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 Oct 3rd. The aggregated holding was USD743.8bn.</li>
<li>We estimate that foreign flows to be outflows of USD96mln. 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, Samsung Elec (PREF), NAVER, HANWHA AEROSPACE.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 3rd. The aggregated holding was USD743.8bn.
We estimate that foreign flows to be outflows of USD96mln. 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, Samsung Elec (PREF), NAVER, HANWHA AEROSPACE.


KRX Foreign Holding Weekly (Oct 3rd): SK Hynix, Samsung Electronics, Samsung Elec (PREF), NAVER

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>The 3Q25 earnings season is set to kick off following the Chuseok holiday.</li><li>The consensus for Korean companies’ aggregate operating profit stands at W76tr (+18% YoY).</li><li>This figure has been revised up 1.9% over the past month, largely driven by Samsung Electronics (SEC) and SK Hynix. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The 3Q25 earnings season is set to kick off following the Chuseok holiday.The consensus for Korean companies’ aggregate operating profit stands at W76tr (+18% YoY).This figure has been revised up 1.9% over the past month, largely driven by Samsung Electronics (SEC) and SK Hynix. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Strategy[October] Reduced Earnings Volatility Is the Key to a Re-Rating

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Sep 26th. The aggregated holding was USD700.5bn.</li>
<li>We estimate that foreign flows to be inflows of USD51mln. 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, SK Hynix, NAVER, Doosan Enerbility, HANWHA AEROSPACE.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Sep 26th. The aggregated holding was USD700.5bn.
We estimate that foreign flows to be inflows of USD51mln. 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, SK Hynix, NAVER, Doosan Enerbility, HANWHA AEROSPACE.


KRX Foreign Holding Weekly (Sep 26th): Samsung Electronics, SK Hynix, NAVER, Doosan Enerbility

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Genic is a turnaround story. Genic is one of the largest ODM companies that make beauty face masks in Korea. </li>
<li>Genic is one of the biggest suppliers of hydrogel based face masks of the Biodance brand which has been experiencing an excellent demand in global markets, including the United States. </li>
<li>Despite surging growth in sales and profits, valuation multiples remain reasonable. It is trading at EV/EBITDA of 12.7x and P/E of 14.2x, based on recent prices and LTM financials. </li>
</ul>


Genic is a turnaround story. Genic is one of the largest ODM companies that make beauty face masks in Korea. 
Genic is one of the biggest suppliers of hydrogel based face masks of the Biodance brand which has been experiencing an excellent demand in global markets, including the United States. 
Despite surging growth in sales and profits, valuation multiples remain reasonable. It is trading at EV/EBITDA of 12.7x and P/E of 14.2x, based on recent prices and LTM financials. 


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.

Index Rebalance

<ul>
<li>KRX BBIG Sept review: Mother index BBIG, four kids. Only Bio (adds: Peptron, PharmaResearch; deletes: Hanmi Pharm, SK Bioscience) and Game saw changes. Battery, Internet unchanged.</li>
<li>Game’s tiny AUM won’t move flows; Bio may see meaningful passive impact. Index AUM ~20B KRW: additions ~0.2x DTV inflow, deletions ~0.3–0.4x DTV outflow.</li>
<li>Clean trade setup: index flying under radar, seemingly no pre-positioning. PharmaResearch seems to have moved solo. Thursday likely sees strong ETF-driven price action; enter late morning pullback, exit before close.</li>
</ul>


KRX BBIG Sept review: Mother index BBIG, four kids. Only Bio (adds: Peptron, PharmaResearch; deletes: Hanmi Pharm, SK Bioscience) and Game saw changes. Battery, Internet unchanged.
Game’s tiny AUM won’t move flows; Bio may see meaningful passive impact. Index AUM ~20B KRW: additions ~0.2x DTV inflow, deletions ~0.3–0.4x DTV outflow.
Clean trade setup: index flying under radar, seemingly no pre-positioning. PharmaResearch seems to have moved solo. Thursday likely sees strong ETF-driven price action; enter late morning pullback, exit before close.


A Flow Play on the Market-Missed Reshuffle in KRX Bio Top 10

South Korea

PharmaResearch Co., Ltd. operates as a marine biopharmaceuticals company. The Company manufactures and sells botulinum toxin formulations and other products. PharmaResearch also produces and sells medical equipment and cosmetics.

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PharmaResearch (214450 KS)

KRX Foreign Holding Weekly (Oct 3rd): SK Hynix, Samsung Electronics, Samsung Elec (PREF), NAVER

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

Ke Yan, CFA, FRM

Equity Strategy[October] Reduced Earnings Volatility Is the Key to a Re-Rating

The 3Q25 earnings season is set to kick off following the Chuseok holiday. The consensus for Korean companies’ aggregate operating profit stands at...

Mirae Asset Securities

KRX Foreign Holding Weekly (Sep 26th): Samsung Electronics, SK Hynix, NAVER, Doosan Enerbility

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

Ke Yan, CFA, FRM

Korea Small Cap Gem #45: Genic

Genic is a turnaround story. Genic is one of the largest ODM companies that make beauty face masks in Korea. Genic is one of the biggest suppliers...

Douglas Kim

A Flow Play on the Market-Missed Reshuffle in KRX Bio Top 10

This post highlights a flow play on the market-overlooked KRX Bio Top 10 reshuffle, outlining key adds/deletes, expected passive flows, and timing...

Sanghyun Park

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