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

DZT Research

DZT 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 Nov 10th which has an aggregated short interest worth USD12.0bn.</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 Medytox, Lg Energy Solution, Kakao, Krafton, Amorepacific.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Nov 10th which has an aggregated short interest worth USD12.0bn.
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 Medytox, Lg Energy Solution, Kakao, Krafton, Amorepacific.


KRX Short Interest Weekly (Nov 10th): Short Covers for LG Energy, Kakao, Krafton, Amorepacific

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>In this insight, we discuss near-term momentum trading opportunities among the top 50 stocks in KOSPI with highest short interest ratios.</li>
<li>Given the recent temporary ban on stock short selling in Korea, there is likely to be increased volatility in the stock market. </li>
<li>We have identified 10 companies in particular that have high short interest ratios, among the worst performing stocks YTD, but with strongest share price performance in the past two days.</li>
</ul>


In this insight, we discuss near-term momentum trading opportunities among the top 50 stocks in KOSPI with highest short interest ratios.
Given the recent temporary ban on stock short selling in Korea, there is likely to be increased volatility in the stock market. 
We have identified 10 companies in particular that have high short interest ratios, among the worst performing stocks YTD, but with strongest share price performance in the past two days.


Momentum Trading Opportunities Among Top 50 Stocks in KOSPI With Highest Short Interest Ratios

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Nov 3rd which has an aggregated short interest worth USD12.7bn.</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 Ecopro, Samsung Sdi Co, Sk Hynix, Jusung Engineeri, Hyundai Bioscien, Leeno Industrial.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Nov 3rd which has an aggregated short interest worth USD12.7bn.
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 Ecopro, Samsung Sdi Co, Sk Hynix, Jusung Engineeri, Hyundai Bioscien, Leeno Industrial.


KRX Shorts: Top Changes Prior to Short Ban

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.

Lotte Tour Development Co, Ltd. / Event-Driven

Lotte Tour Development Co, Ltd. (032350 KS)

<ul>
<li>Lotte Tour has emerged as a prominent short-selling target in the Korean market, and there are efforts to use an ₩80B convertible bond (CB) to exploit its dilution/overhang risk.</li>
<li>Linden Capital and LMR, upon obtaining the CB, promptly borrowed 4.6M shares from Donghwa for short selling. Thus, the CB conversion incentive remains largely unaffected by stock price changes.</li>
<li>We should avoid synchronizing our entry point with CB conversion. Instead, we should target the likely rights issuance in the latter half of the year, anticipated in the market.</li>
</ul>


Lotte Tour has emerged as a prominent short-selling target in the Korean market, and there are efforts to use an ₩80B convertible bond (CB) to exploit its dilution/overhang risk.
Linden Capital and LMR, upon obtaining the CB, promptly borrowed 4.6M shares from Donghwa for short selling. Thus, the CB conversion incentive remains largely unaffected by stock price changes.
We should avoid synchronizing our entry point with CB conversion. Instead, we should target the likely rights issuance in the latter half of the year, anticipated in the market.


Addressing Misconceptions: Lotte Tour's Short-Selling Entry Point

Equity Bottom-Up

<ul>
<li>Paradise is one of the largest foreigners only casino operators in Korea which should benefit from the end of the ban of Chinese group tours to Korea.</li>
<li>However, Paradise will face additional competition from the opening of the new Inspire Entertainment Resort in Incheon which is expected to open by the end of 2023. </li>
<li>Paradise is likely to benefit from a combination of higher earnings and valuation multiples in the coming months. </li>
</ul>


Paradise is one of the largest foreigners only casino operators in Korea which should benefit from the end of the ban of Chinese group tours to Korea.
However, Paradise will face additional competition from the opening of the new Inspire Entertainment Resort in Incheon which is expected to open by the end of 2023. 
Paradise is likely to benefit from a combination of higher earnings and valuation multiples in the coming months. 


Paradise: Boost from End of Ban of Chinese Group Tours to Korea Vs Inspire Resort Opening in Incheon

South Korea

Lotte Tour Development Co., Ltd. provides various tour package service. The Company franchises travel agencies, offers home-based travel businesses, and provides leisure-travel information.  The Company also engages in property development and building management and operates duty-free shop business.

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Lotte Tour Development Co, Ltd. (032350 KS)

KRX Short Interest Weekly (Nov 10th): Short Covers for LG Energy, Kakao, Krafton, Amorepacific

We analyzed KRX short interest report for the past week and highlight short interest changes in Medytox, Lg Energy Solution, Kakao, Krafton,...

Ke Yan, CFA, FRM

Momentum Trading Opportunities Among Top 50 Stocks in KOSPI With Highest Short Interest Ratios

We have identified 10 companies in KOSPI that have high short interest ratios, among the worst performing stocks YTD, but with strongest share...

Douglas Kim

KRX Shorts: Top Changes Prior to Short Ban

We analyzed KRX short interest report for the past week and highlight short interest changes in Ecopro, Samsung Sdi Co, Sk Hynix, Jusung Engineeri,...

Ke Yan, CFA, FRM

Addressing Misconceptions: Lotte Tour's Short-Selling Entry Point

This post provides clarification regarding market misconceptions about the short-selling entry point for Lotte Tour Development.

Sanghyun Park

Paradise: Boost from End of Ban of Chinese Group Tours to Korea Vs Inspire Resort Opening in Incheon

Paradise will receive a big boost from the end of the ban of Chinese group tours to Korea. However, Paradise will face additional competition from...

Douglas Kim

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