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

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 20th. The aggregated short interest was USD15.0bn.</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 COWAY, Doosan Enerbility, Hanwha Ocean, Samsung F&amp;M Insurance, Samsung SDI.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Feb 20th. The aggregated short interest was USD15.0bn.
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 COWAY, Doosan Enerbility, Hanwha Ocean, Samsung F&amp;M Insurance, Samsung SDI.


KRX Short Interest Weekly (Feb 20th): COWAY, Doosan Enerbility, Hanwha Ocean, Samsung F&M Insurance

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>GS has bumped terms for <a href="https://www.smartkarma.com/entities/raksul-inc" target="_blank" data-smartkarma-citation="entities:27043:1" rel="noopener">Raksul (4384 JP)</a>. It's not a great bump, but it is "final" it appears. Aspex got rolled in.  Anyone large will get rolled in too. </li>
<li>On <a href="https://www.smartkarma.com/entities/bluescope-steel-ltd" target="_blank" data-smartkarma-citation="entities:207:1" rel="noopener">BlueScope Steel (BSL AU)</a>, <a href="https://www.smartkarma.com/entities/sgh-limited" target="_blank" data-smartkarma-citation="entities:803:1" rel="noopener">SGH (SGH AU)</a>/<a href="https://www.smartkarma.com/entities/steel-dynamics-inc" target="_blank" data-smartkarma-citation="entities:11061:1" rel="noopener">Steel Dynamics (STLD US)</a> need to bolt on scrip; and/or flip to a conditional Offer, with a 50% acceptance hurdle, to gain control. </li>
<li>
<a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI (006400 KS)</a>announced plans to sell its 15.2% stake in Samsung Display (unlisted). <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a><a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener"></a> may be the buyer. </li>
</ul>


GS has bumped terms for Raksul (4384 JP). It's not a great bump, but it is "final" it appears. Aspex got rolled in.  Anyone large will get rolled in too. 
On BlueScope Steel (BSL AU), SGH (SGH AU)/Steel Dynamics (STLD US) need to bolt on scrip; and/or flip to a conditional Offer, with a 50% acceptance hurdle, to gain control. 

Samsung SDI (006400 KS)announced plans to sell its 15.2% stake in Samsung Display (unlisted). Samsung Electronics (005930 KS) may be the buyer. 


Last Week In Event SPACE: Raksul, BlueScope, Samsung SDI, Qube

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Yangtze Optical Fibre and Cable / Index Rebalance

Yangtze Optical Fibre and Cable (6869 HK)

<ul>
<li>The changes to a global index in February will be announced pre-market open tomorrow and will be implemented at the close of trading on 27 February.</li>
<li>The big market moves since the last rebalance result in many changes with the final number dependent on the day picked to compute market cap and free float market cap.</li>
<li>
<a href="https://www.smartkarma.com/entities/yangtze-optical-fibre-and-h" target="_blank" data-smartkarma-citation="entities:83:1" rel="noopener">Yangtze Optical Fibre And H (6869 HK)</a> is up 90% over the last 3 weeks and the AH premium versus <a href="https://www.smartkarma.com/entities/yangtze-optical-fibre-cable" target="_blank" data-smartkarma-citation="entities:29980:1" rel="noopener">Yangtze Optical Fibre &amp; Cable (601869 CH)</a> has dropped significantly.</li>
</ul>


The changes to a global index in February will be announced pre-market open tomorrow and will be implemented at the close of trading on 27 February.
The big market moves since the last rebalance result in many changes with the final number dependent on the day picked to compute market cap and free float market cap.

Yangtze Optical Fibre And H (6869 HK) is up 90% over the last 3 weeks and the AH premium versus Yangtze Optical Fibre &amp; Cable (601869 CH) has dropped significantly.


Global Index: Potential Changes in February for Asia Pac

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (23 May to 6 June 2025).</li>
<li>Our top 10 picks were up on average 2.4% in the past two weeks (from 9 to 23 May), outperforming KOSPI which was up 0.6% in the same period.</li>
<li>The top 10 picks in this bi-weekly include Samsung Securities, LG Uplus, Amorepacific Holdings, Samsung C&amp;T, JYP Entertainment, Nongshim, Krafton, LS Electric, F&amp;F, and Emart. </li>
</ul>


In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (23 May to 6 June 2025).
Our top 10 picks were up on average 2.4% in the past two weeks (from 9 to 23 May), outperforming KOSPI which was up 0.6% in the same period.
The top 10 picks in this bi-weekly include Samsung Securities, LG Uplus, Amorepacific Holdings, Samsung C&amp;T, JYP Entertainment, Nongshim, Krafton, LS Electric, F&amp;F, and Emart. 


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (23 May to 6 June 2025)

<ul>
<li>In this insight, we discuss 20 Korean stocks that could outperform the market in the next two months amid global tariff war and local political turmoil.</li>
<li>Going forward, we believe these 20 Korean stocks could continue to outperform the market in the next couple of months. </li>
<li>As the market tries to digest further the uncertainties due to tariff war and the local Presidential election, these 20 stocks could provide sound defensive outperformance. </li>
</ul>


In this insight, we discuss 20 Korean stocks that could outperform the market in the next two months amid global tariff war and local political turmoil.
Going forward, we believe these 20 Korean stocks could continue to outperform the market in the next couple of months. 
As the market tries to digest further the uncertainties due to tariff war and the local Presidential election, these 20 stocks could provide sound defensive outperformance. 


20 Korean Stocks That Could Outperform Next 2 Months Amid Tariff War and Local Political Turmoil

South Korea

Coway Co Ltd develops, manufactures, maintains, and markets environment-related products, such as water purifiers, air cleaners, and water softeners.The Company also provides water testing service.

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Coway Co Ltd (021240 KS)

KRX Short Interest Weekly (Feb 20th): COWAY, Doosan Enerbility, Hanwha Ocean, Samsung F&M Insurance

We analyzed KRX short interest report for the past week and highlighted short interest changes in COWAY, Doosan Enerbility, Hanwha Ocean, Samsung...

Ke Yan, CFA, FRM

Last Week In Event SPACE: Raksul, BlueScope, Samsung SDI, Qube

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Global Index: Potential Changes in February for Asia Pac

A global index announces tomorrow and rebalances at the close on 27 Feb. There will be a lot of changes with China leading the way. Stocks have...

Brian Freitas

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (23 May to 6 June 2025)

In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (23 May to 6 June 2025).

Douglas Kim

20 Korean Stocks That Could Outperform Next 2 Months Amid Tariff War and Local Political Turmoil

In this insight, we discuss 20 Korean stocks that could outperform the market in the next two months amid global tariff war and local political...

Douglas Kim

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