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 Jan 23rd. The aggregated short interest was USD13.5bn.</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 Hyundai Glovis, Hyundai Motor, POSCO DX, Alteogen, HanmiPharm.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jan 23rd. The aggregated short interest was USD13.5bn.
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 Hyundai Glovis, Hyundai Motor, POSCO DX, Alteogen, HanmiPharm.


KRX Short Interest Weekly (Jan 23rd): Hyundai Glovis, Hyundai Motor, POSCO DX, Alteogen, HanmiPharm

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Jan 16th. The aggregated short interest was USD12.3bn.</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 Hyundai Motor, TaihanElecWire, KEPCO E&amp;C, Hanwha Ocean, Samsung Electronics.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jan 16th. The aggregated short interest was USD12.3bn.
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 Hyundai Motor, TaihanElecWire, KEPCO E&amp;C, Hanwha Ocean, Samsung Electronics.


KRX Short Interest Weekly (Jan 16th): Hyundai Motor, TaihanElecWire, KEPCO E&C, Hanwha Ocean

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Hanwha Corp announced that it will create two separate holding companies for the Hanwha Group - Hanwha Corp and Hanwha Machinery &amp; Service Holdings.  </li>
<li>Hanwha Corp will also cancel 4.45 million treasury shares (5.9% of outstanding shares) to improve shareholder value.</li>
<li>We have raised our NAV valuation of Hanwha Corp. Our upgraded NAV analysis of Hanwha Corp is target price of 204,800 won per share (up 63% from current price).</li>
</ul>


Hanwha Corp announced that it will create two separate holding companies for the Hanwha Group - Hanwha Corp and Hanwha Machinery &amp; Service Holdings.  
Hanwha Corp will also cancel 4.45 million treasury shares (5.9% of outstanding shares) to improve shareholder value.
We have raised our NAV valuation of Hanwha Corp. Our upgraded NAV analysis of Hanwha Corp is target price of 204,800 won per share (up 63% from current price).


Hanwha Corp: Creation of Two Separate Holding Companies & Cancellation of 5.9% of Outstanding Shares

<ul>
<li>Kim Dong-Won and Kim Dong-Sun decided to sell nearly 1.1 trillion won (US$750 million) worth of Hanwha Energy.</li>
<li>Through this sale, Hanwha Energy's value is estimated at approximately 5.5 trillion won. </li>
<li><em><strong>This large scale stake sale could result in negative sentiment/impact on Hanwha Corp and Hanwha Systems. </strong></em></li>
</ul>


Kim Dong-Won and Kim Dong-Sun decided to sell nearly 1.1 trillion won (US$750 million) worth of Hanwha Energy.
Through this sale, Hanwha Energy's value is estimated at approximately 5.5 trillion won. 
This large scale stake sale could result in negative sentiment/impact on Hanwha Corp and Hanwha Systems. 


Sale of 1.1 Trillion Won Worth of Hanwha Energy by Kim Dong-Won and Kim Dong-Sun

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a> delisting resolution failed as it was not approved by at least 75% of disinterested shareholders.</li>
<li>The resumption of trading resolutions to restore the 10% free float requirement was passed. Trading will resume once the 10% free float requirement is met. </li>
<li>Minorities have secured a pyrrhic victory as the <a href="https://www.smartkarma.com/entities/oversea-chinese-banking-corp" target="_blank" data-smartkarma-citation="entities:114:1" rel="noopener">OCBC (OCBC SP)</a> offer was light, but there is no obvious catalyst to re-rate the shares. Deal break price around S$21.49.</li>
</ul>


The Great Eastern Holdings (GE SP) delisting resolution failed as it was not approved by at least 75% of disinterested shareholders.
The resumption of trading resolutions to restore the 10% free float requirement was passed. Trading will resume once the 10% free float requirement is met. 
Minorities have secured a pyrrhic victory as the OCBC (OCBC SP) offer was light, but there is no obvious catalyst to re-rate the shares. Deal break price around S$21.49.


Great Eastern Holdings (GE SP): Minorities Secure a Pyrrhic Victory

South Korea

Hanwha Life Insurance Co., Ltd. offers life insurance services and reinsurance services.  The Company also does insurance against loss business, beverages business, real estate rental, and securities investment business through its subsidiaries.

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Hanwha Life Insurance (088350 KS)

KRX Short Interest Weekly (Jan 23rd): Hyundai Glovis, Hyundai Motor, POSCO DX, Alteogen, HanmiPharm

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hyundai Glovis, Hyundai Motor, POSCO DX,...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Jan 16th): Hyundai Motor, TaihanElecWire, KEPCO E&C, Hanwha Ocean

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hyundai Motor, TaihanElecWire, KEPCO E&C, Hanwha...

Ke Yan, CFA, FRM

Hanwha Corp: Creation of Two Separate Holding Companies & Cancellation of 5.9% of Outstanding Shares

We have raised our NAV valuation of Hanwha Corp. Our upgraded NAV analysis of Hanwha Corp is target price of 204,800 won per share (up 63% from...

Douglas Kim

Sale of 1.1 Trillion Won Worth of Hanwha Energy by Kim Dong-Won and Kim Dong-Sun

Kim Dong-Won and Kim Dong-Sun decided to sell nearly 1.1 trillion won (US$750 million) worth of Hanwha Energy which could result in negative...

Douglas Kim

Great Eastern Holdings (GE SP): Minorities Secure a Pyrrhic Victory

Minorities have secured a pyrrhic victory as the OCBC (OCBC SP) offer was light, but there is no obvious catalyst to re-rate the shares. My...

Arun George

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