Julie Lee

Thematic (Sector/Industry)

Korea exports in September increased by 7.7% YoY.  Average daily exports in September was still down 4.1% YoY but daily exports has recovered to over US$2bil, for the first time since January, and narrowed its losses compared to those in July and August (-7.1% and -4.3%). 
Exports of Auto and Semiconductor sectors had led the improvement showing solid increase MoM in September. The sectors which had shown positive YoY growth in 3Q include Computers, Healthcare, Cosmetics, Consumer Electronics, Foods, and Auto, which implies positive near term trend for <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> and <a href="https://www.smartkarma.com/entities/cosmax-inc" target="_blank" data-smartkarma-citation="entities:4491:1" rel="noopener">Cosmax Inc (192820 KS)</a> .  As suggested in the recent exports trend, Korean F&amp;B companies such as <a href="https://www.smartkarma.com/entities/cj-cheiljedang-corp" target="_blank" data-smartkarma-citation="entities:1970:1" rel="noopener">CJ Cheiljedang (097950 KS)</a> may have a good opportunity to expand their overseas businesses in the long term given increasing penetration of global online grocery shopping during the pandemic. We will discuss more details in the next report.

Korea exports in September increased by 7.7% YoY.  Average daily exports in September was still down 4.1% YoY but daily exports has recovered to over US$2bil, for the first time since January, and narrowed its losses compared to those in July and August (-7.1% and -4.3%). 
Exports of Auto and Semiconductor sectors had led the improvement showing solid increase MoM in September. The sectors which had shown positive YoY growth in 3Q include Computers, Healthcare, Cosmetics, Consumer Electronics, Foods, and Auto, which implies positive near term trend for LG Electronics (066570 KS) and Cosmax Inc (192820 KS) .  As suggested in the recent exports trend, Korean F&amp;B companies such as CJ Cheiljedang (097950 KS) may have a good opportunity to expand their overseas businesses in the long term given increasing penetration of global online grocery shopping during the pandemic. We will discuss more details in the next report.  

Solid Korea Export (+7.7%yoy) In Sep and Positive Implications

Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT 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 Feb 13th. The aggregated short interest was USD14.3bn.</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 HANWHA SOLUTIONS, Doosan Enerbility, LG Electronics, KOREA AEROSPACE, Hanwha Ocean.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Feb 13th. The aggregated short interest was USD14.3bn.
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 HANWHA SOLUTIONS, Doosan Enerbility, LG Electronics, KOREA AEROSPACE, Hanwha Ocean.


KRX Short Interest Weekly (Feb 13th): HANWHA SOLUTIONS, Doosan Enerbility, LG Electronics

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

In this insight, we provide a data analysis of the inbound and outbound visitors in South Korea in 1Q 2020. The total number of visitors was down 15.2% YoY in January 2020, down 43% YoY in February and down a whopping 94.6% YoY in March. There were only 83,497 visitors to South Korea in March 2020 versus 1.5 million in March 2019. There were 3.7 million outbound visitors from South Korea in 1Q 2020, down 52.9% YoY. The outbound visitors from South Korea declined by 13.7% YoY in January 2020, down 60% YoY in February, and down 93.9% YoY in March.<div class="content-highlight">All in all, May could be a key turning point, including in South Korea as many key countries around the world start to end their partial lockdown measures. Although we are not exactly sure how this will turn out, we think that a lot of the positives on governments' response to COVID-19 already appear to have been reflected in the global indices including in KOSPI so a few negative news regarding an increase in COViD-19 cases after the end of the partial lockdown could result in their share prices falling again.  </div>

In this insight, we provide a data analysis of the inbound and outbound visitors in South Korea in 1Q 2020. The total number of visitors was down 15.2% YoY in January 2020, down 43% YoY in February and down a whopping 94.6% YoY in March. There were only 83,497 visitors to South Korea in March 2020 versus 1.5 million in March 2019. There were 3.7 million outbound visitors from South Korea in 1Q 2020, down 52.9% YoY. The outbound visitors from South Korea declined by 13.7% YoY in January 2020, down 60% YoY in February, and down 93.9% YoY in March.All in all, May could be a key turning point, including in South Korea as many key countries around the world start to end their partial lockdown measures. Although we are not exactly sure how this will turn out, we think that a lot of the positives on governments' response to COVID-19 already appear to have been reflected in the global indices including in KOSPI so a few negative news regarding an increase in COViD-19 cases after the end of the partial lockdown could result in their share prices falling again.  

South Korea Data Analysis of Inbound & Outbound Visitors in 1Q 2020

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Feb 6th. The aggregated short interest was USD13.9bn.</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 KOREA AEROSPACE, Samsung Electronics, Hanwha Ocean, Hanmi Semi, Celltrion.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Feb 6th. The aggregated short interest was USD13.9bn.
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 KOREA AEROSPACE, Samsung Electronics, Hanwha Ocean, Hanmi Semi, Celltrion.


KRX Short Interest Weekly (Feb 6th): KOREA AEROSPACE, Samsung Electronics, Hanwha Ocean, Hanmi Semi

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Jan 30th. The aggregated short interest was USD14.2bn.</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 SDI, Samsung Electronics, ECOPRO, Hyundai Motor, Celltrion.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jan 30th. The aggregated short interest was USD14.2bn.
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 SDI, Samsung Electronics, ECOPRO, Hyundai Motor, Celltrion.


KRX Short Interest Weekly (Jan 30th): Samsung SDI, Samsung Electronics, ECOPRO, Hyundai Motor

South Korea

Cosmax, Inc. is a cosmetics manufacturer. The Company develops and produces a variety of cosmetics for men and women, such as basic and special skin care, makeup, hair care, and other beauty products. Cosmax manufactures its products on original equipment manufacturing (OEM) basis.

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Cosmax Inc (192820 KS)

Solid Korea Export (+7.7%yoy) In Sep and Positive Implications

Korea export in September increased by 7.7% yoy.

Julie Lee

KRX Short Interest Weekly (Feb 13th): HANWHA SOLUTIONS, Doosan Enerbility, LG Electronics

We analyzed KRX short interest report for the past week and highlighted short interest changes in HANWHA SOLUTIONS, Doosan Enerbility, LG...

Ke Yan, CFA, FRM

South Korea Data Analysis of Inbound & Outbound Visitors in 1Q 2020

In this insight, we provide a data analysis of the inbound and outbound visitors in South Korea in 1Q 2020. The total number of visitors was down...

Douglas Kim

KRX Short Interest Weekly (Feb 6th): KOREA AEROSPACE, Samsung Electronics, Hanwha Ocean, Hanmi Semi

We analyzed KRX short interest report for the past week and highlighted short interest changes in KOREA AEROSPACE, Samsung Electronics, Hanwha...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Jan 30th): Samsung SDI, Samsung Electronics, ECOPRO, Hyundai Motor

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung SDI, Samsung Electronics, ECOPRO, Hyundai...

Ke Yan, CFA, FRM

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