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 Mar 14th which has an aggregated short interest worth USD3.6bn.</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 highlight short interest changes in Skc (011790 KS), Korea Aerospace (047810 KS).</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Mar 14th which has an aggregated short interest worth USD3.6bn.
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 highlight short interest changes in Skc (011790 KS), Korea Aerospace (047810 KS).


KRX Short Interest Weekly (Mar 14th): Skc, Korea Aerospace

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Mar 7th which has an aggregated short interest worth USD3.6bn.</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 highlight short interest changes in Kakao, Hlb, Samsung Electronics.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Mar 7th which has an aggregated short interest worth USD3.6bn.
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 highlight short interest changes in Kakao, Hlb, Samsung Electronics.


KRX Short Interest Weekly (Mar 7th): Kakao, Hlb, Samsung Electronics

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There are 11 stocks (maybe 12) in Korea that could be deleted from a global index in February and that will result in large selling from passive trackers.</li>
<li>With announcement in a week and implementation in just over 3 weeks, there is positioning in a lot of the names.</li>
<li>With short selling still banned, positioning will not be as high as the passive selling and the stocks could still drop over the next few weeks.</li>
</ul>


There are 11 stocks (maybe 12) in Korea that could be deleted from a global index in February and that will result in large selling from passive trackers.
With announcement in a week and implementation in just over 3 weeks, there is positioning in a lot of the names.
With short selling still banned, positioning will not be as high as the passive selling and the stocks could still drop over the next few weeks.


Korea: 11 Potential Index Deletions in February

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>In this insight, we discuss the first day trading strategy of LG CNS which starts trading on 5 February.</li>
<li>On the first day of trading, we believe LG CNS's shares could trade at higher levels, overshooting its intrinsic valuations.</li>
<li>We recommend investors to take some profits off the table if the share price shoots higher by 30% to 50%+ from the IPO price on the first day.</li>
</ul>


In this insight, we discuss the first day trading strategy of LG CNS which starts trading on 5 February.
On the first day of trading, we believe LG CNS's shares could trade at higher levels, overshooting its intrinsic valuations.
We recommend investors to take some profits off the table if the share price shoots higher by 30% to 50%+ from the IPO price on the first day.


LG CNS: First Day Trading Strategy Post IPO

<ul>
<li>The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February.</li>
<li>Over halfway through the review period, we forecast 39 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 2 to SmallCap.</li>
<li>Three potential downward migrations were deleted from a global index in November. Now, four more potential downward migrations could be deleted from the same global index in February.</li>
</ul>


The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February.
Over halfway through the review period, we forecast 39 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 2 to SmallCap.
Three potential downward migrations were deleted from a global index in November. Now, four more potential downward migrations could be deleted from the same global index in February.


KOSPI Size Indices: When Active Met Passive

South Korea

Posco DX Company Ltd. provides information and technology services. The Company provides computer systems design, computer and server merchant wholesale, computer and office machine repair and maintenance services. Posco DX also offers eic engineering, smart factory, wireless networking equipment, steel manufacturing, and digital video recorder manufacturing services.

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Posco DX (022100 KS)

KRX Short Interest Weekly (Mar 14th): Skc, Korea Aerospace

We analyzed KRX short interest report for the past week and highlighted short interest changes in Skc (011790 KS), Korea Aerospace (047810 KS).

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Mar 7th): Kakao, Hlb, Samsung Electronics

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

Ke Yan, CFA, FRM

Korea: 11 Potential Index Deletions in February

There could be 11-12 index deletions in Korea later this month. Passive trackers will need to trade between US$42m-US$120m (4.2x-31x ADV) of the...

Brian Freitas

LG CNS: First Day Trading Strategy Post IPO

We recommend investors to take some profits off the table on LG CNS if the share price shoots higher by 30% to 50%+ from the IPO price on the first...

Douglas Kim

KOSPI Size Indices: When Active Met Passive

There could be 39 migrations in March. Most of the Large to Mid migrations have been, or will be, deleted from a large global index. Along with...

Brian Freitas

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