Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>According to numerous local media, SK Hynix is considering on listing its treasury shares (2.4% of outstanding shares representing 17.4 million shares) as ADRs.</li>
<li>SK Hynix could cancel its treasury shares or list them as ADRs. The bigger bang for the buck will likely be to list them as ADRs. </li>
<li>By listing its shares as ADRs, the valuation gap between SK Hynix and other listed peers (such as MU and TSMC) could be reduced. </li>
</ul>


According to numerous local media, SK Hynix is considering on listing its treasury shares (2.4% of outstanding shares representing 17.4 million shares) as ADRs.
SK Hynix could cancel its treasury shares or list them as ADRs. The bigger bang for the buck will likely be to list them as ADRs. 
By listing its shares as ADRs, the valuation gap between SK Hynix and other listed peers (such as MU and TSMC) could be reduced. 


A Potential Listing of ADRs for SK Hynix Using Its Treasury Shares?

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Quantitative Analysis

<ul>
<li>
Decay Analysis: Compared Long IR vs. Short IR to spot momentum acceleration (Taiwan +1.9, Korea +0.9) versus alpha erosion (India -1.5, Comm Svcs -1.2).</li>
<li>
Leaders/Laggards Analysis: Short IR values identified performance leaders (Korea at 3.0, Taiwan at 2.7) and laggards (India at -3.1, Comm Svcs at -1.9). India/China A/Real Estate  remain chronic underperformers.</li>
<li>
Tactical Tilts: favor high-momentum, tech-heavy markets, avoid deteriorating sectors / regions.</li>
</ul>



Decay Analysis: Compared Long IR vs. Short IR to spot momentum acceleration (Taiwan +1.9, Korea +0.9) versus alpha erosion (India -1.5, Comm Svcs -1.2).

Leaders/Laggards Analysis: Short IR values identified performance leaders (Korea at 3.0, Taiwan at 2.7) and laggards (India at -3.1, Comm Svcs at -1.9). India/China A/Real Estate  remain chronic underperformers.

Tactical Tilts: favor high-momentum, tech-heavy markets, avoid deteriorating sectors / regions.


Pan-Asia Alpha Signals: Korea & Taiwan Dominate, India Underperformance Deepens | Mar 23-27

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 6th January, Kerry Stokes-backed <a href="https://www.smartkarma.com/entities/sgh-limited" target="_blank" data-smartkarma-citation="entities:803:1" rel="noopener">SGH Limited (SGH AU)</a> and <a href="https://www.smartkarma.com/entities/steel-dynamics-inc" target="_blank" data-smartkarma-citation="entities:11061:1" rel="noopener">Steel Dynamics (STLD US)</a><a href="https://announcements.asx.com.au/asxpdf/20260106/pdf/06tzv9t8w6g7pg.pdf" target="_blank" rel="noopener">submitted</a> an A$0.30/share cash NBIO for <a href="https://www.smartkarma.com/entities/bluescope-steel-ltd" target="_blank" data-smartkarma-citation="entities:207:1" rel="noopener">BlueScope Steel (BSL AU)</a>, Australia’s largest steel manufacturer.</li>
<li>BlueScope summarily rejected terms, stating the Offer "very significantly undervalues" the company. SGH/SDI have now <a href="https://announcements.asx.com.au/asxpdf/20260218/pdf/06wflzg212dlgh.pdf" target="_blank" rel="noopener">returned with a $32.35/share</a> (best &amp; final) NBIO - $34/share when including A$1.65/share in dividends.</li>
<li>That's a A$15bn bid. Exclusive due diligence is sought. AusSuper, with 13.5% of shares out, holds the key. No scrip alternative is afforded. My guess is AusSuper is not supportive.</li>
</ul>


Back on the 6th January, Kerry Stokes-backed SGH Limited (SGH AU) and Steel Dynamics (STLD US)submitted an A$0.30/share cash NBIO for BlueScope Steel (BSL AU), Australia’s largest steel manufacturer.
BlueScope summarily rejected terms, stating the Offer "very significantly undervalues" the company. SGH/SDI have now returned with a $32.35/share (best &amp; final) NBIO - $34/share when including A$1.65/share in dividends.
That's a A$15bn bid. Exclusive due diligence is sought. AusSuper, with 13.5% of shares out, holds the key. No scrip alternative is afforded. My guess is AusSuper is not supportive.


BlueScope (BSL AU): SGH And SDI's Latest NBIO - What Say You AusSuper?

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.

