Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>Fleet renewal tailwind: With an aging VLCC fleet (12.8 years average) and a lean orderbook (~9% of fleet), shipowners are incentivized to contract new tonnage.</li>
<li>Regional differentiation: Korean yards dominate (~50% share, with listed exposure via Hanwha Aerospace, HD Hyundai, Samsung HI), China anchors volumes through CSSC, while Japan remains niche and unlisted.</li>
<li>Cyclical caveat: Today’s high TCEs ($90k/day peaks) may not last; over-ordering could set up a 2028 glut, making VLCCs a cyclical rather than structural growth story.</li>
</ul>


Fleet renewal tailwind: With an aging VLCC fleet (12.8 years average) and a lean orderbook (~9% of fleet), shipowners are incentivized to contract new tonnage.
Regional differentiation: Korean yards dominate (~50% share, with listed exposure via Hanwha Aerospace, HD Hyundai, Samsung HI), China anchors volumes through CSSC, while Japan remains niche and unlisted.
Cyclical caveat: Today’s high TCEs ($90k/day peaks) may not last; over-ordering could set up a 2028 glut, making VLCCs a cyclical rather than structural growth story.


VLCC Shipbuilding: Aging Fleet, Lean Orderbook, and Renewal Momentum

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 Sep 12th. The aggregated short interest was USD11.2bn.</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 Doosan Fuel Cell, HMM, Samsung Electronics, Hyundai Motor, SK Hynix.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Sep 12th. The aggregated short interest was USD11.2bn.
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 Doosan Fuel Cell, HMM, Samsung Electronics, Hyundai Motor, SK Hynix.


KRX Short Interest Weekly (Sep 12th): Doosan Fuel Cell, HMM, Samsung Electronics, Hyundai Motor

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Sep 5th. The aggregated short interest was USD10.8bn.</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 kakaopay, L&amp;F, NAVER, SK Hynix, Alteogen.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Sep 5th. The aggregated short interest was USD10.8bn.
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 kakaopay, L&amp;F, NAVER, SK Hynix, Alteogen.


KRX Short Interest Weekly (Sep 5th): Kakaopay, L&F, NAVER, SK Hynix, Alteogen

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Aug 29th. The aggregated short interest was USD10.4bn.</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 LIG Nex1, Alteogen, SamsungF&amp;MIns, SK Hynix, SKC.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 29th. The aggregated short interest was USD10.4bn.
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 LIG Nex1, Alteogen, SamsungF&amp;MIns, SK Hynix, SKC.


KRX Short Interest Weekly (Aug 29th): LIG Nex1, Alteogen, Samsung F&M Ins, SK Hynix, SKC

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> to be taken private via cash plus scrip into the backdoor listing of its EV arm.</li>
<li>
<a href="https://www.smartkarma.com/entities/minebea-mitsumi-inc" target="_blank" data-smartkarma-citation="entities:5032:1" rel="noopener">Minebea</a> extends its ¥6,200 TOB for <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura (6957 JP)</a> to 11 September, a day after YAGEO's ¥7,130 bid expires. Now there's no game of chicken with Minebea. Just with METI.</li>
<li>The <a href="https://www.smartkarma.com/entities/hd-hyundai-heavy-industries-co" target="_blank" data-smartkarma-citation="entities:33808:1" rel="noopener">HD Hyundai Heavy Industries (329180 KS)</a>/<a href="https://www.smartkarma.com/entities/hd-hyundai-mipo" target="_blank" data-smartkarma-citation="entities:2755:1" rel="noopener">HD Hyundai Mipo (010620 KS)</a> merger announcement reaffirms Seoul's commitment to the MASGA project. </li>
</ul>



Dongfeng Motor (489 HK) to be taken private via cash plus scrip into the backdoor listing of its EV arm.

Minebea extends its ¥6,200 TOB for Shibaura (6957 JP) to 11 September, a day after YAGEO's ¥7,130 bid expires. Now there's no game of chicken with Minebea. Just with METI.
The HD Hyundai Heavy Industries (329180 KS)/HD Hyundai Mipo (010620 KS) merger announcement reaffirms Seoul's commitment to the MASGA project. 


Last Week In Event SPACE: Dongfeng Motor, Shibaura, HD Hyundai Heavy/HD Hyundai Mipo, Zijin Mining

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)

VLCC Shipbuilding: Aging Fleet, Lean Orderbook, and Renewal Momentum

Shipowners are motivated to contract new VLCC tonnage due to aging fleet and low orderbook, but caution is advised as high TCEs may not last....

Rahul Jain

KRX Short Interest Weekly (Sep 12th): Doosan Fuel Cell, HMM, Samsung Electronics, Hyundai Motor

We analyzed KRX short interest report for the past week and highlighted short interest changes in Doosan Fuel Cell, HMM, Samsung Electronics,...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Sep 5th): Kakaopay, L&F, NAVER, SK Hynix, Alteogen

We analyzed KRX short interest report for the past week and highlighted short interest changes in kakaopay, L&F, NAVER, SK Hynix, Alteogen.

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Aug 29th): LIG Nex1, Alteogen, Samsung F&M Ins, SK Hynix, SKC

We analyzed KRX short interest report for the past week and highlighted short interest changes in LIG Nex1, Alteogen, SamsungF&MIns, SK Hynix, SKC.

Ke Yan, CFA, FRM

Last Week In Event SPACE: Dongfeng Motor, Shibaura, HD Hyundai Heavy/HD Hyundai Mipo, Zijin Mining

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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52-week Range

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VLCC Shipbuilding: Aging Fleet, Lean Orderbook, and Renewal Momentum

​Shipowners are motivated to contract new VLCC tonnage due to aging fleet and low orderbook, but caution is advised as high TCEs may not last....

Rahul Jain

KRX Short Interest Weekly (Sep 12th): Doosan Fuel Cell, HMM, Samsung Electronics, Hyundai Motor

We analyzed KRX short interest report for the past week and highlighted short interest changes in Doosan Fuel Cell, HMM, Samsung Electronics,...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Sep 5th): Kakaopay, L&F, NAVER, SK Hynix, Alteogen

We analyzed KRX short interest report for the past week and highlighted short interest changes in kakaopay, L&F, NAVER, SK Hynix, Alteogen.

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Aug 29th): LIG Nex1, Alteogen, Samsung F&M Ins, SK Hynix, SKC

We analyzed KRX short interest report for the past week and highlighted short interest changes in LIG Nex1, Alteogen, SamsungF&MIns, SK Hynix, SKC.

Ke Yan, CFA, FRM

Last Week In Event SPACE: Dongfeng Motor, Shibaura, HD Hyundai Heavy/HD Hyundai Mipo, Zijin Mining

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Shipowners are motivated to contract new VLCC tonnage due to aging fleet and low orderbook, but caution is advised as high TCEs may not last....