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 short interest of KRX stocks as of May 30th. The aggregated short interest was USD6.9bn.</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 Systems, Samsungf&amp;Mins, Daewoo Shipbuilding, Meritz Financi, Samsung Heavy Industries, Samsung Electronics, SK Hynix, Ecopro Mat.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of May 30th. The aggregated short interest was USD6.9bn.
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 Systems, Samsungf&amp;Mins, Daewoo Shipbuilding, Meritz Financi, Samsung Heavy Industries, Samsung Electronics, SK Hynix, Ecopro Mat.


KRX Short Interest Weekly (May 30th): Hanwha Systems, Samsungf&Mins, Daewoo Shipbuilding

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>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.

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

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of May 9th which has an aggregated holding worth USD502.5bn.</li>
<li>We estimate that foreign flows to be inflows of USD502mln. 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 SK Hynix, Hanwha Aerospace, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of May 9th which has an aggregated holding worth USD502.5bn.
We estimate that foreign flows to be inflows of USD502mln. 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 SK Hynix, Hanwha Aerospace, Samsung Electronics.


KRX Foreign Holding Weekly (May 9th): SK Hynix, Hanwha Aerospace, Samsung Electronics

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 (9 to 23 May 2025).</li>
<li>Our top 10 picks in the past two weeks were up on average 5.0% (from 25 April to 9 May), outperforming KOSPI which was up 1.2% in the same period.</li>
<li>Our top 10 picks in this bi-weekly include HD Hyundai, Hyundai Elevator, KT Corp, Shinsegae, Coway, Hanwha Aerospace, F&amp;F Co, SM Entertainment, and SK Inc. </li>
</ul>


In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (9 to 23 May 2025).
Our top 10 picks in the past two weeks were up on average 5.0% (from 25 April to 9 May), outperforming KOSPI which was up 1.2% in the same period.
Our top 10 picks in this bi-weekly include HD Hyundai, Hyundai Elevator, KT Corp, Shinsegae, Coway, Hanwha Aerospace, F&amp;F Co, SM Entertainment, and SK Inc. 


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (9 to 23 May 2025)

Event-Driven

<ul>
<li>Korea Development Bank (KDB) is capitalizing on the huge share price appreciation of Hanwha Ocean (042660 KS) to sell some of its stake in the company through block deal sales.</li>
<li>KDB plans to sell its 19.5% stake in Hanwha Ocean. However, the initial block deal sale will be for about 13 million shares (4.3% of outstanding shares). </li>
<li>Hanwha Ocean's lofty valuations are difficult to justify. As KDB is getting ready to sell more shares,  this could cause further overhang on its shares over the next 3-6 months.  </li>
</ul>


Korea Development Bank (KDB) is capitalizing on the huge share price appreciation of Hanwha Ocean (042660 KS) to sell some of its stake in the company through block deal sales.
KDB plans to sell its 19.5% stake in Hanwha Ocean. However, the initial block deal sale will be for about 13 million shares (4.3% of outstanding shares). 
Hanwha Ocean's lofty valuations are difficult to justify. As KDB is getting ready to sell more shares,  this could cause further overhang on its shares over the next 3-6 months.  


Overhang on KDB's Sell Down of Its 19.5% Stake in Hanwha Ocean

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)

KRX Short Interest Weekly (May 30th): Hanwha Systems, Samsungf&Mins, Daewoo Shipbuilding

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Systems (272210 KS), Samsungf&Mins (000810...

Ke Yan, CFA, FRM

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

KRX Foreign Holding Weekly (May 9th): SK Hynix, Hanwha Aerospace, Samsung Electronics

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

Ke Yan, CFA, FRM

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (9 to 23 May 2025)

Our top 10 picks in the past two weeks were up on average 5.0% (from 25 April to 9 May), outperforming KOSPI which was up 1.2% in the same period.

Douglas Kim

Overhang on KDB's Sell Down of Its 19.5% Stake in Hanwha Ocean

Hanwha Ocean's lofty valuations are difficult to justify. As KDB is getting ready to sell more shares, this could cause further overhang on its...

Douglas Kim

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52-week Range

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