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

Shenton Research

Shenton 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 foreign holdings of KRX stocks as of Jul 24th. The aggregated holding was USD1,525.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD3,927mln. 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, SKSQUARE, SamsungElecMech, SKTelecom.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 24th. The aggregated holding was USD1,525.1bn.
We estimate that foreign flows to be inflows of USD3,927mln. 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, SKSQUARE, SamsungElecMech, SKTelecom.


KRX Foreign Holding Weekly (Jul 24th): Samsung Electronics, SK Hynix, SKSQUARE, SamsungElecMech

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li><em><strong>Doosan Robotics completed a block deal sale worth 538 billion won,  representing 8.3% of its market cap. Following the block deal sale, Doosan Robotics' shares closed down 15%.</strong></em></li>
<li>I continue to believe Doosan Robotics' valuations are too high. It is currently trading at P/S of 232x which is one of the highest P/S multiples among companies in KOSPI.</li>
<li>In fact, it is even higher than SpaceX whose IPO could be valued at close to the 100x P/S multiple range. </li>
</ul>


Doosan Robotics completed a block deal sale worth 538 billion won,  representing 8.3% of its market cap. Following the block deal sale, Doosan Robotics' shares closed down 15%.
I continue to believe Doosan Robotics' valuations are too high. It is currently trading at P/S of 232x which is one of the highest P/S multiples among companies in KOSPI.
In fact, it is even higher than SpaceX whose IPO could be valued at close to the 100x P/S multiple range. 


Block Deal Sale of 538 Billion Won Worth of Doosan Robotics

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 May 15th. The aggregated holding was USD1,519.7bn.</li>
<li>We estimate that foreign flows to be outflows of USD12,134mln. 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, Mobis, Hyundai Motor, Doosan Enerbility.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of May 15th. The aggregated holding was USD1,519.7bn.
We estimate that foreign flows to be outflows of USD12,134mln. 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, Mobis, Hyundai Motor, Doosan Enerbility.


KRX Foreign Holding Weekly (May 15th): Samsung Electronics, SK Hynix, Mobis, Hyundai Motor

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Apr 24th. The aggregated holding was USD1,312.8bn.</li>
<li>We estimate that foreign flows to be outflows of USD475mln. 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 SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES, Hyundai Motor, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Apr 24th. The aggregated holding was USD1,312.8bn.
We estimate that foreign flows to be outflows of USD475mln. 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 SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES, Hyundai Motor, Samsung Electronics.


KRX Foreign Holding Weekly (Apr 24th): SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Unitree Robotics / Equity Capital Markets

<ul>
<li>My bull-case 10-year DCF, based on stronger humanoid commercialization, faster revenue scaling, sustained growth and profitability expansion over time, suggests upside potential ahead of onshore listing.</li>
<li>While the robotics stock valuations are high, I note the companies with long-term growth opportunities that are investing in growth with higher expenses can still maintain high multiples for years.</li>
<li>Using my 2026 estimates, Unitree Robotics should trade post-IPO at an EV of ~19x revs, a premium to high-growth HK-listed robotics peers, including Shenzhen Dobot and UBTech Robotics.</li>
</ul>


My bull-case 10-year DCF, based on stronger humanoid commercialization, faster revenue scaling, sustained growth and profitability expansion over time, suggests upside potential ahead of onshore listing.
While the robotics stock valuations are high, I note the companies with long-term growth opportunities that are investing in growth with higher expenses can still maintain high multiples for years.
Using my 2026 estimates, Unitree Robotics should trade post-IPO at an EV of ~19x revs, a premium to high-growth HK-listed robotics peers, including Shenzhen Dobot and UBTech Robotics.


Unitree Robotics Valuation Update: Bull-Case DCF Frames IPO Upside As Onshore Listing Nears

South Korea

Rainbow Robotics operates robots manufacturing businesses. The Company develops and produces industrial robots and other robots. Rainbow Robotics conducts businesses in South Korea.

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Rainbow Robotics (277810 KS)

KRX Foreign Holding Weekly (Jul 24th): Samsung Electronics, SK Hynix, SKSQUARE, SamsungElecMech

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

Ke Yan, CFA, FRM

Block Deal Sale of 538 Billion Won Worth of Doosan Robotics

Doosan Robotics completed a block deal sale worth 538 billion won, representing 8.3% of its market cap. Following the block deal sale, Doosan...

Douglas Kim

KRX Foreign Holding Weekly (May 15th): Samsung Electronics, SK Hynix, Mobis, Hyundai Motor

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

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Apr 24th): SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY...

Ke Yan, CFA, FRM

Unitree Robotics Valuation Update: Bull-Case DCF Frames IPO Upside As Onshore Listing Nears

In my follow-up piece, I focus on Unitree Robotics valuation analysis, financials and forecast. My 10-year bull-case DCF frames IPO upside.

Andrei Zakharov

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