Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

Mirae Asset Securities / Equity Bottom-Up

<ul>
<li>In this insight, we propose a pair trade between a basket of major securities stocks (long) versus banking stocks (short) in Korea.</li>
<li>We believe the five major securities stocks in Korea could continue to outperform the five major banking stocks in Korea over the next 6-12 months.</li>
<li>We present 3 major headwinds on the Korean banking sector and 4 major tailwinds on the Korean securities sector. </li>
</ul>


In this insight, we propose a pair trade between a basket of major securities stocks (long) versus banking stocks (short) in Korea.
We believe the five major securities stocks in Korea could continue to outperform the five major banking stocks in Korea over the next 6-12 months.
We present 3 major headwinds on the Korean banking sector and 4 major tailwinds on the Korean securities sector. 


A Pair Trade (Basket) Of Korean Banks Vs Securities

Cross Asset Strategy

<ul>
<li>In this insight, we discuss numerous gap trade opportunities involving Korean preferred and common shares in 3Q 2025.</li>
<li>In particular, five pairs of common and preferred stocks have experienced more than 20% widening of their share prices in the past six months. </li>
<li>These companies (Doosan Corp, Mirae Asset Securities, KIS Holdings, Daishin Securities, and LG Chem) are more likely to revert to closing their gaps in the coming weeks.</li>
</ul>


In this insight, we discuss numerous gap trade opportunities involving Korean preferred and common shares in 3Q 2025.
In particular, five pairs of common and preferred stocks have experienced more than 20% widening of their share prices in the past six months. 
These companies (Doosan Corp, Mirae Asset Securities, KIS Holdings, Daishin Securities, and LG Chem) are more likely to revert to closing their gaps in the coming weeks.


Gap Trade Opportunities in Korean Prefs Vs Common Share Pairs in 3Q 2025

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 Jun 27th. The aggregated short interest was USD8.7bn.</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 Amorepacific, Doosan Enerbility, Mirae Asset Sec, Woori Financial, Kakaobank, Ls Electric, Hyundai Rotem, Hybe.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jun 27th. The aggregated short interest was USD8.7bn.
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 Amorepacific, Doosan Enerbility, Mirae Asset Sec, Woori Financial, Kakaobank, Ls Electric, Hyundai Rotem, Hybe.


KRX Short Interest Weekly (Jun 27th): Amorepacific, Doosan Enerbility, Mirae Asset Sec

<ul>
<li>Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.</li>
<li>In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.</li>
<li>The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.</li>
</ul>


Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.
In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.
The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.


Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>The index focuses on qualitative factors like capital efficiency and shareholder returns, but efforts to impose sector balance may have overextended its market benchmark role.</li>
<li>Some companies not fitting the 'value-up' narrative got included, while market favorites were sidelined by sector rankings, which is puzzling given the index's original goal.</li>
<li>Still, with rebalancing cut down to once a year, we should expect the flow impact on the index names to hit harder than initially thought compared to their sector peers.</li>
</ul>


The index focuses on qualitative factors like capital efficiency and shareholder returns, but efforts to impose sector balance may have overextended its market benchmark role.
Some companies not fitting the 'value-up' narrative got included, while market favorites were sidelined by sector rankings, which is puzzling given the index's original goal.
Still, with rebalancing cut down to once a year, we should expect the flow impact on the index names to hit harder than initially thought compared to their sector peers.


All the Scoop on the Korea Value-Up Index

South Korea

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives.

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Mirae Asset Securities (006800 KS)

A Pair Trade (Basket) Of Korean Banks Vs Securities

In this insight, we propose a pair trade between a basket of major securities stocks (long) versus banking stocks (short) in Korea.

Douglas Kim

KRX Short Interest Weekly (Jun 27th): Amorepacific, Doosan Enerbility, Mirae Asset Sec

We analyzed KRX short interest report for the past week and highlighted short interest changes in Amorepacific (090430 KS), Doosan Enerbility...

Ke Yan, CFA, FRM

Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the...

Douglas Kim

All the Scoop on the Korea Value-Up Index

This post breaks down everything we need to know about the Korea Value-up Index that KRX just unveiled today, especially focusing on those...

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A Pair Trade (Basket) Of Korean Banks Vs Securities

In this insight, we propose a pair trade between a basket of major securities stocks (long) versus banking stocks (short) in Korea.

Douglas Kim

Gap Trade Opportunities in Korean Prefs Vs Common Share Pairs in 3Q 2025

We discuss numerous gap trade opportunities involving Korean preferred and common shares in 3Q 2025. Five pairs have experienced more than 20%...

Douglas Kim

KRX Short Interest Weekly (Jun 27th): Amorepacific, Doosan Enerbility, Mirae Asset Sec

We analyzed KRX short interest report for the past week and highlighted short interest changes in Amorepacific (090430 KS), Doosan Enerbility...

Ke Yan, CFA, FRM

Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the...

Douglas Kim

All the Scoop on the Korea Value-Up Index

This post breaks down everything we need to know about the Korea Value-up Index that KRX just unveiled today, especially focusing on those...

Sanghyun Park