Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Forecasted trends for AI server market by 2025 indicate a significant growth in the industry, with US targeting Tencent and examining the future of WeChat.</li><li>CES 2025 showcases a growing fascination with autonomous vehicles, with Nvidia and Qualcomm leading ecosystem competition, while Garmin's AI-driven Unified Cabin wins Innovation Award.</li><li>India's fab dream holds huge potential but faces significant challenges, as Nvidia and MediaTek surprise alliance disrupts supercomputer market, and Malaysia and Singapore agree on Johor-Singapore Special Economic Zone.</li></ul>

Forecasted trends for AI server market by 2025 indicate a significant growth in the industry, with US targeting Tencent and examining the future of WeChat.CES 2025 showcases a growing fascination with autonomous vehicles, with Nvidia and Qualcomm leading ecosystem competition, while Garmin's AI-driven Unified Cabin wins Innovation Award.India's fab dream holds huge potential but faces significant challenges, as Nvidia and MediaTek surprise alliance disrupts supercomputer market, and Malaysia and Singapore agree on Johor-Singapore Special Economic Zone.

Tech Supply Chain Tracker (10-Jan-2025): Global AI server market trends by 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

SAMSUNG KODEX KOREA Value-Up ETF / Event-Driven

<ul>
<li>They ditched the rulebook, used a market cap filter to pick the top 5, and watered down PBR and ROE, making them irrelevant. Market cap was the real deciding factor.</li>
<li>KRX hasn't confirmed it, but local sources say the special rebalancing was based on the top 50 KOSPI market caps as of the December 13th close.</li>
<li>The shift was driven by local pension funds, especially NPS, which pushed for more big-cap exposure to trigger Value-Up investments, signaling a potential ramp-up in their involvement.</li>
</ul>


They ditched the rulebook, used a market cap filter to pick the top 5, and watered down PBR and ROE, making them irrelevant. Market cap was the real deciding factor.
KRX hasn't confirmed it, but local sources say the special rebalancing was based on the top 50 KOSPI market caps as of the December 13th close.
The shift was driven by local pension funds, especially NPS, which pushed for more big-cap exposure to trigger Value-Up investments, signaling a potential ramp-up in their involvement.


Behind the Scenes of KRX Value-Up Index Special Rebalancing: What It Means for Flow Dynamics

Index Rebalance

<ul>
<li>KRX updated the Value-Up Index with five new names: KB Financial, Hana Financial, KT Corp, SK Telecom, and Hyundai Mobis, with Mobis replacing JB Financial, surprising the market.</li>
<li>This is the first rebalancing, packed into one day, so expect notable price action. Reverse moves could also follow Thursday as pre-positioned trades unwind, so monitor price action closely.</li>
<li>Even after Thursday's rebalancing, half of the funds, especially from the National Pension Service, will flow into high-yield stocks, likely driving significant price moves through early next year.</li>
</ul>


KRX updated the Value-Up Index with five new names: KB Financial, Hana Financial, KT Corp, SK Telecom, and Hyundai Mobis, with Mobis replacing JB Financial, surprising the market.
This is the first rebalancing, packed into one day, so expect notable price action. Reverse moves could also follow Thursday as pre-positioned trades unwind, so monitor price action closely.
Even after Thursday's rebalancing, half of the funds, especially from the National Pension Service, will flow into high-yield stocks, likely driving significant price moves through early next year.


KRX Value-Up Index Rebalance Results and Estimated Passive Impact

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 foreign holdings of KRX stocks as of Nov 29th which has an aggregated holding worth USD481.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD748mln. 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 Naver, Samsung Electronics, Alteogen.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Nov 29th which has an aggregated holding worth USD481.3bn.
We estimate that foreign flows to be outflows of USD748mln. 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 Naver, Samsung Electronics, Alteogen.


KRX Foreign Holding Weekly (Nov 29th): Naver, Samsung Electronics, Alteogen

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

Thematic (Sector/Industry)

<ul>
<li>Forget government pressure, will peer pressure help fast forward Korea Corp Value Up program? </li>
<li>Japanese shame game versus Korean pride of the chaebols ? </li>
<li>Heading into 2025 we are seeing major Korean companies come out with longer term shareholder return plans</li>
</ul>


Forget government pressure, will peer pressure help fast forward Korea Corp Value Up program? 
Japanese shame game versus Korean pride of the chaebols ? 
Heading into 2025 we are seeing major Korean companies come out with longer term shareholder return plans


Corporate Value Up Korea; Will It Start Working Now and into 2025?

South Korea

Hyundai Mobis Co., Ltd. manufactures and markets automotive parts and equipment, such as  automotive service components, modules, and systems. The Company also contractsenvironmental projects, including sewage treatment plant and industrial waste water treatment plant construction.

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Hyundai Mobis (012330 KS)

Tech Supply Chain Tracker (10-Jan-2025): Global AI server market trends by 2025.

2025 predictions for AI server market, US focuses on Tencent & Apple in China; CES sees interest in autonomous vehicles, Nvidia and Qualcomm...

Tech Supply Chain Tracker

Behind the Scenes of KRX Value-Up Index Special Rebalancing: What It Means for Flow Dynamics

This post provides the inside scoop on the KRX Value-Up Index special rebalancing and its implications for flow dynamics.

Sanghyun Park

KRX Value-Up Index Rebalance Results and Estimated Passive Impact

This post breaks down the latest special rebalancing results for the KRX Value-Up Index, along with the estimated passive impact.

Sanghyun Park

KRX Foreign Holding Weekly (Nov 29th): Naver, Samsung Electronics, Alteogen

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Naver, Samsung Electronics, Alteogen.

Ke Yan, CFA, FRM

Corporate Value Up Korea; Will It Start Working Now and into 2025?

Will Korea Corp Value Up program start to really work in 2025? What will drive this program to work is not government pressure but peer pressure

Ken S. Kim

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