Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

Samsung Life Insurance / Equity Bottom-Up

<ul>
<li>In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (12 to 26 September 2025).</li>
<li>Our top 10 picks were up on average 7.4% from 29 August to 12 September, outperforming KOSPI which was up 6.6% in the same period.</li>
<li>Top 10 picks in this bi-weekly include KCC Corp, Nongshim Holdings, KT&amp;G, Paradise, Samsung Life Insurance, Hana Financial, SK Inc, CJ Corp, Lg Chem, and Lotte Tour Development.</li>
</ul>


In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (12 to 26 September 2025).
Our top 10 picks were up on average 7.4% from 29 August to 12 September, outperforming KOSPI which was up 6.6% in the same period.
Top 10 picks in this bi-weekly include KCC Corp, Nongshim Holdings, KT&amp;G, Paradise, Samsung Life Insurance, Hana Financial, SK Inc, CJ Corp, Lg Chem, and Lotte Tour Development.


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (12 to 26 September 2025)

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>HHI–Mipo spread holds 3–4%; cancellation risk minimal. Market views HHI as the cleaner MASGA play vs. Mipo, keeping the spread sticky and unlikely to tighten soon.</li>
<li>Potential kicker for widening comes from passive inflows when Mipo halts, as HHI gains weight in Global Standard vs. Mipo’s Small Cap.</li>
<li>HHI may see ~4x DTV passive inflow as it absorbs Mipo; pre-announcement flows could start late October, potentially widening the swap spread ahead of the Nov 27 halt.</li>
</ul>


HHI–Mipo spread holds 3–4%; cancellation risk minimal. Market views HHI as the cleaner MASGA play vs. Mipo, keeping the spread sticky and unlikely to tighten soon.
Potential kicker for widening comes from passive inflows when Mipo halts, as HHI gains weight in Global Standard vs. Mipo’s Small Cap.
HHI may see ~4x DTV passive inflow as it absorbs Mipo; pre-announcement flows could start late October, potentially widening the swap spread ahead of the Nov 27 halt.


Timing the HHI–Mipo Spread Play Around the Passive Inflow Kick

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 Sep 5th. The aggregated holding was USD644.3bn.</li>
<li>We estimate that foreign flows to be inflows of USD33mln. 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, Samsung Electronics, NAVER, HYUNDAI ROTEM, Mobis.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Sep 5th. The aggregated holding was USD644.3bn.
We estimate that foreign flows to be inflows of USD33mln. 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, Samsung Electronics, NAVER, HYUNDAI ROTEM, Mobis.


KRX Foreign Holding Weekly (Sep 5th): SK Hynix, Samsung Electronics, NAVER, HYUNDAI ROTEM, Mobis

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>I tally 45 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/peak-rare-earths-limited-nguall" target="_blank" data-smartkarma-citation="entities:19238:1" rel="noopener">Peak Rare Earths (PEK AU)</a> and <a href="https://www.smartkarma.com/entities/yutaka-giken-co-ltd" target="_blank" data-smartkarma-citation="entities:4033:1" rel="noopener">Yutaka Giken (7229 JP)</a>. </li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/johns-lyng-group-ltd" target="_blank" data-smartkarma-citation="entities:26649:1" rel="noopener">Johns Lyng (JLG AU)</a>, <a href="https://www.smartkarma.com/entities/ainsworth-game-technology-limited" target="_blank" data-smartkarma-citation="entities:957:1" rel="noopener">Ainsworth Game Technology (AGI AU)</a>, <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>, <a href="https://www.smartkarma.com/entities/ashimori-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:13918:1" rel="noopener">Ashimori Industry (3526 JP)</a>, and <a href="https://www.smartkarma.com/entities/pacific-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:6261:1" rel="noopener">Pacific Industrial (7250 JP)</a>.</li>
</ul>


I tally 45 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Two new deals were discussed on Smartkarma this week: Peak Rare Earths (PEK AU) and Yutaka Giken (7229 JP). 
Key updates/news took place on Johns Lyng (JLG AU), Ainsworth Game Technology (AGI AU), Shibaura Electronics (6957 JP), Ashimori Industry (3526 JP), and Pacific Industrial (7250 JP).


(Mostly) Asia-Pac M&A: Peak Rare Earths, Yutaka Giken, Shibaura, Johns Lyng, Ainsworth, Ashimori

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Aug 29th. The aggregated holding was USD643.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD356mln. 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 Ocean, Samsung Electronics, Samsung H.I., HD HYUNDAI ELECTRIC.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 29th. The aggregated holding was USD643.5bn.
We estimate that foreign flows to be outflows of USD356mln. 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 Ocean, Samsung Electronics, Samsung H.I., HD HYUNDAI ELECTRIC.


KRX Foreign Holding Weekly (Aug 29th): SK Hynix, Hanwha Ocean, Samsung Electronics, Samsung H.I.

South Korea

HD HYUNDAI MIPO. operates shipbuilding businesses. The Company produces gas carriers, car carriers, bulk carriers, special ships, and other products. HD HYUNDAI MIPO conducts businesses in South Korea.

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HD Hyundai Mipo (010620 KS)

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (12 to 26 September 2025)

Top 10 picks in this bi-weekly include KCC Corp, Nongshim Holdings, KT&G, Paradise, Samsung Life Insurance, Hana Financial, SK Inc, CJ Corp, Lg...

Douglas Kim

Timing the HHI–Mipo Spread Play Around the Passive Inflow Kick

This post covers timing the HHI–Mipo spread play around the passive inflow kick — scouting the right entry point for flows to juice the spread.

Sanghyun Park

KRX Foreign Holding Weekly (Sep 5th): SK Hynix, Samsung Electronics, NAVER, HYUNDAI ROTEM, Mobis

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

Ke Yan, CFA, FRM

(Mostly) Asia-Pac M&A: Peak Rare Earths, Yutaka Giken, Shibaura, Johns Lyng, Ainsworth, Ashimori

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

KRX Foreign Holding Weekly (Aug 29th): SK Hynix, Hanwha Ocean, Samsung Electronics, Samsung H.I.

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

Ke Yan, CFA, FRM

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