Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<ul>
<li>Starting 1 January 2023, the Korean financial authorities will grant stock purchase rights to better protect minority shareholders' rights.</li>
<li>The minority shareholders that oppose the physical split of companies will be given the right to sell their stocks at the stock price prior to the split off.</li>
<li>This is a long, overdue change that many investors have been waiting for. Therefore, this change in regulation will be viewed favorably by many investors.</li>
</ul>


Starting 1 January 2023, the Korean financial authorities will grant stock purchase rights to better protect minority shareholders' rights.
The minority shareholders that oppose the physical split of companies will be given the right to sell their stocks at the stock price prior to the split off.
This is a long, overdue change that many investors have been waiting for. Therefore, this change in regulation will be viewed favorably by many investors.


Korean Financial Authorities Announce Measures to Protect Minority Shareholders in Split-Offs

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We are starting to see early signs of a potential bottom on MSCI EM (EEM-US).</li>
<li>Specifically, the EEM-US has reversed topside its 6-month downtrend. If MSCI EM has indeed bottomed, we want to be buying the leaders; that is where this report comes in.</li>
<li>Specific themes include attractive opportunities in India and Thailand, and also many in Taiwan and South Korea. Attractive Sectors include Energy, Financials, Materials, and Industrials.</li>
</ul>


We are starting to see early signs of a potential bottom on MSCI EM (EEM-US).
Specifically, the EEM-US has reversed topside its 6-month downtrend. If MSCI EM has indeed bottomed, we want to be buying the leaders; that is where this report comes in.
Specific themes include attractive opportunities in India and Thailand, and also many in Taiwan and South Korea. Attractive Sectors include Energy, Financials, Materials, and Industrials.


Finding Leadership Within Emerging Markets

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 analyzed the changes in short interest of KRX stocks as of Jul 24th. The aggregated short interest was USD15.9bn.</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 Samsung Elec (PREF), Samsung Electronics, OCI, SK Hynix, Rainbow Robotics.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jul 24th. The aggregated short interest was USD15.9bn.
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 Samsung Elec (PREF), Samsung Electronics, OCI, SK Hynix, Rainbow Robotics.


KRX Short Interest Weekly (Jul 24th): Samsung Elec (PREF), Samsung Electronics, OCI, SK Hynix

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jul 24th. The aggregated holding was USD1,525.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD3,927mln. 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, SKSQUARE, SamsungElecMech, SKTelecom.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 24th. The aggregated holding was USD1,525.1bn.
We estimate that foreign flows to be inflows of USD3,927mln. 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, SKSQUARE, SamsungElecMech, SKTelecom.


KRX Foreign Holding Weekly (Jul 24th): Samsung Electronics, SK Hynix, SKSQUARE, SamsungElecMech

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>
<a href="https://www.smartkarma.com/entities/carsome-group" target="_blank" data-smartkarma-citation="entities:35913:1" rel="noopener">Carsome (CARSOME1 SP)</a>, Malaysia's used-car eCommerce/technology unicorn, has reportedly submitted a confidential IPO filing for a dual listing on Nasdaq and <a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" data-smartkarma-citation="entities:1047:1" rel="noopener">Singapore Exchange</a>.</li>
<li>Carsome has a great ESG story to tell, but needs to be less humble about telling it because pre-IPO ESG messaging can impact IPO valuations, especially for transportation-related deals.</li>
<li>The centerpiece of Carsome's ESG story should be the important (but underappreciated) role of used car markets in decarbonising road transportation, a leading source of carbon emissions.</li>
</ul>



Carsome (CARSOME1 SP), Malaysia's used-car eCommerce/technology unicorn, has reportedly submitted a confidential IPO filing for a dual listing on Nasdaq and Singapore Exchange.
Carsome has a great ESG story to tell, but needs to be less humble about telling it because pre-IPO ESG messaging can impact IPO valuations, especially for transportation-related deals.
The centerpiece of Carsome's ESG story should be the important (but underappreciated) role of used car markets in decarbonising road transportation, a leading source of carbon emissions.


Carsome: A Paradigm of Circular Economy and Unsung Hero in the Decarbonisation of Transportation

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

LG Energy Solution (373220 KS)

Korean Financial Authorities Announce Measures to Protect Minority Shareholders in Split-Offs

The minority shareholders in Korean equities that oppose the physical split of companies will be given the right to sell their stocks at the stock...

Douglas Kim

Finding Leadership Within Emerging Markets

We are starting to see early signs of a potential bottom on $EEM. Specifically, the EEM has reversed topside its 6-month downtrend. If EEM has...

Vermilion Research

KRX Short Interest Weekly (Jul 24th): Samsung Elec (PREF), Samsung Electronics, OCI, SK Hynix

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Elec (PREF), Samsung Electronics, OCI, SK...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Jul 24th): Samsung Electronics, SK Hynix, SKSQUARE, SamsungElecMech

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

Ke Yan, CFA, FRM

Carsome: A Paradigm of Circular Economy and Unsung Hero in the Decarbonisation of Transportation

Carsome has reportedly filed for an IPO (dual Nasdaq/SGX listing), and has a great ESG story to tell investors including the role that used car...

Kyle Rudden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)