Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Jul 3rd. The aggregated short interest was USD17.0bn.</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 SK Hynix, SKSQUARE, LS ELECTRIC, DB HiTek, JEL.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jul 3rd. The aggregated short interest was USD17.0bn.
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 SK Hynix, SKSQUARE, LS ELECTRIC, DB HiTek, JEL.


KRX Short Interest Weekly (Jul 3rd): SK Hynix, SKSQUARE, LS ELECTRIC, DB HiTek, JEL

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jul 3rd. The aggregated holding was USD1,774.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD14,741mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, SKSQUARE, SamsungElecMech, Samsung Elec (PREF).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 3rd. The aggregated holding was USD1,774.5bn.
We estimate that foreign flows to be outflows of USD14,741mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, SKSQUARE, SamsungElecMech, Samsung Elec (PREF).


KRX Foreign Holding Weekly (Jul 3rd): Samsung Electronics, SK Hynix, SKSQUARE, SamsungElecMech

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>Focus is on rotation from semi leveraged ETFs, about KRW 700bn to 1tn in 5 days, mainly cannibalizing KODEX and TIGER which proxy Samsung and Hynix leverage.</li>
<li>Better trade is smaller names, not Samsung or Hynix. Futures likely take heavy sell pressure post listing, driving outsized basis blowout and spot futures dislocation versus turnover.</li>
<li>Screen names are Hanmi, Leeno, Wonik IPS, EO Technics, ISC. Expect 1 to 1.3x futures sell flow. Play via cash shorts or basis on backwardation.</li>
</ul>


Focus is on rotation from semi leveraged ETFs, about KRW 700bn to 1tn in 5 days, mainly cannibalizing KODEX and TIGER which proxy Samsung and Hynix leverage.
Better trade is smaller names, not Samsung or Hynix. Futures likely take heavy sell pressure post listing, driving outsized basis blowout and spot futures dislocation versus turnover.
Screen names are Hanmi, Leeno, Wonik IPS, EO Technics, ISC. Expect 1 to 1.3x futures sell flow. Play via cash shorts or basis on backwardation.


Flow Cannibalization Trade Setup Around Samsung and Hynix Leveraged ETF Listings

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of May 1st. The aggregated short interest was USD18.4bn.</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 LS ELECTRIC, SK Hynix, LG Electronics, LEENO, DWEC.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of May 1st. The aggregated short interest was USD18.4bn.
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 LS ELECTRIC, SK Hynix, LG Electronics, LEENO, DWEC.


KRX Short Interest Weekly (April 30th): LS ELECTRIC, SK Hynix, LG Electronics, LEENO, DWEC

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li><em><strong>On 29 April, Aju IB Investment (027360 KS) announced an upcoming 7% block deal sale (8.48 million shares) in the company by its largest shareholder Aju Inc.</strong></em></li>
<li>Aju IB Investment owns a small stake in SpaceX shares through its US subsidiary Solasta Ventures (US). The exact investment amount has not been disclosed.</li>
<li>In my view, Aju Inc is trying to take some profits after an enormous share price appreciation (up more than 660% in the past 6 months). </li>
</ul>


On 29 April, Aju IB Investment (027360 KS) announced an upcoming 7% block deal sale (8.48 million shares) in the company by its largest shareholder Aju Inc.
Aju IB Investment owns a small stake in SpaceX shares through its US subsidiary Solasta Ventures (US). The exact investment amount has not been disclosed.
In my view, Aju Inc is trying to take some profits after an enormous share price appreciation (up more than 660% in the past 6 months). 


Upcoming Block Deal Sale of a 7% Stake in Aju IB Investment (027360KS) By Aju Inc

South Korea

LEENO Industrial Inc. develops and manufactures various testers.  The Company's products include integrated circuit (IC) test sockets, test probe pins used in semiconductor industry.

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Leeno Industrial (058470 KS)

KRX Short Interest Weekly (Jul 3rd): SK Hynix, SKSQUARE, LS ELECTRIC, DB HiTek, JEL

We analyzed KRX short interest report for the past week and highlighted short interest changes in SK Hynix, SKSQUARE, LS ELECTRIC, DB HiTek, JEL.

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Jul 3rd): Samsung Electronics, SK Hynix, SKSQUARE, SamsungElecMech

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SK Hynix, SKSQUARE,...

Ke Yan, CFA, FRM

Flow Cannibalization Trade Setup Around Samsung and Hynix Leveraged ETF Listings

This post examines the trading angle around flow cannibalization dynamics driven by the listing of Samsung and Hynix leveraged ETFs.

Sanghyun Park

KRX Short Interest Weekly (April 30th): LS ELECTRIC, SK Hynix, LG Electronics, LEENO, DWEC

We analyzed KRX short interest report for the past week and highlighted short interest changes in LS ELECTRIC, SK Hynix, LG Electronics, LEENO, DWEC.

Ke Yan, CFA, FRM

Upcoming Block Deal Sale of a 7% Stake in Aju IB Investment (027360KS) By Aju Inc

On 29 April, Aju IB Investment (027360 KS) announced an upcoming 7% block deal sale (8.48 million shares) in the company by its largest shareholder...

Douglas Kim

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