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 foreign holdings of KRX stocks as of Aug 29th. The aggregated holding was USD643.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD356mln. 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, Hanwha Ocean, Samsung Electronics, Samsung H.I., HD HYUNDAI ELECTRIC.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 29th. The aggregated holding was USD643.5bn.
We estimate that foreign flows to be outflows of USD356mln. 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, Hanwha Ocean, Samsung Electronics, Samsung H.I., HD HYUNDAI ELECTRIC.


KRX Foreign Holding Weekly (Aug 29th): SK Hynix, Hanwha Ocean, Samsung Electronics, Samsung H.I.

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Aug 22nd. The aggregated holding was USD632.9bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,182mln. 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, Doosan Enerbility, Alteogen, Samyang Food.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 22nd. The aggregated holding was USD632.9bn.
We estimate that foreign flows to be outflows of USD1,182mln. 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, Doosan Enerbility, Alteogen, Samyang Food.


KRX Foreign Holding Weekly (Aug 22nd): SK Hynix, Samsung Electronics, Doosan Enerbility, Alteogen

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

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

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Aug 15th. The aggregated holding was USD653.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD772mln. 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, NAVER, Samsung Electronics, Kakao, Hanwha Ocean.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 15th. The aggregated holding was USD653.4bn.
We estimate that foreign flows to be inflows of USD772mln. 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, NAVER, Samsung Electronics, Kakao, Hanwha Ocean.


KRX Foreign Holding Weekly (Aug 15th): SK Hynix, NAVER, Samsung Electronics, Kakao, Hanwha Ocean

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)

KRX Foreign Holding Weekly (Aug 29th): SK Hynix, Hanwha Ocean, Samsung Electronics, Samsung H.I.

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

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Aug 22nd): SK Hynix, Samsung Electronics, Doosan Enerbility, Alteogen

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

Ke Yan, CFA, FRM

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

KRX Foreign Holding Weekly (Aug 15th): SK Hynix, NAVER, Samsung Electronics, Kakao, Hanwha Ocean

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

Ke Yan, CFA, FRM

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