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 May 16th. The aggregated short interest was USD6.5bn.</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 Hanmi Semicon, Celltrion, Alteogen, Hanjinkal, Lg Energy Solution, SK Hynix, Posco Future M, Samsung Electronics, Hanwha Vision.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of May 16th. The aggregated short interest was USD6.5bn.
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 Hanmi Semicon, Celltrion, Alteogen, Hanjinkal, Lg Energy Solution, SK Hynix, Posco Future M, Samsung Electronics, Hanwha Vision.


KRX Short Interest Weekly (May 16th): Hanmi Semicon, Celltrion, Alteogen, Hanjinkal

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of May 9th which has an aggregated short interest worth USD6.4bn.</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 SK Hynix, Kakao, Samsung Electronics, Hybe, Hanwha Ind Sol, Lig Nex1.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of May 9th which has an aggregated short interest worth USD6.4bn.
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 SK Hynix, Kakao, Samsung Electronics, Hybe, Hanwha Ind Sol, Lig Nex1.


KRX Short Interest Weekly (May 9th): SK Hynix, Kakao, Samsung Electronics, Hybe, Hanwha Ind Sol

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.

Equity Capital Markets

<ul>
<li>The pricing’s standard—20% discount, 14.82% dilution. First-round price on June 12, final on July 16. The 20% discount could offer a bigger arb window than Samsung SDI or Hanwha Aero.</li>
<li>Posco Holdings confirmed full participation, taking half of the offering (500B+ KRW). With the ESOP in play, only 40% (400B KRW) remains, limiting potential trading upside despite the 20% discount.</li>
<li>Future M’s down 8% in after-hours, Holdings 3.5%. The sharp drop follows no deal leaks and sector concerns, suggesting more downside tomorrow, with the price gap key for day-night trading.</li>
</ul>


The pricing’s standard—20% discount, 14.82% dilution. First-round price on June 12, final on July 16. The 20% discount could offer a bigger arb window than Samsung SDI or Hanwha Aero.
Posco Holdings confirmed full participation, taking half of the offering (500B+ KRW). With the ESOP in play, only 40% (400B KRW) remains, limiting potential trading upside despite the 20% discount.
Future M’s down 8% in after-hours, Holdings 3.5%. The sharp drop follows no deal leaks and sector concerns, suggesting more downside tomorrow, with the price gap key for day-night trading.


Unpacking Posco Future M's Rights Offering Disclosed After Market Close Today

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Posco Future M (003670 KS) announced today that it plans to complete a rights offering capital raise of 1.1 trillion won. </li>
<li>The capital raise will involve 11.483 million new shares, representing 14.8% of current outstanding shares. The expected rights offering price is 95,800 won, which is 15.8% lower than current price. </li>
<li>We have a Negative view on POSCO Future M and this capital raise, which is likely to have a negative impact on its shares due to the dilution risk.</li>
</ul>


Posco Future M (003670 KS) announced today that it plans to complete a rights offering capital raise of 1.1 trillion won. 
The capital raise will involve 11.483 million new shares, representing 14.8% of current outstanding shares. The expected rights offering price is 95,800 won, which is 15.8% lower than current price. 
We have a Negative view on POSCO Future M and this capital raise, which is likely to have a negative impact on its shares due to the dilution risk.


POSCO Future M: A Rights Offering Capital Raise of 1.1 Trillion Won

<ul>
<li>All three local CRAs are pushing hard — an equity raise isn’t optional, it’s the only shot at keeping the AA- rating intact. Street says it’s not if, it’s when.</li>
<li>Late April to mid-May looks like the key window. And start keeping tabs on the flow real tight.</li>
<li>Leak channels are still active. FSC’s pointed at IB sales and law firm staff. If we see outsized sell prints—especially from local hedge funds, that's our cue to act.</li>
</ul>


All three local CRAs are pushing hard — an equity raise isn’t optional, it’s the only shot at keeping the AA- rating intact. Street says it’s not if, it’s when.
Late April to mid-May looks like the key window. And start keeping tabs on the flow real tight.
Leak channels are still active. FSC’s pointed at IB sales and law firm staff. If we see outsized sell prints—especially from local hedge funds, that's our cue to act.


Timing the Announcement of POSCO Future M's Rights Issue

South Korea

Posco Future M Co., Ltd. manufactures and distributes energy materials. The Company produces battery materials, advanced chemical materials, basic industrial materials, and other related products. Posco Future M also produces lime chemical and refractory products.

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Posco Future M (003670 KS)

KRX Short Interest Weekly (May 16th): Hanmi Semicon, Celltrion, Alteogen, Hanjinkal

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanmi Semicon (042700 KS), Celltrion (068270 KS),...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (May 9th): SK Hynix, Kakao, Samsung Electronics, Hybe, Hanwha Ind Sol

We analyzed KRX short interest report for the past week and highlighted short interest changes in SK Hynix, Kakao, Samsung Electronics, Hybe,...

Ke Yan, CFA, FRM

Unpacking Posco Future M's Rights Offering Disclosed After Market Close Today

This post provides a detailed analysis of Posco Future M's rights offering, disclosed after market close today, examining the key terms, structure,...

Sanghyun Park

POSCO Future M: A Rights Offering Capital Raise of 1.1 Trillion Won

Posco Future M (003670 KS) announced today that it plans to complete a rights offering capital raise of 1.1 trillion won. We have a Negative view...

Douglas Kim

Timing the Announcement of POSCO Future M's Rights Issue

Posco Future M is launching a rights offering for 11.48M shares (~12% dilution). Tentative price is KRW 95,800 with a 20% discount; final pricing...

Sanghyun Park

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