential visit of South Korea by Xi Jinping.

Xi Jinping's Visit to South Korea: A Trading Strategy for Korean Cosmetics & Consumer Stocks

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

<div>2Q will miss and full year guidance will be lowered.  Eventually this company will sell its shares (22% of o/s) as a lifeline.  Whether that be taken as a positive or negative, will depend on who they sell to. </div>

2Q will miss and full year guidance will be lowered.  Eventually this company will sell its shares (22% of o/s) as a lifeline.  Whether that be taken as a positive or negative, will depend on who they sell to. 

Dentium (145720 KS)  Strength Without Substance

<p>We discussed today with one of the bankers at NH Investment &amp; Securities which is leading the Dentium IPO deal. According to this banker, the company is expected to announce the institutional investors' IPO subscription demand by early next week. The retail investors IPO subscription is scheduled to take place on March 6th and 7th. So far, the Dentium shares are still scheduled to start trading in mid-March.</p><h2>Why is Osstem Implant Continuing to Criticize Dentium's Accounting?</h2><p>One of the major…</p>

We discussed today with one of the bankers at NH Investment &amp; Securities which is leading the Dentium IPO deal. According to this banker, the company is expected to announce the institutional investors' IPO subscription demand by early next week. The retail investors IPO subscription is scheduled to take place on March 6th and 7th. So far, the Dentium shares are still scheduled to start trading in mid-March.Why is Osstem Implant Continuing to Criticize Dentium's Accounting?One of the major…

Dentium IPO Preview: Continued Scrutiny on Accounting

Global TMT, Consumer, Korea, Deep Fundamental

Julian Yoon

<p>I had a call with <a href="https://www.smartkarma.com/entities/16019" target="_blank" data-smartkarma-citation="entities:16019:1">Dio Corp (039840 KS)</a> recently to discuss the overall market for dental implants and company's proprietary digital implant solution.   I did not have time to go through the numbers / recent results but had a positive impression of the company and its proprietary digital implant solution some of the benefits which include the following:</p><ul><li>Reduces risk of side effects</li><li>Is less painful for patients</li><li>Requires less dentist visits</li><li>Reduces overall implant procedure time</li><li>Is more accurate/precise</li><li>Learning curve not as steep as traditional implants for the dental practitioner </li></ul><p>Will need to do further work on the company including financial analysis and valuation but see below my takeaways from the call.  </p>

I had a call with Dio Corp (039840 KS) recently to discuss the overall market for dental implants and company's proprietary digital implant solution.   I did not have time to go through the numbers / recent results but had a positive impression of the company and its proprietary digital implant solution some of the benefits which include the following:Reduces risk of side effectsIs less painful for patientsRequires less dentist visitsReduces overall implant procedure timeIs more accurate/preciseLearning curve not as steep as traditional implants for the dental practitioner Will need to do further work on the company including financial analysis and valuation but see below my takeaways from the call.  

Digital Dental Implants the Wave of the Future?

South Korea

Osstem Implant Co., Ltd. manufactures dental implant system. The Company also markets dental management software. Osstem Implant provides products for dental surgery and exports abroad.

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Osstem Implant (048260 KS)

Angelalign IPO: Valuation First-Look

Angelalign is pre-marketing an HKEx IPO to raise $300 million, according to press reports. In this note, we present our forecasts and take the...

Arun George

Xi Jinping's Visit to South Korea: A Trading Strategy for Korean Cosmetics & Consumer Stocks

In this insight, we discuss the increasing probability of Xi Jinping visiting South Korea in August/September. This could be a key catalyst for...

Douglas Kim

Dentium (145720 KS) Strength Without Substance

2Q will miss and full year guidance will be lowered. Eventually this company will sell its shares (22% of o/s) as a lifeline. Whether that be...

Ken S. Kim

Dentium IPO Preview: Continued Scrutiny on Accounting

We discussed today with one of the bankers at NH Investment & Securities which is leading the Dentium IPO deal. According to this banker, the...

Douglas Kim

Digital Dental Implants the Wave of the Future?

I had a call with Dio Corp (039840 KS) recently to discuss the overall market for dental implants and company's proprietary digital implant...

Julian Yoon

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