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 Apr 11th which has an aggregated short interest worth USD5.0bn.</li>
<li>We tabulate league table 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 Lg Energy Solution, Sk Innovation, Hanmi Semi, Hd Hyundai Heavy Industries, Alteogen, Samsung Electronics, SK Hynix, Posco, Naver, Hana Financial.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Apr 11th which has an aggregated short interest worth USD5.0bn.
We tabulate league table 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 Lg Energy Solution, Sk Innovation, Hanmi Semi, Hd Hyundai Heavy Industries, Alteogen, Samsung Electronics, SK Hynix, Posco, Naver, Hana Financial.


KRX Short Interest Weekly (Apr 11th): Lg Energy Solution, Sk Innovation, Hanmi Semi

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Based on the latest closing prices, the potential INs/OUTs are as follows. INs: Soulbrain &amp; Enchem / OUTs: Chunbo &amp; Solus Advanced Materials</li>
<li>While the overall market liquidity constraints due to the short-selling ban could exacerbate the price impact on the rebalancing day, it may reduce the flexibility of our Long-Short setup strategies.</li>
<li>While Chunbo carries single-stock futures, its liquidity may not be sufficient. So, a more creative Long-Short approach is required, taking into account these factors.</li>
</ul>


Based on the latest closing prices, the potential INs/OUTs are as follows. INs: Soulbrain &amp; Enchem / OUTs: Chunbo &amp; Solus Advanced Materials
While the overall market liquidity constraints due to the short-selling ban could exacerbate the price impact on the rebalancing day, it may reduce the flexibility of our Long-Short setup strategies.
While Chunbo carries single-stock futures, its liquidity may not be sufficient. So, a more creative Long-Short approach is required, taking into account these factors.


TIGER Battery Material ETF Rebal in December: Notable Changes in Constituent Screening

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

Solus Advanced Materials / Equity Bottom-Up

<ul>
<li>We believe the following three catalysts will likely drive share price of Solus Advanced Materials' continued outperformance relative to the market this year. </li>
<li>They include the sale of Solus Biotech, improved control of its operating costs, and rapid increase in capacity for copper foil.</li>
<li>The company has already secured strong order backlog from customers including LG Energy Solution, Tesla Motors, and SK On.</li>
</ul>


We believe the following three catalysts will likely drive share price of Solus Advanced Materials' continued outperformance relative to the market this year. 
They include the sale of Solus Biotech, improved control of its operating costs, and rapid increase in capacity for copper foil.
The company has already secured strong order backlog from customers including LG Energy Solution, Tesla Motors, and SK On.


Solus Advanced Materials: Key Catalysts to Continue Its Outperformance in 2023

<ul>
<li>NPS said it would add 50 KOSPI stocks to KOSPI 200 for direct management. However, the key was when this would be implemented and which ones would be included.</li>
<li>SBS, one of Korea's major networks, exclusively reported that NPS finalized the constituent stocks of the NPS-KR250 and started rebalancing trading on the 50 additional KOSPI stocks from January.</li>
<li>Hence, tracing and identifying who these additional 50 KOSPI stocks are is becoming the hottest topic in Korea's local market at this point.</li>
</ul>


NPS said it would add 50 KOSPI stocks to KOSPI 200 for direct management. However, the key was when this would be implemented and which ones would be included.
SBS, one of Korea's major networks, exclusively reported that NPS finalized the constituent stocks of the NPS-KR250 and started rebalancing trading on the 50 additional KOSPI stocks from January.
Hence, tracing and identifying who these additional 50 KOSPI stocks are is becoming the hottest topic in Korea's local market at this point.


Korea NPS Reportedly Finalized Additional 50 KOSPI Stocks in Its BM for Direct Management

<ul>
<li>The key to this rebalancing is the inclusion of WCP, which satisfies the requirements of minimum listing period and secondary battery sales amount.</li>
<li>As a hedge for the LONG WCP position, we can use Soulbrain and Solus Advanced, whose passive outflow is relatively high among those of a similar size to WCP.</li>
<li>Among large caps, we should pay attention to L&amp;F, Posco Chemical, and Iljin Materials. However, we should be cautious about approaching them as an active trading target.</li>
</ul>


The key to this rebalancing is the inclusion of WCP, which satisfies the requirements of minimum listing period and secondary battery sales amount.
As a hedge for the LONG WCP position, we can use Soulbrain and Solus Advanced, whose passive outflow is relatively high among those of a similar size to WCP.
Among large caps, we should pay attention to L&amp;F, Posco Chemical, and Iljin Materials. However, we should be cautious about approaching them as an active trading target.


TIGER (WISE) Secondary Battery ETF Rebalancing in January: Names to Watch

South Korea

Solus Advanced Materials Co Ltd manufactures and distributes copper products. The Company produces electric vehicles battery copper foils, electronic equipment copper foils, and other related products. Solus Advanced Materials also produces electronic materials and natural based materials.

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Solus Advanced Materials (336370 KS)

KRX Short Interest Weekly (Apr 11th): Lg Energy Solution, Sk Innovation, Hanmi Semi

We analyzed KRX short interest report for the past week and highlighted short interest changes in Lg Energy Solution, Sk Innovation, Hanmi Semi, Hd...

Ke Yan, CFA, FRM

TIGER Battery Material ETF Rebal in December: Notable Changes in Constituent Screening

This post explores the latest screening outcomes of the TIGER Secondary Battery Materials ETF rebalancing in December, highlighting significant...

Sanghyun Park

Solus Advanced Materials: Key Catalysts to Continue Its Outperformance in 2023

In this insight, we discuss the three main catalysts that will likely drive Solus Advanced Materials' stock price continuing to outperform relative...

Douglas Kim

Korea NPS Reportedly Finalized Additional 50 KOSPI Stocks in Its BM for Direct Management

This post investigates the 50 additional KOSPI stocks that Korea NPS has reportedly chosen for its benchmark index for direct management, called...

Sanghyun Park

TIGER (WISE) Secondary Battery ETF Rebalancing in January: Names to Watch

This post projects the rebalanced weights and resulting passive impacts in the upcoming TIGER (WISE) Secondary Battery ETF rebalancing.

Sanghyun Park

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