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 Aug 29th. The aggregated short interest was USD10.4bn.</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 LIG Nex1, Alteogen, SamsungF&amp;MIns, SK Hynix, SKC.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 29th. The aggregated short interest was USD10.4bn.
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 LIG Nex1, Alteogen, SamsungF&amp;MIns, SK Hynix, SKC.


KRX Short Interest Weekly (Aug 29th): LIG Nex1, Alteogen, Samsung F&M Ins, SK Hynix, SKC

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: This Insight is an update on two previously published relative value pairs.</li>
<li>
Highlight: The trades provide a case study illustrating how mean-reversion trades can fail to revert or hit stop-losses within extended timeframes.</li>
<li>
Why Read: Gain insights into timing-related challenges in mean-reversion strategies and time-based exit as a risk management choice.</li>
</ul>



Context: This Insight is an update on two previously published relative value pairs.

Highlight: The trades provide a case study illustrating how mean-reversion trades can fail to revert or hit stop-losses within extended timeframes.

Why Read: Gain insights into timing-related challenges in mean-reversion strategies and time-based exit as a risk management choice.


Case Study: Time-Based Exit in Two Long-Running Pair Trades

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>We’ve got a locked-in floor on ’26 DPS and clear upside, providing a solid dividend yield baseline—ideal for leaning into aggressive trade setups.</li>
<li>We can lean into spot longs with covered calls, but yields (especially KB, Shinhan) aren’t yet compelling. A pullback before the ’26 dividend run is a prime entry window.</li>
<li>Plus, a bank long-short: long KB/Shinhan, short Hana/Woori. KB and Shinhan face payout increases, with ’26 guidance in 4Q25 earnings as the catalyst.</li>
</ul>


We’ve got a locked-in floor on ’26 DPS and clear upside, providing a solid dividend yield baseline—ideal for leaning into aggressive trade setups.
We can lean into spot longs with covered calls, but yields (especially KB, Shinhan) aren’t yet compelling. A pullback before the ’26 dividend run is a prime entry window.
Plus, a bank long-short: long KB/Shinhan, short Hana/Woori. KB and Shinhan face payout increases, with ’26 guidance in 4Q25 earnings as the catalyst.


Korea Local Banks: New Dividend Tax Effectively Locks in a De Facto Minimum Yield Play

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>We stick with Hana Financial as our sole buy in Korean banks; even though it does not top our proprietary scorecard, it remains attractively valued and its returns are improving</li>
<li>We downgrade Woori to a neutral from a buy, with Woori now trading at a PBV premium to Hana; historically, this has been an indicator of future poor share performance</li>
<li>KB Financial ranks top in our scorecard; KB is one watch, but remains a neutral due to limited appeal in terms of valuation</li>
</ul>


We stick with Hana Financial as our sole buy in Korean banks; even though it does not top our proprietary scorecard, it remains attractively valued and its returns are improving
We downgrade Woori to a neutral from a buy, with Woori now trading at a PBV premium to Hana; historically, this has been an indicator of future poor share performance
KB Financial ranks top in our scorecard; KB is one watch, but remains a neutral due to limited appeal in terms of valuation


Korean Banks; Keep Buy on Hana (086790 KS), Take Profits on Woori (316140 KS)

Fisher & Paykel Healthcare Cor / Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlight: Currently six pair trade opportunities across three markets and three sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlight: Currently six pair trade opportunities across three markets and three sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (04 Aug)

South Korea

Woori Financial Group Inc. provides commercial banking services. The Company offers deposit services, loan services, bill services, settlement services, credit card, international, online banking, and other related services. Woori Financial Group also operates banking and retail banking businesses.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Woori Financial Group (316140 KS)

KRX Short Interest Weekly (Aug 29th): LIG Nex1, Alteogen, Samsung F&M Ins, SK Hynix, SKC

We analyzed KRX short interest report for the past week and highlighted short interest changes in LIG Nex1, Alteogen, SamsungF&MIns, SK Hynix, SKC.

Ke Yan, CFA, FRM

Case Study: Time-Based Exit in Two Long-Running Pair Trades

Case study illustrating when to exit mean-reversion pair trades that stall without hitting profit targets or stop-losses.

Gaudenz Schneider

Korea Local Banks: New Dividend Tax Effectively Locks in a De Facto Minimum Yield Play

This post covers a trade angle on local banks benefiting from the dividend income separate tax floor — effectively locking in a de facto minimum...

Sanghyun Park

Korean Banks; Keep Buy on Hana (086790 KS), Take Profits on Woori (316140 KS)

We stick with Hana as a buy in Korean banks, downgrading Woori to neutral, due to its premium PBV ratio to Hana; scorecard-topping KB Financial is...

Victor Galliano

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (04 Aug)

Statistical methodology identifies six pair trade opportunities across three markets and three sectors, offering unique insights into relative value.

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KRX Short Interest Weekly (Aug 29th): LIG Nex1, Alteogen, Samsung F&M Ins, SK Hynix, SKC

We analyzed KRX short interest report for the past week and highlighted short interest changes in LIG Nex1, Alteogen, SamsungF&MIns, SK Hynix, SKC.

Ke Yan, CFA, FRM

Case Study: Time-Based Exit in Two Long-Running Pair Trades

Case study illustrating when to exit mean-reversion pair trades that stall without hitting profit targets or stop-losses.

Gaudenz Schneider

Korea Local Banks: New Dividend Tax Effectively Locks in a De Facto Minimum Yield Play

This post covers a trade angle on local banks benefiting from the dividend income separate tax floor — effectively locking in a de facto minimum...

Sanghyun Park

Korean Banks; Keep Buy on Hana (086790 KS), Take Profits on Woori (316140 KS)

​We stick with Hana as a buy in Korean banks, downgrading Woori to neutral, due to its premium PBV ratio to Hana; scorecard-topping KB Financial is...

Victor Galliano

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (04 Aug)

​Statistical methodology identifies six pair trade opportunities across three markets and three sectors, offering unique insights into relative value.

Gaudenz Schneider

We stick with Hana as a buy in Korean banks, downgrading Woori to neutral, due to its premium PBV ratio to Hana; scorecard-topping KB Financial is...

Statistical methodology identifies six pair trade opportunities across three markets and three sectors, offering unique insights into relative value.