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>Gov’t likely to ease CVC rules; street chatter sees high odds. Tied to KRW150tn Growth Fund push, with corporates lobbying—cleanest path to juice capital flow.</li>
<li>Holdcos at center of CVC‑easing; scrapping disclosure rule unlocks external capital. Street read: fast flip from control towers to re‑rating plays as real investment shops with growth portfolios.</li>
<li>KFTC flags 177 holdcos, 14 with CVCs (13 listed). Street sees momentum flows hitting these 13 names; play via basket/overweight, with Doosan, Hyosung, LX as preferred plays.</li>
</ul>


Gov’t likely to ease CVC rules; street chatter sees high odds. Tied to KRW150tn Growth Fund push, with corporates lobbying—cleanest path to juice capital flow.
Holdcos at center of CVC‑easing; scrapping disclosure rule unlocks external capital. Street read: fast flip from control towers to re‑rating plays as real investment shops with growth portfolios.
KFTC flags 177 holdcos, 14 with CVCs (13 listed). Street sees momentum flows hitting these 13 names; play via basket/overweight, with Doosan, Hyosung, LX as preferred plays.


Fresh Policy Momentum Hitting Korea Tape: Trade Is Lining up Around 13 Holdcos with CVC Exposure

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>NPS and other local pension funds net sold approximately 2.5 trillion won in KOSPI included stocks in the past month (as of 23 June).</li>
<li>Top stocks net sold by the NPS and local pension funds in the past one month include Samsung Electro Mechanics, SK Square, and Mirae Asset Securities. </li>
<li>Top stocks net purchased  by the NPS and local pension funds in the past one month include Naver, SK Hynix, and Hyundai Mobis. </li>
</ul>


NPS and other local pension funds net sold approximately 2.5 trillion won in KOSPI included stocks in the past month (as of 23 June).
Top stocks net sold by the NPS and local pension funds in the past one month include Samsung Electro Mechanics, SK Square, and Mirae Asset Securities. 
Top stocks net purchased  by the NPS and local pension funds in the past one month include Naver, SK Hynix, and Hyundai Mobis. 


NPS: Net Seller of Korean Stocks in the Past Month (What Is It Buying and Selling?)

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 foreign holdings of KRX stocks as of Oct 2nd. The aggregated holding was USD1,724.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD6,402mln. 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 changes of foreign holdings in SK Hynix, Samsung Electronics, Woori Financial, SamsungElecMech, Doosan Enerbility.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 2nd. The aggregated holding was USD1,724.3bn.
We estimate that foreign flows to be outflows of USD6,402mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Woori Financial, SamsungElecMech, Doosan Enerbility.


KRX Foreign Holding Weekly (Oct 2nd): SK Hynix, Samsung Electronics, Woori Financial

<ul>
<li>We analysed the earning revision of component stocks of MS-South Korea in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on SK Hynix, Samsung Electronics, KB Financial, Hana Financial, KIH, LG Chem, SK Innovation, LG Energy Solution.</li>
</ul>


We analysed the earning revision of component stocks of MS-South Korea in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on SK Hynix, Samsung Electronics, KB Financial, Hana Financial, KIH, LG Chem, SK Innovation, LG Energy Solution.


MS-South Korea Index Earning Revision (Sep): SK Hynix, Samsung Electronics, KB Financial, KIH

<ul>
<li>We discuss the five most important factors driving the Korean stock market this year which was the best performing among all major country equity markets in the world in 2025.</li>
<li>These five factors included the global AI boom, wars and rumors of wars, beneficiaries of MASGA, Korea Value-Up initiatives, and reduced political uncertainties with new President elected in June 2025. </li>
<li>Our best bet to diversify one's portfolio and be more cautious because staying alive will be a key in 2026 rather than FOMO, especially in 2H 2026. </li>
</ul>


We discuss the five most important factors driving the Korean stock market this year which was the best performing among all major country equity markets in the world in 2025.
These five factors included the global AI boom, wars and rumors of wars, beneficiaries of MASGA, Korea Value-Up initiatives, and reduced political uncertainties with new President elected in June 2025. 
Our best bet to diversify one's portfolio and be more cautious because staying alive will be a key in 2026 rather than FOMO, especially in 2H 2026. 


Korean Stock Market - The Best Performing Among Major Countries Indices in 2025

South Korea

Doosan Co., Ltd operates as a diversified manufacturing and service company. The Company conducts electronic components production, logistics equipment manufacturing, information technology consulting, and other businesses. Doosan provides services worldwide.

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Doosan Corp (000150 KS)

Fresh Policy Momentum Hitting Korea Tape: Trade Is Lining up Around 13 Holdcos with CVC Exposure

This post breaks down fresh policy momentum hitting the Korea tape — with flows lining up around 13 holdcos tied to CVC exposure.

Sanghyun Park

NPS: Net Seller of Korean Stocks in the Past Month (What Is It Buying and Selling?)

NPS and local pension funds have started to net sell Korean stocks in the past month. This could accelerate in the coming weeks, which could...

Douglas Kim

KRX Foreign Holding Weekly (Oct 2nd): SK Hynix, Samsung Electronics, Woori Financial

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Woori Financial,...

Ke Yan, CFA, FRM

MS-South Korea Index Earning Revision (Sep): SK Hynix, Samsung Electronics, KB Financial, KIH

We analyzed MS-South Korea's consensus for Sep 2026 and highlighted changes of EPS in SK Hynix, Samsung Electronics, KB Financial, Hana Financial,...

Ke Yan, CFA, FRM

Korean Stock Market - The Best Performing Among Major Countries Indices in 2025

We discuss the five most important factors driving the Korean stock market this year which was the best performing among all major country equity...

Douglas Kim

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