Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

LG Energy Solution / Equity Capital Markets

<ul>
<li>LG Energy Solution is getting ready to complete its IPO in the Korean stock market on 27 January 2022. The IPO price is from 257,000 won to 300,000 won. </li>
<li>The IPO base deal size is from $9.3 billion to $10.8 billion. This is the biggest ever IPO in Korea. </li>
<li>The bankers used CATL and Samsung SDI as its comps. Using their annualized EBITDA in 2021, the average EV/EBITDA of its peers is 51.4x (2021E). </li>
</ul>


LG Energy Solution is getting ready to complete its IPO in the Korean stock market on 27 January 2022. The IPO price is from 257,000 won to 300,000 won. 
The IPO base deal size is from $9.3 billion to $10.8 billion. This is the biggest ever IPO in Korea. 
The bankers used CATL and Samsung SDI as its comps. Using their annualized EBITDA in 2021, the average EV/EBITDA of its peers is 51.4x (2021E). 


<ul>
<li>This is our 7th "Annual Edition of the Major Korean IPOs Pipeline Preview" at Smartkarma! </li>
<li>This insight will feature 50 of the biggest potential IPOs in Korea in 2022. </li>
<li>The IPO pipeline in 2022 is very strong, led by LG Energy Solution. However, 2022 is likely to be the peak year for IPO capital raising in Korea. </li>
</ul>


This is our 7th "Annual Edition of the Major Korean IPOs Pipeline Preview" at Smartkarma! 
This insight will feature 50 of the biggest potential IPOs in Korea in 2022. 
The IPO pipeline in 2022 is very strong, led by LG Energy Solution. However, 2022 is likely to be the peak year for IPO capital raising in Korea. 


Cross Asset Strategy

<ul>
<li>In this insight, we discuss the big divergence in COVID-19 cases in South Korean and Japan in the past several months. </li>
<li>There has been a MIRACLE of near elimination of COVID-19 cases and deaths in Japan. </li>
<li>The near elimination of COVID-19 cases in Japan could be a combination of factors including vaccination and social distancing. Plus, there is a big controversy on ivermectin's role in this.</li>
</ul>


In this insight, we discuss the big divergence in COVID-19 cases in South Korean and Japan in the past several months. 
There has been a MIRACLE of near elimination of COVID-19 cases and deaths in Japan. 
The near elimination of COVID-19 cases in Japan could be a combination of factors including vaccination and social distancing. Plus, there is a big controversy on ivermectin's role in this.


The Big Divergence in COVID-19 Cases in South Korea and Japan: Data, Miracle, & Mystery

Equity Bottom-Up

<ul>
<li>There has been a new, highly mutated COVID variant found in South Africa named Omicron by the WHO.</li>
<li>Is this the onset of the 'dark winter' that many people have warned? In this insight, we will provide further details of this new COVID variant Omicron.</li>
<li>While the world waits on more data on the Omicron variant, we believe SK Bioscience, SD Biosensor, and Seegene could soundly outperform the market in the next several weeks. </li>
</ul>


There has been a new, highly mutated COVID variant found in South Africa named Omicron by the WHO.
Is this the onset of the 'dark winter' that many people have warned? In this insight, we will provide further details of this new COVID variant Omicron.
While the world waits on more data on the Omicron variant, we believe SK Bioscience, SD Biosensor, and Seegene could soundly outperform the market in the next several weeks. 


The Highly Mutated Omicron COVID Variant - Onset of the Dark Winter?

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>The upcoming rebalancing should feature a total of 12 constituents having a ±5%p free float change: eight members with +5%p or greater and four members with -5%p or harsher.</li>
<li>It seems better to outright trade individual liquidity-rich stocks: SK Bioscience, SKIET, Kakao Bank, and Krafton.</li>
<li>Considering that SKIET's recent share price correction was severe, we may want to take a relatively long trading window for SKIET while taking a tighter approach to the rest.</li>
</ul>


The upcoming rebalancing should feature a total of 12 constituents having a ±5%p free float change: eight members with +5%p or greater and four members with -5%p or harsher.
It seems better to outright trade individual liquidity-rich stocks: SK Bioscience, SKIET, Kakao Bank, and Krafton.
Considering that SKIET's recent share price correction was severe, we may want to take a relatively long trading window for SKIET while taking a tighter approach to the rest.


KOSPI 200 December Rebalancing: Constituents with a Substantial Free Float Change

South Korea

SK Bioscience Co.,Ltd. operates biopharmaceutical businesses. The Company produces vaccines, sky cellflu prefilled syringes, sky cellflu quadrivalent prefilled syringes, varicella drugs, and other related products. SK Bioscience markets its products throughout South Korea.

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SK Bioscience (302440 KS)

LG Energy Solution IPO Preview

LG Energy Solution is getting ready to complete its IPO in the Korean stock market on 27 January 2022. This is the biggest ever IPO in Korea.

Douglas Kim

2022 Major IPOs Pipeline in Korea

This is our 7th "Annual Edition of the Major Korean IPOs Pipeline Preview" at Smartkarma! This insight will feature 50 of the biggest IPOs in Korea...

Douglas Kim

The Big Divergence in COVID-19 Cases in South Korea and Japan: Data, Miracle, & Mystery

In this insight, we discuss the big divergence in COVID-19 cases in South Korean and Japan in the past several months. There has been a MIRACLE of...

Douglas Kim

The Highly Mutated Omicron COVID Variant - Onset of the Dark Winter?

There has been a new, highly mutated COVID variant found in South Africa named Omicron by the WHO. In this insight, we will provide further details...

Douglas Kim

KOSPI 200 December Rebalancing: Constituents with a Substantial Free Float Change

KOSPI 200 rebalancing next month should feature a total of 12 constituents having a ±5%p free float change: eight members with +5%p or greater and...

Sanghyun Park

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52-week Range

Market Cap (USDm)

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