Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Equity Capital Markets

Hyundai Engineering   / Equity Capital Markets

<ul>
<li>The success of this IPO depends on whether Hyundai Engineering can present a growth story that can justify a valuation premium of up to twice that of the local peers.</li>
<li>Of course, Hyundai Engineering is indeed in an advantageous position compared to the local competitors because it can present synergies with Hyundai Motor Group affiliates.</li>
<li>However, it depends on how specific a picture of financial growth is presented, which will be a significant challenge for Hyundai Engineering as well.</li>
</ul>


The success of this IPO depends on whether Hyundai Engineering can present a growth story that can justify a valuation premium of up to twice that of the local peers.
Of course, Hyundai Engineering is indeed in an advantageous position compared to the local competitors because it can present synergies with Hyundai Motor Group affiliates.
However, it depends on how specific a picture of financial growth is presented, which will be a significant challenge for Hyundai Engineering as well.


Hyundai Engineering IPO: Offering Details, Valuation Issues, & Index Fast Entry

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<p>Short selling has finally resumed in Korea and it has been a busy couple of days on that front with foreign investors piling into stocks that have run up more than their peers over the last year and are potentially overvalued.</p><p>Long/short pairs could be implemented in Korea during the short sell ban if you had long inventory or if there were listed single stock futures on the short leg.</p><p>With short selling permitted on constituents of the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a>, we take a look at long/short pairs where both stocks are members of the index. These pairs belong to the same GICS sub-industry, are correlated and exhibit mean-reversion. We also use short sale data from the last couple of trading sessions to see which stocks are being targeted by short sellers.</p>

Short selling has finally resumed in Korea and it has been a busy couple of days on that front with foreign investors piling into stocks that have run up more than their peers over the last year and are potentially overvalued.Long/short pairs could be implemented in Korea during the short sell ban if you had long inventory or if there were listed single stock futures on the short leg.With short selling permitted on constituents of the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX), we take a look at long/short pairs where both stocks are members of the index. These pairs belong to the same GICS sub-industry, are correlated and exhibit mean-reversion. We also use short sale data from the last couple of trading sessions to see which stocks are being targeted by short sellers.

