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

Cross Asset Strategy

<ul>
<li>Global managers are at their lowest ever allocation in Asian equities.  From a peak of over 17% in 2018, average exposure has fallen to just 12.94%.</li>
<li>Declines were led by China &amp; HK Consumer Discretionary and Communication Services, whilst investors also scaled back exposure to Japan Communication Services, Industrials, Health Care and Consumer Staples</li>
<li>Among Global investors, overweight the benchmark in Asia is by far the non-consensus trade.</li>
</ul>


Global managers are at their lowest ever allocation in Asian equities.  From a peak of over 17% in 2018, average exposure has fallen to just 12.94%.
Declines were led by China &amp; HK Consumer Discretionary and Communication Services, whilst investors also scaled back exposure to Japan Communication Services, Industrials, Health Care and Consumer Staples
Among Global investors, overweight the benchmark in Asia is by far the non-consensus trade.


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>Amid the global markets chaos, there has been a huge truckers strike in South Korea, causing havoc across many industries.</li>
<li>On 14 June, the Post Office Courier Labor Union (POCLU) also warned that it will strike soon.</li>
<li>The labor union strikes by major industry groups in Korea could pose another big headache on the Korean equity markets in 2022. </li>
</ul>


Amid the global markets chaos, there has been a huge truckers strike in South Korea, causing havoc across many industries.
On 14 June, the Post Office Courier Labor Union (POCLU) also warned that it will strike soon.
The labor union strikes by major industry groups in Korea could pose another big headache on the Korean equity markets in 2022. 


Cargo Truckers Strike, Post Office Couriers Strike, & More Strikes Likely in Korea in 2022

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

Samsung Electronics Pref Shares / Event-Driven

<ul>
<li>This year's consensus OCF is at least ₩75T, and CAPEX is ₩45T, less than last year. As a result, we will likely reach an FCF of ₩30T.</li>
<li>Then the yearend special DPS would be ₩764, which provides dividend yields of 2.97% (Ord) and 3.22% (Pref), respectively, even based on the conservative OCF estimates.</li>
<li>This is a sufficiently attractive dividend yield for Pref. Hence, unless the SEC's price enters a sharp uptrend, the bullish Pref will likely continue. </li>
</ul>


This year's consensus OCF is at least ₩75T, and CAPEX is ₩45T, less than last year. As a result, we will likely reach an FCF of ₩30T.
Then the yearend special DPS would be ₩764, which provides dividend yields of 2.97% (Ord) and 3.22% (Pref), respectively, even based on the conservative OCF estimates.
This is a sufficiently attractive dividend yield for Pref. Hence, unless the SEC's price enters a sharp uptrend, the bullish Pref will likely continue. 


Samsung Electronics Yearend Special Dividend Projections

Thematic (Sector/Industry)

<ul>
<li>In this insight, we discuss the top six stocks in Korea which could be the biggest movers due to the 2022 FIFA World Cup. </li>
<li>Due to the large impact of the World Cup this year, these six stocks could potentially outperform the market leading into the FIFA World Cup.</li>
<li>Among these six stocks, we particularly like AfreecaTV, HiteJinro, and BGF Retail in the next six months. </li>
</ul>


In this insight, we discuss the top six stocks in Korea which could be the biggest movers due to the 2022 FIFA World Cup. 
Due to the large impact of the World Cup this year, these six stocks could potentially outperform the market leading into the FIFA World Cup.
Among these six stocks, we particularly like AfreecaTV, HiteJinro, and BGF Retail in the next six months. 


2022 FIFA World Cup in Qatar: Top 6 Potential Winners in the Korean Stock Market

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>Alipay aims to raise around US$386m via selling around 3.3% of outstanding shares of Kakao Pay.</li>
<li>The stock more than doubled on listing, providing one of the best first day returns in 2021. However, its performance since then hasn’t been all that great.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Alipay aims to raise around US$386m via selling around 3.3% of outstanding shares of Kakao Pay.
The stock more than doubled on listing, providing one of the best first day returns in 2021. However, its performance since then hasn’t been all that great.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Kakao Pay Placement - Discount Is Enticing, That's It

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.

Samsung Electronics Pref Shares (005935 KS)

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Samsung Electronics Pref Shares (005935 KS)

Asia: Global Investors Lose Faith

Global managers are at their lowest ever allocation in Asian equities. From a peak of over 17% in 2018, average exposure has fallen to just 12.94%.

Steven Holden

Cargo Truckers Strike, Post Office Couriers Strike, & More Strikes Likely in Korea in 2022

Amid the global markets chaos, there has been a huge truckers strike in South Korea, causing havoc across many industries.

Douglas Kim

Samsung Electronics Yearend Special Dividend Projections

This post calculates Samsung Electronics' yearend special dividends based on the local street consensus projections and explains why we currently...

Sanghyun Park

2022 FIFA World Cup in Qatar: Top 6 Potential Winners in the Korean Stock Market

In this insight, we discuss the top six stocks in Korea which could be the biggest movers due to the 2022 FIFA World Cup.

Douglas Kim

Kakao Pay Placement - Discount Is Enticing, That's It

Alipay aims to raise around US$386m via selling around 3.3% of outstanding shares of Kakao Pay. This is the first selldown by Alipay which owns...

Sumeet Singh

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