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

<ul>
<li>Hyosung Corp's split diverges from usual Korean market splits. No tender offer is expected post-new holding company formation, reducing value accretion opportunities.</li>
<li>Sibling separation in Hyosung Corp's split mandates shares cross-transfers. Hence, block deals among siblings are plausible.</li>
<li>This scenario resembles the case in December 2021 when LX Koo Bon-joon disposed of LG Corp shares through a block deal instead of a swap, causing an 8% drop.</li>
</ul>


Hyosung Corp's split diverges from usual Korean market splits. No tender offer is expected post-new holding company formation, reducing value accretion opportunities.
Sibling separation in Hyosung Corp's split mandates shares cross-transfers. Hence, block deals among siblings are plausible.
This scenario resembles the case in December 2021 when LX Koo Bon-joon disposed of LG Corp shares through a block deal instead of a swap, causing an 8% drop.


Hyosung Corp Split: Potential Mirror of December 2021 LX-LG Block Deal

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 Jan 19th which has an aggregated short interest worth USD8.4bn.</li>
<li>We tabulate league table 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 POSCO Future, LG Energy Solution.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Jan 19th which has an aggregated short interest worth USD8.4bn.
We tabulate league table 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 POSCO Future, LG Energy Solution.


KRX Short Interest Weekly (Jan 19th): POSCO Future, LG Energy Solution

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

Amorepacific Corporation / Equity Bottom-Up

<ul>
<li>In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 1Q 2024. </li>
<li>We highlight 38 pair trades that involve Korean holdcos and opcos.</li>
<li>Of the 38 pair trades, 26 of them involved holdcos outperforming opcos in the past six months and 12 of them involved opcos outperforming holdcos in the same period.</li>
</ul>


In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 1Q 2024. 
We highlight 38 pair trades that involve Korean holdcos and opcos.
Of the 38 pair trades, 26 of them involved holdcos outperforming opcos in the past six months and 12 of them involved opcos outperforming holdcos in the same period.


Korean Holdcos Vs Opcos Gap Trading Opportunities in 1Q 2024

<ul>
<li>In the first table, we provide a list of 56 stocks (2.2% of total) which have dividend yields of 7% or more. </li>
<li>The second table is a list of stocks with dividend yields of 7% or more and they are ranked in terms of market cap. </li>
<li>These 25 stocks have an average dividend yield of 9.1%. The second table has 12 financials related stocks, representing 48% of total. </li>
</ul>


In the first table, we provide a list of 56 stocks (2.2% of total) which have dividend yields of 7% or more. 
The second table is a list of stocks with dividend yields of 7% or more and they are ranked in terms of market cap. 
These 25 stocks have an average dividend yield of 9.1%. The second table has 12 financials related stocks, representing 48% of total. 


Alpha Generation Through High Dividend Stocks in Korea

<ul>
<li>In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 4Q 2023.</li>
<li>Of the 38 pair trades, 18 of them involved holdcos outperforming opcos YTD and 20 of them involved opcos outperforming holdcos in the same period.</li>
<li>We highlight 38 pair trades that involve Korean holdcos and opcos.</li>
</ul>


In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 4Q 2023.
Of the 38 pair trades, 18 of them involved holdcos outperforming opcos YTD and 20 of them involved opcos outperforming holdcos in the same period.
We highlight 38 pair trades that involve Korean holdcos and opcos.


Korean Holdcos Vs Opcos Gap Trading Opportunities in 4Q 2023

South Korea

Hyosung Corporation specializes in general trading businesses.  The Company also produces nylon yarns and other synthetic and chemical products such as PET films, PET bottles and polypropylene resins.  In addition, Hyosung contracts electrical construction and information systems and manufactures industrial machinery.

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Hyosung Corporation (004800 KS)

Hyosung Corp Split: Potential Mirror of December 2021 LX-LG Block Deal

This post explores Hyosung Corp's split announced last Friday, emphasizing the trading implications stemming from this development.

Sanghyun Park

KRX Short Interest Weekly (Jan 19th): POSCO Future, LG Energy Solution

We analyzed KRX short interest report for the past week and highlighted short interest changes in POSCO FUTURE, LG Energy Solution.

Ke Yan, CFA, FRM

Korean Holdcos Vs Opcos Gap Trading Opportunities in 1Q 2024

In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

Alpha Generation Through High Dividend Stocks in Korea

There are 2,576 listed stocks in Korea. In this insight, we provide a list of 56 stocks (2.2% of total) which have dividend yields of 7% or more.

Douglas Kim

Korean Holdcos Vs Opcos Gap Trading Opportunities in 4Q 2023

In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 4Q 2023. We highlight 38 pair trades that...

Douglas Kim

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