Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Anticipation grows for increased block deals before July 24th's pre-announcement rule takes effect, emerging as a key investment focus in the local market.</li>
<li>The local market expects heightened activity in the three weeks post-May 15th, following first-quarter earnings announcements, a strategic move to mitigate insider trading controversies.</li>
<li>Local traders eagerly await which companies will capitalize on the post-first-quarter earnings window, with a highly anticipated block deal involving SK Innovation selling a portion of its stake in SKIET.</li>
</ul>


Anticipation grows for increased block deals before July 24th's pre-announcement rule takes effect, emerging as a key investment focus in the local market.
The local market expects heightened activity in the three weeks post-May 15th, following first-quarter earnings announcements, a strategic move to mitigate insider trading controversies.
Local traders eagerly await which companies will capitalize on the post-first-quarter earnings window, with a highly anticipated block deal involving SK Innovation selling a portion of its stake in SKIET.


Key Timing Window for a Surge in Block Deals Before Pre-Disclosure Takes Effect in July

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 short interest of KRX Stocks as of May 3rd which has an aggregated short interest worth USD6.4bn.</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 Samsung Electronics, Sk Hynix, Hyundai Motor, Kb Financial.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of May 3rd which has an aggregated short interest worth USD6.4bn.
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 Samsung Electronics, Sk Hynix, Hyundai Motor, Kb Financial.


KRX Short Interest Weekly (May 3rd): Samsung Electronics, Sk Hynix, Hyundai Motor, Kb Financial

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>On 5 February, SK Innovation (096770 KS) announced a large-scale shares cancellation of 4.92 million shares, representing 4.9% of outstanding shares. </li>
<li>This is the first ever large scale shares cancellation for SK Innovation since it was first established in 2011.</li>
<li>All in all, despite the company's disappointing results in 2023, the large scale share cancellation should help to support SK Innovation's share price in the coming weeks. </li>
</ul>


On 5 February, SK Innovation (096770 KS) announced a large-scale shares cancellation of 4.92 million shares, representing 4.9% of outstanding shares. 
This is the first ever large scale shares cancellation for SK Innovation since it was first established in 2011.
All in all, despite the company's disappointing results in 2023, the large scale share cancellation should help to support SK Innovation's share price in the coming weeks. 


SK Innovation: Announces Share Cancellation of Nearly 4.92 Million Shares

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Dec 8th which has an aggregated short interest worth USD10.8bn.</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 have highlighted KRX short interest weekly changes in Naver.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Dec 8th which has an aggregated short interest worth USD10.8bn.
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 have highlighted KRX short interest weekly changes in Naver.


KRX Short Interest Weekly (Dec 8th): Naver

<ul>
<li>The fast entry screening spans from November 17th to December 7th. Given its current market cap, we should anticipate the potential success of fast entry.</li>
<li>The implementation date will coincide with the effective day of the December rebalancing, which is December 15th. There are precedents of successfully achieving fast entry with such a tight schedule.</li>
<li>The setup will be challenging due to the short selling ban. Nevertheless, with an existing position, there may be value in a market timing approach.</li>
</ul>


The fast entry screening spans from November 17th to December 7th. Given its current market cap, we should anticipate the potential success of fast entry.
The implementation date will coincide with the effective day of the December rebalancing, which is December 15th. There are precedents of successfully achieving fast entry with such a tight schedule.
The setup will be challenging due to the short selling ban. Nevertheless, with an existing position, there may be value in a market timing approach.


Ecopro Materials KOSPI 200 Fast Entry Assessment: With K Car as the Outgoing Constituent

South Korea

SK IE Technology Co., Ltd operates as a material solution provider. The Company provides information material solutions, electronic materials solutions, and other products. SK IE Technology conducts businesses across worldwide.

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