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

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hanwha-systems-co-ltd" target="_blank" data-smartkarma-citation="entities:28308:1" rel="noopener">Hanwha Systems Co Ltd (272210 KS)</a> will be added to the MarketVector Global Defense Industry Index at the close on 19 September.</li>
<li>The constituent change, float changes and capping changes result in an estimated one-way turnover of 3.1% resulting in a round-trip trade of US$437m.</li>
<li>Inflows to the tracking ETF have slowed down but there could be more inflows after a period of consolidation in the underlying stocks.</li>
</ul>



Hanwha Systems Co Ltd (272210 KS) will be added to the MarketVector Global Defense Industry Index at the close on 19 September.
The constituent change, float changes and capping changes result in an estimated one-way turnover of 3.1% resulting in a round-trip trade of US$437m.
Inflows to the tracking ETF have slowed down but there could be more inflows after a period of consolidation in the underlying stocks.


MV Global Defense Industry Index Rebalance: Hanwha Systems Added as Stocks Play Offence

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>Consolidated 1Q25 OP at W58.2bn (+48.2% YoY), beating market consensus</li><li>Increased defense export share led to surprise; Philly Shipyard rapidly narrowing losses </li><li>Agile response to US shipbuilding revival via Philly Shipyard and Austal stake acquisition</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>

Consolidated 1Q25 OP at W58.2bn (+48.2% YoY), beating market consensusIncreased defense export share led to surprise; Philly Shipyard rapidly narrowing losses Agile response to US shipbuilding revival via Philly Shipyard and Austal stake acquisitionContent 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 Systems (272210 KS May 14, 2025) - Next and Better Bet

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 28 April.</li>
<li>Our top 10 picks in Korea were up on average 5.1% (from 11 to 25 April), outperforming KOSPI which is up 4.7% in the same period. </li>
<li>Our top 10 picks in this bi-weekly include Hanwha Systems, Hyundai Elevator, HD Hyundai, Hyundai Rotem, SK Telecom, Samyang Foods, KT&amp;G, Posco, SK Inc, and Korea Investment Holdings.</li>
</ul>


In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 28 April.
Our top 10 picks in Korea were up on average 5.1% (from 11 to 25 April), outperforming KOSPI which is up 4.7% in the same period. 
Our top 10 picks in this bi-weekly include Hanwha Systems, Hyundai Elevator, HD Hyundai, Hyundai Rotem, SK Telecom, Samyang Foods, KT&amp;G, Posco, SK Inc, and Korea Investment Holdings.


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (Starting 28 April 2025)

Equity Capital Markets

Hanwha Systems Co Ltd / Equity Capital Markets

<ul>
<li>In the past week, Hanwha Systems announced that it plans to expand third party allocation capital increase limit from 20% to 30% of issued shares in its articles of incorporation.</li>
<li>This plan to significantly increase the amount of capital raise limit sets the stage for a major capital increase by Hanwha Systems in 2025, in our view. </li>
<li>Unlike in 2021 when we were bullish on Hanwha Systems post a large-scale capital raise, we are more cautious on the company's potential new large scale capital raise this year. </li>
</ul>


In the past week, Hanwha Systems announced that it plans to expand third party allocation capital increase limit from 20% to 30% of issued shares in its articles of incorporation.
This plan to significantly increase the amount of capital raise limit sets the stage for a major capital increase by Hanwha Systems in 2025, in our view. 
Unlike in 2021 when we were bullish on Hanwha Systems post a large-scale capital raise, we are more cautious on the company's potential new large scale capital raise this year. 


Hanwha Systems: Expand 3rd Party Allocation Capital Increase Limit from 20% to 30% of Issued Shares

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 Nov 28th. The aggregated short interest was USD11.5bn.</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 Hanwha Ocean, SK Hynix, kakaopay, NAVER, HD HYUNDAI HEAVY INDUSTRIES.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Nov 28th. The aggregated short interest was USD11.5bn.
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 Hanwha Ocean, SK Hynix, kakaopay, NAVER, HD HYUNDAI HEAVY INDUSTRIES.


KRX Short Interest Weekly (Nov 28th): Hanwha Ocean, SK Hynix, Kakaopay, NAVER

South Korea

Hanwha Systems Co., Ltd. designs, develops, and distributes high-tech systems for the defense industry. The Company manufactures tactical communication systems, radar systems, naval combat systems, electro-optics, and fire control systems. Hanwha Systems markets its products throughout South Korea.

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Hanwha Systems Co Ltd (272210 KS)

MV Global Defense Industry Index Rebalance: Hanwha Systems Added as Stocks Play Offence

Hanwha Systems will be added to the index. One-way turnover is 3.1% and the round-trip trade is US$437m. Most stocks are at or near new highs and...

Brian Freitas

Hanwha Systems (272210 KS May 14, 2025) - Next and Better Bet

Consolidated 1Q25 OP at W58.2bn (+48.2% YoY), beating market consensus. Increased defense export share led to surprise; Philly Shipyard rapidly...

Daishin Securities

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (Starting 28 April 2025)

Our top 10 picks in this bi-weekly include Hanwha Systems, Hyundai Elevator, HD Hyundai, Hyundai Rotem, SK Telecom, Samyang Foods, KT&G, Posco, SK...

Douglas Kim

Hanwha Systems: Expand 3rd Party Allocation Capital Increase Limit from 20% to 30% of Issued Shares

Hanwha Systems announced that it plans to expand third party allocation capital increase limit from 20% to 30% of issued shares in its articles of...

Douglas Kim

KRX Short Interest Weekly (Nov 28th): Hanwha Ocean, SK Hynix, Kakaopay, NAVER

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Ocean, SK Hynix, kakaopay, NAVER, HD...

Ke Yan, CFA, FRM

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52-week Range

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