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 16th. The aggregated short interest was USD12.3bn.</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 Motor, TaihanElecWire, KEPCO E&amp;C, Hanwha Ocean, Samsung Electronics.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jan 16th. The aggregated short interest was USD12.3bn.
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 Motor, TaihanElecWire, KEPCO E&amp;C, Hanwha Ocean, Samsung Electronics.


KRX Short Interest Weekly (Jan 16th): Hyundai Motor, TaihanElecWire, KEPCO E&C, Hanwha Ocean

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>MBK Partners plans to launch a tender offer for Makino Milling Machine (6135 JP) at 11,751 yen per share by early December to take over the controlling ownership. </li>
<li>The key long-term investment case for Makino is that it is one of the best companies in the world for making advanced machine tools that are increasingly becoming more sophisticated.</li>
<li>One could make the argument that this may not the final offer and some investors may require slightly higher prices in order to make the deal final. </li>
</ul>


MBK Partners plans to launch a tender offer for Makino Milling Machine (6135 JP) at 11,751 yen per share by early December to take over the controlling ownership. 
The key long-term investment case for Makino is that it is one of the best companies in the world for making advanced machine tools that are increasingly becoming more sophisticated.
One could make the argument that this may not the final offer and some investors may require slightly higher prices in order to make the deal final. 


MBK Partners Plans to Launch a Tender Offer for Makino Milling Machine

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

Korea Stock Exchange KOSPI 200 / Equity Derivatives

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

<ul>
<li>In just three weeks, on June 3rd, South Korea will hold an early presidential election.</li>
<li>The <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200 INDEX</a> on Tuesday closed at 347.17,  <strong>entering deeply overbought territory based on our time and price quantitative models</strong>. </li>
<li>Whether the index rallies into the election and then declines, or starts selling off ahead of the vote,<strong> our tactical stance is unchanged: we recommend short exposure or appropriate hedging.</strong>
</li>
</ul>


In just three weeks, on June 3rd, South Korea will hold an early presidential election.
The KOSPI 200 INDEX on Tuesday closed at 347.17,  entering deeply overbought territory based on our time and price quantitative models. 
Whether the index rallies into the election and then declines, or starts selling off ahead of the vote, our tactical stance is unchanged: we recommend short exposure or appropriate hedging.



KOSPI 200 Tactical Outlook: Waiting for the June Elections

Equity Capital Markets

<ul>
<li>DN Solutions cancelled its IPO today due to low demand. There were not enough institutional investors willing to put their hard earned capital into this IPO. </li>
<li>The IPO price range was between 65,000 won and 89,700 won with market cap ranging from 4.1 trillion won to 5.7 trillion won.</li>
<li>The cancellation of the IPO for DN Solutions is also likely to have a negative impact on DN Automotive which is up 23% in the past one year. </li>
</ul>


DN Solutions cancelled its IPO today due to low demand. There were not enough institutional investors willing to put their hard earned capital into this IPO. 
The IPO price range was between 65,000 won and 89,700 won with market cap ranging from 4.1 trillion won to 5.7 trillion won.
The cancellation of the IPO for DN Solutions is also likely to have a negative impact on DN Automotive which is up 23% in the past one year. 


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dn-solutions" target="_blank" data-smartkarma-citation="entities:44474:1" rel="noopener">DN Solutions (298440 KS)</a> (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.</li>
<li>DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.</li>
<li>In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the updates since then.</li>
</ul>



DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the updates since then.


DN Solutions IPO - Tariffs, Peer Correction Don’t Help

South Korea

Hyundai Wia Corp. manufactures automobile parts. The Company also produces machine tools, robots, presses, industrial machinery, and aircraft parts.

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Hyundai Wia (011210 KS)

KRX Short Interest Weekly (Jan 16th): Hyundai Motor, TaihanElecWire, KEPCO E&C, Hanwha Ocean

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hyundai Motor, TaihanElecWire, KEPCO E&C, Hanwha...

Ke Yan, CFA, FRM

MBK Partners Plans to Launch a Tender Offer for Makino Milling Machine

The key long-term investment case for Makino is that it is one of the best companies in the world for making advanced machine tools that are...

Douglas Kim

KOSPI 200 Tactical Outlook: Waiting for the June Elections

The KOSPI 200 INDEX is in overbought territory ahead of SK's early presidential election on June 3rd, this insight discusses tactical...

Nico Rosti

DN Solutions Cancels IPO

DN Solutions cancelled its IPO today due to low demand. There were not enough institutional investors willing to put their hard earned capital into...

Douglas Kim

DN Solutions IPO - Tariffs, Peer Correction Don’t Help

DN Solutions (298440 KS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares. In this note, we talk...

Sumeet Singh

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