Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>In this insight, we discuss strategies for outperformance amid market convulsions and downturn. </li>
<li>In particular, we highlight six reasons why it may be a wise move to position one's portfolio more defensively (at least for the next several months).</li>
<li>Warren Buffett slashed nearly half of his holdings in Apple, which was probably one of the main triggers of the tremendous market sell off in Asian markets on Monday.</li>
</ul>


In this insight, we discuss strategies for outperformance amid market convulsions and downturn. 
In particular, we highlight six reasons why it may be a wise move to position one's portfolio more defensively (at least for the next several months).
Warren Buffett slashed nearly half of his holdings in Apple, which was probably one of the main triggers of the tremendous market sell off in Asian markets on Monday.


6 Major Signs of Market Downturn and Strategy for Outperformance Amid Market Convulsions

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>Silicon Motion reported 2Q24 results on Friday, describing strong demand for NAND flash controllers driven by the PC industry and improving demand from the smartphone industry.</li>
<li>The company expects industry NAND flash pricing to continue improving into 2025E. Moreover, SIMO expects to expand its market share for NAND flash controllers by year-end.</li>
<li>Maintain Structural Long rating for SIMO. The recent share price decline is painful for holders however share weakness is an accumulation opportunity with an investment view to mid-2025E.</li>
</ul>


Silicon Motion reported 2Q24 results on Friday, describing strong demand for NAND flash controllers driven by the PC industry and improving demand from the smartphone industry.
The company expects industry NAND flash pricing to continue improving into 2025E. Moreover, SIMO expects to expand its market share for NAND flash controllers by year-end.
Maintain Structural Long rating for SIMO. The recent share price decline is painful for holders however share weakness is an accumulation opportunity with an investment view to mid-2025E.


Silicon Motion 2Q24 Results Take-Aways: Strong Growth & NAND Flash Market Share Gains Expected

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 foreign holdings of KRX stocks as of Aug 2nd which has an aggregated holding worth USD547.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,687mln. 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 foreign changes in Hyundai Glovis, Woori Financial, Korea Aerospace, Samsung Biologic, Sk Hynix.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 2nd which has an aggregated holding worth USD547.0bn.
We estimate that foreign flows to be inflows of USD1,687mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Hyundai Glovis, Woori Financial, Korea Aerospace, Samsung Biologic, Sk Hynix.


KRX Foreign Holding Weekly (Aug 2nd): Hyundai Glovis, Woori Financial, Korea Aerospace

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

<ul>
<li>We screen for stocks at the extreme ends of their positioning or momentum ranges among active Asia Ex-Japan equity funds.</li>
<li>High Positioning, Negative Momentum: AIA Group Limited, Shenzhen Inovance Technology </li>
<li>Low Positioning, Positive Momentum: New Oriental Education &amp; Technology Group, Shinhan Financial Group</li>
</ul>


We screen for stocks at the extreme ends of their positioning or momentum ranges among active Asia Ex-Japan equity funds.
High Positioning, Negative Momentum: AIA Group Limited, Shenzhen Inovance Technology 
Low Positioning, Positive Momentum: New Oriental Education &amp; Technology Group, Shinhan Financial Group


Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>Despite a negative share price reaction, following its 2Q2024 earnings report, <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> remains firmly amid an earnings upgrade cycle.</li>
<li>With SK Hynix entering oversold territory, near-term momentum indicators are displaying bullish signals.</li>
<li>SK Hynix trades at nearly one standard deviation below its 5-year historic average EV/EBITDA ratio and a discount to global peers.</li>
</ul>


Despite a negative share price reaction, following its 2Q2024 earnings report, SK Hynix (000660 KS) remains firmly amid an earnings upgrade cycle.
With SK Hynix entering oversold territory, near-term momentum indicators are displaying bullish signals.
SK Hynix trades at nearly one standard deviation below its 5-year historic average EV/EBITDA ratio and a discount to global peers.


SK Hynix (000660-KR): Positive Technical Analysis Signals

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (000660 KS)

6 Major Signs of Market Downturn and Strategy for Outperformance Amid Market Convulsions

In this insight, we discuss strategies for outperformance amid market convulsions and downturn. We highlight six reasons why it may be a wise move...

Douglas Kim

KRX Foreign Holding Weekly (Aug 2nd): Hyundai Glovis, Woori Financial, Korea Aerospace

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Hyundai Glovis, Woori Financial, Korea Aerospace,...

Ke Yan, CFA, FRM

Asia Ex-Japan: Extreme Stocks

We screen for stocks at the extreme ends of their positioning or momentum ranges. We combine current and historical data with recent manager...

Steven Holden

SK Hynix (000660-KR): Positive Technical Analysis Signals

In this insight, we perform a technical analysis of SK Hynix by looking at earnings forecast revision trends, momentum indicators, and current...

Wium Malan, CFA

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6 Major Signs of Market Downturn and Strategy for Outperformance Amid Market Convulsions

In this insight, we discuss strategies for outperformance amid market convulsions and downturn. We highlight six reasons why it may be a wise move...

Douglas Kim

Silicon Motion 2Q24 Results Take-Aways: Strong Growth & NAND Flash Market Share Gains Expected

​Silicon Motion sees strong demand for NAND flash controllers from PC and smartphone industries. Expects pricing to improve into 2025E and market...

Vincent Fernando, CFA

KRX Foreign Holding Weekly (Aug 2nd): Hyundai Glovis, Woori Financial, Korea Aerospace

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Hyundai Glovis, Woori Financial, Korea Aerospace,...

Ke Yan, CFA, FRM

Asia Ex-Japan: Extreme Stocks

We screen for stocks at the extreme ends of their positioning or momentum ranges. We combine current and historical data with recent manager...

Steven Holden

SK Hynix (000660-KR): Positive Technical Analysis Signals

In this insight, we perform a technical analysis of SK Hynix by looking at earnings forecast revision trends, momentum indicators, and current...

Wium Malan, CFA

Silicon Motion sees strong demand for NAND flash controllers from PC and smartphone industries. Expects pricing to improve into 2025E and market...