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 foreign holdings of KRX stocks as of Jul 17th. The aggregated holding was USD1,555.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD23,200mln. 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, Samsung Electronics, SKSQUARE, Samsung Elec (PREF), LG Innotek.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 17th. The aggregated holding was USD1,555.1bn.
We estimate that foreign flows to be inflows of USD23,200mln. 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, Samsung Electronics, SKSQUARE, Samsung Elec (PREF), LG Innotek.


KRX Foreign Holding Weekly (Jul 17th): SK Hynix, Samsung Electronics, SKSQUARE, Samsung Elec (PREF)

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

Thematic (Sector/Industry)

<p>Does holding company ("holdco") discount in Korea apply to the likes of <a href="https://www.smartkarma.com/entities/sk-telecom-co-ltd-bbccd86c-474d-4a4d-946d-10e911a225a2" target="_blank" data-smartkarma-citation="entities:395:1" rel="noopener">SK Telecom (017670 KS)</a> , <a href="https://www.smartkarma.com/entities/sk-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:393:1" rel="noopener">SK Holdings (034730 KS)</a> (now Inc), <a href="https://www.smartkarma.com/entities/osstem-implant-co-ltd" target="_blank" data-smartkarma-citation="entities:1450:1" rel="noopener">Osstem Implant (048260 KS)</a> , <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a> , <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a> , <a href="https://www.smartkarma.com/entities/fila-holdings-corp" target="_blank" data-smartkarma-citation="entities:10699:1" rel="noopener">Fila Holdings (081660 KS)</a> and others? To answer that question I think we need to know the history of the holdco in Korea.</p>

Does holding company ("holdco") discount in Korea apply to the likes of SK Telecom (017670 KS) , SK Holdings (034730 KS) (now Inc), Osstem Implant (048260 KS) , LG Chem Ltd (051910 KS) , Kakao Corp (035720 KS) , Fila Holdings (081660 KS) and others? To answer that question I think we need to know the history of the holdco in Korea.

The Holding Company Dilemma in Korea -  What's the Right Discount?

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jul 3rd. The aggregated holding was USD1,774.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD14,741mln. 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, Samsung Elec (PREF).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 3rd. The aggregated holding was USD1,774.5bn.
We estimate that foreign flows to be outflows of USD14,741mln. 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, Samsung Elec (PREF).


KRX Foreign Holding Weekly (Jul 3rd): Samsung Electronics, SK Hynix, SKSQUARE, SamsungElecMech

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In this insight, I highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 3Q 2026</li>
<li>I provide six holdco/opco pairs that have experienced noticeable divergence in the past three months and closing of their gaps could occur in the next several weeks.</li>
<li>Of the 38 pairs, three of them are near or more than 2 standard deviations (in terms of their changing share price movements in the past three months).</li>
</ul>


In this insight, I highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 3Q 2026
I provide six holdco/opco pairs that have experienced noticeable divergence in the past three months and closing of their gaps could occur in the next several weeks.
Of the 38 pairs, three of them are near or more than 2 standard deviations (in terms of their changing share price movements in the past three months).


Korean Holdcos Vs Opcos Gap Trading Opportunities in 3Q 2026

<ul>
<li>We analysed the earning revision of component stocks of MS-South Korea in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Samsung Electronics, HANKOOK TIRE &amp; TECHNOLOGY, DB INSURANCE, LG Display, SK Hynix, KAL, SKSQUARE, LG Chem.</li>
</ul>


We analysed the earning revision of component stocks of MS-South Korea in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Samsung Electronics, HANKOOK TIRE &amp; TECHNOLOGY, DB INSURANCE, LG Display, SK Hynix, KAL, SKSQUARE, LG Chem.


MS-South Korea Index Earning Revision (Jun): Samsung Electronics, HANKOOK TIRE & TECHNOLOGY, KAL

South Korea

SK Holdings Co., Ltd. is a holdings company that is engaged in various industries including energy, chemicals, information technology, semiconductors, marketing, and services businesses in South Korea and internationally.

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SK Inc (034730 KS)

KRX Foreign Holding Weekly (Jul 17th): SK Hynix, Samsung Electronics, SKSQUARE, Samsung Elec (PREF)

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

Ke Yan, CFA, FRM

The Holding Company Dilemma in Korea - What's the Right Discount?

The discount rate to NAV that is rule of thumb in Korea is 30% but does not make sense across the board? We discuss if there is a better way to...

Ken S. Kim

KRX Foreign Holding Weekly (Jul 3rd): 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

Korean Holdcos Vs Opcos Gap Trading Opportunities in 3Q 2026

In this insight, I highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

MS-South Korea Index Earning Revision (Jun): Samsung Electronics, HANKOOK TIRE & TECHNOLOGY, KAL

We analyzed MS-South Korea's consensus for Jun 2026 and highlighted changes of EPS in Samsung Electronics, HANKOOK TIRE & TECHNOLOGY, DB INSURANCE,...

Ke Yan, CFA, FRM

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