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 Aug 22nd. The aggregated short interest was USD10.3bn.</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 COSMAX, SAMSUNG LIFE, SK Hynix, Hyundai Motor, HD HYUNDAI HEAVY INDUSTRIES.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 22nd. The aggregated short interest was USD10.3bn.
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 COSMAX, SAMSUNG LIFE, SK Hynix, Hyundai Motor, HD HYUNDAI HEAVY INDUSTRIES.


KRX Short Interest Weekly (Aug 22nd): COSMAX, SAMSUNG LIFE, SK Hynix, Hyundai Motor

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Chairman Yoon Dong-han, founder of the Kolmar Group, has filed a lawsuit against his eldest son, Vice Chairman Yoon Sang-hyun of Kolmar Holdings, demanding the return of Kolmar Holdings shares.</li>
<li>This is a rare case of a chairman demanding his shares back from his son.</li>
<li>A key question is can there be an M&amp;A fight for Kolmar Holdings even without the father getting his shares back? And the answer would be yes.</li>
</ul>


Chairman Yoon Dong-han, founder of the Kolmar Group, has filed a lawsuit against his eldest son, Vice Chairman Yoon Sang-hyun of Kolmar Holdings, demanding the return of Kolmar Holdings shares.
This is a rare case of a chairman demanding his shares back from his son.
A key question is can there be an M&amp;A fight for Kolmar Holdings even without the father getting his shares back? And the answer would be yes.


Kolmar Group Chairman Yoon: A Rare Case Of "I Want My Shares Back"

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Jun 27th. The aggregated short interest was USD8.7bn.</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 Amorepacific, Doosan Enerbility, Mirae Asset Sec, Woori Financial, Kakaobank, Ls Electric, Hyundai Rotem, Hybe.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jun 27th. The aggregated short interest was USD8.7bn.
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 Amorepacific, Doosan Enerbility, Mirae Asset Sec, Woori Financial, Kakaobank, Ls Electric, Hyundai Rotem, Hybe.


KRX Short Interest Weekly (Jun 27th): Amorepacific, Doosan Enerbility, Mirae Asset Sec

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Jun 20th. The aggregated short interest was USD8.2bn.</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 SK Hynix, Skc, Hanwha Solutions, Kepco E&amp;C, Samsung Fire &amp; Marine Insurance, Meritz Financi, Alteogen, Daewoo Shipbuilding, Korzinc.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jun 20th. The aggregated short interest was USD8.2bn.
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 SK Hynix, Skc, Hanwha Solutions, Kepco E&amp;C, Samsung Fire &amp; Marine Insurance, Meritz Financi, Alteogen, Daewoo Shipbuilding, Korzinc.


KRX Short Interest Weekly (Jun 20th): SK Hynix, Skc, Hanwha Solutions, Kepco E&C

Equity Bottom-Up

Kolmar Korea Holdings   / Equity Bottom-Up

<ul>
<li>There is a brewing sibling conflict at the Kolmar Group. Kolmar Holdings and Kolmar BNH have clashed regarding the reorganization of Kolmar BNH’s board of directors.</li>
<li>Yoon Sang-Hyun (brother) wants to shake things up. Yoon Sang-Hyun wants to appoint new members at Kolmar BNH's BOD but his sister Yoon Yeo-Won is opposing this. </li>
<li>We see a higher upside for Kolmar Holdings. Our base case valuation of Kolmar Holdings is NAV per share of 14,675 won (57.5% upside from current levels).</li>
</ul>


There is a brewing sibling conflict at the Kolmar Group. Kolmar Holdings and Kolmar BNH have clashed regarding the reorganization of Kolmar BNH’s board of directors.
Yoon Sang-Hyun (brother) wants to shake things up. Yoon Sang-Hyun wants to appoint new members at Kolmar BNH's BOD but his sister Yoon Yeo-Won is opposing this. 
We see a higher upside for Kolmar Holdings. Our base case valuation of Kolmar Holdings is NAV per share of 14,675 won (57.5% upside from current levels).


Sibling Conflict Between Yoon Sang-Hyun (Brother) And Yoon Yeo-Won (Sister) At Kolmar Group

South Korea

Kolmar Korea Holdings Co.,Ltd operates as a holding company. The Company through its subsidiaries, provide cosmetics manufacturing, health food manufacturing, pharmaceuticals development, and other services. Kolmar Korea Holdings offers services in Korea.

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Kolmar Korea Holdings (024720 KS)

KRX Short Interest Weekly (Aug 22nd): COSMAX, SAMSUNG LIFE, SK Hynix, Hyundai Motor

We analyzed KRX short interest report for the past week and highlighted short interest changes in COSMAX, SAMSUNG LIFE, SK Hynix, Hyundai Motor, HD...

Ke Yan, CFA, FRM

Kolmar Group Chairman Yoon: A Rare Case Of "I Want My Shares Back"

Daejeon District Court approved today the convocation of Kolmar BNH’s EGM requested by Kolmar Holdings which can now directly participate in...

Douglas Kim

KRX Short Interest Weekly (Jun 27th): Amorepacific, Doosan Enerbility, Mirae Asset Sec

We analyzed KRX short interest report for the past week and highlighted short interest changes in Amorepacific (090430 KS), Doosan Enerbility...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Jun 20th): SK Hynix, Skc, Hanwha Solutions, Kepco E&C

We analyzed KRX short interest report for the past week and highlighted short interest changes in SK Hynix (000660 KS), Skc (011790 KS), Hanwha...

Ke Yan, CFA, FRM

Sibling Conflict Between Yoon Sang-Hyun (Brother) And Yoon Yeo-Won (Sister) At Kolmar Group

Yoon Sang-Hyun (brother, Vice Chairman of Kolmar Holdings) wants to shake things up. Yoon Sang-Hyun wants to appoint new members at Kolmar BNH's...

Douglas Kim

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