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>Hyundai’s TSR target is 35%+ (dividends plus buybacks), up 10 percentage points from previous years. They’ve also set a new annual dividend of ₩10,000, paid evenly quarterly.</li>
<li>Hyundai's Value-Up targets may not fully meet market expectations, but the key is the timing. By aligning early with government policies, Hyundai has reduced risks and secured investment flow.</li>
<li>Hyundai plans a pref-skewed buyback, likely continuing this approach as retiring preferred shares first may boost ROE.</li>
</ul>


Hyundai’s TSR target is 35%+ (dividends plus buybacks), up 10 percentage points from previous years. They’ve also set a new annual dividend of ₩10,000, paid evenly quarterly.
Hyundai's Value-Up targets may not fully meet market expectations, but the key is the timing. By aligning early with government policies, Hyundai has reduced risks and secured investment flow.
Hyundai plans a pref-skewed buyback, likely continuing this approach as retiring preferred shares first may boost ROE.


Hyundai Motor's Value-Up Disclosure: Trading Implications from Release Timing & Pref-Skewed Buyback

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 short interest of KRX stocks as of Aug 23rd which has an aggregated short interest worth USD5.2bn.</li>
<li>We tabulate league table 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 estimate the short interests to be USD 5.2bn and highlight short interest changes in Hlb (028300 KS).</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 23rd which has an aggregated short interest worth USD5.2bn.
We tabulate league table 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 estimate the short interests to be USD 5.2bn and highlight short interest changes in Hlb (028300 KS).


KRX Short Interest Weekly (Aug 23rd): Hlb

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC's top 5 clients for 2024 are <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a>, <a href="https://www.smartkarma.com/entities/advanced-micro-devices-inc" target="_blank" data-smartkarma-citation="entities:19009:1" rel="noopener">Advanced Micro Devices (AMD US</a>, <a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a>, <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>.</li>
<li>Smartphone orders continue to dominate at TSMC, with QCOM and MediaTek being key clients.</li>
<li>Looking ahead to 2025, Intel Corp (INTC US) is expected to rely more on TSMC, potentially leading to changes in TSMC's client ranking.</li>
</ul>


TSMC's top 5 clients for 2024 are Apple (AAPL US), Advanced Micro Devices (AMD US, Qualcomm Inc (QCOM US), Mediatek Inc (2454 TT) and NVIDIA Corp (NVDA US).
Smartphone orders continue to dominate at TSMC, with QCOM and MediaTek being key clients.
Looking ahead to 2025, Intel Corp (INTC US) is expected to rely more on TSMC, potentially leading to changes in TSMC's client ranking.


<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Aug 23rd which has an aggregated holding worth USD593.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD995mln. 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 Samsungelec (005930 KS), Sk Hynix (000660 KS), Hyundaimtr (005380 KS).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 23rd which has an aggregated holding worth USD593.0bn.
We estimate that foreign flows to be inflows of USD995mln. 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 Samsungelec (005930 KS), Sk Hynix (000660 KS), Hyundaimtr (005380 KS).


KRX Foreign Holding Weekly (Aug 23rd): Samsungelec, Sk Hynix, Hyundaimtr

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.

Thematic (Sector/Industry)

<ul>
<li>The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
 Macro data points: Thailand GDP growth, South Korea interest rates and GDP growth expectations.</li>
<li>
 Companies mentioned:<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a>, <a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a>
</li>
</ul>


The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.

 Macro data points: Thailand GDP growth, South Korea interest rates and GDP growth expectations.

 Companies mentioned:Samsung Electronics (005930 KS), Tencent (700 HK), JD.com (9618 HK), Reliance Industries (RIL IN)



GEMWeekly (23 Aug 2024): China Property Price War; Thailand, SK Macro; SEC, Tencent, JD, Reliance

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.

Samsung Electronics Pref Shares (005935 KS)

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

Samsung Electronics Pref Shares (005935 KS)

Hyundai Motor's Value-Up Disclosure: Trading Implications from Release Timing & Pref-Skewed Buyback

This post examines Hyundai Motor's Value-Up disclosure released today, focusing on potential trading implications, especially regarding the timing...

Sanghyun Park

KRX Short Interest Weekly (Aug 23rd): Hlb

We analyzed KRX short interest report for the past week. We estimate the short interests to be USD 5.2bn and highlighted short interest changes in...

Ke Yan, CFA, FRM

TSMC (2330.TT; TSM.US): 2024 Top Clients

TSMC's top 5 clients for 2024 include AAPL, AMD, QCOM, Mediatek, and NVDA, with smartphone orders dominating and shifts in client ranking expected...

Patrick Liao

KRX Foreign Holding Weekly (Aug 23rd): Samsungelec, Sk Hynix, Hyundaimtr

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsungelec, Sk Hynix, Hyundaimtr.

Ke Yan, CFA, FRM

GEMWeekly (23 Aug 2024): China Property Price War; Thailand, SK Macro; SEC, Tencent, JD, Reliance

The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global...

Wium Malan, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hyundai Motor's Value-Up Disclosure: Trading Implications from Release Timing & Pref-Skewed Buyback

This post examines Hyundai Motor's Value-Up disclosure released today, focusing on potential trading implications, especially regarding the timing...

Sanghyun Park

KRX Short Interest Weekly (Aug 23rd): Hlb

We analyzed KRX short interest report for the past week. We estimate the short interests to be USD 5.2bn and highlighted short interest changes in...

Ke Yan, CFA, FRM

TSMC (2330.TT; TSM.US): 2024 Top Clients

​TSMC's top 5 clients for 2024 include AAPL, AMD, QCOM, Mediatek, and NVDA, with smartphone orders dominating and shifts in client ranking expected...

Patrick Liao

KRX Foreign Holding Weekly (Aug 23rd): Samsungelec, Sk Hynix, Hyundaimtr

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsungelec, Sk Hynix, Hyundaimtr.

Ke Yan, CFA, FRM

GEMWeekly (23 Aug 2024): China Property Price War; Thailand, SK Macro; SEC, Tencent, JD, Reliance

The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global...

Wium Malan, CFA

TSMC's top 5 clients for 2024 include AAPL, AMD, QCOM, Mediatek, and NVDA, with smartphone orders dominating and shifts in client ranking expected...