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

Shenton Research

Shenton 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 31st. The aggregated holding was USD1,567.2bn.</li>
<li>We estimate that foreign flows to be outflows of USD5,792mln. 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, SamsungElecMech, SKSQUARE, SKTelecom.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 31st. The aggregated holding was USD1,567.2bn.
We estimate that foreign flows to be outflows of USD5,792mln. 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, SamsungElecMech, SKSQUARE, SKTelecom.


KRX Foreign Holding Weekly (Jul 31st): SK Hynix, Samsung Electronics, SamsungElecMech, SKSQUARE

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 24 July, it was reported that the Seoul High court finalized the divorce case between SK Group Chairman Chey Tae-Won and his estranged wife Roh So-Young.</li>
<li>The final verdict was that Chairman Chey will need to pay Roh 944 billion won ($638 million) in cash which is the largest divorce case amount in Korea's history.</li>
<li>If an appeal is filed, the Supreme Court determines final asset division. However, both parties will likely accept this decision by the Seoul High court, in my view.</li>
</ul>


On 24 July, it was reported that the Seoul High court finalized the divorce case between SK Group Chairman Chey Tae-Won and his estranged wife Roh So-Young.
The final verdict was that Chairman Chey will need to pay Roh 944 billion won ($638 million) in cash which is the largest divorce case amount in Korea's history.
If an appeal is filed, the Supreme Court determines final asset division. However, both parties will likely accept this decision by the Seoul High court, in my view.


SK Chairman Chey Tae-Won To Pay 944 Billion Won to Roh So-Young in Divorce Payment

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jul 24th. The aggregated holding was USD1,525.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD3,927mln. 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, SKTelecom.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 24th. The aggregated holding was USD1,525.1bn.
We estimate that foreign flows to be inflows of USD3,927mln. 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, SKTelecom.


KRX Foreign Holding Weekly (Jul 24th): Samsung Electronics, SK Hynix, SKSQUARE, SamsungElecMech

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

Thematic (Sector/Industry)

<ul>
<li>Allocations in South Korean Financials stocks among Global Value managers are at record highs. </li>
<li>In a remarkable upward trend that started in 2015, Value managers have positioned themselves at record weights, record overweights and with more funds invested than ever before</li>
<li>KB Financial is top dog, accounting for over half of total allocations, half the overweight and held by twice as many Value managers as the second most widely held stock</li>
</ul>


Allocations in South Korean Financials stocks among Global Value managers are at record highs. 
In a remarkable upward trend that started in 2015, Value managers have positioned themselves at record weights, record overweights and with more funds invested than ever before
KB Financial is top dog, accounting for over half of total allocations, half the overweight and held by twice as many Value managers as the second most widely held stock


South Korean Financials: Increasing in Value

Cross Asset Strategy

<ul>
<li>On 6 March, the Financial Services Commission (FSC) and the Korea Exchange (KRX) jointly announced revisions and guidelines to spin-offs and double listings in Korea.</li>
<li>The new guidelines of the FSC and KRX regarding the spin-offs/double listings is positive and a step in the right direction to improve the corporate governance of companies in Korea.</li>
<li>On the other hand, one of the consequences of these changes could be that the parent companies may take more time to complete IPOs of their promising affiliates.</li>
</ul>


On 6 March, the Financial Services Commission (FSC) and the Korea Exchange (KRX) jointly announced revisions and guidelines to spin-offs and double listings in Korea.
The new guidelines of the FSC and KRX regarding the spin-offs/double listings is positive and a step in the right direction to improve the corporate governance of companies in Korea.
On the other hand, one of the consequences of these changes could be that the parent companies may take more time to complete IPOs of their promising affiliates.


FSC and KRX Jointly Announce Revisions to Spinoffs and Double Listings in Korea

South Korea

SK Square Co., Ltd. operates as an investment company. The Company invests in semiconductors, information and communications technologies, and other industries. SK Square conducts businesses in South Korea.

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SK Square (402340 KS)

KRX Foreign Holding Weekly (Jul 31st): SK Hynix, Samsung Electronics, SamsungElecMech, SKSQUARE

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

Ke Yan, CFA, FRM

SK Chairman Chey Tae-Won To Pay 944 Billion Won to Roh So-Young in Divorce Payment

Seoul High Court finalized divorce case between SK Group Chairman Chey Tae-Won and Roh So-Young, with Chairman Chey ordered to pay 944 billion won...

Douglas Kim

KRX Foreign Holding Weekly (Jul 24th): 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

South Korean Financials: Increasing in Value

Global Value managers have continued to increase exposure, positioning themselves at record weights, record overweights and with more funds...

Steven Holden

FSC and KRX Jointly Announce Revisions to Spinoffs and Double Listings in Korea

The new guidelines of the FSC and KRX regarding the spin-offs/double listings is positive and a step in the right direction to improve the...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KRX Foreign Holding Weekly (Jul 31st): SK Hynix, Samsung Electronics, SamsungElecMech, SKSQUARE

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

Ke Yan, CFA, FRM

SK Chairman Chey Tae-Won To Pay 944 Billion Won to Roh So-Young in Divorce Payment

​Seoul High Court finalized divorce case between SK Group Chairman Chey Tae-Won and Roh So-Young, with Chairman Chey ordered to pay 944 billion won...

Douglas Kim

KRX Foreign Holding Weekly (Jul 24th): 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

South Korean Financials: Increasing in Value

Global Value managers have continued to increase exposure, positioning themselves at record weights, record overweights and with more funds...

Steven Holden

FSC and KRX Jointly Announce Revisions to Spinoffs and Double Listings in Korea

The new guidelines of the FSC and KRX regarding the spin-offs/double listings is positive and a step in the right direction to improve the...

Douglas Kim

Seoul High Court finalized divorce case between SK Group Chairman Chey Tae-Won and Roh So-Young, with Chairman Chey ordered to pay 944 billion won...