Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>We are introducing a new regular series called<em><strong> "Korea: Short Selling Data Analysis."</strong></em> We will try to provide this insight on a quarterly basis.</li>
<li>Net short balance ratio for top 20 stocks in KOSPI averaged about 1.7% three months ago, much lower than current levels (3%).</li>
<li>The average short interest ratio of these top 20 stocks in KOSPI with the highest short balance ratio was 2.6x as of 10 July 2025. </li>
</ul>


We are introducing a new regular series called "Korea: Short Selling Data Analysis." We will try to provide this insight on a quarterly basis.
Net short balance ratio for top 20 stocks in KOSPI averaged about 1.7% three months ago, much lower than current levels (3%).
The average short interest ratio of these top 20 stocks in KOSPI with the highest short balance ratio was 2.6x as of 10 July 2025. 


Korea: Short Selling Data Analysis: 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 Jul 4th. The aggregated short interest was USD9.1bn.</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 Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan Enerbility, Cosmax.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jul 4th. The aggregated short interest was USD9.1bn.
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 Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan Enerbility, Cosmax.


KRX Short Interest Weekly (Jul 4th): Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan Enerbility, Cosmax

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>After peaking in 2021, POSCO’s performance has steadily weakened, with revenue and margins declining due to softer steel prices and macro headwinds.</li>
<li>The group is gradually pivoting toward battery materials and EV supply chains via POSCO Future M, backed by large investments in lithium, cathodes, and green hydrogen.</li>
<li>Despite near-term profitability pressure, the stock trades at just 0.5× book and ~4.7× EV/EBITDA, offering compelling value if its transition strategy plays out.</li>
</ul>


After peaking in 2021, POSCO’s performance has steadily weakened, with revenue and margins declining due to softer steel prices and macro headwinds.
The group is gradually pivoting toward battery materials and EV supply chains via POSCO Future M, backed by large investments in lithium, cathodes, and green hydrogen.
Despite near-term profitability pressure, the stock trades at just 0.5× book and ~4.7× EV/EBITDA, offering compelling value if its transition strategy plays out.


POSCO Holdings (KRX: 005490.KQ | NYSE: PKX): Steel Giant in Transition with Deep-Value Appeal

<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>We analyzed the changes in short interest of KRX stocks as of Jun 13th. The aggregated short interest was USD7.6bn.</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, Hanmi Semicon, Posco Chemical.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jun 13th. The aggregated short interest was USD7.6bn.
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, Hanmi Semicon, Posco Chemical.


KRX Short Interest Weekly (Jun 13th): Lg Energy Solution, Celltrion, Ecoprobm, Hanmi Semicon

South Korea

Posco Future M Co., Ltd. manufactures and distributes energy materials. The Company produces battery materials, advanced chemical materials, basic industrial materials, and other related products. Posco Future M also produces lime chemical and refractory products.

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Posco Future M (003670 KS)

Korea: Short Selling Data Analysis: 3Q 2025

We are introducing a new regular series called "Korea: Short Selling Data Analysis." We will try to provide this insight on a quarterly basis.

Douglas Kim

KRX Short Interest Weekly (Jul 4th): Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan Enerbility, Cosmax

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan...

Ke Yan, CFA, FRM

POSCO Holdings (KRX: 005490.KQ | NYSE: PKX): Steel Giant in Transition with Deep-Value Appeal

POSCO's shift towards battery materials and EV supply chains is driving investments despite recent revenue and margin declines, presenting...

Rahul Jain

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

KRX Short Interest Weekly (Jun 13th): 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, Hanmi...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Korea: Short Selling Data Analysis: 3Q 2025

We are introducing a new regular series called "Korea: Short Selling Data Analysis." We will try to provide this insight on a quarterly basis.

Douglas Kim

KRX Short Interest Weekly (Jul 4th): Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan Enerbility, Cosmax

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan...

Ke Yan, CFA, FRM

POSCO Holdings (KRX: 005490.KQ | NYSE: PKX): Steel Giant in Transition with Deep-Value Appeal

​POSCO's shift towards battery materials and EV supply chains is driving investments despite recent revenue and margin declines, presenting...

Rahul Jain

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

KRX Short Interest Weekly (Jun 13th): 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, Hanmi...

Ke Yan, CFA, FRM

POSCO's shift towards battery materials and EV supply chains is driving investments despite recent revenue and margin declines, presenting...