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 Aug 1st. The aggregated short interest was USD9.7bn.</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 HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG H&amp;H, Hanwha Vision.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 1st. The aggregated short interest was USD9.7bn.
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 HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG H&amp;H, Hanwha Vision.


KRX Short Interest Weekly (Aug 1st): HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG H&H

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Intervention seeds participation as a PRC investor (COSCO?) is expected to join the bidding consortium for <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a> ports.</li>
<li>
<a href="https://www.smartkarma.com/entities/gmo-internet-group-inc" target="_blank" data-smartkarma-citation="entities:13631:1" rel="noopener">GMO Internet Group (9449 JP)</a> needs to sell shares in <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a>to achieve a "float" of 35% by 31 December 2026. Recent filings show they are selling. </li>
<li>
<a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> has been selling <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, then buying back its shares. (As has Tencent). Reportedly Prosus is now selling shares in <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>.</li>
</ul>


Intervention seeds participation as a PRC investor (COSCO?) is expected to join the bidding consortium for CK Hutchison Holdings (1 HK) ports.

GMO Internet Group (9449 JP) needs to sell shares in GMO Internet (4784 JP)to achieve a "float" of 35% by 31 December 2026. Recent filings show they are selling. 

Prosus NV (PRX NA) has been selling Tencent (700 HK), then buying back its shares. (As has Tencent). Reportedly Prosus is now selling shares in Meituan (3690 HK).


Last Week In Event SPACE: CK Hutch, GMO Internet, Prosus/Meituan, Piedmont Lithium

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>SK IE Technology (361610 KS) announced that it plans to raise 300 billion won through a third party paid-in capital allocation. </li>
<li>SK IE Technology plans to issue 10.5 million new shares (14.7% of outstanding shares). Expected price of capital raise is 28,600 won (2.1% lower than current price). </li>
<li>We have a Negative View of SK IE Technology as well its plans to raise capital worth 300 billion won.</li>
</ul>


SK IE Technology (361610 KS) announced that it plans to raise 300 billion won through a third party paid-in capital allocation. 
SK IE Technology plans to issue 10.5 million new shares (14.7% of outstanding shares). Expected price of capital raise is 28,600 won (2.1% lower than current price). 
We have a Negative View of SK IE Technology as well its plans to raise capital worth 300 billion won.


SK IE Technology - Capital Raise of 300 Billion Won

<ul>
<li>On 30 July, SK Innovation (096770 KS) announced that it plans to merge its subsidiaries SK On and SK Enmove. The merged company will be launched on 1 November.</li>
<li>SK Group has announced a massive 8 trillion won capital raise plan involving this deal including paid-in capital increase of 2 trillion won for SK Innovation and SK On each. </li>
<li>We provide three major reasons why we are negative on this merger/capital raise. </li>
</ul>


On 30 July, SK Innovation (096770 KS) announced that it plans to merge its subsidiaries SK On and SK Enmove. The merged company will be launched on 1 November.
SK Group has announced a massive 8 trillion won capital raise plan involving this deal including paid-in capital increase of 2 trillion won for SK Innovation and SK On each. 
We provide three major reasons why we are negative on this merger/capital raise. 


A Merger Between SK On and SK Enmove + A Massive 8 Trillion Won in Capital Raise

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>Facing tough fundraising, SK avoided a rights issue, opting for a complex deal to limit dilution and ease investor worries.</li>
<li>It all hinges on how the market views SK On’s cleanup plus Enmove’s steady cash flow—SK Innovation looks oversold, making this a decent long setup.</li>
<li>Enmove’s stable earnings boost SK On’s P&amp;L, likely triggering a rerate for SK Innovation and setting up a classic NAV compression trade.</li>
</ul>


Facing tough fundraising, SK avoided a rights issue, opting for a complex deal to limit dilution and ease investor worries.
It all hinges on how the market views SK On’s cleanup plus Enmove’s steady cash flow—SK Innovation looks oversold, making this a decent long setup.
Enmove’s stable earnings boost SK On’s P&amp;L, likely triggering a rerate for SK Innovation and setting up a classic NAV compression trade.


SK Innovation Cleanup: Watch Out for a Classic NAV Compression Play

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 (Aug 1st): HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG H&H

We analyzed KRX short interest report for the past week and highlighted short interest changes in HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG...

Ke Yan, CFA, FRM

Last Week In Event SPACE: CK Hutch, GMO Internet, Prosus/Meituan, Piedmont Lithium

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

SK IE Technology - Capital Raise of 300 Billion Won

SK IE Technology (361610 KS) announced that it plans to raise 300 billion won through a third party paid-in capital allocation. We have a Negative...

Douglas Kim

A Merger Between SK On and SK Enmove + A Massive 8 Trillion Won in Capital Raise

SK Innovation announced that it plans to merge its subsidiaries SK On and SK Enmove.We provide three major reasons why we are Negative on this...

Douglas Kim

SK Innovation Cleanup: Watch Out for a Classic NAV Compression Play

This post dives into SK Innovation’s cleanup disclosure today, unpacking how these moves set the stage for an opportunity in a classic NAV...

Sanghyun Park

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