Korea Pair Trades: High Risk/Reward Names with Short Sell Screen

Event-Driven

Lotte Tour Development Co, Ltd. / Event-Driven

<p>Those with a high level of unconverted CB balance would be among the early target groups by short sellers from May 3 in Korea.</p><p>Among the Short 350 (KOSPI 200 and KOSDAQ 150), five names pop up as a heavy CB carrier with the conversion in progress.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 210px;" data-sheets-value='{"1":2,"2":"Name"}'>Name</td>
<td style="text-align: right; width: 95px;" data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right; width: 126.667px;" data-sheets-value='{"1":2,"2":"CB balance (₩B)"}'>CB balance at FY2020 yearend (₩B)</td>
<td style="text-align: right; width: 113.333px;" data-sheets-value='{"1":2,"2":"Time to expiration (days)"}'>Time to expiration (days)</td>
<td style="text-align: right; width: 95.8333px;" data-sheets-value='{"1":2,"2":"Conversion"}'>Conversion</td>
</tr>
<tr>
<td style="width: 210px;" data-sheets-value='{"1":2,"2":"LG Display Co Ltd"}'>LG Display</td>
<td style="text-align: right; width: 95px;" data-sheets-value='{"1":2,"2":"034220"}'>034220</td>
<td style="text-align: right; width: 126.667px;" data-sheets-value='{"1":3,"3":813.4}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}'>813.4</td>
<td style="text-align: right; width: 113.333px;" data-sheets-value='{"1":3,"3":1209}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>1,209</td>
<td style="text-align: right; width: 95.8333px;" data-sheets-value='{"1":3,"3":19845}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}'>₩19,845</td>
</tr>
<tr>
<td style="width: 210px;" data-sheets-value='{"1":2,"2":"Hwaseung Enterprise Co Ltd"}'>Hwaseung Enterprise</td>
<td style="text-align: right; width: 95px;" data-sheets-value='{"1":2,"2":"241590"}'>241590</td>
<td style="text-align: right; width: 126.667px;" data-sheets-value='{"1":3,"3":150}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}'>150.0</td>
<td style="text-align: right; width: 113.333px;" data-sheets-value='{"1":3,"3":10529}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>10,529</td>
<td style="text-align: right; width: 95.8333px;" data-sheets-value='{"1":3,"3":17542}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}'>₩17,542</td>
</tr>
<tr>
<td style="width: 210px;" data-sheets-value='{"1":2,"2":"GS Engineering &amp; Construction Corp"}'>GS E&amp;C</td>
<td style="text-align: right; width: 95px;" data-sheets-value='{"1":2,"2":"006360"}'>006360</td>
<td style="text-align: right; width: 126.667px;" data-sheets-value='{"1":3,"3":77.8}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}'>77.8</td>
<td style="text-align: right; width: 113.333px;" data-sheets-value='{"1":3,"3":84}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>84</td>
<td style="text-align: right; width: 95.8333px;" data-sheets-value='{"1":3,"3":30239}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}'>₩30,239</td>
</tr>
<tr>
<td style="width: 210px;" data-sheets-value='{"1":2,"2":"KIWOOM Securities Co., Ltd."}'>KIWOOM Securities</td>
<td style="text-align: right; width: 95px;" data-sheets-value='{"1":2,"2":"039490"}'>039490</td>
<td style="text-align: right; width: 126.667px;" data-sheets-value='{"1":3,"3":127.1}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}'>127.1</td>
<td style="text-align: right; width: 113.333px;" data-sheets-value='{"1":3,"3":423}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>423</td>
<td style="text-align: right; width: 95.8333px;" data-sheets-value='{"1":3,"3":105247}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}'>₩105,247</td>
</tr>
<tr>
<td style="width: 210px;" data-sheets-value='{"1":2,"2":"Lotte Tour Development Co., Ltd."}'>Lotte Tour Dev</td>
<td style="text-align: right; width: 95px;" data-sheets-value='{"1":2,"2":"032350"}'>032350</td>
<td style="text-align: right; width: 126.667px;" data-sheets-value='{"1":3,"3":71.04}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}'>71.0</td>
