Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

Korea Stock Exchange KOSPI 200 / Equity Derivatives

<ul>
<li>In just three weeks, on June 3rd, South Korea will hold an early presidential election.</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">KOSPI 200 INDEX</a> on Tuesday closed at 347.17,  <strong>entering deeply overbought territory based on our time and price quantitative models</strong>. </li>
<li>Whether the index rallies into the election and then declines, or starts selling off ahead of the vote,<strong> our tactical stance is unchanged: we recommend short exposure or appropriate hedging.</strong>
</li>
</ul>


In just three weeks, on June 3rd, South Korea will hold an early presidential election.
The KOSPI 200 INDEX on Tuesday closed at 347.17,  entering deeply overbought territory based on our time and price quantitative models. 
Whether the index rallies into the election and then declines, or starts selling off ahead of the vote, our tactical stance is unchanged: we recommend short exposure or appropriate hedging.



KOSPI 200 Tactical Outlook: Waiting for the June Elections

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>“In the next 50 years... we won’t give a thought to selling those [Japanese trading companies].... Japan’s record has been extraordinary.” (Warren Buffett)</li>
<li>In this insight, we provide detailed comparisons of the five major Japanese trading companies and five major Korean holdcos/trading companies. </li>
<li>Japanese trading companies have higher points for market cap, ROE, DPS increase, and shares cancellation. Korean holdcos have higher points for dividend yield, debt/equity ratio, ROIC, and valuations. </li>
</ul>


“In the next 50 years... we won’t give a thought to selling those [Japanese trading companies].... Japan’s record has been extraordinary.” (Warren Buffett)
In this insight, we provide detailed comparisons of the five major Japanese trading companies and five major Korean holdcos/trading companies. 
Japanese trading companies have higher points for market cap, ROE, DPS increase, and shares cancellation. Korean holdcos have higher points for dividend yield, debt/equity ratio, ROIC, and valuations. 


Shareholder Returns of Japanese Trading Companies Invested By Buffett Vs Top Korean Trading/Holdcos

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Capital Markets

<ul>
<li>KRX’s move on SK Enmove this morning ramps up the odds of an SKI rights issue.</li>
<li>Timing’s again the key — unlike POSCO Future M, this isn’t a clean setup. Word is SK may wait for H2 rate cuts and a more risk-on market backdrop.</li>
<li>So, doesn’t look near-term — likely post-June once local tape firms up. Watch quirky local hot money flows that front-run moves like this.</li>
</ul>


KRX’s move on SK Enmove this morning ramps up the odds of an SKI rights issue.
Timing’s again the key — unlike POSCO Future M, this isn’t a clean setup. Word is SK may wait for H2 rate cuts and a more risk-on market backdrop.
So, doesn’t look near-term — likely post-June once local tape firms up. Watch quirky local hot money flows that front-run moves like this.


Explaining the Whole SK Enmove IPO Delay Situation This Morning: SK Innovation Rights Issue Likely

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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.

Jiangsu Zenergy Battery Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-zenergy-battery-technologies" target="_blank" data-smartkarma-citation="entities:43855:1" rel="noopener">Jiangsu Zenergy Battery Technologies (JSZENERGY CH)</a> raised US$130m in its Hong Kong IPO.</li>
<li>Zenergy is an EV and energy storage system battery manufacturer providing integrated battery solutions, encompassing battery cells, modules, packs and battery management systems dedicated to large-scale applications of electrochemical products.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Jiangsu Zenergy Battery Technologies (JSZENERGY CH) raised US$130m in its Hong Kong IPO.
Zenergy is an EV and energy storage system battery manufacturer providing integrated battery solutions, encompassing battery cells, modules, packs and battery management systems dedicated to large-scale applications of electrochemical products.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Jiangsu Zenergy Battery Technologies IPO Trading - Muted Overall Demand, No Stabilisation

Event-Driven

<ul>
<li>The word on the street is the Dems are banking on their candidate winning in June, then clearing the veto and pushing the Corporate Act amendment through immediately.</li>
<li>What seemed like a dead issue for the Corporate Act amendment has turned into a surprise, shifting market momentum and potentially impacting the Korean stock scene.</li>
<li>It could shift the Korean market’s focus to long-term governance improvements, targeting major holdcos like CJ, Hanwha, GS, Doosan, Mobis, SK, and Samsung C&amp;T, with June’s election key.</li>
</ul>


The word on the street is the Dems are banking on their candidate winning in June, then clearing the veto and pushing the Corporate Act amendment through immediately.
What seemed like a dead issue for the Corporate Act amendment has turned into a surprise, shifting market momentum and potentially impacting the Korean stock scene.
It could shift the Korean market’s focus to long-term governance improvements, targeting major holdcos like CJ, Hanwha, GS, Doosan, Mobis, SK, and Samsung C&amp;T, with June’s election key.


Corporate Act Amendment Takes Unexpected Turn: Watch for Holdco Momentum Plays Post-June Election

South Korea

SK Holdings Co., Ltd. is a holdings company that is engaged in various industries including energy, chemicals, information technology, semiconductors, marketing, and services businesses in South Korea and internationally.

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SK Inc (034730 KS)

KOSPI 200 Tactical Outlook: Waiting for the June Elections

The KOSPI 200 INDEX is in overbought territory ahead of SK's early presidential election on June 3rd, this insight discusses tactical...

Nico Rosti

Shareholder Returns of Japanese Trading Companies Invested By Buffett Vs Top Korean Trading/Holdcos

In this insight, we provide detailed comparisons of the five major Japanese trading companies and five major Korean holdcos/trading companies.

Douglas Kim

Explaining the Whole SK Enmove IPO Delay Situation This Morning: SK Innovation Rights Issue Likely

It’s looking more likely that SK Innovation (096770 KS) will go ahead with a rights offering after SK Group’s strategy meeting in mid-June. They’re...

Sanghyun Park

Jiangsu Zenergy Battery Technologies IPO Trading - Muted Overall Demand, No Stabilisation

Jiangsu Zenergy Battery Technologies (Zenergy) raised US$130m in its Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Corporate Act Amendment Takes Unexpected Turn: Watch for Holdco Momentum Plays Post-June Election

Korea's Corporate Act amendment just took an unexpected turn. We should definitely keep an eye on momentum plays in local holding companies,...

Sanghyun Park

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