Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>Nextrade (NXT) is an alternative trading system (ATS) in Korea which will start to go live on 4 March.</li>
<li>Nextrade provided a list of 10 stocks including Lotte Shopping,  Cheil Worldwide,  Kolon Industries, LG Uplus, and S Oil that will start to trade on NXT starting 4 March. </li>
<li>Most of these 10 stocks tend to be lower beta stocks with relatively low amounts of share volatility. These 10 stocks are up on average 2.8% YTD, underperforming KOSPI.</li>
</ul>


Nextrade (NXT) is an alternative trading system (ATS) in Korea which will start to go live on 4 March.
Nextrade provided a list of 10 stocks including Lotte Shopping,  Cheil Worldwide,  Kolon Industries, LG Uplus, and S Oil that will start to trade on NXT starting 4 March. 
Most of these 10 stocks tend to be lower beta stocks with relatively low amounts of share volatility. These 10 stocks are up on average 2.8% YTD, underperforming KOSPI.


Impact of Nextrade Alternative Trading System Going Live on the Korean Stock Market on 4 March

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 short interest of KRX stocks as of Sep 11th. The aggregated short interest was USD18.8bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in DB HiTek, SK Hynix, WONIK IPS, KEPCO E&amp;C, Hanmi Semi.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Sep 11th. The aggregated short interest was USD18.8bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in DB HiTek, SK Hynix, WONIK IPS, KEPCO E&amp;C, Hanmi Semi.


KRX Short Interest Weekly (Sep 11th): DB HiTek, SK Hynix, WONIK IPS, KEPCO E&C, Hanmi Semi

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Aug 28th. The aggregated short interest was USD19.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in KEPCO E&amp;C, Silicon2, HyundaiEng&amp;Const, Hyundai Motor, Doosan Enerbility.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 28th. The aggregated short interest was USD19.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in KEPCO E&amp;C, Silicon2, HyundaiEng&amp;Const, Hyundai Motor, Doosan Enerbility.


KRX Short Interest Weekly (Aug 28th): KEPCO E&C, Silicon2, HyundaiEng&Const, Hyundai Motor

<ul>
<li>FSC Chairman Kim Joo-hyun mentioned that too many companies in Korea are trading below book value and the FSC plans to implement changes to improve upon this issue. </li>
<li>According to Korea Exchange, 1,111 companies out of total listed in KOSPI and KOSDAQ in Korea (2,538) are trading at below 1x book value (PBR) (liquidation value). </li>
<li>According to the Capital Group, about 39% of companies in the TOPIX trade below book value, compared to just 5% for companies in the S&amp;P 500 Index. </li>
</ul>


FSC Chairman Kim Joo-hyun mentioned that too many companies in Korea are trading below book value and the FSC plans to implement changes to improve upon this issue. 
According to Korea Exchange, 1,111 companies out of total listed in KOSPI and KOSDAQ in Korea (2,538) are trading at below 1x book value (PBR) (liquidation value). 
According to the Capital Group, about 39% of companies in the TOPIX trade below book value, compared to just 5% for companies in the S&amp;P 500 Index. 


44% of Korean Stocks Are Trading Below Book Value - FSC Wants to Improve This (Following Japan)

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Aug 7th. The aggregated short interest was USD17.3bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Samsung Elec (PREF), OCI, Samsung Electronics, Alteogen, POSCO FUTURE M.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 7th. The aggregated short interest was USD17.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Samsung Elec (PREF), OCI, Samsung Electronics, Alteogen, POSCO FUTURE M.


KRX Short Interest Weekly (Aug 7th): Samsung Elec (PREF), OCI, Samsung Electronics, Alteogen

South Korea

Com2uS Corporation develops and markets game software based on digital convergence contents for internet mobile application.  The Company provides its products to domestic and overseas markets such as Asia, Europe, and North America.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Com2us Corp (078340 KS)

Impact of Nextrade Alternative Trading System Going Live on the Korean Stock Market on 4 March

Nextrade provided a list of 10 stocks including Lotte Shopping, Cheil Worldwide, Kolon Industries, LG Uplus, and S Oil that will start to trade...

Douglas Kim

KRX Short Interest Weekly (Sep 11th): DB HiTek, SK Hynix, WONIK IPS, KEPCO E&C, Hanmi Semi

We analyzed KRX short interest report for the past week and highlighted short interest changes in DB HiTek, SK Hynix, WONIK IPS, KEPCO E&C, Hanmi...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Aug 28th): KEPCO E&C, Silicon2, HyundaiEng&Const, Hyundai Motor

We analyzed KRX short interest report for the past week and highlighted short interest changes in KEPCO E&C, Silicon2, HyundaiEng&Const, Hyundai...

Ke Yan, CFA, FRM

44% of Korean Stocks Are Trading Below Book Value - FSC Wants to Improve This (Following Japan)

A 44% of Korean stocks are trading below book value. FSC wants to improve this, following Japan's "name and shame" policy.

Douglas Kim

KRX Short Interest Weekly (Aug 7th): Samsung Elec (PREF), OCI, Samsung Electronics, Alteogen

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Elec (PREF), OCI, Samsung Electronics,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)