Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/kia-corp" target="_blank" data-smartkarma-citation="entities:156:1" rel="noopener">Kia (000270 KS)</a> vs. <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai (005380 KS)</a> price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlights: Going long Kia (000270 KS) and short Hyundai (005380 KS) targets a 12% return.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The Kia (000270 KS) vs. Hyundai (005380 KS) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlights: Going long Kia (000270 KS) and short Hyundai (005380 KS) targets a 12% return.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Long Kia (000270 KS) Vs. Short Hyundai (005380 KS): Quant Model Hits Trigger Zone in Korean Autos

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 Oct 31st. The aggregated holding was USD862.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD77mln. 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, Hanwha Ocean, Hyundai Motor, Samsung Elec (PREF).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 31st. The aggregated holding was USD862.4bn.
We estimate that foreign flows to be inflows of USD77mln. 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, Hanwha Ocean, Hyundai Motor, Samsung Elec (PREF).


KRX Foreign Holding Weekly (Oct 31st): SK Hynix, Samsung Electronics, Hanwha Ocean, Hyundai Motor

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Global equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growth</li><li>Global liquidity improved as central banks around the world cut rates last year and earlier this year, and strengthened further when the Fed resumed easing in Sep</li><li>The ongoing US government shutdown further increases the likelihood that Fed easing will continue at least through year-end</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Global equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growthGlobal liquidity improved as central banks around the world cut rates last year and earlier this year, and strengthened further when the Fed resumed easing in SepThe ongoing US government shutdown further increases the likelihood that Fed easing will continue at least through year-endContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mirae Asset Minutes [2025: Volume 20] Biweekly Strategy Meeting Recap

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>HMC buyback ~₩0.8–1.0tn (~1.5% SO). Street focus is ord/pref split, with prefs at ~25% discount. Mgmt urgency: lift equity value as K‑market rallies.</li>
<li>Narrowing the pref gap seen as the cleanest lever—shareholder‑friendly signal, draws real money/offshore flows, de‑risks policy optics—so locals expect the first buyback leg skewed to prefs.</li>
<li>Street sees HMC aiming mid‑teens pref discount via year‑end pref‑heavy buyback and dividend tax reform. Catalysts make narrowing trend look achievable.</li>
</ul>


HMC buyback ~₩0.8–1.0tn (~1.5% SO). Street focus is ord/pref split, with prefs at ~25% discount. Mgmt urgency: lift equity value as K‑market rallies.
Narrowing the pref gap seen as the cleanest lever—shareholder‑friendly signal, draws real money/offshore flows, de‑risks policy optics—so locals expect the first buyback leg skewed to prefs.
Street sees HMC aiming mid‑teens pref discount via year‑end pref‑heavy buyback and dividend tax reform. Catalysts make narrowing trend look achievable.


Running Through the Context Behind Chatter of HMC Rolling Out a Pref‑tilted First‑leg Buyback

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Oct 24th. The aggregated holding was USD811.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD630mln. 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, Doosan Enerbility, Samsung Electronics, Samsung Elec (PREF).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 24th. The aggregated holding was USD811.6bn.
We estimate that foreign flows to be outflows of USD630mln. 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, Doosan Enerbility, Samsung Electronics, Samsung Elec (PREF).


KRX Foreign Holding Weekly (Oct 24th): SK Hynix, Hanwha Ocean, Doosan Enerbility

South Korea

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

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Hyundai Motor (005387 KS)

Long Kia (000270 KS) Vs. Short Hyundai (005380 KS): Quant Model Hits Trigger Zone in Korean Autos

Pair trade with a 12% target-return amid significant deviation of the price-ratio between Kia and Hyundai. Opportunity for quantitative traders...

Gaudenz Schneider

KRX Foreign Holding Weekly (Oct 31st): SK Hynix, Samsung Electronics, Hanwha Ocean, Hyundai Motor

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

Ke Yan, CFA, FRM

Mirae Asset Minutes [2025: Volume 20] Biweekly Strategy Meeting Recap

Global equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growth

Mirae Asset Securities

Running Through the Context Behind Chatter of HMC Rolling Out a Pref‑tilted First‑leg Buyback

This post runs through the setup fueling street talk of Hyundai Motor rolling out a pref‑heavy first‑leg buyback by year‑end.

Sanghyun Park

KRX Foreign Holding Weekly (Oct 24th): SK Hynix, Hanwha Ocean, Doosan Enerbility

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

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)