Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Index Rebalance

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,600+ insights shared on Smartkarma.</li>
<li>In this cut, we go looking for value in Korea beyond memory, weigh SHEIN's long-awaited IPO, and trace how TOPIX's reshuffle could lift small-cap Japanese banks.</li>
<li>Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,600+ insights shared on Smartkarma.
In this cut, we go looking for value in Korea beyond memory, weigh SHEIN's long-awaited IPO, and trace how TOPIX's reshuffle could lift small-cap Japanese banks.
Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.


Curator's Cut: Korea Beyond Memory, SHEIN's Hong Kong Bow & TOPIX's Tailwind for Banks

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

HD Hyundai Heavy Industries  / Equity Bottom-Up

<ul>
<li>The memory giants, Samsung and SK Hynix, have driven the Korean collapse, as AI anxiety and competition concern takes hold. However, there's more to Korea than memory and AI capex.</li>
<li>Throughout last month's carnage, Korean earnings estimates continued to be upgraded - not only in tech but also in financials, retail, basic materials, energy and industrial services.</li>
<li>Based on strong growth, attractive valuations, healthy balance-sheets, robust earnings upgrades, we highlight 15 non-tech Korean companies. Companies from industrials, select household products, basic materials have the strongest growth forecasts.</li>
</ul>


The memory giants, Samsung and SK Hynix, have driven the Korean collapse, as AI anxiety and competition concern takes hold. However, there's more to Korea than memory and AI capex.
Throughout last month's carnage, Korean earnings estimates continued to be upgraded - not only in tech but also in financials, retail, basic materials, energy and industrial services.
Based on strong growth, attractive valuations, healthy balance-sheets, robust earnings upgrades, we highlight 15 non-tech Korean companies. Companies from industrials, select household products, basic materials have the strongest growth forecasts.


Asian Equities: Korea - If Not Memory, Then What?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Hyosung Heavy Industries Corp / Equity Bottom-Up

Hyosung Heavy Industries Corp (298040 KS)

<ul>
<li><em><strong>In this insight, I discuss a pair trade between Hyosung Corporation (004800 KS) (long) and Hyosung Heavy Industries Corp (298040 KS) (short). </strong></em></li>
<li>My NAV analysis of Hyosung Corp is implied market cap of 7.5 trillion won or target price of 448,449 won per share, which represents a 72% upside from current levels</li>
<li>Although HHI has performed much better than Hyosung Corp in the past one year, the latter has outperformed the former in the past one month.</li>
</ul>


In this insight, I discuss a pair trade between Hyosung Corporation (004800 KS) (long) and Hyosung Heavy Industries Corp (298040 KS) (short). 
My NAV analysis of Hyosung Corp is implied market cap of 7.5 trillion won or target price of 448,449 won per share, which represents a 72% upside from current levels
Although HHI has performed much better than Hyosung Corp in the past one year, the latter has outperformed the former in the past one month.


A Pair Trade on Hyosung Corp (Long) And Hyosung Heavy Industries (Short)

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

Hyosung Heavy Industries Corp / Event-Driven

<ul>
<li>Hyosung Heavy (298040 KS) near 29% weight; 10ppt ceiling cut = ~0.6–0.7x DTV outflow. Unlike other ETF heavies, flows here bite — real tradeable setup.</li>
<li>Hyosung Heavy ceiling cut hits Dec 12 rebalance unless &gt;30% earlier; iSelect enforces next‑day, as seen with Isupetasys (right today) breach in KODEX AI Semicon ETF clipped to 20%.</li>
<li>Hyosung Heavy again ripping today; watch 30% breach — triggers next‑day ceiling cut. Play the reversion, hedge with other hot AI power basket names.</li>
</ul>


Hyosung Heavy (298040 KS) near 29% weight; 10ppt ceiling cut = ~0.6–0.7x DTV outflow. Unlike other ETF heavies, flows here bite — real tradeable setup.
Hyosung Heavy ceiling cut hits Dec 12 rebalance unless &gt;30% earlier; iSelect enforces next‑day, as seen with Isupetasys (right today) breach in KODEX AI Semicon ETF clipped to 20%.
Hyosung Heavy again ripping today; watch 30% breach — triggers next‑day ceiling cut. Play the reversion, hedge with other hot AI power basket names.


