Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>Our NAV analysis of LG Corp suggests an implied market cap of 16.3 trillion won or 103,781 won per share which is 16% higher than current share price.</li>
<li>For holdco discount, we used a 50% holdco discount. If investors perceive improvement in value (such as through corporate governance improvements), the holdco discount on LG Corp would decline.</li>
<li>LG Corp's shares are up 5.9% in the past six months, outperforming all the major LG Group related companies including LG Chem, LG H&amp;H, LG Electronics, and LG Energy Solution. </li>
</ul>


Our NAV analysis of LG Corp suggests an implied market cap of 16.3 trillion won or 103,781 won per share which is 16% higher than current share price.
For holdco discount, we used a 50% holdco discount. If investors perceive improvement in value (such as through corporate governance improvements), the holdco discount on LG Corp would decline.
LG Corp's shares are up 5.9% in the past six months, outperforming all the major LG Group related companies including LG Chem, LG H&amp;H, LG Electronics, and LG Energy Solution. 


LG Corp: Updated NAV Analysis Amid Ongoing Corporate Value Up Program in Korea

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 foreign holdings of KRX Stocks as of Mar 15th which has an aggregated holding worth USD526.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD704mln. 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 Hyundai Motor, Naver, Celltrion Inc.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Mar 15th which has an aggregated holding worth USD526.1bn.
We estimate that foreign flows to be inflows of USD704mln. 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 Hyundai Motor, Naver, Celltrion Inc.


KRX Foreign Holding Weekly (Mar 15th): Hyundai Motor, Naver, Celltrion

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Mar 8th which has an aggregated holding worth USD533.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD185mln. 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 Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Mar 8th which has an aggregated holding worth USD533.0bn.
We estimate that foreign flows to be inflows of USD185mln. 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 Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver.


KRX Foreign Holding Weekly (Mar 8th): Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Mar 1st which has an aggregated holding worth USD517.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,159mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instistutions.</li>
<li>We highlight foreign changes in Sk Hynix, Samsung Electronics, Hanwha Aerospace, Kakao, LG Chem.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Mar 1st which has an aggregated holding worth USD517.4bn.
We estimate that foreign flows to be inflows of USD1,159mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instistutions.
We highlight foreign changes in Sk Hynix, Samsung Electronics, Hanwha Aerospace, Kakao, LG Chem.


KRX Foreign Holding Weekly (Mar 1st): Sk Hynix, Samsung Electronics, Hanwha Aerospace, Kakao

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

SAMSUNGACTIVE KoAct Dividend Growth ETF / Event-Driven

<ul>
<li>The Samsung KoAct Dividend Growth Active ETF (476850F.KS) raised around US$7.4m and started trading on 27 February.</li>
<li>There are 45 stocks in the ETF and the aim is to beat the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-index" target="_blank" data-smartkarma-citation="entities:22911:1" rel="noopener">Korea Stock Exchange Kospi Index (KOSPI INDEX)</a> by employing an active management strategy. </li>
<li>Financials, Consumer Discretionary and Industrials stocks make up nearly two-thirds of the ETF, the dividend yield of the underlying basket is 4% and the forward dividend yield is slightly higher.</li>
</ul>


The Samsung KoAct Dividend Growth Active ETF (476850F.KS) raised around US$7.4m and started trading on 27 February.
There are 45 stocks in the ETF and the aim is to beat the Korea Stock Exchange Kospi Index (KOSPI INDEX) by employing an active management strategy. 
Financials, Consumer Discretionary and Industrials stocks make up nearly two-thirds of the ETF, the dividend yield of the underlying basket is 4% and the forward dividend yield is slightly higher.


Samsung KoAct Dividend Growth Active ETF: A Look at the First Corporate Value-Up ETF

South Korea

LG Chem Ltd. is a chemical manufacturer.  The Company's products include petrochemicals, plastic resins, and engineering plastics.  LG Chem also produces industrial and electronic materials.

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

LG Chem Ltd (051910 KS)

LG Corp: Updated NAV Analysis Amid Ongoing Corporate Value Up Program in Korea

Our NAV analysis of LG Corp suggests an implied market cap of 16.3 trillion won or 103,781 won per share which is 16% higher than current share price.

Douglas Kim

KRX Foreign Holding Weekly (Mar 15th): Hyundai Motor, Naver, Celltrion

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Hyundai Motor, Naver, Celltrion.

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Mar 8th): Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver.

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Mar 1st): Sk Hynix, Samsung Electronics, Hanwha Aerospace, Kakao

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Samsung Electronics, Hanwha Aerospace,...

Ke Yan, CFA, FRM

Samsung KoAct Dividend Growth Active ETF: A Look at the First Corporate Value-Up ETF

The Samsung KoAct Dividend Growth Active ETF (476850F.KS) raised around US$7.4m and started trading on 27 February. The div yield of the underlying...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)