Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In the past several years, one of the biggest risk factors on Samsung Electronics and other Samsung Group affiliates has been the huge inheritance tax payments by the Lee family.</li>
<li>Despite the weak share price performances of the four major Samsung Group affiliates, their consolidated equity increased by 31.4% on average from end of 2019 to end of 3Q 2024.</li>
<li>Once Lee family pays off the fifth installment in 2025, the market could look upon this situation more favorably due to reduced overhang associated with additional future inheritance tax payments.</li>
</ul>


In the past several years, one of the biggest risk factors on Samsung Electronics and other Samsung Group affiliates has been the huge inheritance tax payments by the Lee family.
Despite the weak share price performances of the four major Samsung Group affiliates, their consolidated equity increased by 31.4% on average from end of 2019 to end of 3Q 2024.
Once Lee family pays off the fifth installment in 2025, the market could look upon this situation more favorably due to reduced overhang associated with additional future inheritance tax payments.


Samsung Electronics: Trading Strategy Post Another Inheritance Tax Sale

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at Japan &amp; Korea after having looked at HK &amp; India.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at Japan &amp; Korea after having looked at HK &amp; India.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2025 Asia IPO Pipeline - Japan and South Korea

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-cns-co-ltd" target="_blank" data-smartkarma-citation="entities:35945:1" rel="noopener">LG CNS (LGCNSZ KS)</a> is looking to raise around US$850m in its upcoming Korea IPO.</li>
<li>LG CNS is a South Korean information technology company. The firm primarily provides comprehensive digital transformation services and solutions backed AI, big data, and cloud.</li>
<li>In our previous notes, we looked at the firm’s past performance and undertook a peer comparison. In this note, we discuss our thoughts on valuation.</li>
</ul>



LG CNS (LGCNSZ KS) is looking to raise around US$850m in its upcoming Korea IPO.
LG CNS is a South Korean information technology company. The firm primarily provides comprehensive digital transformation services and solutions backed AI, big data, and cloud.
In our previous notes, we looked at the firm’s past performance and undertook a peer comparison. In this note, we discuss our thoughts on valuation.


LG CNS Pre-IPO - Thoughts on Valuation - Retail Demand Appears Hot, Digestible Val at Bottom End

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-cns-co-ltd" target="_blank" data-smartkarma-citation="entities:35945:1" rel="noopener">LG CNS (LGCNSZ KS)</a>, the IT service unit of <a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550 KS)</a>, seeks to raise up to US$837 million through a primary/secondary offering.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/lg-cns-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:170085" rel="noopener">LG CNS IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/lg-cns-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:171361" rel="noopener">LG CNS IPO: The Bear Case</a>.</li>
<li>We examine the syndicate's valuation methodology. Our analysis suggests that LG CNS is attractive in the IPO price range. We would participate in the IPO.</li>
</ul>



LG CNS (LGCNSZ KS), the IT service unit of LG Corp (003550 KS), seeks to raise up to US$837 million through a primary/secondary offering.
We previously discussed the IPO in LG CNS IPO: The Bull Case and LG CNS IPO: The Bear Case.
We examine the syndicate's valuation methodology. Our analysis suggests that LG CNS is attractive in the IPO price range. We would participate in the IPO.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-cns-co-ltd" target="_blank" data-smartkarma-citation="entities:35945:1" rel="noopener">LG CNS (LGCNSZ KS)</a>, the IT service unit of <a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550 KS)</a>, seeks to raise up to US$837 million through a primary/secondary offering.</li>
<li>In <a href="https://www.smartkarma.com/insights/lg-cns-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:170085" rel="noopener">LG CNS IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on fading growth momentum, mid-tier revenue growth, weak non-AI growth, high contract assets, bottom-tier FCF margin and large share overhang. </li>
</ul>



LG CNS (LGCNSZ KS), the IT service unit of LG Corp (003550 KS), seeks to raise up to US$837 million through a primary/secondary offering.
In LG CNS IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on fading growth momentum, mid-tier revenue growth, weak non-AI growth, high contract assets, bottom-tier FCF margin and large share overhang. 


South Korea

Samsung SDS Co., Ltd. provides information technology services, such as consulting and technical services. The Company also offers outsourcing services including application outsourcing, IT infrastructure outsourcing, and cloud computing.

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Samsung SDS (018260 KS)

Samsung Electronics: Trading Strategy Post Another Inheritance Tax Sale

It is start of another year and that means another fat inheritance tax payment for Samsung Electronics (005930 KS) and other Samsung Group affiliates.

Douglas Kim

Aequitas 2025 Asia IPO Pipeline - Japan and South Korea

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at Japan & Korea after having looked at HK & India.

Sumeet Singh

LG CNS Pre-IPO - Thoughts on Valuation - Retail Demand Appears Hot, Digestible Val at Bottom End

LG CNS has launched its bookbuild its raise US$815m from its Korean IPO. The final IPO price range is unchanged from its initial indicative price...

Clarence Chu

LG CNS IPO: Valuation Insights

We examine the syndicate's valuation methodology. Our analysis suggests that LG CNS is attractive in the IPO price range, and we would participate...

Arun George

LG CNS IPO: The Bear Case

The bear case rests on fading growth momentum, mid-tier revenue growth, weak non-AI growth, high contract assets, bottom-tier FCF margin and large...

Arun George

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