Global Automotive Stocks/EV Focus/Event Driven, SC Capital

SC Capital

Global Automotive Stocks/EV Focus/Event Driven

Over 22 years covering Japanese equities on both the sell side and the buy side. 

Bottom-up Japan Equities Research

Equity Bottom-Up

Faraday Future Intelligent Ele / Equity Bottom-Up

<ul>
<li>EV start-up Faraday Future (FF) will be de-listed by the Nasdaq if it fails to file its 2021 annual report &amp; Q1 2022 results by May 16th.   </li>
<li>FF has no revenues yet, but plans to start production in Q3. Cash as of March-end was only $273m vs cash burn of $181m &amp; payment obligations of $193m.</li>
<li>FF's growth strategy is risky &amp; relies on the ultra-luxury car market, which is peaking. Without financing, FF may struggle to survive this year.    </li>
</ul>


EV start-up Faraday Future (FF) will be de-listed by the Nasdaq if it fails to file its 2021 annual report &amp; Q1 2022 results by May 16th.   
FF has no revenues yet, but plans to start production in Q3. Cash as of March-end was only $273m vs cash burn of $181m &amp; payment obligations of $193m.
FF's growth strategy is risky &amp; relies on the ultra-luxury car market, which is peaking. Without financing, FF may struggle to survive this year.    


Faraday Future (FFIE): Not Looking So Bright

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 short interest of KRX Stocks as of Feb 23rd which has an aggregated short interest worth USD7.7bn.</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 weekly changes in Posco Holdings, Rotem.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Feb 23rd which has an aggregated short interest worth USD7.7bn.
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 weekly changes in Posco Holdings, Rotem.


KRX Short Interest Weekly (Feb 23rd): Posco Holdings, Rotem

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Feb 16th which has an aggregated short interest worth USD7.9bn.</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 have highlighted short interest weekly changes in Enchem, HMM.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Feb 16th which has an aggregated short interest worth USD7.9bn.
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 have highlighted short interest weekly changes in Enchem, HMM.


KRX Short Interest Weekly (Feb 16th): Enchem, HMM

<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 / 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.

Event-Driven

<ul>
<li>The value accretion that will occur by unlocking treasury shares will be more significant than Hyundai Dept. The treasury shares account for 10.64%, compared with 6.61% for Hyundai Dept.</li>
<li>Neither Holdco nor Opco will likely remain in the KOSPI 200 after relisting. So we cannot expect PASSIVE inflow at the time of relisting.</li>
<li>A tender will likely follow. However, neither is available for shorting. So, we should use Opco's overheated price adjustment as an exit timing for our positions aimed at value accretion.</li>
</ul>


The value accretion that will occur by unlocking treasury shares will be more significant than Hyundai Dept. The treasury shares account for 10.64%, compared with 6.61% for Hyundai Dept.
Neither Holdco nor Opco will likely remain in the KOSPI 200 after relisting. So we cannot expect PASSIVE inflow at the time of relisting.
A tender will likely follow. However, neither is available for shorting. So, we should use Opco's overheated price adjustment as an exit timing for our positions aimed at value accretion.


Trading Angles of Hyundai Green Food Demerger, with Potential Tender & Hive-Off

South Korea

Myoung Shin Industrial Co.,Ltd produces and sells auto parts. The Company provides hot stamping parts designing, manufacturing, sales and other services. Myoung Shin Industrial markets its products throughout Korea

Myoung Shin Industrial Co.,Ltd (009900 KS)

Myoung Shin Industrial Co.,Ltd (009900 KS)

Faraday Future (FFIE): Not Looking So Bright

This could be a rollercoaster long/short event by Monday, May 16th on yet another fraudulent electric vehicle SPAC, which happens to have...

SC Capital

KRX Short Interest Weekly (Feb 23rd): Posco Holdings, Rotem

We analyzed KRX short interest report for the past week and highlighted short interest changes in Posco Holdings, Rotem.

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Feb 16th): Enchem, HMM

We have analyzed KRX short interest report for the past week and highlighted short interest weekly changes in Enchem, HMM.

Ke Yan, CFA, FRM

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

Trading Angles of Hyundai Green Food Demerger, with Potential Tender & Hive-Off

This post is a deep-dive investigation into the Hyundai Green Food demerger event, with a potential tender offer and hive-off that will likely...

Sanghyun Park