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 Korea Shipbuilding & Offshore Engineering / Event-Driven

HD Korea Shipbuilding & Offshore Engineering

<ul>
<li>Market sniffing policy push; low-float names flagged as junk risk with skewed control. Desks circling, Palliser hit early—LG Chem trade popped, timing spot on.</li>
<li>Trade setup: screen &gt;₩1tn caps with low float, parent stakes 60–80%. Policy push likely forces stake cuts, driving float higher and squeezing NAV discounts—LG Chem shows the play.</li>
<li>Screening &gt;₩1tn caps flags 11 names: parents hold 60–80%. All potential stake-sale plays to boost float, squeeze NAV discount.</li>
</ul>


Market sniffing policy push; low-float names flagged as junk risk with skewed control. Desks circling, Palliser hit early—LG Chem trade popped, timing spot on.
Trade setup: screen &gt;₩1tn caps with low float, parent stakes 60–80%. Policy push likely forces stake cuts, driving float higher and squeezing NAV discounts—LG Chem shows the play.
Screening &gt;₩1tn caps flags 11 names: parents hold 60–80%. All potential stake-sale plays to boost float, squeeze NAV discount.


Korea’s Next Policy Play: NAV Discount Squeeze on Low‑Float Large Caps

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 17th. The aggregated holding was USD789.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,504mln. 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 Samsung Electronics, SK Hynix, Doosan Enerbility, HANWHA AEROSPACE, Samsung Elec (PREF).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 17th. The aggregated holding was USD789.9bn.
We estimate that foreign flows to be inflows of USD1,504mln. 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 Samsung Electronics, SK Hynix, Doosan Enerbility, HANWHA AEROSPACE, Samsung Elec (PREF).


KRX Foreign Holding Weekly (Oct 17th): Samsung Electronics, SK Hynix, Doosan Enerbility

Samsung Electronics Pref Shares / Event-Driven

<ul>
<li>Kim Yong-beom proposed cutting eligibility to 25%+ payout firms and hinted the Presidential Office may slash the dividend tax ceiling to 25%, potentially the boldest move yet.</li>
<li>Short-Term spotlight: large-cap 25–40% payout stocks, led by Samsung Elec and Hyundai Motor. Kim Yong-beom hinted the Presidential Office wants them included to drive dividend growth.</li>
<li>Big-Cap 25–40% payout stocks, especially Samsung Elec and Hyundai Motor, could see heavy flows, with their preferred shares poised to outperform in the near term.</li>
</ul>


Kim Yong-beom proposed cutting eligibility to 25%+ payout firms and hinted the Presidential Office may slash the dividend tax ceiling to 25%, potentially the boldest move yet.
Short-Term spotlight: large-cap 25–40% payout stocks, led by Samsung Elec and Hyundai Motor. Kim Yong-beom hinted the Presidential Office wants them included to drive dividend growth.
Big-Cap 25–40% payout stocks, especially Samsung Elec and Hyundai Motor, could see heavy flows, with their preferred shares poised to outperform in the near term.


Korea’s Div Tax Story Suddenly Hits a Radical Inflection: Targeting Samsung Elec & Hyundai Motor

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Oct 10th. The aggregated short interest was USD11.4bn.</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 HYUNDAI ROTEM, Samsung Electronics, Hyundai Motor, SK Hynix, LG Chem.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Oct 10th. The aggregated short interest was USD11.4bn.
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 HYUNDAI ROTEM, Samsung Electronics, Hyundai Motor, SK Hynix, LG Chem.


KRX Short Interest Weekly (Oct 10th): HYUNDAI ROTEM, Samsung Electronics, Hyundai Motor, SK Hynix

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Oct 10th. The aggregated holding was USD759.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,535mln. 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 Samsung Electronics, SK Hynix, Samsung Elec (PREF), Hyundai Motor, KIA.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 10th. The aggregated holding was USD759.2bn.
We estimate that foreign flows to be inflows of USD2,535mln. 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 Samsung Electronics, SK Hynix, Samsung Elec (PREF), Hyundai Motor, KIA.


KRX Foreign Holding Weekly (Oct 10th): Samsung Electronics, SK Hynix, Samsung Elec (PREF)

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 (005385 KS)

Korea’s Next Policy Play: NAV Discount Squeeze on Low‑Float Large Caps

This post lays out a live watchlist for NAV discount traders as Korea’s policy narrative shifts to low‑float large caps.

Sanghyun Park

KRX Foreign Holding Weekly (Oct 17th): Samsung Electronics, SK Hynix, Doosan Enerbility

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

Ke Yan, CFA, FRM

Korea’s Div Tax Story Suddenly Hits a Radical Inflection: Targeting Samsung Elec & Hyundai Motor

The Presidential Office’s policy chief just signaled the upcoming dividend tax reform could be far more aggressive than expected, directly...

Sanghyun Park

KRX Short Interest Weekly (Oct 10th): HYUNDAI ROTEM, Samsung Electronics, Hyundai Motor, SK Hynix

We analyzed KRX short interest report for the past week and highlighted short interest changes in HYUNDAI ROTEM, Samsung Electronics, Hyundai...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Oct 10th): Samsung Electronics, SK Hynix, Samsung Elec (PREF)

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

Ke Yan, CFA, FRM

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