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

Shenton Research

Shenton 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 analysed the earning revision of component stocks of KOSPI 200 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Samsung Electronics, SK Innovation, KEPCO, S-Oil, KCC, LG Chem, SKCHEM.</li>
</ul>


We analysed the earning revision of component stocks of KOSPI 200 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Samsung Electronics, SK Innovation, KEPCO, S-Oil, KCC, LG Chem, SKCHEM.


KOSPI 200 Index Earning Revision (Sep): Samsung Electronics, SK Innovation, KEPCO, S-Oil, KCC

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>The net short selling balance in KOSPI reached 12.6 trillion won as of 20 October. This is the largest amount ever.</li>
<li>The top 5 companies in KOSPI with highest short selling balance/market cap ratio include Kakaopay, L&amp;F, Hanmi Semiconductor, Cosmax, and LG H&amp;H. </li>
<li>Net short position In KOSDAQ as a percentage of total KOSDAQ market cap more than doubled from 0.5% as of 31 March to 1.1% as of 21 October 2025.</li>
</ul>


The net short selling balance in KOSPI reached 12.6 trillion won as of 20 October. This is the largest amount ever.
The top 5 companies in KOSPI with highest short selling balance/market cap ratio include Kakaopay, L&amp;F, Hanmi Semiconductor, Cosmax, and LG H&amp;H. 
Net short position In KOSDAQ as a percentage of total KOSDAQ market cap more than doubled from 0.5% as of 31 March to 1.1% as of 21 October 2025.


A Sharp Increase in Short Selling Balance in the Korean Stock Market Past Seven Months

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Sep 4th. The aggregated holding was USD1,642.8bn.</li>
<li>We estimate that foreign flows to be outflows of USD2,855mln. 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 SK Hynix, Woori Financial, Samsung Electronics, Samsung Elec (PREF), Samsung SDI.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Sep 4th. The aggregated holding was USD1,642.8bn.
We estimate that foreign flows to be outflows of USD2,855mln. 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 SK Hynix, Woori Financial, Samsung Electronics, Samsung Elec (PREF), Samsung SDI.


KRX Foreign Holding Weekly (Sep 4th): SK Hynix, Woori Financial, Samsung Electronics, Samsung SDI

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Aug 28th. The aggregated short interest was USD19.4bn.</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 KEPCO E&amp;C, Silicon2, HyundaiEng&amp;Const, Hyundai Motor, Doosan Enerbility.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 28th. The aggregated short interest was USD19.4bn.
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 KEPCO E&amp;C, Silicon2, HyundaiEng&amp;Const, Hyundai Motor, Doosan Enerbility.


KRX Short Interest Weekly (Aug 28th): KEPCO E&C, Silicon2, HyundaiEng&Const, Hyundai Motor

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Aug 28th. The aggregated holding was USD1,632.1bn.</li>
<li>We estimate that foreign flows to be outflows of USD5,652mln. 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 SK Hynix, Samsung Electronics, Alteogen, Samsung Elec (PREF), Hyundai Motor.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 28th. The aggregated holding was USD1,632.1bn.
We estimate that foreign flows to be outflows of USD5,652mln. 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 SK Hynix, Samsung Electronics, Alteogen, Samsung Elec (PREF), Hyundai Motor.


KRX Foreign Holding Weekly (Aug 28th): SK Hynix, Samsung Electronics, Alteogen, Samsung Elec (PREF)

South Korea

L&F Co., Ltd. develops and manufactures battery materials. The Company produces and sells cathode active materials, anode materials, electrolyte, separator, and other products. L&F markets its products throughout Korea.

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L&F (066970 KS)

KOSPI 200 Index Earning Revision (Sep): Samsung Electronics, SK Innovation, KEPCO, S-Oil, KCC

We analyzed KOSPI 200's consensus for Sep 2026 and highlighted changes of EPS in Samsung Electronics, SK Innovation, KEPCO, S-Oil, KCC, LG Chem,...

Ke Yan, CFA, FRM

A Sharp Increase in Short Selling Balance in the Korean Stock Market Past Seven Months

Net short selling balance in KOSPI was 12.6 trillion won as of 20 October, the largest amount ever. This suggests an increasing desire by many...

Douglas Kim

KRX Foreign Holding Weekly (Sep 4th): SK Hynix, Woori Financial, Samsung Electronics, Samsung SDI

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

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Aug 28th): KEPCO E&C, Silicon2, HyundaiEng&Const, Hyundai Motor

We analyzed KRX short interest report for the past week and highlighted short interest changes in KEPCO E&C, Silicon2, HyundaiEng&Const, Hyundai...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Aug 28th): SK Hynix, Samsung Electronics, Alteogen, Samsung Elec (PREF)

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

Ke Yan, CFA, FRM

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