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 analysed the earning revision of component stocks of KOSPI 200 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Samsung Electronics, SK Innovation, KEPCO, S-Oil, KCC, LG Chem, SKCHEM.</li>
</ul>


We analysed the earning revision of component stocks of KOSPI 200 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Samsung Electronics, SK Innovation, KEPCO, S-Oil, KCC, LG Chem, SKCHEM.


KOSPI 200 Index Earning Revision (Sep): Samsung Electronics, SK Innovation, KEPCO, S-Oil, KCC

<ul>
<li>We analysed the earning revision of component stocks of MS-South Korea in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on SK Hynix, Samsung Electronics, KB Financial, Hana Financial, KIH, LG Chem, SK Innovation, LG Energy Solution.</li>
</ul>


We analysed the earning revision of component stocks of MS-South Korea in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on SK Hynix, Samsung Electronics, KB Financial, Hana Financial, KIH, LG Chem, SK Innovation, LG Energy Solution.


MS-South Korea Index Earning Revision (Sep): SK Hynix, Samsung Electronics, KB Financial, KIH

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>South Korean Financials are experiencing a significant increase in fund ownership. Average fund weights are approaching record highs at 1.94%, with a record 52% positioned overweight.</li>
<li>At the fund level, a strong buy-side bias is evident, with 37 funds opening positions compared to just 3 closures over the last 6-months.</li>
<li>Strong ownership momentum in KB Financial, DB Insurance, Shinhan Financial, and SK Square have contributed to the sector-wide bullishness.</li>
</ul>


South Korean Financials are experiencing a significant increase in fund ownership. Average fund weights are approaching record highs at 1.94%, with a record 52% positioned overweight.
At the fund level, a strong buy-side bias is evident, with 37 funds opening positions compared to just 3 closures over the last 6-months.
Strong ownership momentum in KB Financial, DB Insurance, Shinhan Financial, and SK Square have contributed to the sector-wide bullishness.


South Korean Financials:  Conviction Move Higher in Positioning

<ul>
<li>We analysed the earning revision of component stocks of MS-South Korea in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on KEPCO, LG Display, SK Hynix, LG Energy Solution, SKSQUARE, POSCO INTERNATIONAL, Samsung Electronics, ECOPROBM.</li>
</ul>


We analysed the earning revision of component stocks of MS-South Korea in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on KEPCO, LG Display, SK Hynix, LG Energy Solution, SKSQUARE, POSCO INTERNATIONAL, Samsung Electronics, ECOPROBM.


MS-South Korea Index Earning Revision (Aug): KEPCO, LG Display, SK Hynix, LG Energy Solution

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

EURO STOXX 50 Price EUR / Technical Analysis

<ul>
<li>It appears the recent pullback is over, and we could see the MSCI ACWI (ACWI-US) test YTD highs at $93. We still expect $93 to cap upside in 2023.</li>
<li>Overweight Europe/UK and non-U.S., we are buyers on pullbacks as long as FTSE 100 is above 7700, STOXX Europe 50 is above 3800, and EURO STOXX 50 is above 4000.</li>
<li>As long as these support levels are holding, we are constructive from a price perspective</li>
</ul>


It appears the recent pullback is over, and we could see the MSCI ACWI (ACWI-US) test YTD highs at $93. We still expect $93 to cap upside in 2023.
Overweight Europe/UK and non-U.S., we are buyers on pullbacks as long as FTSE 100 is above 7700, STOXX Europe 50 is above 3800, and EURO STOXX 50 is above 4000.
As long as these support levels are holding, we are constructive from a price perspective


Remain Overweight Europe/UK & Non-US Equities; Pullback Over?; Buys in Industrials and Financials

South Korea

DB Insurance Co.,Ltd provides insurance services. The Company offers automotive insurance, long term casualty insurance, property insurance, fire and marine insurance, and other services. DB Insurance provides services in Korea.

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DB Insurance (005830 KS)

KOSPI 200 Index Earning Revision (Sep): Samsung Electronics, SK Innovation, KEPCO, S-Oil, KCC

We analyzed KOSPI 200's consensus for Sep 2026 and highlighted changes of EPS in Samsung Electronics, SK Innovation, KEPCO, S-Oil, KCC, LG Chem,...

Ke Yan, CFA, FRM

MS-South Korea Index Earning Revision (Sep): SK Hynix, Samsung Electronics, KB Financial, KIH

We analyzed MS-South Korea's consensus for Sep 2026 and highlighted changes of EPS in SK Hynix, Samsung Electronics, KB Financial, Hana Financial,...

Ke Yan, CFA, FRM

South Korean Financials: Conviction Move Higher in Positioning

South Korean Financials are experiencing a significant increase in fund ownership. Average fund weights are approaching record highs at 1.94%,...

Steven Holden

MS-South Korea Index Earning Revision (Aug): KEPCO, LG Display, SK Hynix, LG Energy Solution

We analyzed MS-South Korea's consensus for Aug 2026 and highlighted changes of EPS in KEPCO, LG Display, SK Hynix, LG Energy Solution, SKSQUARE,...

Ke Yan, CFA, FRM

Remain Overweight Europe/UK & Non-US Equities; Pullback Over?; Buys in Industrials and Financials

Remain overweight Europe/UK and non-US equities; we are buyers on pullbacks as long as the FTSE 100 is above 7700, the STOXX Europe 50 is above...

Vermilion Research

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52-week Range

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