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Feb 13th. The aggregated holding was USD1,212.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,359mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, Hyundai Motor, Samsung Elec (PREF), KB Financial.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Feb 13th. The aggregated holding was USD1,212.0bn.
We estimate that foreign flows to be inflows of USD2,359mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, Hyundai Motor, Samsung Elec (PREF), KB Financial.


KRX Foreign Holding Weekly (Feb 13th): Samsung Electronics, SK Hynix, Hyundai Motor

<ul>
<li>Kalon is unlikely to overbid KKR for <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom (4917 JP)</a>. KKR is unlikely to walk despite the earnings guidance revision after the DD.  ¥3,100+ is a fine place to sell.</li>
<li>Panama’s Supreme Court dings <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison (1 HK)</a>'s port concessions. CKH/Beijing won't go down without a fight; and rejigging a deal for the remaining ports will (likely) be perennially delayed.</li>
<li>
<a href="https://www.smartkarma.com/entities/hisamitsu-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:17008:1" rel="noopener">Hisamitsu Pharmaceutical Co (4530 JP)</a>is trading through terms. The family Tender Offer is light, but it likely has enormous crossholder support. They could still claim majority of minority.</li>
</ul>


Kalon is unlikely to overbid KKR for Mandom (4917 JP). KKR is unlikely to walk despite the earnings guidance revision after the DD.  ¥3,100+ is a fine place to sell.
Panama’s Supreme Court dings CK Hutchison (1 HK)'s port concessions. CKH/Beijing won't go down without a fight; and rejigging a deal for the remaining ports will (likely) be perennially delayed.

Hisamitsu Pharmaceutical Co (4530 JP)is trading through terms. The family Tender Offer is light, but it likely has enormous crossholder support. They could still claim majority of minority.


Last Week In Event SPACE: CK Hutchison, Hisamitsu Pharma, JCNC, Mandom, Sunny Optical, Rio

South Korea

POSCO manufactures various types of steel products.  The Company produces hot rolled steel, cold rolled steel, stainless steel, and other forms of steel. The products are mainly used for automobile, construction, and shipbuilding industries.

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Posco ADR (PKX US)

A Potential Listing of ADRs for SK Hynix Using Its Treasury Shares?

On 23 March, Hankyung Business Daily mentioned that SK Hynix is pursuing a plan to issue new shares (2.4% of outstanding shares) and list ADRs on...

Douglas Kim

Pan-Asia Alpha Signals: Korea & Taiwan Dominate, India Underperformance Deepens | Mar 23-27

Korea (IR 3.0) & Taiwan (2.7) crush AAXJ on risk-adjusted returns while India's alpha collapses to -3.1. WEEKLY snapshot of alpha across 9 Asian...

Nico Rosti

BlueScope (BSL AU): SGH And SDI's Latest NBIO - What Say You AusSuper?

Revised terms are close to SDI's NBIO last year, which was rejected. BlueScope has zero net debt. The USA ops are undervalued. And structurally...

David Blennerhassett

KRX Foreign Holding Weekly (Feb 13th): Samsung Electronics, SK Hynix, Hyundai Motor

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SK Hynix, Hyundai Motor,...

Ke Yan, CFA, FRM

Last Week In Event SPACE: CK Hutchison, Hisamitsu Pharma, JCNC, Mandom, Sunny Optical, Rio

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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A Potential Listing of ADRs for SK Hynix Using Its Treasury Shares?

On 23 March, Hankyung Business Daily mentioned that SK Hynix is ​​pursuing a plan to issue new shares (2.4% of outstanding shares) and list ADRs on...

Douglas Kim

Pan-Asia Alpha Signals: Korea & Taiwan Dominate, India Underperformance Deepens | Mar 23-27

Korea (IR 3.0) & Taiwan (2.7) crush AAXJ on risk-adjusted returns while India's alpha collapses to -3.1. WEEKLY snapshot of alpha across 9 Asian...

Nico Rosti

BlueScope (BSL AU): SGH And SDI's Latest NBIO - What Say You AusSuper?

Revised terms are close to SDI's NBIO last year, which was rejected. BlueScope has zero net debt. The USA ops are undervalued. And structurally...

David Blennerhassett

KRX Foreign Holding Weekly (Feb 13th): Samsung Electronics, SK Hynix, Hyundai Motor

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SK Hynix, Hyundai Motor,...

Ke Yan, CFA, FRM

Last Week In Event SPACE: CK Hutchison, Hisamitsu Pharma, JCNC, Mandom, Sunny Optical, Rio

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

On 23 March, Hankyung Business Daily mentioned that SK Hynix is pursuing a plan to issue new shares (2.4% of outstanding shares) and list ADRs on...