Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Thematic (Sector/Industry)

<ul>
<li>Recent trends in the most viewed local brokerage research reports by Korean institutions, compiled by FnGuide, offer insights into current investor interests.</li>
<li>Notable resurgence in local institution interest in the semiconductor sector, especially with the temporal gap until May when the Value-up momentum materializes, notably evident in the AI semiconductor rally companies.</li>
<li>Local institutions typically follow stocks of their interest with a slight lag. This suggests potential positive flows in the listed semiconductor companies until the Value-up momentum solidifies in May.</li>
</ul>


Recent trends in the most viewed local brokerage research reports by Korean institutions, compiled by FnGuide, offer insights into current investor interests.
Notable resurgence in local institution interest in the semiconductor sector, especially with the temporal gap until May when the Value-up momentum materializes, notably evident in the AI semiconductor rally companies.
Local institutions typically follow stocks of their interest with a slight lag. This suggests potential positive flows in the listed semiconductor companies until the Value-up momentum solidifies in May.


Introducing a Data Source for Korean Local Institutions' Interests

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 foreign holdings of KRX Stocks as of Mar 22nd which has an aggregated holding worth USD546.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,746mln. 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 foreign changes in Samsung Electronics, Hyundai Motor, Sk Hynix, Kia, Posco, Naver.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Mar 22nd which has an aggregated holding worth USD546.4bn.
We estimate that foreign flows to be inflows of USD1,746mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Samsung Electronics, Hyundai Motor, Sk Hynix, Kia, Posco, Naver.


KRX Foreign Holding Weekly (Mar 22nd): Samsung Electronics, Hyundai Motor, Sk Hynix, Kia, Posco

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>Our NAV analysis of LG Corp suggests an implied market cap of 16.3 trillion won or 103,781 won per share which is 16% higher than current share price.</li>
<li>For holdco discount, we used a 50% holdco discount. If investors perceive improvement in value (such as through corporate governance improvements), the holdco discount on LG Corp would decline.</li>
<li>LG Corp's shares are up 5.9% in the past six months, outperforming all the major LG Group related companies including LG Chem, LG H&amp;H, LG Electronics, and LG Energy Solution. </li>
</ul>


Our NAV analysis of LG Corp suggests an implied market cap of 16.3 trillion won or 103,781 won per share which is 16% higher than current share price.
For holdco discount, we used a 50% holdco discount. If investors perceive improvement in value (such as through corporate governance improvements), the holdco discount on LG Corp would decline.
LG Corp's shares are up 5.9% in the past six months, outperforming all the major LG Group related companies including LG Chem, LG H&amp;H, LG Electronics, and LG Energy Solution. 


LG Corp: Updated NAV Analysis Amid Ongoing Corporate Value Up Program in Korea

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Mar 15th which has an aggregated holding worth USD526.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD704mln. 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 foreign changes in Hyundai Motor, Naver, Celltrion Inc.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Mar 15th which has an aggregated holding worth USD526.1bn.
We estimate that foreign flows to be inflows of USD704mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Hyundai Motor, Naver, Celltrion Inc.


KRX Foreign Holding Weekly (Mar 15th): Hyundai Motor, Naver, Celltrion

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Mar 8th which has an aggregated holding worth USD533.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD185mln. 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 foreign changes in Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Mar 8th which has an aggregated holding worth USD533.0bn.
We estimate that foreign flows to be inflows of USD185mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver.


KRX Foreign Holding Weekly (Mar 8th): Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver

South Korea

LG H&H Co., Ltd. manufactures and distributes cosmetics. The Company produces whoo, o hui, sum 37, basic cosmetics, color cosmetics, and other related products. LG H&H also produces toothpaste, soap, detergents, healthy, personal care, and refreshing products.

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LG H&H (051900 KS)

Introducing a Data Source for Korean Local Institutions' Interests

This post introduces a data source that offers precise insights into the preferences of local institutions regarding stocks.

Sanghyun Park

KRX Foreign Holding Weekly (Mar 22nd): Samsung Electronics, Hyundai Motor, Sk Hynix, Kia, Posco

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Hyundai Motor, Sk Hynix,...

Ke Yan, CFA, FRM

LG Corp: Updated NAV Analysis Amid Ongoing Corporate Value Up Program in Korea

Our NAV analysis of LG Corp suggests an implied market cap of 16.3 trillion won or 103,781 won per share which is 16% higher than current share price.

Douglas Kim

KRX Foreign Holding Weekly (Mar 15th): Hyundai Motor, Naver, Celltrion

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Hyundai Motor, Naver, Celltrion.

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Mar 8th): Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Hyundai Motor, Kb Financial Gro, Naver.

Ke Yan, CFA, FRM

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52-week Range

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