<td style="text-align: right; width: 113.333px;" data-sheets-value='{"1":3,"3":852}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>852</td>
<td style="text-align: right; width: 95.8333px;" data-sheets-value='{"1":3,"3":13850}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}'>₩13,850</td>
</tr>
<tr><td colspan="5" rowspan="1" style="width: 724.167px;" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><p>All of them enjoy a substantial gain in price, ranging from 2.90% to 52.12%. We should see a strong incentive in conversion, potentially resulting in an active shorting inflow.</p><p>CB balance (as of FY2020 yearend) * Delta (σ, 21 TD) should estimate potential shorting inflow, suggesting LG Display sitting at the top with ₩623.5B.</p><p>As a % of MC, Hwaseung Ent leads the pack at 13.15%.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 124.167px;" data-sheets-value='{"1":2,"2":"Name"}'>Name</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right; width: 76.6667px;" data-sheets-value='{"1":2,"2":"Price"}'>Price</td>
<td style="text-align: right; width: 96.6667px;" data-sheets-value='{"1":2,"2":"% to conversion"}'>Price gain from the conversion</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":2,"2":"Delta"}'>Delta (σ, 21 TD)</td>
<td style="text-align: right; width: 75.8333px;" data-sheets-value='{"1":2,"2":"CB balance*Delta (₩B)"}'>CB balance * Delta (₩B)</td>
<td style="text-align: right; width: 74.1667px;" data-sheets-value='{"1":2,"2":"% of MC"}'>% of MC</td>
</tr>
<tr>
<td style="width: 124.167px;" data-sheets-value='{"1":2,"2":"LG Display Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>LG Display</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":2,"2":"034220"}' data-sheets-formula='="034220"'>034220</td>
<td style="text-align: right; width: 76.6667px;" data-sheets-value='{"1":3,"3":24900}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}' data-sheets-formula='=googlefinance(R[0]C[-1], "price")'>₩24,900</td>
<td style="text-align: right; width: 96.6667px;" data-sheets-value='{"1":3,"3":0.254724111866969}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-1]-R[0]C[5])/R[0]C[5]">25.47%</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":3,"3":0.7665}' data-sheets-numberformat='{"1":2,"2":"#,##0.0000","3":1}'>0.7665</td>
<td style="text-align: right; width: 75.8333px;" data-sheets-value='{"1":3,"3":623.4711}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}' data-sheets-formula="=R[0]C[2]*R[0]C[-1]"><strong>623.5</strong></td>
<td style="text-align: right; width: 74.1667px;" data-sheets-value='{"1":3,"3":0.06997736544260075}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/(googlefinance(R[0]C[-5], "marketcap")/1000000000)'><strong>7.00%</strong></td>
</tr>
<tr>
<td style="width: 124.167px;" data-sheets-value='{"1":2,"2":"Hwaseung Enterprise Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Hwaseung Enterprise</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":2,"2":"241590"}' data-sheets-formula='="241590"'>241590</td>
<td style="text-align: right; width: 76.6667px;" data-sheets-value='{"1":3,"3":18000}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}' data-sheets-formula='=googlefinance(R[0]C[-1], "price")'>₩18,000</td>
<td style="text-align: right; width: 96.6667px;" data-sheets-value='{"1":3,"3":0.02610876752935811}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-1]-R[0]C[5])/R[0]C[5]">2.61%</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":3,"3":0.9556}' data-sheets-numberformat='{"1":2,"2":"#,##0.0000","3":1}'>0.9556</td>
<td style="text-align: right; width: 75.8333px;" data-sheets-value='{"1":3,"3":143.34}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}' data-sheets-formula="=R[0]C[2]*R[0]C[-1]"><strong>143.3</strong></td>
<td style="text-align: right; width: 74.1667px;" data-sheets-value='{"1":3,"3":0.13152657984811297}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/(googlefinance(R[0]C[-5], "marketcap")/1000000000)'><strong>13.15%</strong></td>
