Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Dec 22nd which has an aggregated short interest worth USD9.9bn.</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 Hanwha Solutions, Samsung Electron, Hyundai Motor.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Dec 22nd which has an aggregated short interest worth USD9.9bn.
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 Hanwha Solutions, Samsung Electron, Hyundai Motor.


KRX Short Interest Weekly (Dec 22nd): Hanwha Solutions, Samsung Electron, Hyundai Motor

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Dec 15th which has an aggregated short interest worth USD10.4bn.</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 Hlb, Lg Electronics, Samsung C&amp;T, Samsung Electron, Posco Holdings I, Sk Hynix.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Dec 15th which has an aggregated short interest worth USD10.4bn.
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 Hlb, Lg Electronics, Samsung C&amp;T, Samsung Electron, Posco Holdings I, Sk Hynix.


KRX Short Interest Weekly (Dec 15th): HLB, Lg Electronics, Samsung C&T, Samsung Electron

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Dec 8th which has an aggregated short interest worth USD10.8bn.</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 have highlighted KRX short interest weekly changes in Naver.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Dec 8th which has an aggregated short interest worth USD10.8bn.
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 have highlighted KRX short interest weekly changes in Naver.


KRX Short Interest Weekly (Dec 8th): Naver

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

Posco International Corporation / Equity Bottom-Up

<ul>
<li>We believe that Warren Buffett's investments in Japanese trading companies have also positively impacted several Korean trading companies in the past three years. </li>
<li>We highlighted seven Korean trading companies three years ago including Posco International and their share prices are up more than 76% on average in this period. </li>
<li>Despite their outstanding share price performance in the past three years, there could be some significant headwinds ahead, as evidenced by the steep inverted yield curve.</li>
</ul>


We believe that Warren Buffett's investments in Japanese trading companies have also positively impacted several Korean trading companies in the past three years. 
We highlighted seven Korean trading companies three years ago including Posco International and their share prices are up more than 76% on average in this period. 
Despite their outstanding share price performance in the past three years, there could be some significant headwinds ahead, as evidenced by the steep inverted yield curve.


Warren Buffett's Investments in Japanese Trading Firms: Impact on Korean Trading Companies

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Korean car rental play <strong><a href="https://www.smartkarma.com/entities/sk-rent-a-car-co-ltd" target="_blank" data-smartkarma-citation="entities:16236:1" rel="noopener">SK Rent A Car (068400 KS)</a></strong> has announced a Tender Offer from<strong><a href="https://www.smartkarma.com/entities/sk-networks-co-ltd" target="_blank" data-smartkarma-citation="entities:20578:1" rel="noopener"> SK Networks (001740 KS)</a></strong>, its largest shareholder with ~76%. </li>
<li>SK Rent shareholders have the option of receiving cash or SK Networks scrip. Appraisal rights are also afforded. </li>
<li>The shareholder vote is a lock. The current trade is the cash offer, which is trading tight to terms. </li>
</ul>


Korean car rental play SK Rent A Car (068400 KS) has announced a Tender Offer from SK Networks (001740 KS), its largest shareholder with ~76%. 
SK Rent shareholders have the option of receiving cash or SK Networks scrip. Appraisal rights are also afforded. 
The shareholder vote is a lock. The current trade is the cash offer, which is trading tight to terms. 


South Korea

SK Networks Co., Ltd. is a general trading company.  The Company trades general merchandise, such as steel, oil, timber, petrochemical, household appliances, clothing, textile products, and information technology equipment.  SK Networks provides insurance and financial services through subsidiaries.

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SK Networks (001740 KS)

KRX Short Interest Weekly (Dec 22nd): Hanwha Solutions, Samsung Electron, Hyundai Motor

We analyzed KRX short interest report for the past week and highlight short interest changes in Hanwha Solutions, Samsung Electron, Hyundai Motor.

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Dec 15th): HLB, Lg Electronics, Samsung C&T, Samsung Electron

We analyzed KRX short interest report for the past week and highlight short interest changes in Hlb, Lg Electronics, Samsung C&T, Samsung Electron,...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Dec 8th): Naver

We analyzed the KRX short interest report for the past week and we highlighted weekly KRX short interest changes in Naver.

Ke Yan, CFA, FRM

Warren Buffett's Investments in Japanese Trading Firms: Impact on Korean Trading Companies

We believe that Warren Buffett's investments in Japanese trading companies have also positively impacted several Korean trading companies in the...

Douglas Kim

SK Rent A Car: SK Networks' Tender Offer

Trading tight (0.8% gross spread) to the cash terms; and negative 5.1% to the share swap ratio. IF the cash spread were to widen materially, get...

David Blennerhassett

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