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

<ul>
<li>From July, Korea's listed firms will disclose value enhancement plans. Korea's NPS may exclude non-compliant firms, pending official response, though internal review suggests likely implementation.</li>
<li>It's crucial to know portfolio stocks for proactive positioning. A setup targeting potential exclusion from NPS's ESG funds due to post-July compliance must be designed.</li>
<li>Managers often use KRX ESG Leaders 150, aligning portfolios with it. Thus, it's crucial to use this list for post-July compliance monitoring and to adapt setups for NPS's flow impacts.</li>
</ul>


From July, Korea's listed firms will disclose value enhancement plans. Korea's NPS may exclude non-compliant firms, pending official response, though internal review suggests likely implementation.
It's crucial to know portfolio stocks for proactive positioning. A setup targeting potential exclusion from NPS's ESG funds due to post-July compliance must be designed.
Managers often use KRX ESG Leaders 150, aligning portfolios with it. Thus, it's crucial to use this list for post-July compliance monitoring and to adapt setups for NPS's flow impacts.


Exploring Trading Setups Utilizing NPS's ESG Fund Flows After July

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

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Singtel (Singapore Telecommunications) / Event-Driven

<ul>
<li>Even if you were an activist, or a trader with an activism tilt, be long <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> vs. <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>.</li>
<li>Reportedly, <a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a> is negotiating a sale of Optus. Both Singtel and Optus scotch those rumours. </li>
<li>
<a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</a> and <a href="https://www.smartkarma.com/entities/alcoa-corp" target="_blank" data-smartkarma-citation="entities:6510:1" rel="noopener">Alcoa (AA US)</a> enter into a Scheme. As expected. The key question: is CITIC, with 18.9% of shares out, supportive?</li>
</ul>


Even if you were an activist, or a trader with an activism tilt, be long Keisei Electric Railway Co (9009 JP) vs. Oriental Land (4661 JP).
Reportedly, Singtel (ST SP) is negotiating a sale of Optus. Both Singtel and Optus scotch those rumours. 

Alumina Ltd (AWC AU) and Alcoa (AA US) enter into a Scheme. As expected. The key question: is CITIC, with 18.9% of shares out, supportive?


Last Week in Event SPACE: Keisei Electric /Oriental Land, SingTel, Alumina/Alcoa, Li Ning

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>There is an increasing probability that KCC Corp is closer to separating the ownership structures of the three Chung brothers regarding the various KCC Group related companies.</li>
<li>KCC's 9.17% stake in Samsung C&amp;T is worth 2.8 trillion won. KCC's stake in Samsung C&amp;T is worth 117% of KCC's own market cap. </li>
<li>According to our valuation analysis, it suggests NAV of 355,925 won per share, representing a 30% upside from current levels.</li>
</ul>


There is an increasing probability that KCC Corp is closer to separating the ownership structures of the three Chung brothers regarding the various KCC Group related companies.
KCC's 9.17% stake in Samsung C&amp;T is worth 2.8 trillion won. KCC's stake in Samsung C&amp;T is worth 117% of KCC's own market cap. 
According to our valuation analysis, it suggests NAV of 355,925 won per share, representing a 30% upside from current levels.


KCC Corp: Taking a Closer Step to Separating the Ownership Structures of the KCC Group

<ul>
<li>Samsung C&amp;T announced that it plans to cancel treasury shares including 7,807,563 shares of common stock (4.2% of outstanding shares) and 159,835 shares of preferred stock (9.8% of outstanding shares). </li>
<li>This would represent share cancellation amount of 1.1 trillion won and 17 billion won for Samsung C&amp;T (028260 KS) (common) and Samsung C&amp;T (02826K KS) (preferred).</li>
<li>For the remaining treasury shares, the company will cancel 7.8 million shares in 2025 and 7.8 million shares in 2026. </li>
</ul>


Samsung C&amp;T announced that it plans to cancel treasury shares including 7,807,563 shares of common stock (4.2% of outstanding shares) and 159,835 shares of preferred stock (9.8% of outstanding shares). 
This would represent share cancellation amount of 1.1 trillion won and 17 billion won for Samsung C&amp;T (028260 KS) (common) and Samsung C&amp;T (02826K KS) (preferred).
For the remaining treasury shares, the company will cancel 7.8 million shares in 2025 and 7.8 million shares in 2026. 


Samsung C&T: Share Cancellation of Nearly 1.1 Trillion Won Worth of Treasury Shares in 2024

South Korea

Samsung C&T Corporation conducts diversified business support services and resort operation activities. The Company offers a range of services in areas including clothing retail, construction, energy, real estate, food service, and resort accommodations. Samsung C&T also operates a resort with amusement rides, a zoo, water park, golf clubs, and restaurants.

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Samsung C&T (028260 KS)

Exploring Trading Setups Utilizing NPS's ESG Fund Flows After July

This post delves into NPS's ESG fund flows post-July, aligned with the Value-up schedule, and explores proactive trading setups leveraging these...

Sanghyun Park

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

Last Week in Event SPACE: Keisei Electric /Oriental Land, SingTel, Alumina/Alcoa, Li Ning

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

KCC Corp: Taking a Closer Step to Separating the Ownership Structures of the KCC Group

There is an increasing probability that KCC Corp is closer to separating the ownership structures of the three Chung brothers regarding the various...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Exploring Trading Setups Utilizing NPS's ESG Fund Flows After July

This post delves into NPS's ESG fund flows post-July, aligned with the Value-up schedule, and explores proactive trading setups leveraging these...

Sanghyun Park

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

Last Week in Event SPACE: Keisei Electric /Oriental Land, SingTel, Alumina/Alcoa, Li Ning

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

KCC Corp: Taking a Closer Step to Separating the Ownership Structures of the KCC Group

There is an increasing probability that KCC Corp is closer to separating the ownership structures of the three Chung brothers regarding the various...

Douglas Kim

Samsung C&T: Share Cancellation of Nearly 1.1 Trillion Won Worth of Treasury Shares in 2024

Samsung C&T will hold an AGM on 15 March, at which there will be a showdown with several overseas activist investors. One of the interesting twist...

Douglas Kim