Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Unitree Robotics / Equity Capital Markets

<ul>
<li>My bull-case 10-year DCF, based on stronger humanoid commercialization, faster revenue scaling, sustained growth and profitability expansion over time, suggests upside potential ahead of onshore listing.</li>
<li>While the robotics stock valuations are high, I note the companies with long-term growth opportunities that are investing in growth with higher expenses can still maintain high multiples for years.</li>
<li>Using my 2026 estimates, Unitree Robotics should trade post-IPO at an EV of ~19x revs, a premium to high-growth HK-listed robotics peers, including Shenzhen Dobot and UBTech Robotics.</li>
</ul>


My bull-case 10-year DCF, based on stronger humanoid commercialization, faster revenue scaling, sustained growth and profitability expansion over time, suggests upside potential ahead of onshore listing.
While the robotics stock valuations are high, I note the companies with long-term growth opportunities that are investing in growth with higher expenses can still maintain high multiples for years.
Using my 2026 estimates, Unitree Robotics should trade post-IPO at an EV of ~19x revs, a premium to high-growth HK-listed robotics peers, including Shenzhen Dobot and UBTech Robotics.


Unitree Robotics Valuation Update: Bull-Case DCF Frames IPO Upside As Onshore Listing Nears

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Mar 20th. The aggregated holding was USD1,227.8bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,168mln. 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, Hyundai Motor, SK Hynix, KIA, ISUPETASYS.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Mar 20th. The aggregated holding was USD1,227.8bn.
We estimate that foreign flows to be outflows of USD3,168mln. 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, Hyundai Motor, SK Hynix, KIA, ISUPETASYS.


KRX Foreign Holding Weekly (Mar 20th): Samsung Electronics, Hyundai Motor, SK Hynix, KIA, ISUPETASYS

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Mar 13th. The aggregated short interest was USD14.5bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Samsung Electronics, HANWHA AEROSPACE, Samsung SDI, HANWHA SYSTEMS, Hyundai Motor.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Mar 13th. The aggregated short interest was USD14.5bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Samsung Electronics, HANWHA AEROSPACE, Samsung SDI, HANWHA SYSTEMS, Hyundai Motor.


KRX Short Interest Weekly (Mar 13th): Samsung Electronics, HANWHA AEROSPACE, Samsung SDI

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Mar 6th. The aggregated short interest was USD13.9bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in S-Oil, Celltrion, Alteogen, ECOPROBM, Samyang Food.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Mar 6th. The aggregated short interest was USD13.9bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in S-Oil, Celltrion, Alteogen, ECOPROBM, Samyang Food.


KRX Short Interest Weekly (Mar 6th): S-Oil, Celltrion, Alteogen, ECOPROBM, Samyang Food

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Zijin Gold International / Index Rebalance

<ul>
<li>The review period for the March rebalance of this global index ended 31 December, the changes should be announced on 20 February and implemented at the close on 20 March.</li>
<li>For Asia Pac ex Japan, we forecast 266 changes (adds, deletes, migrations) for the index. Of those, 63 stocks could have over US$20m to trade from passive trackers.</li>
<li>The forecast passive buys have outperformed the headlines indices in all major markets and there could be some profit-taking following announcement of the changes.</li>
</ul>


The review period for the March rebalance of this global index ended 31 December, the changes should be announced on 20 February and implemented at the close on 20 March.
For Asia Pac ex Japan, we forecast 266 changes (adds, deletes, migrations) for the index. Of those, 63 stocks could have over US$20m to trade from passive trackers.
The forecast passive buys have outperformed the headlines indices in all major markets and there could be some profit-taking following announcement of the changes.


Asia Pac: (Forecast) Global Index Changes in March as Adds Outperform Bigly

South Korea

Rainbow Robotics operates robots manufacturing businesses. The Company develops and produces industrial robots and other robots. Rainbow Robotics conducts businesses in South Korea.

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Rainbow Robotics (277810 KS)

Unitree Robotics Valuation Update: Bull-Case DCF Frames IPO Upside As Onshore Listing Nears

In my follow-up piece, I focus on Unitree Robotics valuation analysis, financials and forecast. My 10-year bull-case DCF frames IPO upside.

Andrei Zakharov

KRX Foreign Holding Weekly (Mar 20th): Samsung Electronics, Hyundai Motor, SK Hynix, KIA, ISUPETASYS

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

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Mar 13th): Samsung Electronics, HANWHA AEROSPACE, Samsung SDI

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, HANWHA AEROSPACE, Samsung...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Mar 6th): S-Oil, Celltrion, Alteogen, ECOPROBM, Samyang Food

We analyzed KRX short interest report for the past week and highlighted short interest changes in S-Oil, Celltrion, Alteogen, ECOPROBM, Samyang Food.

Ke Yan, CFA, FRM

Asia Pac: (Forecast) Global Index Changes in March as Adds Outperform Bigly

There will be over 250 changes in AP for a global index in March. The large adds have outperformed their country indices over the last few months...

Brian Freitas

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