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 analysed the earning revision of component stocks of MS-South Korea in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on SK Hynix, Samsung Electronics, KB Financial, Hana Financial, KIH, LG Chem, SK Innovation, LG Energy Solution.</li>
</ul>


We analysed the earning revision of component stocks of MS-South Korea in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on SK Hynix, Samsung Electronics, KB Financial, Hana Financial, KIH, LG Chem, SK Innovation, LG Energy Solution.


MS-South Korea Index Earning Revision (Sep): SK Hynix, Samsung Electronics, KB Financial, KIH

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

ASE Technology Holding   / Technical Analysis

<ul>
<li>We will stay near-term bullish as long as crucial support levels of 6824 on SPX (up from 6480-6520) and $141.50 on ACWI-US (up from $134-135.70) continue to hold.</li>
<li>Signs of impending upside are evident with the ACWI-US and all the other MSCI global indexes (MSCI EAFE, ACWI ex-US, EM) breaking out (more on that below).</li>
<li>Our intermediate-term bullish outlook has been in place since our 5/14/25 Compass. Actionable themes include Technology and Industrials, focused in EM, Europe, and Japan.</li>
</ul>


We will stay near-term bullish as long as crucial support levels of 6824 on SPX (up from 6480-6520) and $141.50 on ACWI-US (up from $134-135.70) continue to hold.
Signs of impending upside are evident with the ACWI-US and all the other MSCI global indexes (MSCI EAFE, ACWI ex-US, EM) breaking out (more on that below).
Our intermediate-term bullish outlook has been in place since our 5/14/25 Compass. Actionable themes include Technology and Industrials, focused in EM, Europe, and Japan.


Breakouts Galore in All MSCI Global Indexes; Bullish Outlook Intact

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Sep 25th. The aggregated short interest was USD18.7bn.</li>
<li>We tabulate league tables 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 SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan Enerbility, HyundaiEng&amp;Const.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Sep 25th. The aggregated short interest was USD18.7bn.
We tabulate league tables 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 SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan Enerbility, HyundaiEng&amp;Const.


KRX Short Interest Weekly (Sep 25th): SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan Enerbility

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Thematic (Sector/Industry)

<ul><li>Nokia is set to enhance its base stations by integrating Nvidia GPUs, aiming to advance AI-driven radio access networks and support 6G technology development.</li><li>Arm, AMD, and Nvidia have joined the Open Compute Project board, while AWS's absence raises questions about its future involvement in open-source hardware initiatives.</li><li>The Semiconductor Industry Association director points to a 'semiconductor paradox' that suggests a significant chip boom is on the horizon despite current market challenges.</li></ul>

Nokia is set to enhance its base stations by integrating Nvidia GPUs, aiming to advance AI-driven radio access networks and support 6G technology development.Arm, AMD, and Nvidia have joined the Open Compute Project board, while AWS's absence raises questions about its future involvement in open-source hardware initiatives.The Semiconductor Industry Association director points to a 'semiconductor paradox' that suggests a significant chip boom is on the horizon despite current market challenges.

Tech Supply Chain Tracker (31-Oct-2025): Nokia to integrate Nvidia GPUs for AI and 6G.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>The net short selling balance in KOSPI reached 12.6 trillion won as of 20 October. This is the largest amount ever.</li>
<li>The top 5 companies in KOSPI with highest short selling balance/market cap ratio include Kakaopay, L&amp;F, Hanmi Semiconductor, Cosmax, and LG H&amp;H. </li>
<li>Net short position In KOSDAQ as a percentage of total KOSDAQ market cap more than doubled from 0.5% as of 31 March to 1.1% as of 21 October 2025.</li>
</ul>


The net short selling balance in KOSPI reached 12.6 trillion won as of 20 October. This is the largest amount ever.
The top 5 companies in KOSPI with highest short selling balance/market cap ratio include Kakaopay, L&amp;F, Hanmi Semiconductor, Cosmax, and LG H&amp;H. 
Net short position In KOSDAQ as a percentage of total KOSDAQ market cap more than doubled from 0.5% as of 31 March to 1.1% as of 21 October 2025.


A Sharp Increase in Short Selling Balance in the Korean Stock Market Past Seven Months

South Korea

Hanmi Semiconductor Co., Ltd. manufactures and develops semiconductor equipment. The Company's products include auto molding system, sawing & placement system, campress trim/form/singulation system, and pick & place system.

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Hanmi Semiconductor (042700 KS)

MS-South Korea Index Earning Revision (Sep): SK Hynix, Samsung Electronics, KB Financial, KIH

We analyzed MS-South Korea's consensus for Sep 2026 and highlighted changes of EPS in SK Hynix, Samsung Electronics, KB Financial, Hana Financial,...

Ke Yan, CFA, FRM

Breakouts Galore in All MSCI Global Indexes; Bullish Outlook Intact

Breakouts Galore in All MSCI Global Indexes (MSCI $ACWI $ACWX $EFA and $EEM) and tons of countries; Bullish Outlook Intact; Remain Overweight...

Vermilion Research

KRX Short Interest Weekly (Sep 25th): SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan Enerbility

We analyzed KRX short interest report for the past week and highlighted short interest changes in SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan...

Ke Yan, CFA, FRM

Tech Supply Chain Tracker (31-Oct-2025): Nokia to integrate Nvidia GPUs for AI and 6G.

Nokia will use Nvidia GPUs for AI-driven networks, while Arm, AMD, and Nvidia join the OCP board; a chip boom looms, and Meta eyes AI glasses...

Tech Supply Chain Tracker

A Sharp Increase in Short Selling Balance in the Korean Stock Market Past Seven Months

Net short selling balance in KOSPI was 12.6 trillion won as of 20 October, the largest amount ever. This suggests an increasing desire by many...

Douglas Kim

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