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.

Event-Driven

<ul>
<li>Samsung Life’s value-up disclosure: we should expect it with Q4 earnings on the 20th—every local desk and media outlet is eyeing that date.</li>
<li>Unlike Samsung Life, Samsung Securities is tight-lipped. Earnings are set for Feb 14, but expect the value-up announcement after Feb 20, likely before early March and AGM season.</li>
<li>Tomorrow’s unlikely for Samsung Card's value-up disclosure. It’s holding off until the card fee recalculation is finalized—likely after February or before mid-March, ahead of AGM season.</li>
</ul>


Samsung Life’s value-up disclosure: we should expect it with Q4 earnings on the 20th—every local desk and media outlet is eyeing that date.
Unlike Samsung Life, Samsung Securities is tight-lipped. Earnings are set for Feb 14, but expect the value-up announcement after Feb 20, likely before early March and AGM season.
Tomorrow’s unlikely for Samsung Card's value-up disclosure. It’s holding off until the card fee recalculation is finalized—likely after February or before mid-March, ahead of AGM season.


Making a Call on when Samsung’s Financial Arms Will Drop Their Value-Up Announcements

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 Jun 21st which has an aggregated short interest worth USD5.8bn.</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, Samsung Electronics, Hyundai Motor, Kia, Enchem.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Jun 21st which has an aggregated short interest worth USD5.8bn.
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, Samsung Electronics, Hyundai Motor, Kia, Enchem.


KRX Short Interest Weekly (Jun 21st): Sk Hynix, Samsung Electronics, Hyundai Motor, Kia, Enchem

<ul>
<li>Investors buying on February ex-dates, perhaps due to the Value-up factor, led to a successful strategy for local managers: buying before ex-date and selling at close, yielding positive results.</li>
<li>On March 19th, Kia Corp (000270 KS) diverged from February's pattern. Notably, FINANCIAL INVESTMENT sold heavily on Kia's ex-date, a deviation from their quiet February activity.</li>
<li>FINANCIAL INVESTMENT's trend of liquidating positions held since last quarter, especially for dividends, gains momentum as March ends, possibly overshadowing February's Value-up factor.</li>
</ul>


Investors buying on February ex-dates, perhaps due to the Value-up factor, led to a successful strategy for local managers: buying before ex-date and selling at close, yielding positive results.
On March 19th, Kia Corp (000270 KS) diverged from February's pattern. Notably, FINANCIAL INVESTMENT sold heavily on Kia's ex-date, a deviation from their quiet February activity.
FINANCIAL INVESTMENT's trend of liquidating positions held since last quarter, especially for dividends, gains momentum as March ends, possibly overshadowing February's Value-up factor.


Noteworthy Price Movements Associated with 1Q Ex-Dates Trading Setups

Insurance & Central Asia-focused Analyst, KT Capital Group

Alec Tseung

Insurance & Central Asia-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

PICC Property & Casualty / Equity Bottom-Up

<ul>
<li>The insurance sector should definitely warrant more investor attention going forward as some insurance names in the region have had a very strong year in 2022.</li>
<li>Two key markets we view positively in 2023 are China's P&amp;C and Korea's L&amp;H insurance markets, given their favorable industry catalysts and tailwinds. </li>
<li>Among all the insurance stocks in these two markets, we believe PICC P&amp;C and Samsung Life will continue to have an exciting year ahead.</li>
</ul>


The insurance sector should definitely warrant more investor attention going forward as some insurance names in the region have had a very strong year in 2022.
Two key markets we view positively in 2023 are China's P&amp;C and Korea's L&amp;H insurance markets, given their favorable industry catalysts and tailwinds. 
Among all the insurance stocks in these two markets, we believe PICC P&amp;C and Samsung Life will continue to have an exciting year ahead.


APAC Insurers Series (#1): A Hidden Gem in This Bear Market?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>In this insight, we provide the data analysis regarding most shorted stocks and short selling ratios for stocks in KOSPI. </li>
<li>Among these 20 most shorted stocks in KOSPI, the % changes in the short amount on a one week and one month basis were -0.2% and 6.4%, respectively.</li>
<li>Among these 20 most shorted stocks in KOSPI, three stocks with the biggest decline in shorts on a one month basis included Krafton, Kumho Petro Chemical, and Samsung Heavy Industries. </li>
</ul>


In this insight, we provide the data analysis regarding most shorted stocks and short selling ratios for stocks in KOSPI. 
Among these 20 most shorted stocks in KOSPI, the % changes in the short amount on a one week and one month basis were -0.2% and 6.4%, respectively.
Among these 20 most shorted stocks in KOSPI, three stocks with the biggest decline in shorts on a one month basis included Krafton, Kumho Petro Chemical, and Samsung Heavy Industries. 


Korea Short Selling Data Analysis: Celltrion, Amorepacific, Hotel Shilla, & Hanssem

South Korea

Samsung Card Co., Ltd. offers credit card services such as issuing cards, one time payments, installments, and cash advance services. The Company also provides other financial services such as leasing and loan services.

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Samsung Card Co (029780 KS)

Making a Call on when Samsung’s Financial Arms Will Drop Their Value-Up Announcements

This post makes a call on when the remaining three of Samsung’s financial players (other than Samsung Fire) will drop their value-up announcements.

Sanghyun Park

KRX Short Interest Weekly (Jun 21st): Sk Hynix, Samsung Electronics, Hyundai Motor, Kia, Enchem

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

Ke Yan, CFA, FRM

Noteworthy Price Movements Associated with 1Q Ex-Dates Trading Setups

This post explores noteworthy price movements occurring during 1Q ex-dates. Notably, many local money managers have honed in on this particular...

Sanghyun Park

APAC Insurers Series (#1): A Hidden Gem in This Bear Market?

China P&C and Korea L&H are two insurance markets in Asia that we view positively in 2023, thanks to the continued catalysts. PICC P&C and Samsung...

Alec Tseung

Korea Short Selling Data Analysis: Celltrion, Amorepacific, Hotel Shilla, & Hanssem

Among these 20 most shorted stocks in KOSPI, the % changes in the short amount on a one week and one month basis were -0.2% and 6.4%, respectively.

Douglas Kim

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52-week Range

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