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>This Kakao Pay EB deal is basically a quick block trade with immediate share exchange and a 90–102% strike price, letting them sell shares quietly with a built-in discount.</li>
<li>Korea’s seen many EBs, but Kakao Pay’s quick-flip, discount deal is really unique. Watch hedging and roll activity—timing these can capture the sell-off and unwind bounce.</li>
<li>Goldman’s sell-down triggers initial short covering and price bumps; new buyers then short, causing a second wave. Near exchange, more covering leads to choppy, drawn-out price swings.</li>
</ul>


This Kakao Pay EB deal is basically a quick block trade with immediate share exchange and a 90–102% strike price, letting them sell shares quietly with a built-in discount.
Korea’s seen many EBs, but Kakao Pay’s quick-flip, discount deal is really unique. Watch hedging and roll activity—timing these can capture the sell-off and unwind bounce.
Goldman’s sell-down triggers initial short covering and price bumps; new buyers then short, causing a second wave. Near exchange, more covering leads to choppy, drawn-out price swings.


Kakao Pay’s Unique Quick-Flip EB: Watch Hedges & Rolls for Trading Angle

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 foreign holdings of KRX stocks as of Jul 11th. The aggregated holding was USD638.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD373mln. We tabulates 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 Alteogen, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 11th. The aggregated holding was USD638.1bn.
We estimate that foreign flows to be inflows of USD373mln. We tabulates 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 Alteogen, Samsung Electronics.


KRX Foreign Holding Weekly (Jul 11th): Alteogen, Samsung Electronics

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jul 4th. The aggregated holding was USD622.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD704mln. We tabulates 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, Naver, Hyundai Rotem.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 4th. The aggregated holding was USD622.6bn.
We estimate that foreign flows to be outflows of USD704mln. We tabulates 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, Naver, Hyundai Rotem.


KRX Foreign Holding Weekly (Jul 4th): Samsung Electronics, SK Hynix, Naver, Hyundai Rotem

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jun 27th. The aggregated holding was USD625.5bn.</li>
<li>We estimate that foreign flows to be inflows of USD100mln. We tabulates 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, Kakaopay, Naver.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jun 27th. The aggregated holding was USD625.5bn.
We estimate that foreign flows to be inflows of USD100mln. We tabulates 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, Kakaopay, Naver.


KRX Foreign Holding Weekly (Jun 27th): SK Hynix, Kakaopay, Naver

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>We introduce our payments scorecard in this report, in which we apply weightings to our metrics of valuation, margins, EBITDA growth estimates and valuation-to-growth to deliver rankings</li>
<li>We keep PagSeguro and Nexi on the buy list, both of these are in the top three in the scorecard; we add PayPal to the buys, replacing the mega-cap Visa</li>
<li>We remove our sell rating on Affirm, replacing it with Kakao Pay; Kakao Pay stock has rallied hard on stablecoin speculation, but our concern is that investors under-estimate regulatory risk</li>
</ul>


We introduce our payments scorecard in this report, in which we apply weightings to our metrics of valuation, margins, EBITDA growth estimates and valuation-to-growth to deliver rankings
We keep PagSeguro and Nexi on the buy list, both of these are in the top three in the scorecard; we add PayPal to the buys, replacing the mega-cap Visa
We remove our sell rating on Affirm, replacing it with Kakao Pay; Kakao Pay stock has rallied hard on stablecoin speculation, but our concern is that investors under-estimate regulatory risk


Payment Companies – Introducing the Sector Scorecard

South Korea

Kakao Pay Corp. operates financial businesses. The Company provides online payment, currency encryption, and other services. Kakao Pay conducts businesses in South Korea.

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Kakaopay (377300 KS)

Kakao Pay’s Unique Quick-Flip EB: Watch Hedges & Rolls for Trading Angle

This post covers the Kakao Pay EB deal—essentially a quick block trade with immediate share exchange at a 90–102% strike, enabling quiet discounted...

Sanghyun Park

KRX Foreign Holding Weekly (Jul 11th): Alteogen, Samsung Electronics

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

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Jul 4th): Samsung Electronics, SK Hynix, Naver, Hyundai Rotem

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

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Jun 27th): SK Hynix, Kakaopay, Naver

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Kakaopay, Naver.

Ke Yan, CFA, FRM

Payment Companies – Introducing the Sector Scorecard

We introduce our payments scorecard; PagSeguro and Nexi remain buys, while PayPal replaces Visa. Affirm is replaced on the sell list by Kakao Pay...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kakao Pay’s Unique Quick-Flip EB: Watch Hedges & Rolls for Trading Angle

This post covers the Kakao Pay EB deal—essentially a quick block trade with immediate share exchange at a 90–102% strike, enabling quiet discounted...

Sanghyun Park

KRX Foreign Holding Weekly (Jul 11th): Alteogen, Samsung Electronics

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

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Jul 4th): Samsung Electronics, SK Hynix, Naver, Hyundai Rotem

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

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Jun 27th): SK Hynix, Kakaopay, Naver

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Kakaopay, Naver.

Ke Yan, CFA, FRM

Payment Companies – Introducing the Sector Scorecard

We ​introduce our payments scorecard; PagSeguro and Nexi remain buys, while PayPal replaces Visa. Affirm is replaced on the sell list by Kakao Pay...

Victor Galliano

We introduce our payments scorecard; PagSeguro and Nexi remain buys, while PayPal replaces Visa. Affirm is replaced on the sell list by Kakao Pay...