Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>SK Innovation is considering on using its treasury shares to inject capital into its EV battery making subsidiary SK On. </li>
<li>The appraisal rights exercise price is 111,943 won per share (15% higher than current price). Many minority shareholders are likely to exercise their appraisal rights in SK Innovation.</li>
<li>We remain Bearish on SK Innovation. We continue to be negative on the SK Innovation and SK E&amp;S merger. Plus, we are concerned about the continued weakness at SK On. </li>
</ul>


SK Innovation is considering on using its treasury shares to inject capital into its EV battery making subsidiary SK On. 
The appraisal rights exercise price is 111,943 won per share (15% higher than current price). Many minority shareholders are likely to exercise their appraisal rights in SK Innovation.
We remain Bearish on SK Innovation. We continue to be negative on the SK Innovation and SK E&amp;S merger. Plus, we are concerned about the continued weakness at SK On. 


SK Innovation: Considering on Using Its Treasury Shares to Inject Capital into SK On

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 short interest of KRX stocks as of Jun 6th. The aggregated short interest was USD0.8bn.</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 Lg Energy Solution, Celltrion, Ecoprobm Co.Ltd, Hanmi Semicon, Hlb.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jun 6th. The aggregated short interest was USD0.8bn.
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 Lg Energy Solution, Celltrion, Ecoprobm Co.Ltd, Hanmi Semicon, Hlb.


KRX Short Interest Weekly (Jun 6th): Lg Energy Solution, Celltrion, Ecoprobm, Hanmi Semicon

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.

Equity Capital Markets

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (3750 HK)</a> priced its H Share at HK$263 to raise HK$35,657.2 million (US$4.6 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>The H Share listing price implies an AH discount of 6.6% at the A Share price of RMB63.51. This compares to <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a>'s AH discount of 4.7%.</li>
<li>CATL had the highest oversubscription rates among recent large AH listings. Our valuation analysis suggests that the H Share listing price is attractive.</li>
</ul>



Contemporary Amperex Technology (3750 HK) priced its H Share at HK$263 to raise HK$35,657.2 million (US$4.6 billion) in gross proceeds. The H Share will be listed tomorrow.
The H Share listing price implies an AH discount of 6.6% at the A Share price of RMB63.51. This compares to Midea Group (300 HK)'s AH discount of 4.7%.
CATL had the highest oversubscription rates among recent large AH listings. Our valuation analysis suggests that the H Share listing price is attractive.


CATL H Share Listing (3750 HK) IPO: Trading Debut

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of May 9th which has an aggregated short interest worth USD6.4bn.</li>
<li>We tabulate league table 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 SK Hynix, Kakao, Samsung Electronics, Hybe, Hanwha Ind Sol, Lig Nex1.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of May 9th which has an aggregated short interest worth USD6.4bn.
We tabulate league table 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 SK Hynix, Kakao, Samsung Electronics, Hybe, Hanwha Ind Sol, Lig Nex1.


KRX Short Interest Weekly (May 9th): SK Hynix, Kakao, Samsung Electronics, Hybe, Hanwha Ind Sol

Contemporary Amperex Technology (CATL) / Equity Capital Markets

Contemporary Amperex Technology (CATL) (300750 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a> has launched its H Share listing at a maximum price of HK$263. Pricing will be on 19 May, and the listing on 20 May.</li>
<li>I discussed the H Share listing in <strong><em><a href="https://www.smartkarma.com/insights/catl-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:176396" rel="noopener">CATL H Share Listing: The Investment Case</a>, <a href="https://www.smartkarma.com/insights/catl-h-share-listing-ah-discount-views" target="_blank" data-smartkarma-citation="insights:184844" rel="noopener">CATL H Share Listing: AH Discount Views</a>, <a href="https://www.smartkarma.com/insights/catl-h-share-listing-phip-reinforces-the-investment-case" target="_blank" data-smartkarma-citation="insights:185326" rel="noopener">CATL H Share Listing: PHIP Reinforces the Investment Case</a></em></strong>.</li>
<li>Our valuation analysis suggests that the low AH discount can be justified. We would participate in the listing.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH) has launched its H Share listing at a maximum price of HK$263. Pricing will be on 19 May, and the listing on 20 May.
I discussed the H Share listing in CATL H Share Listing: The Investment Case, CATL H Share Listing: AH Discount Views, CATL H Share Listing: PHIP Reinforces the Investment Case.
Our valuation analysis suggests that the low AH discount can be justified. We would participate in the listing.


CATL H Share Listing (3750 HK): Valuation Insights

South Korea

SK Innovation Co., Ltd. refines, markets, and distributes oil.  The Company produces a variety of petroleum products, such as gasoline, kerosene, liquefied petroleumgas (LPG), and diesel oil.  SK Energy also manufactures petrochemical p roducts, including paraxylene, synthetic resins, styrene monomer, and ethylene.

Price Gauge
52-week Range	0.00 - 0.00
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SK Innovation (096770 KS)

SK Innovation: Considering on Using Its Treasury Shares to Inject Capital into SK On

After the market close on 25 June, SK Innovation announced it will purchase a 30% stake in its lubricant business subsidiary SK Enmove (previously...

Douglas Kim

KRX Short Interest Weekly (Jun 6th): Lg Energy Solution, Celltrion, Ecoprobm, Hanmi Semicon

We analyzed KRX short interest report for the past week and highlighted short interest changes in Lg Energy Solution, Celltrion, Ecoprobm Co.Ltd,...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (May 9th): SK Hynix, Kakao, Samsung Electronics, Hybe, Hanwha Ind Sol

We analyzed KRX short interest report for the past week and highlighted short interest changes in SK Hynix, Kakao, Samsung Electronics, Hybe,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SK Innovation: Considering on Using Its Treasury Shares to Inject Capital into SK On

After the market close on 25 June, SK Innovation announced it will purchase a 30% stake in its lubricant business subsidiary SK Enmove (previously...

Douglas Kim

KRX Short Interest Weekly (Jun 6th): Lg Energy Solution, Celltrion, Ecoprobm, Hanmi Semicon

We analyzed KRX short interest report for the past week and highlighted short interest changes in Lg Energy Solution, Celltrion, Ecoprobm Co.Ltd,...

Ke Yan, CFA, FRM

CATL H Share Listing (3750 HK) IPO: Trading Debut

CATL had the highest oversubscription rates among recent large AH listings. Our valuation analysis suggests that the H Share listing price is...

Arun George

KRX Short Interest Weekly (May 9th): SK Hynix, Kakao, Samsung Electronics, Hybe, Hanwha Ind Sol

We analyzed KRX short interest report for the past week and highlighted short interest changes in SK Hynix, Kakao, Samsung Electronics, Hybe,...

Ke Yan, CFA, FRM

CATL H Share Listing (3750 HK): Valuation Insights

At the maximum offer price, the gross proceeds are US$4.0 billion. Our valuation analysis suggests that the low AH discount can be justified. We...

Arun George