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 May 22nd. The aggregated holding was USD1,553.7bn.</li>
<li>We estimate that foreign flows to be outflows of USD10,868mln. 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 Samsung Electronics, SK Hynix, Hyundai Motor, Mobis, LG Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of May 22nd. The aggregated holding was USD1,553.7bn.
We estimate that foreign flows to be outflows of USD10,868mln. 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 Samsung Electronics, SK Hynix, Hyundai Motor, Mobis, LG Electronics.


KRX Foreign Holding Weekly (May 22nd): Samsung Electronics, SK Hynix, Hyundai Motor, Mobis

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

<ul>
<li>Our Model Portfolio, launched May 15, 2025, has appreciated 42.6% over the past year, in line with MXASJ's 43.7%. Korean tech, Korean industrials and Taiwanese tech were the largest contributors.</li>
<li>Worries about monetization of LLM's and hyperscalers' AI capex is likely to sustain for now. The providers of compute, memory and energy infrastructure seem safe bets for now.</li>
<li>We reduce Alibaba and Tencent and increase weight on Samsung Electronics and TSMC. We include SK Telecom as an indirect play on Anthropic and bank on the stock's cheap valuation.</li>
</ul>


Our Model Portfolio, launched May 15, 2025, has appreciated 42.6% over the past year, in line with MXASJ's 43.7%. Korean tech, Korean industrials and Taiwanese tech were the largest contributors.
Worries about monetization of LLM's and hyperscalers' AI capex is likely to sustain for now. The providers of compute, memory and energy infrastructure seem safe bets for now.
We reduce Alibaba and Tencent and increase weight on Samsung Electronics and TSMC. We include SK Telecom as an indirect play on Anthropic and bank on the stock's cheap valuation.


Asian Equities: Model Portfolio Completes a Year; More to AI Picks and Shovels, Selectively to LLMs

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of May 15th. The aggregated holding was USD1,519.7bn.</li>
<li>We estimate that foreign flows to be outflows of USD12,134mln. 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 Samsung Electronics, SK Hynix, Mobis, Hyundai Motor, Doosan Enerbility.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of May 15th. The aggregated holding was USD1,519.7bn.
We estimate that foreign flows to be outflows of USD12,134mln. 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 Samsung Electronics, SK Hynix, Mobis, Hyundai Motor, Doosan Enerbility.


KRX Foreign Holding Weekly (May 15th): Samsung Electronics, SK Hynix, Mobis, Hyundai Motor

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of May 8th. The aggregated holding was USD1,577.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD196mln. 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 Samsung Electronics, Samsung Elec (PREF), SKSQUARE, SK Hynix, LS ELECTRIC.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of May 8th. The aggregated holding was USD1,577.8bn.
We estimate that foreign flows to be inflows of USD196mln. 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 Samsung Electronics, Samsung Elec (PREF), SKSQUARE, SK Hynix, LS ELECTRIC.


KRX Foreign Holding Weekly (May 8th): Samsung Electronics, Samsung Elec (PREF), SKSQUARE, SK Hynix

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

Korea Aerospace Industries / Event-Driven

<ul>
<li>Hanwha Aerospace (012450 KS) announced that it acquired additional 100,000 shares (0.1%) of Korea Aerospace Industries (047810 KS), raising Hanwha Group's stake in KAI to 5.09% (from 4.99% previously). </li>
<li><em><strong>Hanwha Aerospace plans to continue purchasing KAI shares by the end of this year, investing 500 billion won (representing about 2.85% of outstanding shares). </strong></em></li>
<li>This is likely to have a greater beneficial impact on KAI because there will be more buying of its KAI by Hanwha Aerospace, boosting KAI's share price. </li>
</ul>


Hanwha Aerospace (012450 KS) announced that it acquired additional 100,000 shares (0.1%) of Korea Aerospace Industries (047810 KS), raising Hanwha Group's stake in KAI to 5.09% (from 4.99% previously). 
Hanwha Aerospace plans to continue purchasing KAI shares by the end of this year, investing 500 billion won (representing about 2.85% of outstanding shares). 
This is likely to have a greater beneficial impact on KAI because there will be more buying of its KAI by Hanwha Aerospace, boosting KAI's share price. 


Hanwha Aerospace: To Purchase 500 Billion Won Worth of More KAI Shares: Step 2 of Privatization?

South Korea

Hanwha Aerospace Co., Ltd. operates as an aircraft parts manufacturing company. The Company produces and sells aircraft gas turbine engine products, aircraft compressors, low pressure turbines, and other products. Hanwha Aerospace markets its products worldwide.

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Hanwha Aerospace (012450 KS)

KRX Foreign Holding Weekly (May 22nd): Samsung Electronics, SK Hynix, Hyundai Motor, Mobis

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

Ke Yan, CFA, FRM

Asian Equities: Model Portfolio Completes a Year; More to AI Picks and Shovels, Selectively to LLMs

Our Model Portfolio rose 42.6% in the past year driven by with KR & TW tech. Worries about AI capex from LLMs & hyperscalers persist, but compute,...

Manishi Raychaudhuri

KRX Foreign Holding Weekly (May 15th): Samsung Electronics, SK Hynix, Mobis, Hyundai Motor

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

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (May 8th): Samsung Electronics, Samsung Elec (PREF), SKSQUARE, SK Hynix

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Samsung Elec (PREF),...

Ke Yan, CFA, FRM

Hanwha Aerospace: To Purchase 500 Billion Won Worth of More KAI Shares: Step 2 of Privatization?

Hanwha Aerospace plans to continue purchasing KAI shares by the end of this year, investing 500 billion won (representing about 2.85% of...

Douglas Kim

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KRX Foreign Holding Weekly (May 22nd): Samsung Electronics, SK Hynix, Hyundai Motor, Mobis

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

Ke Yan, CFA, FRM

Asian Equities: Model Portfolio Completes a Year; More to AI Picks and Shovels, Selectively to LLMs

​Our Model Portfolio rose 42.6% in the past year driven by with KR & TW tech. Worries about AI capex from LLMs & hyperscalers persist, but compute,...

Manishi Raychaudhuri

KRX Foreign Holding Weekly (May 15th): Samsung Electronics, SK Hynix, Mobis, Hyundai Motor

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

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (May 8th): Samsung Electronics, Samsung Elec (PREF), SKSQUARE, SK Hynix

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Samsung Elec (PREF),...

Ke Yan, CFA, FRM

Hanwha Aerospace: To Purchase 500 Billion Won Worth of More KAI Shares: Step 2 of Privatization?

Hanwha Aerospace plans to continue purchasing KAI shares by the end of this year, investing 500 billion won (representing about 2.85% of...

Douglas Kim

Our Model Portfolio rose 42.6% in the past year driven by with KR & TW tech. Worries about AI capex from LLMs & hyperscalers persist, but compute,...