APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

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.

Equity Capital Markets

Doosan Robotics  / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/doosan-robotics" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (DOOSANROBO KS)</a> is looking to raise up to US$314m in its Korean IPO. </li>
<li>Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module. </li>
<li>In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.</li>
</ul>



Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO. 
Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module. 
In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.


Doosan Robotics IPO - Thoughts on Valuation - A Punt at Best, a Crash at Worst

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<li>
<a href="https://www.smartkarma.com/entities/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> is looking to raise up to US$147m in its Korean IPO.</li>
<li>Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs. </li>
<li>Fadu’s revenue growth has been stupendous, to say the least. However, the firm’s revenues are derived mainly from two customers, which exposes it to a large degree of concentration risk.</li>
</ul>



Fadu (440110 KS) is looking to raise up to US$147m in its Korean IPO.
Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs. 
Fadu’s revenue growth has been stupendous, to say the least. However, the firm’s revenues are derived mainly from two customers, which exposes it to a large degree of concentration risk.


Fadu Pre-IPO - Stupendous Revenue Growth but Heavily Reliant on Two Key Customers

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

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<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> has been a nice outperformer relative to <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> and <a href="https://www.smartkarma.com/entities/micron-technology-inc" target="_blank" data-smartkarma-citation="entities:13382:1" rel="noopener">Micron Technology (MU US)</a> due to valuation, tech merit and exposure to AI</li>
<li>For cyclical stocks, no matter defensive vs. peers, does it make more sense to play the pure plays?</li>
<li>On the recent settlement between Elliott and <a href="https://www.smartkarma.com/entities/samsung-c-t-corporation" target="_blank" data-smartkarma-citation="entities:481:1" rel="noopener">Samsung C&amp;T (028260 KS)</a> , there was a secret payment made to just Elliott. What about the other minority shareholders?!</li>
</ul>



Samsung Electronics (005930 KS) has been a nice outperformer relative to SK Hynix (000660 KS) and Micron Technology (MU US) due to valuation, tech merit and exposure to AI
For cyclical stocks, no matter defensive vs. peers, does it make more sense to play the pure plays?
On the recent settlement between Elliott and Samsung C&amp;T (028260 KS) , there was a secret payment made to just Elliott. What about the other minority shareholders?!


At the Core Lies Why Anything Named Samsung Deserves a Discount

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Samsung Electronics / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/samsung-life-insurance-co-ltd" target="_blank" data-smartkarma-citation="entities:510:1" rel="noopener">Samsung Life Insurance (032830 KS)</a> and <a href="https://www.smartkarma.com/entities/samsung-fire-marine-insuranc" target="_blank" data-smartkarma-citation="entities:27499:1" rel="noopener">Samsung Fire &amp; Marine Insuranc (000815 KS)</a> are likely to sell around U$1bn worth of <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> shares via a block deal.</li>
<li>The selldown is being undertaken to meet regulatory requirements for shareholding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Samsung Life Insurance (032830 KS) and Samsung Fire &amp; Marine Insuranc (000815 KS) are likely to sell around U$1bn worth of Samsung Electronics (005930 KS) shares via a block deal.
The selldown is being undertaken to meet regulatory requirements for shareholding.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Samsung Electronics US$1bn Technical Selldown Likely, past Deals Haven’t Done Much

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RELIANCE IN)</a> signed a binding 15-year, $3 billion green ammonia supply agreement with <a href="https://www.smartkarma.com/entities/samsung-c-t-corp-old" target="_blank" data-smartkarma-citation="entities:480:1" rel="noopener">Samsung C&amp;T Corp/Old (000830 KS)</a>, commencing H2FY2029, one of the largest such offtake contracts globally.</li>
<li>The deal de-risks Reliance's entire new energy capital expenditure program, converts guaranteed revenue into bankable project finance, and positions India's western ports as an Asian green fuel hub.</li>
<li>Reliance's 3Mn Ton target by 2032 would represent 60% of India's national green hydrogen goal, reproducing Jio playbook of <strong>owning every layer of the stack before rivals even break ground. </strong>
</li>
</ul>



Reliance Industries (RELIANCE IN) signed a binding 15-year, $3 billion green ammonia supply agreement with Samsung C&amp;T Corp/Old (000830 KS), commencing H2FY2029, one of the largest such offtake contracts globally.
The deal de-risks Reliance's entire new energy capital expenditure program, converts guaranteed revenue into bankable project finance, and positions India's western ports as an Asian green fuel hub.
Reliance's 3Mn Ton target by 2032 would represent 60% of India's national green hydrogen goal, reproducing Jio playbook of owning every layer of the stack before rivals even break ground. 



Selling the Factory Before It's Built: Reliance's ₹25,000 Crore Green Ammonia Plant

South Korea

Samsung C&T Corporation provides chemicals services. The Company manufactures chemicals, wholesales and distributes chemicals for agricultural purposes. Samsung C&T serves clients in Korea.

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Samsung C&T Corp/Old (000830 KS)

Doosan Robotics IPO - Thoughts on Valuation - A Punt at Best, a Crash at Worst

Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO. comparison. In this note, we talk about valuation.

Ethan Aw

Fadu Pre-IPO - Stupendous Revenue Growth but Heavily Reliant on Two Key Customers

Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid...

Ethan Aw

At the Core Lies Why Anything Named Samsung Deserves a Discount

Why Samsung deserves a discount and the new 3 yr shareholder return plan nor M&A will fix this unless one or both of 2 things happen.

Ken S. Kim

Aequitas: Samsung Electronics US$1bn Technical Selldown Likely, past Deals Haven’t Done Much

Samsung Life Insurance (032830 KS) and Samsung Fire & Marine Insuranc (000815 KS) are likely to sell around U$1bn worth of Samsung Electronics...

Sumeet Singh

Selling the Factory Before It's Built: Reliance's ₹25,000 Crore Green Ammonia Plant

Reliance Industries secures $3 billion green ammonia supply deal with Samsung C&T Corp/Old, de-risking new energy investments and positioning...

Sudarshan Bhandari

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Doosan Robotics IPO - Thoughts on Valuation - A Punt at Best, a Crash at Worst

Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO. comparison. In this note, we talk about valuation.

Ethan Aw

Fadu Pre-IPO - Stupendous Revenue Growth but Heavily Reliant on Two Key Customers

Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid...

Ethan Aw

At the Core Lies Why Anything Named Samsung Deserves a Discount

Why Samsung deserves a discount and the new 3 yr shareholder return plan nor M&A will fix this unless one or both of 2 things happen.

Ken S. Kim

Aequitas: Samsung Electronics US$1bn Technical Selldown Likely, past Deals Haven’t Done Much

Samsung Life Insurance (032830 KS) and Samsung Fire & Marine Insuranc (000815 KS) are likely to sell around U$1bn worth of Samsung Electronics...

Sumeet Singh

Selling the Factory Before It's Built: Reliance's ₹25,000 Crore Green Ammonia Plant

​Reliance Industries secures $3 billion green ammonia supply deal with Samsung C&T Corp/Old, de-risking new energy investments and positioning...

Sudarshan Bhandari

Reliance Industries secures $3 billion green ammonia supply deal with Samsung C&T Corp/Old, de-risking new energy investments and positioning...