</tr>
<tr>
<td style="width: 124.167px;" data-sheets-value='{"1":2,"2":"GS Engineering &amp; Construction Corp"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>GS E&amp;C</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":2,"2":"006360"}' data-sheets-formula='="006360"'>006360</td>
<td style="text-align: right; width: 76.6667px;" data-sheets-value='{"1":3,"3":46000}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}' data-sheets-formula='=googlefinance(R[0]C[-1], "price")'>₩46,000</td>
<td style="text-align: right; width: 96.6667px;" data-sheets-value='{"1":3,"3":0.5212143258705645}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-1]-R[0]C[5])/R[0]C[5]">52.12%</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":3,"3":0.9874}' data-sheets-numberformat='{"1":2,"2":"#,##0.0000","3":1}'>0.9874</td>
<td style="text-align: right; width: 75.8333px;" data-sheets-value='{"1":3,"3":76.81972}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}' data-sheets-formula="=R[0]C[2]*R[0]C[-1]"><strong>76.8</strong></td>
<td style="text-align: right; width: 74.1667px;" data-sheets-value='{"1":3,"3":0.01953417848061996}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/(googlefinance(R[0]C[-5], "marketcap")/1000000000)'><strong>1.95%</strong></td>
</tr>
<tr>
<td style="width: 124.167px;" data-sheets-value='{"1":2,"2":"KIWOOM Securities Co., Ltd."}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>KIWOOM Securities</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":2,"2":"039490"}' data-sheets-formula='="039490"'>039490</td>
<td style="text-align: right; width: 76.6667px;" data-sheets-value='{"1":3,"3":135000}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}' data-sheets-formula='=googlefinance(R[0]C[-1], "price")'>₩135,000</td>
<td style="text-align: right; width: 96.6667px;" data-sheets-value='{"1":3,"3":0.2826968939732249}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-1]-R[0]C[5])/R[0]C[5]">28.27%</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":3,"3":0.8001}' data-sheets-numberformat='{"1":2,"2":"#,##0.0000","3":1}'>0.8001</td>
<td style="text-align: right; width: 75.8333px;" data-sheets-value='{"1":3,"3":101.69271}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}' data-sheets-formula="=R[0]C[2]*R[0]C[-1]"><strong>101.7</strong></td>
<td style="text-align: right; width: 74.1667px;" data-sheets-value='{"1":3,"3":0.02893417796460866}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/(googlefinance(R[0]C[-5], "marketcap")/1000000000)'><strong>2.89%</strong></td>
</tr>
<tr>
<td style="width: 124.167px;" data-sheets-value='{"1":2,"2":"Lotte Tour Development Co., Ltd."}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Lotte Tour Dev</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":2,"2":"032350"}' data-sheets-formula='="032350"'>032350</td>
<td style="text-align: right; width: 76.6667px;" data-sheets-value='{"1":3,"3":18100}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}' data-sheets-formula='=googlefinance(R[0]C[-1], "price")'>₩18,100</td>
<td style="text-align: right; width: 96.6667px;" data-sheets-value='{"1":3,"3":0.30685920577617326}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-1]-R[0]C[5])/R[0]C[5]">30.69%</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":3,"3":0.7877}' data-sheets-numberformat='{"1":2,"2":"#,##0.0000","3":1}'>0.7877</td>
<td style="text-align: right; width: 75.8333px;" data-sheets-value='{"1":3,"3":55.958208}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}' data-sheets-formula="=R[0]C[2]*R[0]C[-1]"><strong>56.0</strong></td>
<td style="text-align: right; width: 74.1667px;" data-sheets-value='{"1":3,"3":0.04462769831973416}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/(googlefinance(R[0]C[-5], "marketcap")/1000000000)'><strong>4.46%</strong></td>
</tr>
<tr><td colspan="7" rowspan="1" style="width: 722.5px;" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table>

