Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>CMTX finalized its IPO price at 60,500, the high end of the IPO price range. The book building process saw participation from 2,423 institutions. Demand ratio was 756.19 to 1. </li>
<li>Our base case valuation of CMTX is implied market cap of 1.0 trillion won or 106,847 won per share (65% higher than the IPO price). </li>
<li>Given the excellent upside, we have a Positive View of this IPO. The 71.8% shares that are under lock-up periods is high and this suggests a very bullish sign. </li>
</ul>


CMTX finalized its IPO price at 60,500, the high end of the IPO price range. The book building process saw participation from 2,423 institutions. Demand ratio was 756.19 to 1. 
Our base case valuation of CMTX is implied market cap of 1.0 trillion won or 106,847 won per share (65% higher than the IPO price). 
Given the excellent upside, we have a Positive View of this IPO. The 71.8% shares that are under lock-up periods is high and this suggests a very bullish sign. 


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 Oct 24th. The aggregated short interest was USD12.4bn.</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 Samsung Electronics, Alteogen, MIRAE ASSET SEC, SK Hynix, POSCO FUTURE M.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Oct 24th. The aggregated short interest was USD12.4bn.
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 Samsung Electronics, Alteogen, MIRAE ASSET SEC, SK Hynix, POSCO FUTURE M.


KRX Short Interest Weekly (Oct 24th): Samsung Electronics, Alteogen, MIRAE ASSET SEC, SK Hynix

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Oct 10th. The aggregated short interest was USD11.4bn.</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 HYUNDAI ROTEM, Samsung Electronics, Hyundai Motor, SK Hynix, LG Chem.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Oct 10th. The aggregated short interest was USD11.4bn.
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 HYUNDAI ROTEM, Samsung Electronics, Hyundai Motor, SK Hynix, LG Chem.


KRX Short Interest Weekly (Oct 10th): HYUNDAI ROTEM, Samsung Electronics, Hyundai Motor, SK Hynix

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>Next rebalance is Dec 12; Simmtech (222800 KS) looks set to replace Philoptics, with a KRW 0.8T market cap gap making it a high-conviction front-runner.</li>
<li>Dongjin Semicam and Daeduck clear market cap but face keyword-score risk; PSK Holdings vs S&amp;S Tech is tight — final screening will decide, so front-running carries caution.</li>
<li>December rebalance AUM doubled; Simmtech and Philoptics could see ~1x DTV passive flows, likely triggering an even stronger passive price impact than last cycle.</li>
</ul>


Next rebalance is Dec 12; Simmtech (222800 KS) looks set to replace Philoptics, with a KRW 0.8T market cap gap making it a high-conviction front-runner.
Dongjin Semicam and Daeduck clear market cap but face keyword-score risk; PSK Holdings vs S&amp;S Tech is tight — final screening will decide, so front-running carries caution.
December rebalance AUM doubled; Simmtech and Philoptics could see ~1x DTV passive flows, likely triggering an even stronger passive price impact than last cycle.


Hunting Trades in Korea Semis Materials & Equip ETF Ahead of the Dec Rebalance

<ul>
<li>Our base case valuation of CMTX is implied market cap of 1 trillion won or 106,847 won per share. CMTX is a likely inclusion candidate in KOSDAQ150 index in 2026.</li>
<li>Our base case valuation is based on P/E of 14.9x using our estimated net profit of 69 billion won in 2026.</li>
<li>Our base case valuation is 65% higher than the high end of the IPO price range. Given the excellent upside, we have a Positive View of this IPO.</li>
</ul>


Our base case valuation of CMTX is implied market cap of 1 trillion won or 106,847 won per share. CMTX is a likely inclusion candidate in KOSDAQ150 index in 2026.
Our base case valuation is based on P/E of 14.9x using our estimated net profit of 69 billion won in 2026.
Our base case valuation is 65% higher than the high end of the IPO price range. Given the excellent upside, we have a Positive View of this IPO.


South Korea

Tokai Carbon Korea Co., Ltd. produces purified graphite products used in semiconductor equipment, and silicon single crystal puller parts.  The Company also produces carbon products used in rubber parts for machineries.

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Tokai Carbon Korea (064760 KS)

CMTX IPO Book Building Results Analysis

CMTX finalized its IPO price at 60,500, the high end of the IPO price range. The book building process saw participation from 2,423 institutions....

Douglas Kim

KRX Short Interest Weekly (Oct 24th): Samsung Electronics, Alteogen, MIRAE ASSET SEC, SK Hynix

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, Alteogen, MIRAE ASSET SEC,...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Oct 10th): HYUNDAI ROTEM, Samsung Electronics, Hyundai Motor, SK Hynix

We analyzed KRX short interest report for the past week and highlighted short interest changes in HYUNDAI ROTEM, Samsung Electronics, Hyundai...

Ke Yan, CFA, FRM

Hunting Trades in Korea Semis Materials & Equip ETF Ahead of the Dec Rebalance

This post explores potential trade flow and positioning in the Korea Semis Materials & Equipment ETF ahead of the December rebalance.

Sanghyun Park

CMTX IPO Valuation Analysis

Our base case valuation of CMTX is implied market cap of 1 trillion won or 106,847 won per share (65% higher than high end of IPO price range).

Douglas Kim

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