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

Webtoon Entertainment / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/webtoon-entertainment-inc" target="_blank" data-smartkarma-citation="entities:43652:1" rel="noopener">Webtoon Entertainment (WBTN US)</a> is looking to raise up to US$500m in its US IPO.</li>
<li>Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Webtoon Entertainment (WBTN US) is looking to raise up to US$500m in its US IPO.
Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.
In this note, we talk about the not-so-positive aspects of the deal.


Webtoon Entertainment Pre-IPO - The Negatives - Korea Revenue Declined, JP Acquisition to the Rescue

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Talks circulate that E-Mart may sell its 5% stake in Samsung Life Insurance, valued around ₩1T, due to fundraising needs linked to SSG.com investors' put options.</li>
<li>Initially, Starbucks Korea was a potential sale, but U.S. HQ approval makes it unfeasible. Shinsegae L&amp;B and Food weren't enough to raise funds, leading E-Mart to focus on Samsung Life.</li>
<li>E-Mart's block deal timing is uncertain due to potential legal disputes over unmet put option conditions, yet recent local market discussions suggest E-Mart may avoid legal battles.</li>
</ul>


Talks circulate that E-Mart may sell its 5% stake in Samsung Life Insurance, valued around ₩1T, due to fundraising needs linked to SSG.com investors' put options.
Initially, Starbucks Korea was a potential sale, but U.S. HQ approval makes it unfeasible. Shinsegae L&amp;B and Food weren't enough to raise funds, leading E-Mart to focus on Samsung Life.
E-Mart's block deal timing is uncertain due to potential legal disputes over unmet put option conditions, yet recent local market discussions suggest E-Mart may avoid legal battles.


Potential Samsung Life Insurance Block Deals, Likely to Be Triggered by E Mart

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-post-insurance-co-ltd" target="_blank" data-smartkarma-citation="entities:840:1" rel="noopener">Japan Post Insurance (7181 JP)</a> shows us that worsening policies in force is far more important to earnings than staggering growth of new policies.</li>
<li>Returns and profit growth are weak and this should matter more than a puritanical focus on new policies, embedded value.</li>
<li>Non-Operational line items, likely hedging costs and reserve adjustments, are cancelling out most all positives in operations.</li>
</ul>



Japan Post Insurance (7181 JP) shows us that worsening policies in force is far more important to earnings than staggering growth of new policies.
Returns and profit growth are weak and this should matter more than a puritanical focus on new policies, embedded value.
Non-Operational line items, likely hedging costs and reserve adjustments, are cancelling out most all positives in operations.


Japan Post Insurance - Weakening Policies In Force and Meaningful Hits from Non-Operational Items

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 May 17th which has an aggregated holding worth USD545.3bn.</li>
<li>We estimate that foreign flows to be inflows of USD720mln. 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 foreign changes in Sk Hynix (000660 KS),  Samsung Electronics (005930 KS).</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of May 17th which has an aggregated holding worth USD545.3bn.
We estimate that foreign flows to be inflows of USD720mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Sk Hynix (000660 KS),  Samsung Electronics (005930 KS).


KRX Foreign Holding Weekly (May 17th): Sk Hynix, Samsung Electronics

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Samsung Electronics / Equity Capital Markets

<ul>
<li>KEB Hana Bank, on behalf of Lee Boo-Jin, is looking to raise up to US$325m via selling 0.1% of  Samsung Electronics (005930 KS).</li>
<li>The deal appears to be somewhat well flagged and the company recently reported better operating numbers for 1Q24.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>


KEB Hana Bank, on behalf of Lee Boo-Jin, is looking to raise up to US$325m via selling 0.1% of  Samsung Electronics (005930 KS).
The deal appears to be somewhat well flagged and the company recently reported better operating numbers for 1Q24.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Samsung Electronics Placement - Better Timing This Time Around

South Korea

Samsung Life Insurance Co., Ltd. provides insurance services. The Company offers life and health insurance services. Samsung Life Insurance serves customers in South Korea.

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Samsung Life Insurance (032830 KS)

Webtoon Entertainment Pre-IPO - The Negatives - Korea Revenue Declined, JP Acquisition to the Rescue

Webtoon Entertainment (WBTN US) is looking to raise up to US$500m in its US IPO. In this note, we talk about the not-so-positive aspects of the deal.

Ethan Aw

Potential Samsung Life Insurance Block Deals, Likely to Be Triggered by E Mart

SSG.com’s major shareholders, E-Mart and Shinsegae, are expected to approve the repurchase of a 30% FI stake for 1.15 trillion KRW at a board...

Sanghyun Park

Japan Post Insurance - Weakening Policies In Force and Meaningful Hits from Non-Operational Items

Weakening policies in force, high claims and operating costs, and substantial non-operational negatives, are cancelling out any positives in new...

Daniel Tabbush

KRX Foreign Holding Weekly (May 17th): Sk Hynix, Samsung Electronics

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

Ke Yan, CFA, FRM

Samsung Electronics Placement - Better Timing This Time Around

KEB Hana Bank, on behalf of Lee Boo-Jin, is looking to raise up to US$325m via selling 0.1% of Samsung Electronics (005930 KS).

Sumeet Singh

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