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 Jan 30th. The aggregated holding was USD1,137.3bn.</li>
<li>We estimate that foreign flows to be inflows of USD505mln. 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 Hyundai Motor, Samsung Electronics, SK Hynix, NAVER, Samsung SDI.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jan 30th. The aggregated holding was USD1,137.3bn.
We estimate that foreign flows to be inflows of USD505mln. 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 Hyundai Motor, Samsung Electronics, SK Hynix, NAVER, Samsung SDI.


KRX Foreign Holding Weekly (Jan 30th): Hyundai Motor, Samsung Electronics, SK Hynix, NAVER

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Oct 31st. The aggregated short interest was USD12.2bn.</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 SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Oct 31st. The aggregated short interest was USD12.2bn.
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 SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC.


KRX Short Interest Weekly (Oct 31st): SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC

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

HD Hyundai Heavy Industries  / Event-Driven

<ul>
<li>NAV sets the floor under the proposed bill. That’d cut the swap ratio from 1:0.162 to 1:0.128 — meaning Infracore holders get fewer CE shares than under market pricing.</li>
<li>Unlike the Doosan deal, this one’s unlikely to get walked back. With wide spreads and HD setting a 10% SO cap, the dislocation looks tradable despite appraisal right overhang.</li>
<li>Top holders/NPS hold ~50%, local instos 20%, foreigners 15% and retail the rest. Sentiment’s cautious but not hostile; appraisal risk looks manageable, making this spread a potential convergence play.</li>
</ul>


NAV sets the floor under the proposed bill. That’d cut the swap ratio from 1:0.162 to 1:0.128 — meaning Infracore holders get fewer CE shares than under market pricing.
Unlike the Doosan deal, this one’s unlikely to get walked back. With wide spreads and HD setting a 10% SO cap, the dislocation looks tradable despite appraisal right overhang.
Top holders/NPS hold ~50%, local instos 20%, foreigners 15% and retail the rest. Sentiment’s cautious but not hostile; appraisal risk looks manageable, making this spread a potential convergence play.


HD Merger: Overblown Policy Risk Creates a Convergence Play Opportunity

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>After the market close on 1 July, HD Hyundai Infracore announced that it will be merging with HD Hyundai Construction Equipment. </li>
<li>The merger ratio is 0.1621707 common shares of HD Hyundai Construction Equipment for each common share of HD Hyundai Infracore. </li>
<li>We have Negative ratings on both HD Hyundai Infracore and HD Hyundai Construction Equipment.</li>
</ul>


After the market close on 1 July, HD Hyundai Infracore announced that it will be merging with HD Hyundai Construction Equipment. 
The merger ratio is 0.1621707 common shares of HD Hyundai Construction Equipment for each common share of HD Hyundai Infracore. 
We have Negative ratings on both HD Hyundai Infracore and HD Hyundai Construction Equipment.


Merger Between HD Hyundai Infracore and HD Hyundai Construction Equipment

Hyundai Construction Equipment / Event-Driven

Hyundai Construction Equipment (267270 KS)

<ul>
<li>This event offers two arb plays—merger swap and appraisal rights—but there’s barely any juice left as pricing locked the market into an unusually tight range.</li>
<li>Yeah, it’s tight. Unless cancel risk flares up, the spread likely stays muted—major holder’s balanced stakes make vote pushback or ratio disputes pretty unlikely.</li>
<li>One angle to watch: passive flows. HCE likely joins KOSPI 200 post-merger, triggering index buys around Infracore’s halt on Dec 30—potentially a solid year-end positioning play.</li>
</ul>


This event offers two arb plays—merger swap and appraisal rights—but there’s barely any juice left as pricing locked the market into an unusually tight range.
Yeah, it’s tight. Unless cancel risk flares up, the spread likely stays muted—major holder’s balanced stakes make vote pushback or ratio disputes pretty unlikely.
One angle to watch: passive flows. HCE likely joins KOSPI 200 post-merger, triggering index buys around Infracore’s halt on Dec 30—potentially a solid year-end positioning play.


HD HCE–Infracore Merger: Deal Mechanics & Trade Playbook

South Korea

Hyundai Construction Equipment Corporation manufactures construction equipment. Hyundai Construction Equipment Corporation is located in South Korea. Hyundai Construction Equipment Corporation operates independently of Hyundai Heavy Industries Co., Ltd. as of April 1, 2017.

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Hyundai Construction Equipment (267270 KS)

KRX Foreign Holding Weekly (Jan 30th): Hyundai Motor, Samsung Electronics, SK Hynix, NAVER

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Hyundai Motor, Samsung Electronics, SK Hynix,...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Oct 31st): SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC

We analyzed KRX short interest report for the past week and highlighted short interest changes in SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung...

Ke Yan, CFA, FRM

HD Merger: Overblown Policy Risk Creates a Convergence Play Opportunity

The HD merger’s policy risk is way overhyped right now. Given that, the current spread looks like a solid setup for a convergence play.

Sanghyun Park

Merger Between HD Hyundai Infracore and HD Hyundai Construction Equipment

After the market close on 1 July, HD Hyundai Infracore announced that it will be merging with HD Hyundai Construction Equipment.

Douglas Kim

HD HCE–Infracore Merger: Deal Mechanics & Trade Playbook

This post dives into the HD HCE–Infracore merger—breaking down the deal mechanics and laying out the key trading angles.

Sanghyun Park

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