Hyosung Heavy — Ceiling Reversion Setup, ~0.7x DTV Outflow. Totally off the Market’s Radar

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

Shenton Research

Shenton 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 Sep 25th. The aggregated short interest was USD18.7bn.</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 SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan Enerbility, HyundaiEng&amp;Const.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Sep 25th. The aggregated short interest was USD18.7bn.
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 SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan Enerbility, HyundaiEng&amp;Const.


KRX Short Interest Weekly (Sep 25th): SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan Enerbility

South Korea

Hyosung Heavy Industries Corporation manufactures electrical power equipment. The Company produces and sells transformers, generators, and other related products. Hyosung Heavy Industries markets its products worldwide.

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Hyosung Heavy Industries Corp (298040 KS)

Curator's Cut: Korea Beyond Memory, SHEIN's Hong Kong Bow & TOPIX's Tailwind for Banks

Discover names outside memory in Korea, review SHEIN's IPO, and understand TOPIX's impact on small-cap Japanese banks in this fortnightly...

Pranav Rao

Asian Equities: Korea - If Not Memory, Then What?

KR memory giants have driven equity crash, but many non-tech firms show strong growth, cheap valuation, healthy balance sheets & EPS upgrades. We...

Manishi Raychaudhuri

A Pair Trade on Hyosung Corp (Long) And Hyosung Heavy Industries (Short)

In this insight, I discuss a pair trade between Hyosung Corporation (004800 KS) (long) and Hyosung Heavy Industries Corp (298040 KS) (short).

Douglas Kim

Hyosung Heavy — Ceiling Reversion Setup, ~0.7x DTV Outflow. Totally off the Market’s Radar

This post flags a near‑term, off‑radar passive flow angle: Hyosung Heavy Industries ceiling reversion setup (~0.7x DTV outflow).

Sanghyun Park

KRX Short Interest Weekly (Sep 25th): SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan Enerbility

We analyzed KRX short interest report for the past week and highlighted short interest changes in SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

Curator's Cut: Korea Beyond Memory, SHEIN's Hong Kong Bow & TOPIX's Tailwind for Banks

​Discover names outside memory in Korea, review SHEIN's IPO, and understand TOPIX's impact on small-cap Japanese banks in this fortnightly...

Pranav Rao

Asian Equities: Korea - If Not Memory, Then What?

​KR memory giants have driven equity crash, but many non-tech firms show strong growth, cheap valuation, healthy balance sheets & EPS upgrades. We...

Manishi Raychaudhuri

A Pair Trade on Hyosung Corp (Long) And Hyosung Heavy Industries (Short)

In this insight, I discuss a pair trade between Hyosung Corporation (004800 KS) (long) and Hyosung Heavy Industries Corp (298040 KS) (short).

Douglas Kim

Hyosung Heavy — Ceiling Reversion Setup, ~0.7x DTV Outflow. Totally off the Market’s Radar

This post flags a near‑term, off‑radar passive flow angle: Hyosung Heavy Industries ceiling reversion setup (~0.7x DTV outflow).

Sanghyun Park

KRX Short Interest Weekly (Sep 25th): SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan Enerbility

We analyzed KRX short interest report for the past week and highlighted short interest changes in SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan...

Ke Yan, CFA, FRM

Discover names outside memory in Korea, review SHEIN's IPO, and understand TOPIX's impact on small-cap Japanese banks in this fortnightly...

KR memory giants have driven equity crash, but many non-tech firms show strong growth, cheap valuation, healthy balance sheets & EPS upgrades. We...