Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>Hanwha Asset Management has launched the process of listing the PLUS Korea Manufacturing Core Alliance (KMCA) Index ETF on the NYSE in 1H 2026.</li>
<li>KMCA ETF will includes companies in six core sectors: 1) AI semiconductors, 2) batteries, 3) shipbuilding, 4), defense, 5) power grids and nuclear energy, and 6) robots and humanoids.</li>
<li>This is likely to attract additional foreign capital into Korean stocks in the coming months. </li>
</ul>


Hanwha Asset Management has launched the process of listing the PLUS Korea Manufacturing Core Alliance (KMCA) Index ETF on the NYSE in 1H 2026.
KMCA ETF will includes companies in six core sectors: 1) AI semiconductors, 2) batteries, 3) shipbuilding, 4), defense, 5) power grids and nuclear energy, and 6) robots and humanoids.
This is likely to attract additional foreign capital into Korean stocks in the coming months. 


Hanwha Asset Mgmt Launching the PLUS Korea Manufacturing Core Alliance Index ETF (KMCA) On NYSE

Equity Bottom-Up

<ul>
<li>In this insight, I highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 4Q 2026.</li>
<li>I provide five holdco/opco pairs that have experienced noticeable divergence in the past three months and closing of their gaps could occur in the next several weeks.</li>
<li>Of the 38 pairs, six of them are near or more than 2 standard deviations (in terms of their changing share price movements in the past three months).</li>
</ul>


In this insight, I highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 4Q 2026.
I provide five holdco/opco pairs that have experienced noticeable divergence in the past three months and closing of their gaps could occur in the next several weeks.
Of the 38 pairs, six of them are near or more than 2 standard deviations (in terms of their changing share price movements in the past three months).


Korean Holdcos Vs Opcos Gap Trading Opportunities in 4Q 2026

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 Sep 25th. The aggregated short interest was USD18.7bn.</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 SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan Enerbility, HyundaiEng&amp;Const.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Sep 25th. The aggregated short interest was USD18.7bn.
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 SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan Enerbility, HyundaiEng&amp;Const.


KRX Short Interest Weekly (Sep 25th): SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan Enerbility

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Sep 25th. The aggregated holding was USD1,755.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,304mln. 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, SamsungElecMech, SKSQUARE, LG Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Sep 25th. The aggregated holding was USD1,755.4bn.
We estimate that foreign flows to be inflows of USD1,304mln. 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, SamsungElecMech, SKSQUARE, LG Electronics.


KRX Foreign Holding Weekly (Sep 25th): Samsung Electronics, SK Hynix, SamsungElecMech, SKSQUARE

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>Our analysis of quarterly returns of each Asian market and each of the sectors within them shows clear cyclical patterns of performance, driven, we believe, by market/sector rotation by investors.</li>
<li>These cyclical patterns indicate that in the near-term, investors could rotate out of onshore China, India, Singapore, Indonesia and Thailand and rotate into Hong Kong, Korea, Malaysia and Philippines.</li>
<li>Korean Technology, Financials and Industrials, Hong Kong Energy, Communications and Technology Services, and Malaysian and Philippines Industrial Services are the secularly outperforming sectors among these likely beneficiary sectors.  </li>
</ul>


Our analysis of quarterly returns of each Asian market and each of the sectors within them shows clear cyclical patterns of performance, driven, we believe, by market/sector rotation by investors.
These cyclical patterns indicate that in the near-term, investors could rotate out of onshore China, India, Singapore, Indonesia and Thailand and rotate into Hong Kong, Korea, Malaysia and Philippines.
Korean Technology, Financials and Industrials, Hong Kong Energy, Communications and Technology Services, and Malaysian and Philippines Industrial Services are the secularly outperforming sectors among these likely beneficiary sectors.  


Asian Equities: Cyclical Patterns and Sector/Market Rotations Tell Us Where to Look Next

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)

Hanwha Asset Mgmt Launching the PLUS Korea Manufacturing Core Alliance Index ETF (KMCA) On NYSE

Hanwha Asset Management has launched the process of listing the PLUS Korea Manufacturing Core Alliance (KMCA) Index ETF on the NYSE in 1H 2026.

Douglas Kim

Korean Holdcos Vs Opcos Gap Trading Opportunities in 4Q 2026

In this insight, I highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

KRX Short Interest Weekly (Sep 25th): SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan Enerbility

We analyzed KRX short interest report for the past week and highlighted short interest changes in SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Sep 25th): Samsung Electronics, SK Hynix, SamsungElecMech, SKSQUARE

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

Ke Yan, CFA, FRM

Asian Equities: Cyclical Patterns and Sector/Market Rotations Tell Us Where to Look Next

Asian market returns evince cyclical patterns driven by investor rotation. Near-term shifts likely from onshore CN, India, SG, Indonesia to HK,...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hanwha Asset Mgmt Launching the PLUS Korea Manufacturing Core Alliance Index ETF (KMCA) On NYSE

Hanwha Asset Management has launched the process of listing the PLUS Korea Manufacturing Core Alliance (KMCA) Index ETF on the NYSE in 1H 2026.

Douglas Kim

Korean Holdcos Vs Opcos Gap Trading Opportunities in 4Q 2026

In this insight, I highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

KRX Short Interest Weekly (Sep 25th): SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan Enerbility

We analyzed KRX short interest report for the past week and highlighted short interest changes in SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Sep 25th): Samsung Electronics, SK Hynix, SamsungElecMech, SKSQUARE

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

Ke Yan, CFA, FRM

Asian Equities: Cyclical Patterns and Sector/Market Rotations Tell Us Where to Look Next

​Asian market returns evince cyclical patterns driven by investor rotation. Near-term shifts likely from onshore CN, India, SG, Indonesia to HK,...

Manishi Raychaudhuri

Asian market returns evince cyclical patterns driven by investor rotation. Near-term shifts likely from onshore CN, India, SG, Indonesia to HK,...