Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Valuation estimates for Boston Dynamics have risen to more than 30 trillion won to 50+ trillion won post CES 2026. </li>
<li>The main reason for the sharp share price appreciation of both companies in the past six months has been due to the surging optimism regarding Boston Dynamics' Atlas humaniod robots. </li>
<li>We argue that it is time for Kia Corp's share price to catch up to Hyundai Motor in the next 6-12 months. </li>
</ul>


Valuation estimates for Boston Dynamics have risen to more than 30 trillion won to 50+ trillion won post CES 2026. 
The main reason for the sharp share price appreciation of both companies in the past six months has been due to the surging optimism regarding Boston Dynamics' Atlas humaniod robots. 
We argue that it is time for Kia Corp's share price to catch up to Hyundai Motor in the next 6-12 months. 


Kia Corp - Time to Catch Up to Hyundai Motor Amid Boston Dynamic's Roll-Out of Atlas Robots

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/kia-corp" target="_blank" data-smartkarma-citation="entities:156:1" rel="noopener">Kia (000270 KS)</a> vs. <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai (005380 KS)</a> price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlights: Going long Kia (000270 KS) and short Hyundai (005380 KS) targets a 12% return.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The Kia (000270 KS) vs. Hyundai (005380 KS) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlights: Going long Kia (000270 KS) and short Hyundai (005380 KS) targets a 12% return.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Long Kia (000270 KS) Vs. Short Hyundai (005380 KS): Quant Model Hits Trigger Zone in Korean Autos

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>After a close to a 40% 1 year share price performance, the Bermaz<a href="https://www.smartkarma.com/entities/bermaz-auto-berhad" target="_blank" data-smartkarma-citation="entities:14850:1" rel="noopener"> Auto (BAUTO MK)</a> share price could look a little expensive. </li>
<li>Valuations are not too undemanding, and the near-term catalysts seem to be working, and are margins accretive as well. </li>
<li>For dividend, start accumulating, while for capital appreciation, let's wait for the next quarter to determine whether the recent spike is not a fluke. </li>
</ul>


After a close to a 40% 1 year share price performance, the Bermaz Auto (BAUTO MK) share price could look a little expensive. 
Valuations are not too undemanding, and the near-term catalysts seem to be working, and are margins accretive as well. 
For dividend, start accumulating, while for capital appreciation, let's wait for the next quarter to determine whether the recent spike is not a fluke. 


Bermaz Auto (BAUTO): Recovery on the Way?

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

Shenton Research

Shenton 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 foreign holdings of KRX stocks as of Oct 2nd. The aggregated holding was USD1,724.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD6,402mln. 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 SK Hynix, Samsung Electronics, Woori Financial, SamsungElecMech, Doosan Enerbility.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 2nd. The aggregated holding was USD1,724.3bn.
We estimate that foreign flows to be outflows of USD6,402mln. 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 SK Hynix, Samsung Electronics, Woori Financial, SamsungElecMech, Doosan Enerbility.


KRX Foreign Holding Weekly (Oct 2nd): SK Hynix, Samsung Electronics, Woori Financial

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>South Korea has swung from net underweight to the largest Asia ex-Japan overweight, and now the region’s second-largest allocation.</li>
<li>But the overweight is highly concentrated in Samsung Electronics and SK Hynix, whilst the rest of South Korea sits underweight with Asia Ex-Japan investors.</li>
<li>Outside the top 2, a new cohort is emerging: rising ownership in names like Hanwha Aerospace and Samsung Biologics signals early-stage interest among investors.</li>
</ul>


South Korea has swung from net underweight to the largest Asia ex-Japan overweight, and now the region’s second-largest allocation.
But the overweight is highly concentrated in Samsung Electronics and SK Hynix, whilst the rest of South Korea sits underweight with Asia Ex-Japan investors.
Outside the top 2, a new cohort is emerging: rising ownership in names like Hanwha Aerospace and Samsung Biologics signals early-stage interest among investors.


South Korea: Record Highs, Record Concentration

South Korea

Kia Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks and commercial vehicles. The Company also manufactures auto-parts and tools using hybrid electric and fuel cell technology. Kia markets its products worldwide.

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Kia Corp (000270 KS)

Kia Corp - Time to Catch Up to Hyundai Motor Amid Boston Dynamic's Roll-Out of Atlas Robots

While Hyundai Motor has received most of the recent attention on Boston Dynamics' Atlas humanoid robots, Hyundai Motor's sister company Kia Corp...

Douglas Kim

Long Kia (000270 KS) Vs. Short Hyundai (005380 KS): Quant Model Hits Trigger Zone in Korean Autos

Pair trade with a 12% target-return amid significant deviation of the price-ratio between Kia and Hyundai. Opportunity for quantitative traders...

Gaudenz Schneider

Bermaz Auto (BAUTO): Recovery on the Way?

Bermaz Auto recovery this year has been fantastic - especially when FY 2025 result was very poor. For dividend - start accumulating while for...

Henry Soediarko

KRX Foreign Holding Weekly (Oct 2nd): SK Hynix, Samsung Electronics, Woori Financial

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

Ke Yan, CFA, FRM

South Korea: Record Highs, Record Concentration

South Korea is now the largest Asia ex-Japan overweight, but leadership is narrow. Samsung and SK Hynix dominate, while former core names like...

Steven Holden

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