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 Sep 12th. The aggregated short interest was USD11.2bn.</li>
<li>We tabulate league tables 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 Doosan Fuel Cell, HMM, Samsung Electronics, Hyundai Motor, SK Hynix.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Sep 12th. The aggregated short interest was USD11.2bn.
We tabulate league tables 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 Doosan Fuel Cell, HMM, Samsung Electronics, Hyundai Motor, SK Hynix.


KRX Short Interest Weekly (Sep 12th): Doosan Fuel Cell, HMM, Samsung Electronics, Hyundai Motor

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 16 September, it was reported in the local media that SK Innovation's subsidiary SK Geo Centric plans to sell its entire 35% stake in the Sinopec-SK Petrochem JV.</li>
<li>The transaction is expected to be priced closed to its book value of about 819 billion won. Sinopec is a leading potential buyer. </li>
<li>From 2020 to 2024, SK Geo Centric generated cumulative operating profit of 695 billion won, accounting for 12.7% of SK Innovation's cumulative operating profit in this period. </li>
</ul>


On 16 September, it was reported in the local media that SK Innovation's subsidiary SK Geo Centric plans to sell its entire 35% stake in the Sinopec-SK Petrochem JV.
The transaction is expected to be priced closed to its book value of about 819 billion won. Sinopec is a leading potential buyer. 
From 2020 to 2024, SK Geo Centric generated cumulative operating profit of 695 billion won, accounting for 12.7% of SK Innovation's cumulative operating profit in this period. 


SK Innovation's Subsidiary SK Geo Centric to Sell Its Entire 35% Stake in Sinopec-SK Petrochem JV

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.

<ul>
<li>Ecopro’s PRS: KRW 700bn, 2-year, BM shares underlying, 5.85% coupon; SK’s July PRS was bigger (KRW 1.4tn, 3-year, 4.3%), same payoff mechanics.</li>
<li>Watch for hedge-flow side trades: Ecopro’s KRW 700bn PRS on BM shares should mirror SKI’s setup, likely triggering a noticeable pop when the primary buyer hedges.</li>
<li>PRS likely hits Sept 24–25; Mirae Asset leads. Be ready to catch flow-driven whipsaws from local institutions around execution.</li>
</ul>


Ecopro’s PRS: KRW 700bn, 2-year, BM shares underlying, 5.85% coupon; SK’s July PRS was bigger (KRW 1.4tn, 3-year, 4.3%), same payoff mechanics.
Watch for hedge-flow side trades: Ecopro’s KRW 700bn PRS on BM shares should mirror SKI’s setup, likely triggering a noticeable pop when the primary buyer hedges.
PRS likely hits Sept 24–25; Mirae Asset leads. Be ready to catch flow-driven whipsaws from local institutions around execution.


Side Flow Trade Opportunity from the PRS Deal: Timing the Ecopro BM Buy Flow

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Sep 5th. The aggregated short interest was USD10.8bn.</li>
<li>We tabulate league tables 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 kakaopay, L&amp;F, NAVER, SK Hynix, Alteogen.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Sep 5th. The aggregated short interest was USD10.8bn.
We tabulate league tables 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 kakaopay, L&amp;F, NAVER, SK Hynix, Alteogen.


KRX Short Interest Weekly (Sep 5th): Kakaopay, L&F, NAVER, SK Hynix, Alteogen

<ul>
<li>Korea’s seeing classic sector rotation: H1 hot money is exiting shipbuilding and defense ETFs, with 7% of AUM out in a week, as traders hunt the next wave of flows.</li>
<li>Short-Term plays focus on two angles: policy-driven sectors like retail/dividends, and less-run names. Secondary batteries lead flows, topping local sector ETF net inflows lately.</li>
<li>Sector rotation trades focus on Sept 11 rebalances: TIGER Secondary Battery TOP 10 and KRX Semis. Long-short setups on top names plus rotation flows could spark notable price moves.</li>
</ul>


Korea’s seeing classic sector rotation: H1 hot money is exiting shipbuilding and defense ETFs, with 7% of AUM out in a week, as traders hunt the next wave of flows.
Short-Term plays focus on two angles: policy-driven sectors like retail/dividends, and less-run names. Secondary batteries lead flows, topping local sector ETF net inflows lately.
Sector rotation trades focus on Sept 11 rebalances: TIGER Secondary Battery TOP 10 and KRX Semis. Long-short setups on top names plus rotation flows could spark notable price moves.


Tracing Korea’s Flow Dynamics: Short-Term Sector Rotation Plays

South Korea

SK Innovation Co., Ltd. refines, markets, and distributes oil.  The Company produces a variety of petroleum products, such as gasoline, kerosene, liquefied petroleumgas (LPG), and diesel oil.  SK Energy also manufactures petrochemical p roducts, including paraxylene, synthetic resins, styrene monomer, and ethylene.

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SK Innovation (096770 KS)

KRX Short Interest Weekly (Sep 12th): Doosan Fuel Cell, HMM, Samsung Electronics, Hyundai Motor

We analyzed KRX short interest report for the past week and highlighted short interest changes in Doosan Fuel Cell, HMM, Samsung Electronics,...

Ke Yan, CFA, FRM

SK Innovation's Subsidiary SK Geo Centric to Sell Its Entire 35% Stake in Sinopec-SK Petrochem JV

On 16 September, it was reported in the local media that SK Innovation's subsidiary SK Geo Centric plans to sell its entire 35% stake in the...

Douglas Kim

Side Flow Trade Opportunity from the PRS Deal: Timing the Ecopro BM Buy Flow

This post highlights a side flow trade opportunity stemming from the PRS deal, with a focus on strategically timing the Ecopro BM buy flow to...

Sanghyun Park

KRX Short Interest Weekly (Sep 5th): Kakaopay, L&F, NAVER, SK Hynix, Alteogen

We analyzed KRX short interest report for the past week and highlighted short interest changes in kakaopay, L&F, NAVER, SK Hynix, Alteogen.

Ke Yan, CFA, FRM

Tracing Korea’s Flow Dynamics: Short-Term Sector Rotation Plays

This post traces liquidity waves in the Korean stock market, highlighting short-term plays driven by sector rotation and flow dynamics.

Sanghyun Park

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