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 Mar 6th. The aggregated short interest was USD13.9bn.</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 S-Oil, Celltrion, Alteogen, ECOPROBM, Samyang Food.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Mar 6th. The aggregated short interest was USD13.9bn.
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 S-Oil, Celltrion, Alteogen, ECOPROBM, Samyang Food.


KRX Short Interest Weekly (Mar 6th): S-Oil, Celltrion, Alteogen, ECOPROBM, Samyang Food

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>With the averaging period for the April rebalance starting in one week, we forecast 1 change for the FnGuide Semiconductor Top10 Index at the upcoming rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/mirae-asset-tiger-fn-semiconductor-top-10-etf" target="_blank" data-smartkarma-citation="entities:36845:1" rel="noopener">Mirae Asset TIGER Fn Semiconductor Top 10 ETF (396500 KS)</a>'s AUM has soared over the last few months to top US$4bn and that increases the flow and impact. </li>
<li>Based on the passive assets tracking the index, there will be between 3.4-4x ADV to trade in the forecast changes. Plus, a big impact due to the funding trade.</li>
</ul>


With the averaging period for the April rebalance starting in one week, we forecast 1 change for the FnGuide Semiconductor Top10 Index at the upcoming rebalance.

Mirae Asset TIGER Fn Semiconductor Top 10 ETF (396500 KS)'s AUM has soared over the last few months to top US$4bn and that increases the flow and impact. 
Based on the passive assets tracking the index, there will be between 3.4-4x ADV to trade in the forecast changes. Plus, a big impact due to the funding trade.


FnGuide Semiconductor Top10 Index Rebalance Preview: Soaring AUM Increases Flow & Impact

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Feb 20th. The aggregated holding was USD1,264.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,095mln. 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 Samsung Electronics, Samsung Elec (PREF), Samsung SDI, MIRAE ASSET SEC, Hanwha Ocean.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Feb 20th. The aggregated holding was USD1,264.5bn.
We estimate that foreign flows to be outflows of USD1,095mln. 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 Samsung Electronics, Samsung Elec (PREF), Samsung SDI, MIRAE ASSET SEC, Hanwha Ocean.


KRX Foreign Holding Weekly (Feb 20th): Samsung Electronics, Samsung Elec (PREF), Samsung SDI

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Feb 6th. The aggregated short interest was USD13.9bn.</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 KOREA AEROSPACE, Samsung Electronics, Hanwha Ocean, Hanmi Semi, Celltrion.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Feb 6th. The aggregated short interest was USD13.9bn.
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 KOREA AEROSPACE, Samsung Electronics, Hanwha Ocean, Hanmi Semi, Celltrion.


KRX Short Interest Weekly (Feb 6th): KOREA AEROSPACE, Samsung Electronics, Hanwha Ocean, Hanmi Semi

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Feb 6th. The aggregated holding was USD1,088.2bn.</li>
<li>We estimate that foreign flows to be outflows of USD7,948mln. 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 Samsung Electronics, SK Hynix, Hyundai Motor, SKSQUARE, HANWHA AEROSPACE.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Feb 6th. The aggregated holding was USD1,088.2bn.
We estimate that foreign flows to be outflows of USD7,948mln. 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 Samsung Electronics, SK Hynix, Hyundai Motor, SKSQUARE, HANWHA AEROSPACE.


KRX Foreign Holding Weekly (Feb 6th): Samsung Electronics, SK Hynix, Hyundai Motor, SKSQUARE

South Korea

LEENO Industrial Inc. develops and manufactures various testers.  The Company's products include integrated circuit (IC) test sockets, test probe pins used in semiconductor industry.

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Leeno Industrial (058470 KS)

KRX Short Interest Weekly (Mar 6th): S-Oil, Celltrion, Alteogen, ECOPROBM, Samyang Food

We analyzed KRX short interest report for the past week and highlighted short interest changes in S-Oil, Celltrion, Alteogen, ECOPROBM, Samyang Food.

Ke Yan, CFA, FRM

FnGuide Semiconductor Top10 Index Rebalance Preview: Soaring AUM Increases Flow & Impact

ETF AUM has crossed US$4bn and that increases flow and impact for the one set of forecast changes in April. Capping outflows for Hynix and Sammy...

Brian Freitas

KRX Foreign Holding Weekly (Feb 20th): Samsung Electronics, Samsung Elec (PREF), Samsung SDI

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Samsung Elec (PREF), Samsung...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Feb 6th): KOREA AEROSPACE, Samsung Electronics, Hanwha Ocean, Hanmi Semi

We analyzed KRX short interest report for the past week and highlighted short interest changes in KOREA AEROSPACE, Samsung Electronics, Hanwha...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Feb 6th): Samsung Electronics, SK Hynix, Hyundai Motor, SKSQUARE

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

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

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