Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In this insight, we discuss the alpha generation through companies that have been buying back their shares in the Korean stock market in November and December 2024.</li>
<li>On average, the share buyback announcements for the 52 companies that announced share buybacks in Korea represented 2.2% of outstanding shares.</li>
<li>Major companies that have announced share buybacks in Korea in the past two months include Celltrion, Samsung Electronics, Doosan Bobcat, and Hyundai Motor. </li>
</ul>


In this insight, we discuss the alpha generation through companies that have been buying back their shares in the Korean stock market in November and December 2024.
On average, the share buyback announcements for the 52 companies that announced share buybacks in Korea represented 2.2% of outstanding shares.
Major companies that have announced share buybacks in Korea in the past two months include Celltrion, Samsung Electronics, Doosan Bobcat, and Hyundai Motor. 


Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (November and December 2024)

Cross Asset Strategy

<ul>
<li>Capitalizing on the lower share prices combined with the government's pressure for Corporate Value up improvements, the share buybacks surged in Korea in 2024.</li>
<li>As of 27 December 2024, the total treasury shares planned acquisition amount by Korean companies increased by 215% YoY to 11.83 trillion won in 2024.</li>
<li>There have been some mixed share price performances among the companies announcing meaningful share buyback/cancellation announcements this year.</li>
</ul>


Capitalizing on the lower share prices combined with the government's pressure for Corporate Value up improvements, the share buybacks surged in Korea in 2024.
As of 27 December 2024, the total treasury shares planned acquisition amount by Korean companies increased by 215% YoY to 11.83 trillion won in 2024.
There have been some mixed share price performances among the companies announcing meaningful share buyback/cancellation announcements this year.


Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Top holdings remain unchanged: TSMC, Samsung Electronics, and Tencent are almost universally owned. TSMC hits record weights but active funds sell into strength as benchmark weights surpass 10%</li>
<li>Hon Hai, Hyundai Motor, and Singtel lead recoveries from prolonged declines. Baidu Inc. and Kweichow Moutai see sharp ownership drops.</li>
<li>Momentum leaders include Accton Technology, CATL, and KE Holdings. By contrast, Axis Bank, PDD, and Reliance face stalling ownership.</li>
</ul>


Top holdings remain unchanged: TSMC, Samsung Electronics, and Tencent are almost universally owned. TSMC hits record weights but active funds sell into strength as benchmark weights surpass 10%
Hon Hai, Hyundai Motor, and Singtel lead recoveries from prolonged declines. Baidu Inc. and Kweichow Moutai see sharp ownership drops.
Momentum leaders include Accton Technology, CATL, and KE Holdings. By contrast, Axis Bank, PDD, and Reliance face stalling ownership.


Asia Ex-Japan Funds:  Stock Positioning Update

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Dec 27th which has an aggregated holding worth USD452.8bn.</li>
<li>We estimate that foreign flows to be outflows of USD840mln. 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, KIA.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Dec 27th which has an aggregated holding worth USD452.8bn.
We estimate that foreign flows to be outflows of USD840mln. 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, KIA.


KRX Foreign Holding Weekly (Dec 27th): Samsung Electronics, KIA

Taiwan Tech Focused Senior Analyst

Patrick Liao

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>
<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> established "Intel Foundry Services" in 2021, but it has not shown notable performance until now.</li>
<li>There is some pessimism regarding providing foundry services in the US.  </li>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> should provide foundry services to <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> and potentially other common clients as well.  </li>
</ul>



Intel Corp (INTC US) established "Intel Foundry Services" in 2021, but it has not shown notable performance until now.
There is some pessimism regarding providing foundry services in the US.  

Taiwan Semiconductor (TSMC) - ADR (TSM US) should provide foundry services to Intel Corp (INTC US) and potentially other common clients as well.  


TSMC (2330.TT; TSM.US): If Intel Was Split Up, What Impact Will It Have on the Foundry Industry?(II)

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (SMSN LI)

Asia Ex-Japan Funds: Stock Positioning Update

Top holdings remain unchanged: TSMC, Samsung Electronics, and Tencent are almost universally owned. TSMC hits record weights but active funds sell...

Steven Holden

KRX Foreign Holding Weekly (Dec 27th): Samsung Electronics, KIA

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

Ke Yan, CFA, FRM

TSMC (2330.TT; TSM.US): If Intel Was Split Up, What Impact Will It Have on the Foundry Industry?(II)

"Intel Foundry Services" has not performed well, leading to doubts about its US foundry services. TSMC may step in to provide foundry services for...

Patrick Liao

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Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (November and December 2024)

In this insight, we discuss the alpha generation through companies that have been buying back their shares in the Korean stock market in November...

Douglas Kim

Surging Share Buybacks in Korea in 2024

Capitalizing on the lower share prices combined with the government's pressure for Corporate Value up improvements, the share buybacks surged in...

Douglas Kim

Asia Ex-Japan Funds: Stock Positioning Update

Top holdings remain unchanged: TSMC, Samsung Electronics, and Tencent are almost universally owned. TSMC hits record weights but active funds sell...

Steven Holden

KRX Foreign Holding Weekly (Dec 27th): Samsung Electronics, KIA

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

Ke Yan, CFA, FRM

TSMC (2330.TT; TSM.US): If Intel Was Split Up, What Impact Will It Have on the Foundry Industry?(II)

"Intel Foundry Services" has not performed well, leading to doubts about its US foundry services. TSMC may step in to provide foundry services for...

Patrick Liao