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 foreign holdings of KRX stocks as of Aug 7th. The aggregated holding was USD1,463.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD548mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Samsung Electronics, SamsungElecMech, Samsung Elec (PREF), SK Hynix, Celltrion.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 7th. The aggregated holding was USD1,463.9bn.
We estimate that foreign flows to be inflows of USD548mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics, SamsungElecMech, Samsung Elec (PREF), SK Hynix, Celltrion.


KRX Foreign Holding Weekly (Aug 7th): Samsung Electronics, SamsungElecMech, Samsung Elec (PREF)

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<ul>
<li>In this insight, we discuss numerous gap trades involving Korean preferred and common shares in 1Q 2023. </li>
<li>The pref/common shares ratio of the 28 companies in this insight declined from 68.9% on 16 July 2022 to 65% on 16 January 2023, which is a short term reversal.</li>
<li>We see some attractive longer-term opportunities for Amorepacific Corp, Doosan Fuel Cell, LG H&amp;H, and LG Chem, which have high discounts for the preferred shares versus their counterpart common shares.</li>
</ul>


In this insight, we discuss numerous gap trades involving Korean preferred and common shares in 1Q 2023. 
The pref/common shares ratio of the 28 companies in this insight declined from 68.9% on 16 July 2022 to 65% on 16 January 2023, which is a short term reversal.
We see some attractive longer-term opportunities for Amorepacific Corp, Doosan Fuel Cell, LG H&amp;H, and LG Chem, which have high discounts for the preferred shares versus their counterpart common shares.


Gap Trades in Korean Prefs Vs Common Share Pairs in 1Q 2023

Douglas Research Advisory

Event-Driven

<ul>
<li>On 31 July, SK Inc (034730 KS)'s BOD approved the sale of its 70.6% stake in SK Siltron to Doosan Corp (000150 KS) for 2.3 trillion won (US$1.6 billion). </li>
<li>If SK Siltron’s EBITDA exceeds a defined threshold, SK Inc. receives an earn-out payment equal to 40% of the excess amount, scaled to its 70.6% equity stake.</li>
<li>The SK Siltron sale boosts SK Inc. through the initial 2.3 trillion won cash inflow plus further upside from the performance-linked earn-out clause.</li>
</ul>


On 31 July, SK Inc (034730 KS)'s BOD approved the sale of its 70.6% stake in SK Siltron to Doosan Corp (000150 KS) for 2.3 trillion won (US$1.6 billion). 
If SK Siltron’s EBITDA exceeds a defined threshold, SK Inc. receives an earn-out payment equal to 40% of the excess amount, scaled to its 70.6% equity stake.
The SK Siltron sale boosts SK Inc. through the initial 2.3 trillion won cash inflow plus further upside from the performance-linked earn-out clause.


SK Inc Agrees To Sell Its 70.6% Stake in SK Siltron to Doosan Corp

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jul 24th. The aggregated holding was USD1,525.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD3,927mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, SKSQUARE, SamsungElecMech, SKTelecom.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 24th. The aggregated holding was USD1,525.1bn.
We estimate that foreign flows to be inflows of USD3,927mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, SKSQUARE, SamsungElecMech, SKTelecom.


KRX Foreign Holding Weekly (Jul 24th): Samsung Electronics, SK Hynix, SKSQUARE, SamsungElecMech

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.

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jul 10th. The aggregated holding was USD1,679.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,459mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, SamsungElecMech, LG Innotek, KB Financial.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 10th. The aggregated holding was USD1,679.3bn.
We estimate that foreign flows to be outflows of USD3,459mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, SamsungElecMech, LG Innotek, KB Financial.


KRX Foreign Holding Weekly (Jul 10th): SK Hynix, Samsung Electronics, SamsungElecMech, LG Innotek

South Korea

Doosan Co., Ltd operates as a diversified manufacturing and service company. The Company conducts electronic components production, logistics equipment manufacturing, information technology consulting, and other businesses. Doosan provides services worldwide.

Price Gauge
52-week Range	0.00 - 0.00
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Doosan Corp (000150 KS)

KRX Foreign Holding Weekly (Aug 7th): Samsung Electronics, SamsungElecMech, Samsung Elec (PREF)

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SamsungElecMech, Samsung...

Ke Yan, CFA, FRM

SK Inc Agrees To Sell Its 70.6% Stake in SK Siltron to Doosan Corp

On 31 July, SK Inc's BOD approved the sale of its 70.6% stake in SK Siltron to Doosan Corp (000150 KS) for 2.3 trillion won (US$1.6 billion). This...

Douglas Kim

KRX Foreign Holding Weekly (Jul 24th): Samsung Electronics, SK Hynix, SKSQUARE, SamsungElecMech

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SK Hynix, SKSQUARE,...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Jul 10th): SK Hynix, Samsung Electronics, SamsungElecMech, LG Innotek

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, SamsungElecMech,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KRX Foreign Holding Weekly (Aug 7th): Samsung Electronics, SamsungElecMech, Samsung Elec (PREF)

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SamsungElecMech, Samsung...

Ke Yan, CFA, FRM

Gap Trades in Korean Prefs Vs Common Share Pairs in 1Q 2023

We see some attractive longer-term opportunities for Amorepacific Corp, Doosan Fuel Cell, LG H&H, and LG Chem, which have high discounts for...

Douglas Kim

SK Inc Agrees To Sell Its 70.6% Stake in SK Siltron to Doosan Corp

On 31 July, SK Inc's BOD approved the sale of its 70.6% stake in SK Siltron to Doosan Corp (000150 KS) for 2.3 trillion won (US$1.6 billion). This...

Douglas Kim

KRX Foreign Holding Weekly (Jul 24th): Samsung Electronics, SK Hynix, SKSQUARE, SamsungElecMech

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SK Hynix, SKSQUARE,...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Jul 10th): SK Hynix, Samsung Electronics, SamsungElecMech, LG Innotek

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, SamsungElecMech,...

Ke Yan, CFA, FRM