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 Sep 25th. The aggregated holding was USD1,755.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,304mln. 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 Samsung Electronics, SK Hynix, SamsungElecMech, SKSQUARE, LG Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Sep 25th. The aggregated holding was USD1,755.4bn.
We estimate that foreign flows to be inflows of USD1,304mln. 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 Samsung Electronics, SK Hynix, SamsungElecMech, SKSQUARE, LG Electronics.


KRX Foreign Holding Weekly (Sep 25th): Samsung Electronics, SK Hynix, SamsungElecMech, SKSQUARE

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In this insight, I provide an investment thesis on Doosan Enerbility (034020 KS) which is a Korean nuclear powerhouse. </li>
<li>In addition, I highlight the likely pre-IPO investment in Westinghouse Electric (US) which is likely to occur in 4Q 2026/1Q 2027. </li>
<li>Despite the long-term higher demand for nuclear and SMRs made by Doosan Enerbility, I remain wary of the company's high valuation multiples and worsening balance sheet.</li>
</ul>


In this insight, I provide an investment thesis on Doosan Enerbility (034020 KS) which is a Korean nuclear powerhouse. 
In addition, I highlight the likely pre-IPO investment in Westinghouse Electric (US) which is likely to occur in 4Q 2026/1Q 2027. 
Despite the long-term higher demand for nuclear and SMRs made by Doosan Enerbility, I remain wary of the company's high valuation multiples and worsening balance sheet.


Doosan Enerbility: A Korean Nuclear Powerhouse + Likely Pre-IPO Investment in Westinghouse

Cross Asset Strategy

<ul>
<li>In this insight, we discuss numerous gap trade opportunities involving Korean preferred and common shares in 3Q 2025.</li>
<li>In particular, five pairs of common and preferred stocks have experienced more than 20% widening of their share prices in the past six months. </li>
<li>These companies (Doosan Corp, Mirae Asset Securities, KIS Holdings, Daishin Securities, and LG Chem) are more likely to revert to closing their gaps in the coming weeks.</li>
</ul>


In this insight, we discuss numerous gap trade opportunities involving Korean preferred and common shares in 3Q 2025.
In particular, five pairs of common and preferred stocks have experienced more than 20% widening of their share prices in the past six months. 
These companies (Doosan Corp, Mirae Asset Securities, KIS Holdings, Daishin Securities, and LG Chem) are more likely to revert to closing their gaps in the coming weeks.


Gap Trade Opportunities in Korean Prefs Vs Common Share Pairs in 3Q 2025

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Sep 18th. The aggregated holding was USD1,670.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD8,838mln. 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, Samsung Elec (PREF), DOOSAN, Doosan Enerbility.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Sep 18th. The aggregated holding was USD1,670.3bn.
We estimate that foreign flows to be outflows of USD8,838mln. 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, Samsung Elec (PREF), DOOSAN, Doosan Enerbility.


KRX Foreign Holding Weekly (Sep 18th): SK Hynix, Samsung Electronics, Samsung Elec (PREF), DOOSAN

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, when we discussed that 5110-5120 on the S&amp;P 500 (SPX) was a bounce spot and a level to trade [long] against.</li>
<li>We'll maintain our bullish view as long as market dynamics remain healthy and SPX and ACWI-US are above 5500 and $115; we would be buyers on pullbacks to these levels.</li>
<li>We would also be buyers at 5700-5785 on SPX and $120-$121 on ACWI-US, which are shorter-term supports.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, when we discussed that 5110-5120 on the S&amp;P 500 (SPX) was a bounce spot and a level to trade [long] against.
We'll maintain our bullish view as long as market dynamics remain healthy and SPX and ACWI-US are above 5500 and $115; we would be buyers on pullbacks to these levels.
We would also be buyers at 5700-5785 on SPX and $120-$121 on ACWI-US, which are shorter-term supports.


MSCI ACWI (ACWI-US) Testing All-Time Highs; Buy Pullbacks to $120-$121 or $115 Supports. Many Buys

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.

Price Gauge
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Doosan Corp (000150 KS)

KRX Foreign Holding Weekly (Sep 25th): Samsung Electronics, SK Hynix, SamsungElecMech, SKSQUARE

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

Ke Yan, CFA, FRM

Doosan Enerbility: A Korean Nuclear Powerhouse + Likely Pre-IPO Investment in Westinghouse

Despite the long-term higher demand for nuclear and SMRs made by Doosan Enerbility, I remain wary of the company's high valuation multiples and...

Douglas Kim

KRX Foreign Holding Weekly (Sep 18th): SK Hynix, Samsung Electronics, Samsung Elec (PREF), DOOSAN

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

Ke Yan, CFA, FRM

MSCI ACWI (ACWI-US) Testing All-Time Highs; Buy Pullbacks to $120-$121 or $115 Supports. Many Buys

MSCI $ACWI Testing All-Time Highs; Buy Pullbacks to $120-$121 or $115 Supports; Bullish Outlook Intact. Discussed Thursday pre-market that a...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KRX Foreign Holding Weekly (Sep 25th): Samsung Electronics, SK Hynix, SamsungElecMech, SKSQUARE

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

Ke Yan, CFA, FRM

Doosan Enerbility: A Korean Nuclear Powerhouse + Likely Pre-IPO Investment in Westinghouse

Despite the long-term higher demand for nuclear and SMRs made by Doosan Enerbility, I remain wary of the company's high valuation multiples and...

Douglas Kim

Gap Trade Opportunities in Korean Prefs Vs Common Share Pairs in 3Q 2025

We discuss numerous gap trade opportunities involving Korean preferred and common shares in 3Q 2025. Five pairs have experienced more than 20%...

Douglas Kim

KRX Foreign Holding Weekly (Sep 18th): SK Hynix, Samsung Electronics, Samsung Elec (PREF), DOOSAN

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

Ke Yan, CFA, FRM

MSCI ACWI (ACWI-US) Testing All-Time Highs; Buy Pullbacks to $120-$121 or $115 Supports. Many Buys

MSCI $ACWI Testing All-Time Highs; Buy Pullbacks to $120-$121 or $115 Supports; Bullish Outlook Intact. Discussed Thursday pre-market that a...

Vermilion Research