Those with a high level of unconverted CB balance would be among the early target groups by short sellers from May 3 in Korea.Among the Short 350 (KOSPI 200 and KOSDAQ 150), five names pop up as a heavy CB carrier with the conversion in progress.









Name
Ticker
CB balance at FY2020 yearend (₩B)
Time to expiration (days)
Conversion


LG Display
034220
813.4
1,209
₩19,845


Hwaseung Enterprise
241590
150.0
10,529
₩17,542


GS E&amp;C
006360
77.8
84
₩30,239


KIWOOM Securities
039490
127.1
423
₩105,247


Lotte Tour Dev
032350
71.0
852
₩13,850

Source: DART

All of them enjoy a substantial gain in price, ranging from 2.90% to 52.12%. We should see a strong incentive in conversion, potentially resulting in an active shorting inflow.CB balance (as of FY2020 yearend) * Delta (σ, 21 TD) should estimate potential shorting inflow, suggesting LG Display sitting at the top with ₩623.5B.As a % of MC, Hwaseung Ent leads the pack at 13.15%.











Name
Ticker
Price
Price gain from the conversion
Delta (σ, 21 TD)
CB balance * Delta (₩B)
% of MC


LG Display
034220
₩24,900
25.47%
0.7665
623.5
7.00%


Hwaseung Enterprise
241590
₩18,000
2.61%
0.9556
143.3
13.15%


GS E&amp;C
006360
₩46,000
52.12%
0.9874
76.8
1.95%


KIWOOM Securities
039490
₩135,000
28.27%
0.8001
101.7
2.89%


Lotte Tour Dev
032350
₩18,100
30.69%
0.7877
56.0
4.46%

Source: DART



CB Balance X Delta (σ, 21 TD) Based Potential Shorting Inflow Among Korea Short 350

