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 short interest of KRX stocks as of Oct 10th. The aggregated short interest was USD11.4bn.</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 HYUNDAI ROTEM, Samsung Electronics, Hyundai Motor, SK Hynix, LG Chem.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Oct 10th. The aggregated short interest was USD11.4bn.
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 HYUNDAI ROTEM, Samsung Electronics, Hyundai Motor, SK Hynix, LG Chem.


KRX Short Interest Weekly (Oct 10th): HYUNDAI ROTEM, Samsung Electronics, Hyundai Motor, SK Hynix

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

LG Electronics India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> raised around US$1.3bn via selling 15% of its stake in <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India</a> IPO.</li>
<li>LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume, as per Redseer Report.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



LG Electronics (066570 KS) raised around US$1.3bn via selling 15% of its stake in LG Electronics India IPO.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume, as per Redseer Report.
We have looked at the company’s past performance and undertaken a peer comparison in our previous note. In this note, we talk about the trading dynamics.


LG Electronics India IPO Trading - Very Strong Subscription, Won’t Be Chasing if It Pops Too High

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Oct 10th. The aggregated holding was USD759.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,535mln. 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, Samsung Elec (PREF), Hyundai Motor, KIA.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 10th. The aggregated holding was USD759.2bn.
We estimate that foreign flows to be inflows of USD2,535mln. 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, Samsung Elec (PREF), Hyundai Motor, KIA.


KRX Foreign Holding Weekly (Oct 10th): Samsung Electronics, SK Hynix, Samsung Elec (PREF)

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Our NAV analysis of Samsung C&amp;T suggests implied market cap of 43 trillion won or target price of 253,146 won per share which is 28% higher than current price. </li>
<li>The biggest components of Samsung C&amp;T's value is its stakes in Samsung Electronics and Samsung Biologics which are worth 54.1 trillion won (161% higher than Samsung C&amp;T's current market cap).   </li>
<li>In the past three months, the share price discrepancy between Samsung Electronics and Samsung C&amp;T is more noticeable (Samsung Electronics - up 47.3% versus Samsung C&amp;T - up 15.9%). </li>
</ul>


Our NAV analysis of Samsung C&amp;T suggests implied market cap of 43 trillion won or target price of 253,146 won per share which is 28% higher than current price. 
The biggest components of Samsung C&amp;T's value is its stakes in Samsung Electronics and Samsung Biologics which are worth 54.1 trillion won (161% higher than Samsung C&amp;T's current market cap).   
In the past three months, the share price discrepancy between Samsung Electronics and Samsung C&amp;T is more noticeable (Samsung Electronics - up 47.3% versus Samsung C&amp;T - up 15.9%). 


Samsung C&T: Updated NAV Analysis + A Key Beneficiary of Share Price Rise of Samsung Electronics

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a>  is selling 15% stake in Indian subsidiary <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India (123D IN)</a>. Interestingly, the market cap of Indian subsidiary shall now be equal to Korean parent</li>
<li>Indian listed markets have hitherto offered selective consumer appliance plays. LGEI will become the largest of them all, offering access to the structural growth of consumer appliances in India</li>
<li>IPO is priced attractively at 26-30x 1yr forward earnings. Near-term performance to benefit from recently announced indirect tax cuts as well as rate cuts. <strong>Must Apply</strong>
</li>
</ul>



LG Electronics (066570 KS)  is selling 15% stake in Indian subsidiary LG Electronics India (123D IN). Interestingly, the market cap of Indian subsidiary shall now be equal to Korean parent
Indian listed markets have hitherto offered selective consumer appliance plays. LGEI will become the largest of them all, offering access to the structural growth of consumer appliances in India
IPO is priced attractively at 26-30x 1yr forward earnings. Near-term performance to benefit from recently announced indirect tax cuts as well as rate cuts. Must Apply



LG Electronics India - IPO Review: Largest Public Market Play yet for Consumer Appliances in India

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (005930 KS)

KRX Short Interest Weekly (Oct 10th): HYUNDAI ROTEM, Samsung Electronics, Hyundai Motor, SK Hynix

We analyzed KRX short interest report for the past week and highlighted short interest changes in HYUNDAI ROTEM, Samsung Electronics, Hyundai...

Ke Yan, CFA, FRM

LG Electronics India IPO Trading - Very Strong Subscription, Won’t Be Chasing if It Pops Too High

LG Electronics (066570 KS) raised around US$1.3bn via selling 15% of its stake in LG Electronics India IPO. In this note, we talk about the trading...

Sumeet Singh

KRX Foreign Holding Weekly (Oct 10th): Samsung Electronics, SK Hynix, Samsung Elec (PREF)

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

Ke Yan, CFA, FRM

LG Electronics India - IPO Review: Largest Public Market Play yet for Consumer Appliances in India

LG Korea is selling 15% stake in Indian subsidiary to capitalise on current robust valuations. IPO offers investors a ride in the structural...

Himanshu Dugar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KRX Short Interest Weekly (Oct 10th): HYUNDAI ROTEM, Samsung Electronics, Hyundai Motor, SK Hynix

We analyzed KRX short interest report for the past week and highlighted short interest changes in HYUNDAI ROTEM, Samsung Electronics, Hyundai...

Ke Yan, CFA, FRM

LG Electronics India IPO Trading - Very Strong Subscription, Won’t Be Chasing if It Pops Too High

LG Electronics (066570 KS) raised around US$1.3bn via selling 15% of its stake in LG Electronics India IPO. In this note, we talk about the trading...

Sumeet Singh

KRX Foreign Holding Weekly (Oct 10th): Samsung Electronics, SK Hynix, Samsung Elec (PREF)

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

Ke Yan, CFA, FRM

Samsung C&T: Updated NAV Analysis + A Key Beneficiary of Share Price Rise of Samsung Electronics

Our NAV analysis of Samsung C&T suggests implied market cap of 43 trillion won or target price of 253,146 won per share which is 28% higher than...

Douglas Kim

LG Electronics India - IPO Review: Largest Public Market Play yet for Consumer Appliances in India

​LG Korea is selling 15% stake in Indian subsidiary to capitalise on current robust valuations. IPO offers investors a ride in the structural...

Himanshu Dugar

LG Korea is selling 15% stake in Indian subsidiary to capitalise on current robust valuations. IPO offers investors a ride in the structural...