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.

Event-Driven

<ul>
<li>Foreign traders face challenges in LG Display's rights offering. While LG Display provides updates through English disclosures, detailed schedule information exclusive to the Korean prospectus is missing.</li>
<li>To ensure access to all Korean disclosures, use the DART English service. DART imports English disclosures from KIND and provides English titles for Korean-only disclosures. Use translation tools like ChatGPT.</li>
<li>FSC enhances services to address practical issues. For lengthy documents, only English titles are available. FSC will provide English for subtitles, tables, and charts, using an automatic translation system.</li>
</ul>


Foreign traders face challenges in LG Display's rights offering. While LG Display provides updates through English disclosures, detailed schedule information exclusive to the Korean prospectus is missing.
To ensure access to all Korean disclosures, use the DART English service. DART imports English disclosures from KIND and provides English titles for Korean-only disclosures. Use translation tools like ChatGPT.
FSC enhances services to address practical issues. For lengthy documents, only English titles are available. FSC will provide English for subtitles, tables, and charts, using an automatic translation system.


Practical Issues with English Disclosure Sites in Korea (Feat. LG Display) & FSC's Latest Solutions

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a> had reserved Apple (AAPL US) iPhone 16 Display Driver IC (DDIC) for future shipment since 3Q24F when qualification past.</li>
<li>Novatek's outlook is increasing to about 1~5% in 1Q24F, remarked a higher quarter demand than 4Q23.</li>
<li>It could be a low season in 2Q24F because the rush order shown up around Chinese New Year.  </li>
</ul>



Novatek Microelectronics Corp (3034 TT) had reserved Apple (AAPL US) iPhone 16 Display Driver IC (DDIC) for future shipment since 3Q24F when qualification past.
Novatek's outlook is increasing to about 1~5% in 1Q24F, remarked a higher quarter demand than 4Q23.
It could be a low season in 2Q24F because the rush order shown up around Chinese New Year.  


Novatek (3034.TT): Reserved IPhone 16 DDIC for 3Q24F Shipment; 1Q24F Outlook Bright.

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 12th which has an aggregated short interest worth USD9.1bn.</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 have highlighted KRX short interest weekly changes in Celltrion.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Jan 12th which has an aggregated short interest worth USD9.1bn.
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 have highlighted KRX short interest weekly changes in Celltrion.


KRX Short Interest Weekly (Jan 12th): Celltrion

<ul>
<li>Unlike typical Korean stock rights arbitrage, LG Display's significant equity offering and active stock futures trading anticipate a spread opening, akin to the recent Hanwha Ocean scenario.</li>
<li>In contrast to Hanwha Ocean, the absence of major sellers, like KDB, sets this event apart. LG Electronics, the major shareholder with a 37.9% stake, intends to participate.</li>
<li>Despite differences from Hanwha Ocean, LG Display's high retail shareholder presence implies a substantial likelihood of stock rights overhang, even without players like KDB.</li>
</ul>


Unlike typical Korean stock rights arbitrage, LG Display's significant equity offering and active stock futures trading anticipate a spread opening, akin to the recent Hanwha Ocean scenario.
In contrast to Hanwha Ocean, the absence of major sellers, like KDB, sets this event apart. LG Electronics, the major shareholder with a 37.9% stake, intends to participate.
Despite differences from Hanwha Ocean, LG Display's high retail shareholder presence implies a substantial likelihood of stock rights overhang, even without players like KDB.


Arb Trading with Stock Rights in Korea: A Basic Guide Featuring LG Display Offering

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Dec 15th which has an aggregated short interest worth USD10.4bn.</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 Hlb, Lg Electronics, Samsung C&amp;T, Samsung Electron, Posco Holdings I, Sk Hynix.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Dec 15th which has an aggregated short interest worth USD10.4bn.
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 Hlb, Lg Electronics, Samsung C&amp;T, Samsung Electron, Posco Holdings I, Sk Hynix.


KRX Short Interest Weekly (Dec 15th): HLB, Lg Electronics, Samsung C&T, Samsung Electron

South Korea

LG Display Co., Ltd. develops and manufactures digital display products.  The Company's products include thin film transistor-liquid crystal displays (TFT-LCD) for notebook and desktop computer monitors, TVs, mobile phones, and medical equipment.  LG Display provides its products mainly to overseas markets.

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

LG Display (034220 KS)

Practical Issues with English Disclosure Sites in Korea (Feat. LG Display) & FSC's Latest Solutions

This post delves into the practical challenges of using English disclosure sites in Korea, using LG Display as an example, and introduces the...

Sanghyun Park

Novatek (3034.TT): Reserved IPhone 16 DDIC for 3Q24F Shipment; 1Q24F Outlook Bright.

Novatek has reserved DDIC for iPhone future shipment, with an expected increase in demand since 3Q24. However, there may be a slowdown in 2Q24 due...

Patrick Liao

KRX Short Interest Weekly (Jan 12th): Celltrion

We analyzed KRX short interest report for the past week and we highlighted KRX short interest weekly changes in Celltrion.

Ke Yan, CFA, FRM

Arb Trading with Stock Rights in Korea: A Basic Guide Featuring LG Display Offering

This post offers a basic guide to arbitrage trading using stock rights in Korean equity offerings, with LG Display's recent announcement as an...

Sanghyun Park

KRX Short Interest Weekly (Dec 15th): HLB, Lg Electronics, Samsung C&T, Samsung Electron

We analyzed KRX short interest report for the past week and highlight short interest changes in Hlb, Lg Electronics, Samsung C&T, Samsung Electron,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Practical Issues with English Disclosure Sites in Korea (Feat. LG Display) & FSC's Latest Solutions

This post delves into the practical challenges of using English disclosure sites in Korea, using LG Display as an example, and introduces the...

Sanghyun Park

Novatek (3034.TT): Reserved IPhone 16 DDIC for 3Q24F Shipment; 1Q24F Outlook Bright.

​Novatek has reserved DDIC for iPhone future shipment, with an expected increase in demand since 3Q24. However, there may be a slowdown in 2Q24 due...

Patrick Liao

KRX Short Interest Weekly (Jan 12th): Celltrion

We analyzed KRX short interest report for the past week and we highlighted KRX short interest weekly changes in Celltrion.

Ke Yan, CFA, FRM

Arb Trading with Stock Rights in Korea: A Basic Guide Featuring LG Display Offering

This post offers a basic guide to arbitrage trading using stock rights in Korean equity offerings, with LG Display's recent announcement as an...

Sanghyun Park

KRX Short Interest Weekly (Dec 15th): HLB, Lg Electronics, Samsung C&T, Samsung Electron

We analyzed KRX short interest report for the past week and highlight short interest changes in Hlb, Lg Electronics, Samsung C&T, Samsung Electron,...

Ke Yan, CFA, FRM

Novatek has reserved DDIC for iPhone future shipment, with an expected increase in demand since 3Q24. However, there may be a slowdown in 2Q24 due...