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/lenovo-group-ltd" target="_blank" data-smartkarma-citation="entities:13359:1" rel="noopener">Lenovo (992 HK)</a>, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group Ltd (1299 HK)</a> and <a href="https://www.smartkarma.com/entities/nongfu-spring" target="_blank" data-smartkarma-citation="entities:28955:1" rel="noopener">Nongfu Spring (9633 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a>, <a href="https://www.smartkarma.com/entities/jinxin-fertility-group-ltd" target="_blank" data-smartkarma-citation="entities:28003:1" rel="noopener">Jinxin Fertility Co Ltd (1951 HK)</a> and <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a>. Shorts increased on Real Estate, Communication Services and Information Technology, while decreasing on Consumer Discretionary, Health Care and Financials.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/freee-kk" target="_blank" data-smartkarma-citation="entities:28424:1" rel="noopener">freee (4478 JP)</a>, <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" data-smartkarma-citation="entities:3700:1" rel="noopener">Anritsu Corp (6754 JP)</a> and <a href="https://www.smartkarma.com/entities/hino-motors-ltd" target="_blank" data-smartkarma-citation="entities:2144:1" rel="noopener">Hino Motors Ltd (7205 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a>, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a>, <a href="https://www.smartkarma.com/entities/yaskawa-electric-corp" target="_blank" data-smartkarma-citation="entities:2458:1" rel="noopener">Yaskawa Electric (6506 JP)</a> and <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" data-smartkarma-citation="entities:9924:1" rel="noopener">Taiyo Yuden (6976 JP)</a>. Sectorally, shorts increased marginally in Information Technology and Consumer Staples, while decreasing in Industrials and Communication Services.</p></div><div><p>In Korea, short increased on <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp (035420 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI (006400 KS)</a> and <a href="https://www.smartkarma.com/entities/kia-motors-corp" target="_blank" data-smartkarma-citation="entities:156:1" rel="noopener">Kia Motors Corp (000270 KS)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a>, <a href="https://www.smartkarma.com/entities/gs-engineering-construct" target="_blank" data-smartkarma-citation="entities:15916:1" rel="noopener">GS Engineering &amp; Construction (006360 KS)</a> and <a href="https://www.smartkarma.com/entities/hana-financial-group" target="_blank" data-smartkarma-citation="entities:12843:1" rel="noopener">Hana Financial (086790 KS)</a>. </p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/pegatron-corp" target="_blank" data-smartkarma-citation="entities:12852:1" rel="noopener">Pegatron Corp (4938 TT)</a>, <a href="https://www.smartkarma.com/entities/asmedia-technology-inc" target="_blank" data-smartkarma-citation="entities:15732:1" rel="noopener">Asmedia Technology (5269 TT)</a>, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a> and <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a>, <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" data-smartkarma-citation="entities:6704:1" rel="noopener">Au Optronics (2409 TT)</a>, <a href="https://www.smartkarma.com/entities/alchip-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20219:1" rel="noopener">Alchip Technologies (3661 TT)</a> and <a href="https://www.smartkarma.com/entities/flexium-interconnect-inc" target="_blank" data-smartkarma-citation="entities:15897:1" rel="noopener">Flexium Interconnect (6269 TT)</a>.</p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Lenovo (992 HK), Tencent Holdings (700 HK), AIA Group Ltd (1299 HK) and Nongfu Spring (9633 HK) while there was short covering on Ping An Insurance (H) (2318 HK), Alibaba Group (9988 HK), Wuxi Biologics (2269 HK), Jinxin Fertility Co Ltd (1951 HK) and JD.com Inc. (9618 HK). Shorts increased on Real Estate, Communication Services and Information Technology, while decreasing on Consumer Discretionary, Health Care and Financials.In Japan, stocks that saw the most shorts were Toshiba Corp (6502 JP), freee (4478 JP), Anritsu Corp (6754 JP) and Hino Motors Ltd (7205 JP) while shorts decreased on Itochu Corp (8001 JP), Canon Inc (7751 JP), Yaskawa Electric (6506 JP) and Taiyo Yuden (6976 JP). Sectorally, shorts increased marginally in Information Technology and Consumer Staples, while decreasing in Industrials and Communication Services.In Korea, short increased on Samsung Electronics (005930 KS), Naver Corp (035420 KS), Samsung SDI (006400 KS) and Kia Motors Corp (000270 KS) while shorts decreased on Celltrion Inc (068270 KS), GS Engineering &amp; Construction (006360 KS) and Hana Financial (086790 KS). Stocks in Taiwan that saw the highest increase in shorts were Pegatron Corp (4938 TT), Asmedia Technology (5269 TT), TSMC (2330 TT) and Largan Precision (3008 TT) while shorts were covered on United Microelectronics Corp (2303 TT), Au Optronics (2409 TT), Alchip Technologies (3661 TT) and Flexium Interconnect (6269 TT).

