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

Event-Driven

Korea Stock Exchange KOSPI 200 / Event-Driven

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

<ul>
<li>Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. </li>
<li>Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.</li>
<li>There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.</li>
</ul>


Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. 
Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.
There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.


Korea: Short Selling Is Back in March; Trade Ideas

<ul>
<li>Korea banned all short selling in March 2020 and resumed short selling only on <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150</a> index constituents in May 2021.</li>
<li>News reports indicate that there could be another short sell ban as soon as the coming week. Indications are that the ban could last 6 months.</li>
<li>There are many implications of a total short sell ban including futures backwardation, market manipulation, and no emerging to developed market promotion.</li>
</ul>


Korea banned all short selling in March 2020 and resumed short selling only on KOSPI 200 and KOSDAQ 150 index constituents in May 2021.
News reports indicate that there could be another short sell ban as soon as the coming week. Indications are that the ban could last 6 months.
There are many implications of a total short sell ban including futures backwardation, market manipulation, and no emerging to developed market promotion.


Korea Short Sell Ban: Background, Manipulation, Holdings, Flows, Short Interest, Implications

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Doosan Robotics  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doosan-robotics" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (DOOSANROBO KS)</a> is looking to raise up to US$314m in its Korean IPO. </li>
<li>Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module. </li>
<li>In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.</li>
</ul>



Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO. 
Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module. 
In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.


Doosan Robotics IPO - Thoughts on Valuation - A Punt at Best, a Crash at Worst

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Doosan Enerbility / Equity Capital Markets

<ul>
<li>Doosan Skoda Power is getting ready to complete an IPO on the Prague Stock Exchange. The IPO is aiming to gather up to 2.53 billion crowns, or about US$105.5 million. </li>
<li>Post IPO, Doosan Power System plans to maintain a 67% ownership. Doosan Enerbility (034020 KS) owns a 100% stake in Doosan Power Systems.</li>
<li>If Doosan Skoda Power is valued at 8.3 billion crowns and if we annualize the company's net profit to 473 billion in 2024, this would suggest a P/E of 17.5x. </li>
</ul>


Doosan Skoda Power is getting ready to complete an IPO on the Prague Stock Exchange. The IPO is aiming to gather up to 2.53 billion crowns, or about US$105.5 million. 
Post IPO, Doosan Power System plans to maintain a 67% ownership. Doosan Enerbility (034020 KS) owns a 100% stake in Doosan Power Systems.
If Doosan Skoda Power is valued at 8.3 billion crowns and if we annualize the company's net profit to 473 billion in 2024, this would suggest a P/E of 17.5x. 


Doosan Enerbility: Thoughts on the IPO of Doosan Skoda Power

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Margins have improved steadily since FY2020, but bottom-line gains remain volatile due to non-operating drags.</li>
<li>Backlog at Record Highs; Nuclear a Key Differentiator: ₩20.1 tn order book, rising SMR traction, and global nuclear wins position Doosan as a strategic supplier.</li>
<li>Structural Tailwinds Priced In: While medium-term growth looks strong, premium multiples (~28x EV/EBITDA) suggest limited room for execution missteps.</li>
</ul>


Margins have improved steadily since FY2020, but bottom-line gains remain volatile due to non-operating drags.
Backlog at Record Highs; Nuclear a Key Differentiator: ₩20.1 tn order book, rising SMR traction, and global nuclear wins position Doosan as a strategic supplier.
Structural Tailwinds Priced In: While medium-term growth looks strong, premium multiples (~28x EV/EBITDA) suggest limited room for execution missteps.


Doosan Enerbility (034020.KQ) – Nuclear-Led Transition with Strong Visibility, But Valuation Full

South Korea

Doosan Enerbility Co., Ltd. manufactures and distributes construction machines. The Company produces gas turbines, engines, turbine generators, boilers, power plant equipment, and other related products. Doosan Enerbility also offers energy solutions for thermal power, nuclear power, and renewable energy.

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Doosan Enerbility (034020 KS)

Korea: Short Selling Is Back in March; Trade Ideas

Short selling in Korea commences from Monday. There will be a lot of interest in shorting stocks/sectors depending on how they have performed since...

Brian Freitas

Korea Short Sell Ban: Background, Manipulation, Holdings, Flows, Short Interest, Implications

Media reports indicate that there could be a temporary short sell ban in Korea. This could lead to futures backwardation, market manipulation and a...

Brian Freitas

Doosan Robotics IPO - Thoughts on Valuation - A Punt at Best, a Crash at Worst

Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO. comparison. In this note, we talk about valuation.

Ethan Aw

Doosan Enerbility: Thoughts on the IPO of Doosan Skoda Power

According to Seoul Economic Daily, KHNP and KEPCO agreed to issue a letter of credit (a sort of "blank check" of $400 million to Westinghouse) per...

Douglas Kim

Doosan Enerbility (034020.KQ) – Nuclear-Led Transition with Strong Visibility, But Valuation Full

Today’s sharp drop was triggered by Korean media reports suggesting that a large share of profits from nuclear and SMR projects could flow overseas...

Rahul Jain

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