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 Jul 25th. The aggregated holding was USD646.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,752mln. 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, Samsung Electronics, Hanwha Ocean, Hyundai Motor, Celltrion.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 25th. The aggregated holding was USD646.8bn.
We estimate that foreign flows to be inflows of USD2,752mln. 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, Samsung Electronics, Hanwha Ocean, Hyundai Motor, Celltrion.


KRX Foreign Holding Weekly (Jul 25th): Hanwha Aerospace, Samsung Electronics, Hanwha Ocean

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jul 11th. The aggregated holding was USD638.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD373mln. We tabulates 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 Alteogen, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 11th. The aggregated holding was USD638.1bn.
We estimate that foreign flows to be inflows of USD373mln. We tabulates 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 Alteogen, Samsung Electronics.


KRX Foreign Holding Weekly (Jul 11th): Alteogen, Samsung Electronics

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Volume: JSW Steel reported 7.26 Mnt of crude steel production in Q1 FY26, up 14% YoY, despite seasonal and maintenance-related disruptions.</li>
<li>Expansion: The company is on track to scale up its capacity from 35.7 MTPA to 43.4 MTPA by FY28, led by ramp-ups at Vijayanagar, Dolvi, and greenfield Odisha.</li>
<li>BPSL: Legal clarity on the BPSL acquisition remains pending, though operations have been successfully ramped up to 4.5 MTPA under JSW’s management.</li>
</ul>


Volume: JSW Steel reported 7.26 Mnt of crude steel production in Q1 FY26, up 14% YoY, despite seasonal and maintenance-related disruptions.
Expansion: The company is on track to scale up its capacity from 35.7 MTPA to 43.4 MTPA by FY28, led by ramp-ups at Vijayanagar, Dolvi, and greenfield Odisha.
BPSL: Legal clarity on the BPSL acquisition remains pending, though operations have been successfully ramped up to 4.5 MTPA under JSW’s management.


JSW Steel: Steady Output Amid Pricing Pressure; Record Volumes Likely Ahead

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jul 4th. The aggregated holding was USD622.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD704mln. We tabulates 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, Hyundai Rotem.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 4th. The aggregated holding was USD622.6bn.
We estimate that foreign flows to be outflows of USD704mln. We tabulates 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, Hyundai Rotem.


KRX Foreign Holding Weekly (Jul 4th): Samsung Electronics, SK Hynix, Naver, Hyundai Rotem

<ul>
<li>After peaking in 2021, POSCO’s performance has steadily weakened, with revenue and margins declining due to softer steel prices and macro headwinds.</li>
<li>The group is gradually pivoting toward battery materials and EV supply chains via POSCO Future M, backed by large investments in lithium, cathodes, and green hydrogen.</li>
<li>Despite near-term profitability pressure, the stock trades at just 0.5× book and ~4.7× EV/EBITDA, offering compelling value if its transition strategy plays out.</li>
</ul>


After peaking in 2021, POSCO’s performance has steadily weakened, with revenue and margins declining due to softer steel prices and macro headwinds.
The group is gradually pivoting toward battery materials and EV supply chains via POSCO Future M, backed by large investments in lithium, cathodes, and green hydrogen.
Despite near-term profitability pressure, the stock trades at just 0.5× book and ~4.7× EV/EBITDA, offering compelling value if its transition strategy plays out.


POSCO Holdings (KRX: 005490.KQ | NYSE: PKX): Steel Giant in Transition with Deep-Value Appeal

South Korea

POSCO Holdings Inc. manufactures and distributes steel products. The Company produces crude steel, hot rolled steel, cold rolled steel, stainless steel, steel plates, wire rods, galvanized steel, electrical steel, and other related products. POSCO Holdings markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

POSCO Holdings (005490 KS)

KRX Foreign Holding Weekly (Jul 25th): Hanwha Aerospace, Samsung Electronics, Hanwha Ocean

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

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Jul 11th): Alteogen, Samsung Electronics

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

Ke Yan, CFA, FRM

JSW Steel: Steady Output Amid Pricing Pressure; Record Volumes Likely Ahead

JSW Steel reports strong Q1 production growth, plans capacity expansion to 43.4 MTPA by FY28, awaiting legal clarity on BPSL acquisition.

Rahul Jain

KRX Foreign Holding Weekly (Jul 4th): Samsung Electronics, SK Hynix, Naver, Hyundai Rotem

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

Ke Yan, CFA, FRM

POSCO Holdings (KRX: 005490.KQ | NYSE: PKX): Steel Giant in Transition with Deep-Value Appeal

POSCO's shift towards battery materials and EV supply chains is driving investments despite recent revenue and margin declines, presenting...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KRX Foreign Holding Weekly (Jul 25th): Hanwha Aerospace, Samsung Electronics, Hanwha Ocean

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

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Jul 11th): Alteogen, Samsung Electronics

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

Ke Yan, CFA, FRM

JSW Steel: Steady Output Amid Pricing Pressure; Record Volumes Likely Ahead

​JSW Steel reports strong Q1 production growth, plans capacity expansion to 43.4 MTPA by FY28, awaiting legal clarity on BPSL acquisition.

Rahul Jain

KRX Foreign Holding Weekly (Jul 4th): Samsung Electronics, SK Hynix, Naver, Hyundai Rotem

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

Ke Yan, CFA, FRM

POSCO Holdings (KRX: 005490.KQ | NYSE: PKX): Steel Giant in Transition with Deep-Value Appeal

​POSCO's shift towards battery materials and EV supply chains is driving investments despite recent revenue and margin declines, presenting...

Rahul Jain

JSW Steel reports strong Q1 production growth, plans capacity expansion to 43.4 MTPA by FY28, awaiting legal clarity on BPSL acquisition.

POSCO's shift towards battery materials and EV supply chains is driving investments despite recent revenue and margin declines, presenting...