Asia Short Interest: Lenovo, AIA, Nongfu, Wuxi Bio, Toshiba, Freee, Canon, Samsung, Celltrion, TSMC

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a>, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> and <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/smoore-international" target="_blank" data-smartkarma-citation="entities:28241:1" rel="noopener">Smoore International (6969 HK)</a>, <a href="https://www.smartkarma.com/entities/gcl-poly-energy-holdings-limited" target="_blank" data-smartkarma-citation="entities:3708:1" rel="noopener">Gcl Poly Energy Holdings Limited (3800 HK)</a>, <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a> and <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>. Shorts increased on Consumer Discretionary, Communication Services, Financials, Consumer Staples and Industrials, while decreasing on Information Technology, Real Estate and Health Care.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/olympus-corp" target="_blank" data-smartkarma-citation="entities:356:1" rel="noopener">Olympus Corp (7733 JP)</a>, <a href="https://www.smartkarma.com/entities/dai-ichi-life-insurance" target="_blank" data-smartkarma-citation="entities:1109:1" rel="noopener">Dai Ichi Life Insurance (8750 JP)</a>, <a href="https://www.smartkarma.com/entities/nomura-holdings-inc" target="_blank" data-smartkarma-citation="entities:742:1" rel="noopener">Nomura Holdings (8604 JP)</a> and <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" data-smartkarma-citation="entities:3700:1" rel="noopener">Anritsu Corp (6754 JP)</a>, <a href="https://www.smartkarma.com/entities/lasertec-corp" target="_blank" data-smartkarma-citation="entities:4126:1" rel="noopener">Lasertec Corp (6920 JP)</a>, <a href="https://www.smartkarma.com/entities/sharp-corp" target="_blank" data-smartkarma-citation="entities:391:1" rel="noopener">Sharp Corp (6753 JP)</a> and <a href="https://www.smartkarma.com/entities/square-enix-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15003:1" rel="noopener">Square Enix Holdings (9684 JP)</a>. Sectorally, shorts increased on Financials, Industrials and Health Care, while decreasing on Information Technology and Consumer Discretionary.</p></div><div><p>In Korea, there were short positions put on in <a href="https://www.smartkarma.com/entities/lg-display-co-ltd" target="_blank" data-smartkarma-citation="entities:7145:1" rel="noopener">LG Display (034220 KS)</a>, <a href="https://www.smartkarma.com/entities/gs-engineering-construct" target="_blank" data-smartkarma-citation="entities:15916:1" rel="noopener">GS Engineering &amp; Construction (006360 KS)</a>, <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a> and <a href="https://www.smartkarma.com/entities/hyundai-mobis-co-ltd" target="_blank" data-smartkarma-citation="entities:6089:1" rel="noopener">Hyundai Mobis (012330 KS)</a> while shorts were covered in <a href="https://www.smartkarma.com/entities/netmarble-corporation" target="_blank" data-smartkarma-citation="entities:22839:1" rel="noopener">Netmarble Corporation (251270 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics Co., (207940 KS)</a>, <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> and <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a>. </p></div><div>
<p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a>, <a href="https://www.smartkarma.com/entities/innolux-corp" target="_blank" data-smartkarma-citation="entities:4509:1" rel="noopener">Innolux Corp (3481 TT)</a>, <a href="https://www.smartkarma.com/entities/e-sun-financial-holding-co" target="_blank" data-smartkarma-citation="entities:719:1" rel="noopener">E.Sun Financial Holding Co (2884 TT)</a> and <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/evergreen-marine-corp-ltd" target="_blank" data-smartkarma-citation="entities:15428:1" rel="noopener">Evergreen Marine Corp (2603 TT)</a>, <a href="https://www.smartkarma.com/entities/acer-inc" target="_blank" data-smartkarma-citation="entities:15726:1" rel="noopener">Acer Inc (2353 TT)</a>, <a href="https://www.smartkarma.com/entities/pegatron-corp" target="_blank" data-smartkarma-citation="entities:12852:1" rel="noopener">Pegatron Corp (4938 TT)</a> and <a href="https://www.smartkarma.com/entities/ase-technology-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:27270:1" rel="noopener">ASE Technology Holding Co Ltd (3711 TT)</a>.</p>
<p>Following the <a href="https://www.smartkarma.com/entities/gamestop-corp-class-a" target="_blank" data-smartkarma-citation="entities:13790:1" rel="noopener">GameStop Corp Class A (GME US)</a> saga, we have added tables in each market with the largest stocks in terms of days of ADV to cover.</p>
</div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on BYD (1211 HK), Meituan (3690 HK), Tencent Holdings (700 HK), Alibaba Group (9988 HK) and HKEX (388 HK) while there was short covering on Smoore International (6969 HK), Gcl Poly Energy Holdings Limited (3800 HK), Innovent Biologics Inc (1801 HK), Sunny Optical (2382 HK) and Xiaomi Corp (1810 HK). Shorts increased on Consumer Discretionary, Communication Services, Financials, Consumer Staples and Industrials, while decreasing on Information Technology, Real Estate and Health Care.In Japan, stocks that saw the most shorts were Olympus Corp (7733 JP), Dai Ichi Life Insurance (8750 JP), Nomura Holdings (8604 JP) and Mitsubishi UFJ Financial (MUFG) (8306 JP) while shorts decreased on Anritsu Corp (6754 JP), Lasertec Corp (6920 JP), Sharp Corp (6753 JP) and Square Enix Holdings (9684 JP). Sectorally, shorts increased on Financials, Industrials and Health Care, while decreasing on Information Technology and Consumer Discretionary.In Korea, there were short positions put on in LG Display (034220 KS), GS Engineering &amp; Construction (006360 KS), LG Chem Ltd (051910 KS) and Hyundai Mobis (012330 KS) while shorts were covered in Netmarble Corporation (251270 KS), Samsung Biologics Co., (207940 KS), Celltrion Inc (068270 KS) and Kakao Corp (035720 KS). 
Stocks in Taiwan that saw the highest increase in shorts were United Microelectronics Corp (2303 TT), Innolux Corp (3481 TT), E.Sun Financial Holding Co (2884 TT) and TSMC (2330 TT) while shorts were covered on Evergreen Marine Corp (2603 TT), Acer Inc (2353 TT), Pegatron Corp (4938 TT) and ASE Technology Holding Co Ltd (3711 TT).
Following the GameStop Corp Class A (GME US) saga, we have added tables in each market with the largest stocks in terms of days of ADV to cover.


Asia Short Interest: BYD, Smoore, GCL Poly, Olympus, Nomura, Anritsu, Netmarble, UMC, Innolux, Acer

South Korea

GS Engineering & Construction Corp. contracts civil engineering and architectural works, residential and commercial building constructions, and plant installations.  The Company also builds educational, leisure, distribution, and environmental facilities.

GS Engineering & Construction (006360 KS)

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GS Engineering & Construction (006360 KS)

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Brian Freitas

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