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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<ul>
<li>KRX has announced the Fast Entry inclusion of <a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> in the KOSPI200 Index at the close on 10 March. <a href="https://www.smartkarma.com/entities/dongwon-f-b-co-ltd" target="_blank" data-smartkarma-citation="entities:3274:1" rel="noopener">Dongwon F&amp;B (049770 KS)</a> will be deleted.</li>
<li>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a>'s inclusion in the KRX Secondary Battery Index and the BBIG Index should be announced in the next few days. That will add to passive buying.</li>
<li>Local institutions have been buyers on <a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> since listing while retail and foreign investors have been sellers. There is a biggish lock up expiry coming up.</li>
</ul>


KRX has announced the Fast Entry inclusion of LG Energy Solution (373220 KS) in the KOSPI200 Index at the close on 10 March. Dongwon F&amp;B (049770 KS) will be deleted.

LG Energy Solution (373220 KS)'s inclusion in the KRX Secondary Battery Index and the BBIG Index should be announced in the next few days. That will add to passive buying.
Local institutions have been buyers on LG Energy Solution (373220 KS) since listing while retail and foreign investors have been sellers. There is a biggish lock up expiry coming up.


KOSPI200 Index Rebalance (March): LG Energy IN; Dongwon F&B Out

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>There are 71 interim dividend stocks on KOSPI and KOSDAQ. Of these, 9 stocks pay quarterly dividends: 7 KOSPI and 2 KOSDAQ.</li>
<li>All except POSCO and Shinhan Financial employ an equal quarterly split. As expected, SKT offers the highest quarterly dividend yield. At the last closing price, it is 1.55%.</li>
<li>Since the absolute yield level is tight, it may not be appropriate to consider a dividend arb play, except for SKT. Nevertheless, it may act as short-term price momentum.</li>
</ul>


There are 71 interim dividend stocks on KOSPI and KOSDAQ. Of these, 9 stocks pay quarterly dividends: 7 KOSPI and 2 KOSDAQ.
All except POSCO and Shinhan Financial employ an equal quarterly split. As expected, SKT offers the highest quarterly dividend yield. At the last closing price, it is 1.55%.
Since the absolute yield level is tight, it may not be appropriate to consider a dividend arb play, except for SKT. Nevertheless, it may act as short-term price momentum.


KOSPI/KOSDAQ Quarterly Dividend Stocks: DPS & Yield Estimations

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>To our understanding, UMC and Samsung have dealt the 28nm wafer demand and have lifted 28nm wafer price in 2Q22.</li>
<li>We think it’s possible to lift the wafer price again in 2H22 if TSMC decides to further lift wafer price recently.</li>
<li>Entering the 5G era, there could be more demand in several aspects, like data storage, data transmission and processing, smartphone, and PC/NB upgrade and etc.</li>
</ul>


To our understanding, UMC and Samsung have dealt the 28nm wafer demand and have lifted 28nm wafer price in 2Q22.
We think it’s possible to lift the wafer price again in 2H22 if TSMC decides to further lift wafer price recently.
Entering the 5G era, there could be more demand in several aspects, like data storage, data transmission and processing, smartphone, and PC/NB upgrade and etc.


UMC (UMC.US; 2303.TT): Although It Could Be ~1% ASP Changed Only, but the Price Is Lifted in 2Q22.

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>SK Hynix has lost slight market share in DRAM, but gained significantly in NAND to become a strong #2 contender</li>
<li>Revenue growth expectations seem conservative given Intel consolidation, market growth expectations, and the current pricing environment</li>
<li>The company is still trading at discount valuation multiples despite improved market positioning and medium-term dividend clarity</li>
</ul>


SK Hynix has lost slight market share in DRAM, but gained significantly in NAND to become a strong #2 contender
Revenue growth expectations seem conservative given Intel consolidation, market growth expectations, and the current pricing environment
The company is still trading at discount valuation multiples despite improved market positioning and medium-term dividend clarity


SK Hynix: Improving Global Market Positioning Whilst Still Trading at Discount Valuation Multiples

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>We believe TSMC shall decide whether to raise wafer price in one, or two month.</li>
<li>To our understanding, Intel has gotten the wafer allocation from TSMC for the next two years.</li>
<li>To our understanding, MediaTek is the first client to perform 4nm production, although the booking quantity is less than Apple iPhone.</li>
</ul>


We believe TSMC shall decide whether to raise wafer price in one, or two month.
To our understanding, Intel has gotten the wafer allocation from TSMC for the next two years.
To our understanding, MediaTek is the first client to perform 4nm production, although the booking quantity is less than Apple iPhone.


TSMC (TSM.US; 2303.TT): TSMC Shall Decide Whether to Raise Wafer Price in One, or Two Month.

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (005930 KS)

KOSPI200 Index Rebalance (March): LG Energy IN; Dongwon F&B Out

LG Energy will be added to the KOSPI200 Index at the close on 10 March, while Dongwon F&B will be deleted. There will be a large KOSPI200 basket...

Brian Freitas

KOSPI/KOSDAQ Quarterly Dividend Stocks: DPS & Yield Estimations

This post lists all 71 interim dividend stocks, of which 9 are quarterly dividend stocks. It then estimates DPS and dividend yield of these 9...

Sanghyun Park

UMC (UMC.US; 2303.TT): Although It Could Be ~1% ASP Changed Only, but the Price Is Lifted in 2Q22.

Considering Samsung 28nm demand fraction to UMC’s total revenue, we estimate UMC's price should be lifted for ~1% and GM might increase to be ~41%...

Patrick Liao

SK Hynix: Improving Global Market Positioning Whilst Still Trading at Discount Valuation Multiples

In this insight, we analyse SK Hynix’s relative market share changes, market pricing dynamics, and revenue growth outlook, as well as an updated...

Wium Malan, CFA

TSMC (TSM.US; 2303.TT): TSMC Shall Decide Whether to Raise Wafer Price in One, or Two Month.

TSMC has the lowest wafer price among top foundry players, i.e., TSMC, UMC, GF and SMIC. For 28nm, the generic price is ~US$2,500 in TSMC, but it...

Patrick Liao

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