Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Shift Up (462870 KS) is getting ready to complete its IPO in KOSPI in June 2024. Established in 2013, Shift Up is one of the leading game developers in Korea.</li>
<li>The IPO price range is 47,000 won to 60,000 won. The IPO offering amount is 340.8 billion won to 435 billion won.</li>
<li>According to the bankers' valuation, the market capitalization range of the company ranges from 2.73 trillion won to 3.4 trillion won. This is the second largest IPO in Korea YTD.</li>
</ul>


Shift Up (462870 KS) is getting ready to complete its IPO in KOSPI in June 2024. Established in 2013, Shift Up is one of the leading game developers in Korea.
The IPO price range is 47,000 won to 60,000 won. The IPO offering amount is 340.8 billion won to 435 billion won.
According to the bankers' valuation, the market capitalization range of the company ranges from 2.73 trillion won to 3.4 trillion won. This is the second largest IPO in Korea YTD.


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 May 10th which has an aggregated short interest worth USD6.7bn.</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 Samsung Electronics, Sk Hynix, Doosan Enerbility.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of May 10th which has an aggregated short interest worth USD6.7bn.
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 Samsung Electronics, Sk Hynix, Doosan Enerbility.


KRX Short Interest Weekly (May 10th): Samsung Electronics, Sk Hynix, Doosan Enerbility

Event-Driven

<ul>
<li>After the market close on 9 May, Netmarble announced that it plans to sell 2.6% stake in HYBE for 219.9 billion won. </li>
<li>The transaction is based on PRS (price return swap) basis. Previous to this deal, Netmarble sold 2.5 million shares (about 6%) of HYBE shares in November 2023. </li>
<li>We continue to remain negative on HYBE including on this deal involving Netmarble's plan to sell additional 2.6% stake in HYBE.</li>
</ul>


After the market close on 9 May, Netmarble announced that it plans to sell 2.6% stake in HYBE for 219.9 billion won. 
The transaction is based on PRS (price return swap) basis. Previous to this deal, Netmarble sold 2.5 million shares (about 6%) of HYBE shares in November 2023. 
We continue to remain negative on HYBE including on this deal involving Netmarble's plan to sell additional 2.6% stake in HYBE.


Netmarble Plans to Sell 2.6% Stake in HYBE Through PRS (Price Return Swap).

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Apr 19th which has an aggregated short interest worth USD6.6bn.</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 estimate the short interests to be USD 6.6bn and highlight short interest changes in Samsung Electronics.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Apr 19th which has an aggregated short interest worth USD6.6bn.
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 estimate the short interests to be USD 6.6bn and highlight short interest changes in Samsung Electronics.


KRX Short Interest Weekly (Apr 19th): Samsung Electronics

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.

<ul>
<li>Opposition's probable win in the election sparks concerns about Value-up initiative's momentum. However, market sentiment doesn't universally echo these worries.</li>
<li>Value-Up stocks' recent corrections likely stem from Q4 dividend arbitrage liquidation, rather than election result concerns.</li>
<li>Post-Election, even if the opposition wins, the left-leaning Value-up program might continue, limiting the opposition's influence, as seen in recent National Pension Service flows.</li>
</ul>


Opposition's probable win in the election sparks concerns about Value-up initiative's momentum. However, market sentiment doesn't universally echo these worries.
Value-Up stocks' recent corrections likely stem from Q4 dividend arbitrage liquidation, rather than election result concerns.
Post-Election, even if the opposition wins, the left-leaning Value-up program might continue, limiting the opposition's influence, as seen in recent National Pension Service flows.


Observations on Post-Election Flows of Value-Up Stocks, Based on Recent Local Institutional Trades

South Korea

Netmarble Corporation develops and publishes mobile games. The Company develops and publishes casual games, action, sports games, strategy, simulation games, and social casino games. Netmarble offers services worldwide.

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Netmarble (251270 KS)

Shift Up IPO Preview

Shift Up is getting ready to complete its IPO in KOSPI in June 2024. This is the second largest IPO in Korea YTD. The IPO offering amount is 340.8...

Douglas Kim

KRX Short Interest Weekly (May 10th): Samsung Electronics, Sk Hynix, Doosan Enerbility

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, Sk Hynix, Doosan Enerbility.

Ke Yan, CFA, FRM

Netmarble Plans to Sell 2.6% Stake in HYBE Through PRS (Price Return Swap).

After the market close on 9 May, Netmarble announced that it plans to sell 2.6% stake in HYBE for 219.9 billion won. We continue to remain negative...

Douglas Kim

KRX Short Interest Weekly (Apr 19th): Samsung Electronics

We analyzed KRX short interest report for the past week. We estimate the short interests to be USD 6.6bn and highlighted short interest changes in...

Ke Yan, CFA, FRM

Observations on Post-Election Flows of Value-Up Stocks, Based on Recent Local Institutional Trades

This post outlines my observations on the post-election flows of Value-up beneficiary stocks, derived from recent local institutional trades.

Sanghyun Park

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