Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>In this report, we review our IPO investment research in 2021, including the performance of our calls.</li>
<li>We made 37 investment calls on IPOs this year, of which 28 had positive ratings on the IPOs and 9 had negative ratings.</li>
<li>The 28 stocks (positive ratings) were up 26.1% on average from their IPO prices. The 9 stocks (negative ratings) were up only 4.9% on average from their IPO prices.</li>
</ul>


In this report, we review our IPO investment research in 2021, including the performance of our calls.
We made 37 investment calls on IPOs this year, of which 28 had positive ratings on the IPOs and 9 had negative ratings.
The 28 stocks (positive ratings) were up 26.1% on average from their IPO prices. The 9 stocks (negative ratings) were up only 4.9% on average from their IPO prices.


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>KRX calculates floats fairly aggressively even in new IPOs. This was symbolically shown in the case of Kakao Pay, which received a 35% float rate.</li>
<li>So, we need a trading setup that raises the float rate prediction range in future KOSPI 200 Fast Entry cases.</li>
<li>Considering that rebalancing trading that occurs on the implementation day is now partially digested in regular trading hours, we need to consider getting out positions before the closing auction hours.</li>
</ul>


KRX calculates floats fairly aggressively even in new IPOs. This was symbolically shown in the case of Kakao Pay, which received a 35% float rate.
So, we need a trading setup that raises the float rate prediction range in future KOSPI 200 Fast Entry cases.
Considering that rebalancing trading that occurs on the implementation day is now partially digested in regular trading hours, we need to consider getting out positions before the closing auction hours.


KOSPI 200 New Entrants: KRX-Concluded Float Rates & Rebalancing Trading Pattern Today

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 <strong>7th "Annual Edition of the Major Korean IPOs Pipeline Preview"</strong> at Smartkarma! </li>
<li>This insight will feature 50 of the biggest potential IPOs in Korea in 2022. </li>
<li><strong>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. </strong></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. 


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?

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)

Review of Our IPO Research in 2021

We review our IPO investment research in 2021. The 28 stocks (positive ratings) were up 26.1% (average) from IPO prices. The 9 stocks (negative...

Douglas Kim

KOSPI 200 New Entrants: KRX-Concluded Float Rates & Rebalancing Trading Pattern Today

Kakao Pay eventually received a 35% float rate, meaning that KRX has included all of Alipay's non-locked stake in the float.

Sanghyun Park

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 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

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