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 foreign holdings of KRX stocks as of Jul 11th. The aggregated holding was USD638.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD373mln. We tabulates 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 Alteogen, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 11th. The aggregated holding was USD638.1bn.
We estimate that foreign flows to be inflows of USD373mln. We tabulates 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 Alteogen, Samsung Electronics.


KRX Foreign Holding Weekly (Jul 11th): Alteogen, Samsung Electronics

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>1Q25 earnings beat on the horizon</li><li>Such upbeat forecast attributed to PCC (Pure Car Carrier) freight rate hikes, increased proportion of non-affiliated sales, and revenue growth in the CKD (Complete Knock Down) business</li><li>Following an excessive correction driven by tariff concerns, the stock now trades at an undemanding P/E of 5x; we strongly advocate a Buy</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1Q25 earnings beat on the horizonSuch upbeat forecast attributed to PCC (Pure Car Carrier) freight rate hikes, increased proportion of non-affiliated sales, and revenue growth in the CKD (Complete Knock Down) businessFollowing an excessive correction driven by tariff concerns, the stock now trades at an undemanding P/E of 5x; we strongly advocate a BuyContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hyundai Glovis (086280 KS Apr 1, 2025) - Tariff Fears Excessively Priced In

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dn-solutions" target="_blank" data-smartkarma-citation="entities:44474:1" rel="noopener">DN Solutions (298440 KS)</a> is looking to raise up to KRW 1,573bn (US$1.08bn), valuing the company at KRW 5.66 trillion (US$3.9bn) at the top end of the IPO price range.</li>
<li>The highest probability of <a href="https://www.smartkarma.com/entities/dn-solutions" target="_blank" data-smartkarma-citation="entities:44474:1" rel="noopener">DN Solutions</a> being added to the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI200 Index</a> is at the June 2026 rebalance. The stock needs to move 60% higher to be added in December 2025.</li>
<li>Inclusion in global indices could commence in August/November and will depend on institutional investor lock-up schedules. Flows are small unless the stock moves higher and is included in bigger indices.</li>
</ul>



DN Solutions (298440 KS) is looking to raise up to KRW 1,573bn (US$1.08bn), valuing the company at KRW 5.66 trillion (US$3.9bn) at the top end of the IPO price range.
The highest probability of DN Solutions being added to the KOSPI200 Index is at the June 2026 rebalance. The stock needs to move 60% higher to be added in December 2025.
Inclusion in global indices could commence in August/November and will depend on institutional investor lock-up schedules. Flows are small unless the stock moves higher and is included in bigger indices.


DN Solutions IPO: Index Inclusion Timing Depends on Lock-Up Expiry Schedule

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Samsung Fire & Marine Insurance / Equity Bottom-Up

Samsung Fire & Marine Insurance (000810 KS)

<ul>
<li>In this insight, we provide the top 10 stocks picks in the Korean stock market for the two weeks starting 3 February.</li>
<li>The top 10 stock picks include Orion Holdings, OCI Holdings, Hana Tour Service, Hyundai Motor, KT Corp, Samsung F&amp;M Insurance, Korean Air, Hankook T&amp;T, Young Poong, and NICE Info Service.</li>
<li>Our top 10 Korean stock picks from 17 to 31 January are up on average 2.6%, outperforming KOSPI which is down 0.1% in the same period. </li>
</ul>


In this insight, we provide the top 10 stocks picks in the Korean stock market for the two weeks starting 3 February.
The top 10 stock picks include Orion Holdings, OCI Holdings, Hana Tour Service, Hyundai Motor, KT Corp, Samsung F&amp;M Insurance, Korean Air, Hankook T&amp;T, Young Poong, and NICE Info Service.
Our top 10 Korean stock picks from 17 to 31 January are up on average 2.6%, outperforming KOSPI which is down 0.1% in the same period. 


Top 10 Korean Stock Picks Bi-Weekly (3 February 2025)

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jan 3rd which has an aggregated holding worth USD457.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD259mln. 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 (005930 KS) .</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jan 3rd which has an aggregated holding worth USD457.4bn.
We estimate that foreign flows to be outflows of USD259mln. 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 (005930 KS) .


KRX Foreign Holding Weekly (Jan 3rd): Samsung Electronics

South Korea

Hyundai Glovis Co., Ltd. provides domestic and international logistic services. The Company's services include domestic transportation, storage, packaging, vehicle logistic, and logistic consulting.  GLOVIS also runs automobile auction market for used vehicle.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hyundai Glovis (086280 KS)

KRX Foreign Holding Weekly (Jul 11th): Alteogen, Samsung Electronics

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

Ke Yan, CFA, FRM