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 Aug 1st. The aggregated holding was USD626.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,003mln. 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, Hanwha Ocean, Hyundai Motor, NAVER, Samsung H.I..</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 1st. The aggregated holding was USD626.1bn.
We estimate that foreign flows to be inflows of USD2,003mln. 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, Hanwha Ocean, Hyundai Motor, NAVER, Samsung H.I..


KRX Foreign Holding Weekly (Aug 1st): Samsung Electronics, Hanwha Ocean, Hyundai Motor, NAVER

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

Equity Capital Markets

Daehan Shipbuilding / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daehan-shipbuilding" target="_blank" data-smartkarma-citation="entities:45401:1" rel="noopener">Daehan Shipbuilding (439260 KS)</a> raised US$370m in its upcoming Korean IPO.</li>
<li>It specializes in the design and construction of medium-sized (Aframax) and semi-large sized (Suezmax) vessels for crude oil and petroleum product transportation.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Daehan Shipbuilding (439260 KS) raised US$370m in its upcoming Korean IPO.
It specializes in the design and construction of medium-sized (Aframax) and semi-large sized (Suezmax) vessels for crude oil and petroleum product transportation.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Daehan Shipbuilding Pre-IPO: Decent Subscription Rates

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Jul 18th. The aggregated short interest was USD9.4bn.</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 Kakaopay, Korzinc, SK Hynix, Samsung Sds, Hanwha Aerospace, Woori Financial, Alteogen, Samsung H.I..</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jul 18th. The aggregated short interest was USD9.4bn.
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 Kakaopay, Korzinc, SK Hynix, Samsung Sds, Hanwha Aerospace, Woori Financial, Alteogen, Samsung H.I..


KRX Short Interest Weekly (Jul 18th): Kakaopay, Korzinc, SK Hynix, Samsung Sds, Hanwha Aerospace

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>DH Shipbuilding reported a solid IPO book building results analysis. The IPO price has been finalized at 50,000 won per share (high end of the IPO price range).</li>
<li>At the IPO price of 50,000 won, the expected market cap will be 1.9 trillion won. DH Shipbuilding will start trading on 1 August. </li>
<li>Our base case valuation of DH Shipbuilding is target price of 67,576 won per share, which represents a 35% upside to the IPO price.</li>
</ul>


DH Shipbuilding reported a solid IPO book building results analysis. The IPO price has been finalized at 50,000 won per share (high end of the IPO price range).
At the IPO price of 50,000 won, the expected market cap will be 1.9 trillion won. DH Shipbuilding will start trading on 1 August. 
Our base case valuation of DH Shipbuilding is target price of 67,576 won per share, which represents a 35% upside to the IPO price.


DH (Daehan) Shipbuilding IPO Book Building Results Analysis

Equity Bottom-Up

<ul>
<li>The Supreme Court of Korea plans to make a final ruling on Samsung's Lee Jae-Yong on 17 July.</li>
<li>If the Supreme Court confirms this appellate court's ruling, then Lee Jae-Yong would finally be cleared of all charges related to the Samsung C&amp;T and Cheil Industries merger. </li>
<li>The market is mostly expecting the confirmation of "not guilty" on all 19 charges on Lee Jae-Yong.</li>
</ul>


The Supreme Court of Korea plans to make a final ruling on Samsung's Lee Jae-Yong on 17 July.
If the Supreme Court confirms this appellate court's ruling, then Lee Jae-Yong would finally be cleared of all charges related to the Samsung C&amp;T and Cheil Industries merger. 
The market is mostly expecting the confirmation of "not guilty" on all 19 charges on Lee Jae-Yong.


Supreme Court's Final Ruling on Samsung's Lee Jae-Yong on 17 July: Impact on Samsung Group Companies

South Korea

Samsung Heavy Industries Co., Ltd. manufactures crude oil tankers, container vessels, bulk carriers, cruisers, and passenger ferries.  The Company also produces steel and bridge structures, and material handling equipment.  In addition, Samsung Heavy Industries provides civil engineering, architectural, and plant construction services.

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Samsung Heavy Industries (010140 KS)

KRX Foreign Holding Weekly (Aug 1st): Samsung Electronics, Hanwha Ocean, Hyundai Motor, NAVER

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

Ke Yan, CFA, FRM

Daehan Shipbuilding Pre-IPO: Decent Subscription Rates

Daehan Shipbuilding raised US$370m in its upcoming Korean IPO. In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Nicholas Tan

KRX Short Interest Weekly (Jul 18th): Kakaopay, Korzinc, SK Hynix, Samsung Sds, Hanwha Aerospace

We analyzed KRX short interest report for the past week and highlighted short interest changes in Kakaopay, Korzinc, SK Hynix, Samsung Sds, Hanwha...

Ke Yan, CFA, FRM

DH (Daehan) Shipbuilding IPO Book Building Results Analysis

DH Shipbuilding reported a solid IPO book building results analysis. The IPO price has been finalized at 50,000 won per share (high end of the IPO...

Douglas Kim

Supreme Court's Final Ruling on Samsung's Lee Jae-Yong on 17 July: Impact on Samsung Group Companies

The Supreme Court confirmed the original verdict of NOT GUILTY on all 19 charges for Samsung Chairman Lee Jae-Yong. This final decision is likely...

Douglas Kim

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