Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Quantitative Analysis

<ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul>


An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.
The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.
Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.


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.

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jul 26th which has an aggregated holding worth USD549.0bn.</li>
<li>We estimate that foreign flows to be outflows of USD854mln. 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 foreign changes in Sk Hynix (000660 KS), Samsung Electronics (005930 KS).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 26th which has an aggregated holding worth USD549.0bn.
We estimate that foreign flows to be outflows of USD854mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Sk Hynix (000660 KS), Samsung Electronics (005930 KS).


KRX Foreign Holding Weekly (Jul 26th): Sk Hynix, Samsung Electronics

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jul 19th which has an aggregated holding worth USD563.2bn.</li>
<li>We estimate that foreign flows to be outflows of USD350mln. 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 foreign changes in Samsung Heavy In, Sk Hynix, Samsung Electronics, Doosan Bobcat.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 19th which has an aggregated holding worth USD563.2bn.
We estimate that foreign flows to be outflows of USD350mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Samsung Heavy In, Sk Hynix, Samsung Electronics, Doosan Bobcat.


KRX Foreign Holding Weekly (Jul 19th): Samsung Heavy In, Samsung Electronics, Doosan Bobcat

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Hyundai Motor India  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (1342Z IN)</a>, a subsidiary of <a href="https://www.smartkarma.com/entities/hyundai-motor-co-44d5ac4e-94e3-4be9-b34f-5f3155e7a3d6" target="_blank" data-smartkarma-citation="entities:26936:1" rel="noopener">Hyundai Motor (005385 KS)</a>, aims to raise up to US$3.0 billion at a valuation of US$17 billion.</li>
<li>In <em><strong><a href="https://www.smartkarma.com/insights/hyundai-motor-india-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:151701" rel="noopener">Hyundai Motor India IPO: The Bull Case</a></strong></em>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on market share losses in the key SUV sub-segment, bottom-quartile revenue growth, higher royalty rates and dividends to Hyundai ahead of the IPO.</li>
</ul>



Hyundai Motor India (1342Z IN), a subsidiary of Hyundai Motor (005385 KS), aims to raise up to US$3.0 billion at a valuation of US$17 billion.
In Hyundai Motor India IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on market share losses in the key SUV sub-segment, bottom-quartile revenue growth, higher royalty rates and dividends to Hyundai ahead of the IPO.


<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jul 12th which has an aggregated holding worth USD572.7bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,198mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We estimate the inflows decreased by 1.0% WoW and highlight foreign changes in Samsung Electronics (005930 KS).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 12th which has an aggregated holding worth USD572.7bn.
We estimate that foreign flows to be inflows of USD2,198mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We estimate the inflows decreased by 1.0% WoW and highlight foreign changes in Samsung Electronics (005930 KS).


KRX Foreign Holding Weekly (Jul 12th): Samsung Electronics

South Korea

Kia Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks and commercial vehicles. The Company also manufactures auto-parts and tools using hybrid electric and fuel cell technology. Kia markets its products worldwide.

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Kia Corp (000270 KS)

Screening for GEMs: August 2024

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

KRX Foreign Holding Weekly (Jul 26th): Sk Hynix, Samsung Electronics

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

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Jul 19th): Samsung Heavy In, Samsung Electronics, Doosan Bobcat

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Heavy In, Sk Hynix, Samsung Electronics,...

Ke Yan, CFA, FRM

Hyundai Motor India IPO: The Bear Case

The bear case rests on market share losses in the key SUV sub-segment, bottom-quartile revenue growth, higher royalty rates and dividends to...

Arun George

KRX Foreign Holding Weekly (Jul 12th): Samsung Electronics

We analyzed KRX foreign holding data for the past week. We estimated the inflows to be USD 2.2 bn and highlighted foreign holding changes in...

Ke Yan, CFA, FRM

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