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>Battery-Sector rotation is heating up in Korea as active ETFs sharply boost LG Energy Solution and Samsung SDI, signaling renewed sector focus amid ESS growth and easing valuation pressures.</li>
<li>Watch for supply-demand dislocations during battery-sector ETF rebalances; top-heavy names may see concentrated flows, amplifying trading intensity and driving larger-than-normal price swings.</li>
<li>The 25% cap reversion could move LG Energy Solution down and SK Innovation up ~5pp, with flows hitting -0.2x/+0.6x DTV, potentially amplified by aggressive sector inflows.</li>
</ul>


Battery-Sector rotation is heating up in Korea as active ETFs sharply boost LG Energy Solution and Samsung SDI, signaling renewed sector focus amid ESS growth and easing valuation pressures.
Watch for supply-demand dislocations during battery-sector ETF rebalances; top-heavy names may see concentrated flows, amplifying trading intensity and driving larger-than-normal price swings.
The 25% cap reversion could move LG Energy Solution down and SK Innovation up ~5pp, with flows hitting -0.2x/+0.6x DTV, potentially amplified by aggressive sector inflows.


Playing Korea’s Hot Secondary Battery Sector Rotation

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eve-energy-co-ltd" target="_blank" data-smartkarma-citation="entities:14769:1" rel="noopener">EVE Energy (300014 CH)</a> (EVE), a lithium battery provider, aims to raise around US$1bn in its H-share listing.</li>
<li>EVE produces lithium batteries which cater to consumer battery, power battery and ESS battery sectors.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



EVE Energy (300014 CH) (EVE), a lithium battery provider, aims to raise around US$1bn in its H-share listing.
EVE produces lithium batteries which cater to consumer battery, power battery and ESS battery sectors.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Eve Energy A/H Listing - One of the Leaders but Growth Has Been Slowing

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Aug 8th. The aggregated short interest was USD10.0bn.</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 Silicon2, NAVER, LG Chem, KakaoBank, POSCO FUTURE M.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 8th. The aggregated short interest was USD10.0bn.
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 Silicon2, NAVER, LG Chem, KakaoBank, POSCO FUTURE M.


KRX Short Interest Weekly (Aug 8th): Silicon2, NAVER, LG Chem, KakaoBank, POSCO FUTURE M

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>On 11 August, SKC Co Ltd (011790 KS) announced that it will issue exchangeable bonds (EB) worth 125 billion won.</li>
<li>The exchange price is 114,714 won, which is a 14% premium to the reference stock price calculated based on the market price.</li>
<li>We are Negative on SKC's EB issue of 125 billion won which is likely to put a negative sentiment on its share price.</li>
</ul>


On 11 August, SKC Co Ltd (011790 KS) announced that it will issue exchangeable bonds (EB) worth 125 billion won.
The exchange price is 114,714 won, which is a 14% premium to the reference stock price calculated based on the market price.
We are Negative on SKC's EB issue of 125 billion won which is likely to put a negative sentiment on its share price.


SKC: Plans to Issue EB Worth 125 Billion Won

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Aug 8th. The aggregated holding was USD649.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD271mln. 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, NAVER, KEPCO, Kakao, HYUNDAI ROTEM.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 8th. The aggregated holding was USD649.4bn.
We estimate that foreign flows to be outflows of USD271mln. 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, NAVER, KEPCO, Kakao, HYUNDAI ROTEM.


KRX Foreign Holding Weekly (Aug 8th): Samsung Electronics, NAVER, KEPCO, Kakao, HYUNDAI ROTEM

South Korea

LG Energy Solution produces and sells batteries. The Company manufactures and sells automobile batteries, small batteries, energy storage system batteries, and other products. LG Energy Solution markets its products worldwide.

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LG Energy Solution (373220 KS)

Playing Korea’s Hot Secondary Battery Sector Rotation

This post covers how to play the secondary battery sector rotation — one of the most talked-about themes in the Korean market right now.

Sanghyun Park

Eve Energy A/H Listing - One of the Leaders but Growth Has Been Slowing

EVE Energy (300014 CH) (EVE), a lithium battery provider, aims to raise around US$1bn in its H-share listing. In this note, we look at the...

Sumeet Singh

KRX Short Interest Weekly (Aug 8th): Silicon2, NAVER, LG Chem, KakaoBank, POSCO FUTURE M

We analyzed KRX short interest report for the past week and highlighted short interest changes in Silicon2, NAVER, LG Chem, KakaoBank, POSCO FUTURE M.

Ke Yan, CFA, FRM

SKC: Plans to Issue EB Worth 125 Billion Won

We are Negative on SKC's EB issue of 125 billion won which is likely to put a negative sentiment on its share price. Valuations are unattractive.

Douglas Kim

KRX Foreign Holding Weekly (Aug 8th): Samsung Electronics, NAVER, KEPCO, Kakao, HYUNDAI ROTEM

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, NAVER, KEPCO, Kakao, HYUNDAI...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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