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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The resumption of short selling in Korea came at a good time for investors, giving them some additional tools to manage market volatility.</li>
<li>Short interest has increased from 0.17% to 0.23% of market cap for the KOSPI market and from 0.46% to 0.63% for the KOSDAR market.</li>
<li>The KOSPI/KOSDAQ ratio has reverted a bit on profit taking, and the forecast index deletions have recovered a bit but should continue to see increase short interest.</li>
</ul>


The resumption of short selling in Korea came at a good time for investors, giving them some additional tools to manage market volatility.
Short interest has increased from 0.17% to 0.23% of market cap for the KOSPI market and from 0.46% to 0.63% for the KOSDAR market.
The KOSPI/KOSDAQ ratio has reverted a bit on profit taking, and the forecast index deletions have recovered a bit but should continue to see increase short interest.


Korea Short Selling: Biggest Changes in Shorts & Trade Performance

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 Apr 4th which has an aggregated short interest worth USD4.9bn.</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 highlight short interest changes in Lg Energy Solution, Samsung H.I., Hd Hyundai Heavy Industries, Hd Hyundai Electric, Sk Innovation.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Apr 4th which has an aggregated short interest worth USD4.9bn.
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 highlight short interest changes in Lg Energy Solution, Samsung H.I., Hd Hyundai Heavy Industries, Hd Hyundai Electric, Sk Innovation.


KRX Short Interest Weekly (Apr 4th): Lg Energy Solution, Samsung H.I., Hd Hyundai Heavy Industries

<ul>
<li>Short notional ticked higher on the KOSPI and KOSDAQ markets and is expected to continue increasing over the next few months.</li>
<li>Since the resumption of short selling, foreign holdings of Korean equities have increased from 29.26% to 29.3%.</li>
<li>The <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX)</a> to <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> ratio has stayed stable over the last 3 trading days.</li>
</ul>


Short notional ticked higher on the KOSPI and KOSDAQ markets and is expected to continue increasing over the next few months.
Since the resumption of short selling, foreign holdings of Korean equities have increased from 29.26% to 29.3%.
The Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) to KOSDAQ 150 Index (KOSDQ150 INDEX) ratio has stayed stable over the last 3 trading days.


Korea Short Selling: What Happened on Day 1?

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Mar 28th which has an aggregated short of USD 3.6bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT.</li>
<li>We highlight short interest changes in Samsung Electronics, Shinhan Group, KB Financial, Samsung Biologics.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Mar 28th which has an aggregated short of USD 3.6bn.
We tabulate league table for top short by value and short as multiple of ADT.
We highlight short interest changes in Samsung Electronics, Shinhan Group, KB Financial, Samsung Biologics.


KRX Short Interest Weekly (Mar 28th): Samsung Electronics, Shinhan Group, KB Financial

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

EcoPro Materials / Equity Capital Markets

<ul>
<li>EcoPro Materials announced a capital raise worth 389 billion won. The company plans to issue 5.12 million new shares, representing 7.3% of its current outstanding shares (69.74 million).</li>
<li>This capital raise is in the form of redeemable convertible preferred shares (RCPS). Conversion price of this RCPS is 75,974 won which is 9.9% higher than current price. </li>
<li>Ecopro Materials' share price is down 27% from 27 February 2025. We continue to remain negative on Ecopro Materials. </li>
</ul>


EcoPro Materials announced a capital raise worth 389 billion won. The company plans to issue 5.12 million new shares, representing 7.3% of its current outstanding shares (69.74 million).
This capital raise is in the form of redeemable convertible preferred shares (RCPS). Conversion price of this RCPS is 75,974 won which is 9.9% higher than current price. 
Ecopro Materials' share price is down 27% from 27 February 2025. We continue to remain negative on Ecopro Materials. 


Ecopro Materials: Announces A Capital Raise Worth 389 Billion Won

South Korea

Ecopro BM Co.,Ltd develops and manufactures advanced materials. The Company produces and sells high-nickel cathode materials and other products. Ecopro BM markets its products throughout Korea.

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Ecopro BM (247540 KS)

Korea Short Selling: Biggest Changes in Shorts & Trade Performance

The resumption of short selling in Korea has come at an opportune time as market volatility spikes. Short notional has increased but is still a...

Brian Freitas

KRX Short Interest Weekly (Apr 4th): Lg Energy Solution, Samsung H.I., Hd Hyundai Heavy Industries

We analyzed KRX short interest report for the past week and highlighted short interest changes in Lg Energy Solution, Samsung H.I., Hd Hyundai...

Ke Yan, CFA, FRM

Korea Short Selling: What Happened on Day 1?

Short notional has increased as has foreign ownership of Korean equities. Stock selection will become increasingly important. The forecast index...

Brian Freitas

KRX Short Interest Weekly (Mar 28th): Samsung Electronics, Shinhan Group, KB Financial

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, Shinhan Group, KB Financial,...

Ke Yan, CFA, FRM

Ecopro Materials: Announces A Capital Raise Worth 389 Billion Won

EcoPro Materials announced a capital raise worth 389 billion won. The company plans to issue 5.12 million new shares, representing 7.3% of its...

Douglas Kim

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52-week Range

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