Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Short selling balance in the Korean stock market was 62.4 trillion won as of 21 March 2025, up significantly from 47.2 trillion won three months ago.</li>
<li>Among the stocks in KOSPI with high short selling balance and high lending balance ratios include Posco Future M, Yuhan Corp, LG Energy Solution, and Hanwha Aerospace. </li>
<li>Among the stocks in KOSDAQ with high short selling balance and high lending balance ratios include Ecopro BM, Ecopro Co, HLB, and Eo Technics. </li>
</ul>


Short selling balance in the Korean stock market was 62.4 trillion won as of 21 March 2025, up significantly from 47.2 trillion won three months ago.
Among the stocks in KOSPI with high short selling balance and high lending balance ratios include Posco Future M, Yuhan Corp, LG Energy Solution, and Hanwha Aerospace. 
Among the stocks in KOSDAQ with high short selling balance and high lending balance ratios include Ecopro BM, Ecopro Co, HLB, and Eo Technics. 


Short Selling Resuming on 31 March in Korea - Stocks With Highest Short Selling Lending Balance

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.

Index Rebalance

<ul>
<li>Real alpha? Tight basket means outsized passive flows. The play? SK Innovation, no contest.</li>
<li>Samsung SDI faces -0.54x ADTV outflows. Other movers: Netmarble 0.68x, Wemade Max 0.54x, NHN -0.46x ADTV.</li>
<li>Net-Net? SK Innovation is the trade. Long here, hedge short on Samsung SDI or the broader Battery space.</li>
</ul>


Real alpha? Tight basket means outsized passive flows. The play? SK Innovation, no contest.
Samsung SDI faces -0.54x ADTV outflows. Other movers: Netmarble 0.68x, Wemade Max 0.54x, NHN -0.46x ADTV.
Net-Net? SK Innovation is the trade. Long here, hedge short on Samsung SDI or the broader Battery space.


Got the BBIG Rebalancing Results: SK Innovation Is the Trade This Week

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Jan 3rd which has an aggregated short interest worth USD3.5bn.</li>
<li>We tabulate league table 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 Samsung Biologics (207940 KS).</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jan 3rd which has an aggregated short interest worth USD3.5bn.
We tabulate league table 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 Samsung Biologics (207940 KS).


KRX Short Interest Weekly (Jan 3rd): Samsung Biologics

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>In 3Q24, <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> reported 15% YoY revenue growth to KRW1,187B, driven by the contribution of Plant 4, the full utilization of Plants 1–3, and biosimilar products.</li>
<li>The company has raised 2024 annual revenue growth guidance to 15–20% YoY from 10–15% earlier, driven by successful ramp-up of Plant 4 and favorable Fx movement.</li>
<li>The company has signed record-breaking CMO contract with an Asian pharmaceutical company, thereby bringing the company’s total new contract value for the year to more than $3.3B.</li>
</ul>


In 3Q24, Samsung Biologics (207940 KS) reported 15% YoY revenue growth to KRW1,187B, driven by the contribution of Plant 4, the full utilization of Plants 1–3, and biosimilar products.
The company has raised 2024 annual revenue growth guidance to 15–20% YoY from 10–15% earlier, driven by successful ramp-up of Plant 4 and favorable Fx movement.
The company has signed record-breaking CMO contract with an Asian pharmaceutical company, thereby bringing the company’s total new contract value for the year to more than $3.3B.


Samsung Biologics (207940 KS): 3Q Result Beat Expectation; Guidance Raise Amid Increasing Order Book

<ul>
<li>
<a href="https://www.smartkarma.com/entities/legochem-biosciences-inc" target="_blank" data-smartkarma-citation="entities:19803:1" rel="noopener">Legochem Biosciences (141080 KS)</a> entered into a license agreement with Ono Pharmaceutical for LCB97, a pre-clinical stage ADC targeting solid tumors for an upfront and milestone payment of $700M.</li>
<li>Legochem is now pursuing high-value package deals, combining platform and product deals or multi-target product deals. The above-mentioned deal with Ono is the first such package deal.</li>
<li>Legochem’s ADC technology platform is seeing rising demand as number of providers decreased (due to recent M&amp;A deals) while big pharmaceutical companies are rapidly expanding their ADC businesses.   </li>
</ul>



Legochem Biosciences (141080 KS) entered into a license agreement with Ono Pharmaceutical for LCB97, a pre-clinical stage ADC targeting solid tumors for an upfront and milestone payment of $700M.
Legochem is now pursuing high-value package deals, combining platform and product deals or multi-target product deals. The above-mentioned deal with Ono is the first such package deal.
Legochem’s ADC technology platform is seeing rising demand as number of providers decreased (due to recent M&amp;A deals) while big pharmaceutical companies are rapidly expanding their ADC businesses.   


Legochem Biosciences (141080 KS): New ADC Deal Enhances Confidence on ConjuAll Technology Platform

South Korea

LegoChem Biosciences, Inc. (LCB) is a researched-based biotechnology company that discovers, develops, and commercializs of medicines.  The Company utilizes chemistry to make biologics more targeted and potent for patients with diseases of highly unmet medical needs.  The Company focuses on therapy within antibiotics, anti-coagulants, oncology, antibody and protein-drug conjugate.

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Legochem Biosciences (141080 KS)

Short Selling Resuming on 31 March in Korea - Stocks With Highest Short Selling Lending Balance

Among the stocks in KOSPI with high short selling balance and high lending balance ratios include Posco Future M, Yuhan Corp, LG Energy Solution,...