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>Last year, NPS raised the weighting of defense, renewables, and reopening (entertainment and leisure) stocks. In contrast, NPS mainly reduced exposure to construction, banking, and semiconductors.</li>
<li>In December, NPS is building a fairly aggressive long position in China Reopening. In addition, trading assumed to be portfolio rebalancing for the local chemical sector was detected.</li>
<li>NPS' stake in most major holdings exceeds 5%. This allows us to monitor NPS' trading history almost in real time through KRX FAIR.</li>
</ul>


Last year, NPS raised the weighting of defense, renewables, and reopening (entertainment and leisure) stocks. In contrast, NPS mainly reduced exposure to construction, banking, and semiconductors.
In December, NPS is building a fairly aggressive long position in China Reopening. In addition, trading assumed to be portfolio rebalancing for the local chemical sector was detected.
NPS' stake in most major holdings exceeds 5%. This allows us to monitor NPS' trading history almost in real time through KRX FAIR.


Backtracing Korea NPS Trades on Local Stocks Through KRX FAIR

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>In this insight, we discuss a list of 60 stocks in Korea where NPS recently added or reduced 1% or more stake (27 adds and 33 reduce). </li>
<li>Among the stocks NPS increased its stake, many of them are clear beneficiaries of the end of zero COVID policies in China including Hotel Shilla, Amorepacific Corp, and GKL. </li>
<li>Among the top market cap stocks where the NPS decreased its stake by 1% or more, they include Lg Innotek, Hyundai E&amp;C, Hyundai Mipo, and Posco International. </li>
</ul>


In this insight, we discuss a list of 60 stocks in Korea where NPS recently added or reduced 1% or more stake (27 adds and 33 reduce). 
Among the stocks NPS increased its stake, many of them are clear beneficiaries of the end of zero COVID policies in China including Hotel Shilla, Amorepacific Corp, and GKL. 
Among the top market cap stocks where the NPS decreased its stake by 1% or more, they include Lg Innotek, Hyundai E&amp;C, Hyundai Mipo, and Posco International. 


Equity Bottom-Up

<ul>
<li>We believe that there is finally some light showing at the end of the dark tunnel for the two leading Korean cosmetics companies LG H&amp;H and Amorepacific Corp.</li>
<li>These two stocks have underperformed the market in the past year but have started to outperform the market in the past three weeks. </li>
<li>There are credible signs that indoor mask wearing in Korea will be eliminated in Korea on/near March 2023 and that the inbound visitors to Korea will continue to increase significantly.</li>
</ul>


We believe that there is finally some light showing at the end of the dark tunnel for the two leading Korean cosmetics companies LG H&amp;H and Amorepacific Corp.
These two stocks have underperformed the market in the past year but have started to outperform the market in the past three weeks. 
There are credible signs that indoor mask wearing in Korea will be eliminated in Korea on/near March 2023 and that the inbound visitors to Korea will continue to increase significantly.


Light at the End of the Dark Tunnel for Korean Cosmetics?

Cross Asset Strategy

<ul>
<li>In the past several days, one of the biggest news in Asia has been whether the Chinese government may be willing to change its stance on the zero COVID policies.</li>
<li>So far, the Chinese government has not proclaimed any official statement on ending the zero COVID policies. </li>
<li>Although we do not have a crystal ball on the Chinese government's COVID policies, there are increasing probabilities of a major loosening the COVID restrictions in China next year.</li>
</ul>


In the past several days, one of the biggest news in Asia has been whether the Chinese government may be willing to change its stance on the zero COVID policies.
So far, the Chinese government has not proclaimed any official statement on ending the zero COVID policies. 
Although we do not have a crystal ball on the Chinese government's COVID policies, there are increasing probabilities of a major loosening the COVID restrictions in China next year.


China's Zero COVID Policy: Confusions Remain on Exact Reopening Timeline - Impact on Korean Stocks

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Equity Capital Markets

<ul>
<li>Giant Biogene (GB) raised around US$70m by pricing its  HK IPO at the low-end.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>We had looked at various aspects of the deal in our previous note. In this note, we will talk about the demand for the deal and other trading dynamics.</li>
</ul>


Giant Biogene (GB) raised around US$70m by pricing its  HK IPO at the low-end.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
We had looked at various aspects of the deal in our previous note. In this note, we will talk about the demand for the deal and other trading dynamics.


Giant Biogene IPO Trading - Demand Was Relatively Better but Still Weak

South Korea

Amorepacific Corporation develops, manufactures, and exports skin care, make-up, and fragrance products. The Company also produces and markets personal care and health-related products, such as shampoos, soaps, toothpastes, and health teas. Amorepacific markets its products worldwide.

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Amorepacific Corporation (090430 KS)

Backtracing Korea NPS Trades on Local Stocks Through KRX FAIR

This post details how to monitor NPS trades through the KRX FAIR website and discusses the recent noteworthy trade patterns.

Sanghyun Park

What Is NPS Buying & Selling?

In this insight, we discuss a list of 60 stocks in Korea where NPS recently added or reduced 1% or more stake (27 adds and 33 reduce).

Douglas Kim

Light at the End of the Dark Tunnel for Korean Cosmetics?

We believe that there is finally some light showing at the end of the dark tunnel for the two leading Korean cosmetics companies LG H&H and...

Douglas Kim

China's Zero COVID Policy: Confusions Remain on Exact Reopening Timeline - Impact on Korean Stocks

As a result of news of China potentially reopening its economy with reduced COVID restrictions sometime in 2023, the major reopening plays in Korea...

Douglas Kim

Giant Biogene IPO Trading - Demand Was Relatively Better but Still Weak

Giant Biogene (GB) raised around US$70m by pricing its HK IPO at the low-end. In this note we talk about the trading dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)