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 Aug 1st. The aggregated holding was USD626.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,003mln. 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, Hanwha Ocean, Hyundai Motor, NAVER, Samsung H.I..</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 1st. The aggregated holding was USD626.1bn.
We estimate that foreign flows to be inflows of USD2,003mln. 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, Hanwha Ocean, Hyundai Motor, NAVER, Samsung H.I..


KRX Foreign Holding Weekly (Aug 1st): Samsung Electronics, Hanwha Ocean, Hyundai Motor, NAVER

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Jul 25th. The aggregated short interest was USD9.7bn.</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 LG Chem, Shinhan Group, Hanwha Ocean, Samsung Electronics, SCD.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jul 25th. The aggregated short interest was USD9.7bn.
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 LG Chem, Shinhan Group, Hanwha Ocean, Samsung Electronics, SCD.


KRX Short Interest Weekly (Jul 25th): LG Chem, Shinhan Group, Hanwha Ocean, Samsung Electronics, SCD

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

HD Hyundai Heavy Industries  / Event-Driven

<ul>
<li>NAV sets the floor under the proposed bill. That’d cut the swap ratio from 1:0.162 to 1:0.128 — meaning Infracore holders get fewer CE shares than under market pricing.</li>
<li>Unlike the Doosan deal, this one’s unlikely to get walked back. With wide spreads and HD setting a 10% SO cap, the dislocation looks tradable despite appraisal right overhang.</li>
<li>Top holders/NPS hold ~50%, local instos 20%, foreigners 15% and retail the rest. Sentiment’s cautious but not hostile; appraisal risk looks manageable, making this spread a potential convergence play.</li>
</ul>


NAV sets the floor under the proposed bill. That’d cut the swap ratio from 1:0.162 to 1:0.128 — meaning Infracore holders get fewer CE shares than under market pricing.
Unlike the Doosan deal, this one’s unlikely to get walked back. With wide spreads and HD setting a 10% SO cap, the dislocation looks tradable despite appraisal right overhang.
Top holders/NPS hold ~50%, local instos 20%, foreigners 15% and retail the rest. Sentiment’s cautious but not hostile; appraisal risk looks manageable, making this spread a potential convergence play.


HD Merger: Overblown Policy Risk Creates a Convergence Play Opportunity

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>DH Shipbuilding reported a solid IPO book building results analysis. The IPO price has been finalized at 50,000 won per share (high end of the IPO price range).</li>
<li>At the IPO price of 50,000 won, the expected market cap will be 1.9 trillion won. DH Shipbuilding will start trading on 1 August. </li>
<li>Our base case valuation of DH Shipbuilding is target price of 67,576 won per share, which represents a 35% upside to the IPO price.</li>
</ul>


DH Shipbuilding reported a solid IPO book building results analysis. The IPO price has been finalized at 50,000 won per share (high end of the IPO price range).
At the IPO price of 50,000 won, the expected market cap will be 1.9 trillion won. DH Shipbuilding will start trading on 1 August. 
Our base case valuation of DH Shipbuilding is target price of 67,576 won per share, which represents a 35% upside to the IPO price.


DH (Daehan) Shipbuilding IPO Book Building Results Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Jul 4th. The aggregated short interest was USD9.1bn.</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 Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan Enerbility, Cosmax.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jul 4th. The aggregated short interest was USD9.1bn.
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 Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan Enerbility, Cosmax.


KRX Short Interest Weekly (Jul 4th): Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan Enerbility, Cosmax

South Korea

HD Hyundai Heavy Industries Co., Ltd. operates as a shipbuilding company. The Company provides naval shipbuilding, industrial shipbuilding, crude oil tanker, bulk carrier, container carrier, and other related services. HD Hyundai Heavy Industries also offers offshore and engineering, engine and machinery, offshore, industrial, and marine plant services.

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HD Hyundai Heavy Industries (329180 KS)

KRX Foreign Holding Weekly (Aug 1st): Samsung Electronics, Hanwha Ocean, Hyundai Motor, NAVER

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

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Jul 25th): LG Chem, Shinhan Group, Hanwha Ocean, Samsung Electronics, SCD

We analyzed KRX short interest report for the past week and highlighted short interest changes in LG Chem, Shinhan Group, Hanwha Ocean, Samsung...

Ke Yan, CFA, FRM

HD Merger: Overblown Policy Risk Creates a Convergence Play Opportunity

The HD merger’s policy risk is way overhyped right now. Given that, the current spread looks like a solid setup for a convergence play.

Sanghyun Park

DH (Daehan) Shipbuilding IPO Book Building Results Analysis

DH Shipbuilding reported a solid IPO book building results analysis. The IPO price has been finalized at 50,000 won per share (high end of the IPO...

Douglas Kim

KRX Short Interest Weekly (Jul 4th): Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan Enerbility, Cosmax

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan...

Ke Yan, CFA, FRM

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52-week Range

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