External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>3Q25 revenue forecast at W3.4tn, OP at W355.5bn and OPM at 10.5%</li><li>One-offs include FX gains, bonus payouts tied to wage deal, and provision for industrial accident compensation</li><li>Margins slated to remain solid as high-margin commercial vessel orders are recognized; in-line results expected</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

3Q25 revenue forecast at W3.4tn, OP at W355.5bn and OPM at 10.5%One-offs include FX gains, bonus payouts tied to wage deal, and provision for industrial accident compensationMargins slated to remain solid as high-margin commercial vessel orders are recognized; in-line results expectedContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hanwha Ocean (042660 KS Oct 14, 2025) - Commercial Shipbuilding to Offset Offshore Drag

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Chinese government's efforts to ban Hanwha Ocean's five U.S. subsidiaries from conducting any transactions with organizations or individuals in China is likely to have material Negative impact on Hanwha Ocean.</li>
<li>If Hanwha’s U.S. subsidiaries are banned from Chinese suppliers, they’ll need to source alternatives (Japan, Europe, or domestic U.S. firms), that could involve 20–50% higher costs with longer lead times.</li>
<li>Basically, what's going on is that the Chinese government wants to slow down the United States' efforts to rebuild its shipbuilding sector with the help of Korean shipbuilders.</li>
</ul>


Chinese government's efforts to ban Hanwha Ocean's five U.S. subsidiaries from conducting any transactions with organizations or individuals in China is likely to have material Negative impact on Hanwha Ocean.
If Hanwha’s U.S. subsidiaries are banned from Chinese suppliers, they’ll need to source alternatives (Japan, Europe, or domestic U.S. firms), that could involve 20–50% higher costs with longer lead times.
Basically, what's going on is that the Chinese government wants to slow down the United States' efforts to rebuild its shipbuilding sector with the help of Korean shipbuilders.


Hanwha Ocean: Negative Impact from Chinese Government's Efforts to Crack Down on U.S. Subsidiaries

Event-Driven

<ul>
<li>Hanwha Impact Partners sold 1.4 trillion won worth of Hanwha Ocean shares in a block deal sale. </li>
<li>Hanwha Ocean's share price closed down at 5.4% to 112,500 won on the KRX exchange today but still 5% higher than block deal price of 107,100 won. </li>
<li>We believe that this block deal sale of 1.4 trillion won worth of Hanwha Ocean is likely to have a near-term negative impact on Hanwha Ocean's stock price.</li>
</ul>


Hanwha Impact Partners sold 1.4 trillion won worth of Hanwha Ocean shares in a block deal sale. 
Hanwha Ocean's share price closed down at 5.4% to 112,500 won on the KRX exchange today but still 5% higher than block deal price of 107,100 won. 
We believe that this block deal sale of 1.4 trillion won worth of Hanwha Ocean is likely to have a near-term negative impact on Hanwha Ocean's stock price.


A Block Deal Sale of 1.4 Trillion Won of Hanwha Ocean Shares by Hanwha Impact Partners

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Korea Stock Exchange KOSPI 200 / Event-Driven

<ul>
<li>Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. </li>
<li>Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.</li>
<li>There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.</li>
</ul>


Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. 
Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.
There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.


Korea: Short Selling Is Back in March; Trade Ideas

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Dec 12th. The aggregated short interest was USD12.1bn.</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 SANIL ELECTRIC, Hanwha Vision, kakaopay, Samsung F&amp;M Insurance, Alteogen.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Dec 12th. The aggregated short interest was USD12.1bn.
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 SANIL ELECTRIC, Hanwha Vision, kakaopay, Samsung F&amp;M Insurance, Alteogen.


KRX Short Interest Weekly (Dec 12th): SANIL ELECTRIC, Hanwha Vision, Kakaopay, Samsung F&M Insurance

South Korea

Hanwha Ocean Co., Ltd. operates as a shipbuilding and offshore company. The Company provides floating structure construction, steel wire drying, commercial vessels, specialty vessels, gas carrier, tanker, containership, ro ro, bulk carrier, submarine, warship, auxiliaries, cruise ships, and ferries manufacturing services. Hanwha Ocean also offers onshore plants services.

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Hanwha Ocean (042660 KS)