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 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

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Jun 26th. The aggregated short interest was USD15.7bn.</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 HyundaiAutoever, JEL, Hyundai Motor, MIRAE ASSET SEC, HD HYUNDAI HEAVY INDUSTRIES.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jun 26th. The aggregated short interest was USD15.7bn.
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 HyundaiAutoever, JEL, Hyundai Motor, MIRAE ASSET SEC, HD HYUNDAI HEAVY INDUSTRIES.


KRX Short Interest Weekly (Jun 26th): HyundaiAutoever, JEL, Hyundai Motor, MIRAE ASSET SEC

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.

Event-Driven

<ul>
<li>Korea street is buzzing on SK governance revamp, with merger talk between SK Holdings and SK Square driving extreme price divergence.</li>
<li>Merger idea is highly radical with no conviction level intel, so likely noise, but outsized Holdings price action suggests the narrative could stick and keep driving flows near term.</li>
<li>Speculative chatter links early fab expansion news leak to boosting Holdings valuation via SK Ecoplant exposure, shaping relative trades across Holdings, Square, Hynix.</li>
</ul>


Korea street is buzzing on SK governance revamp, with merger talk between SK Holdings and SK Square driving extreme price divergence.
Merger idea is highly radical with no conviction level intel, so likely noise, but outsized Holdings price action suggests the narrative could stick and keep driving flows near term.
Speculative chatter links early fab expansion news leak to boosting Holdings valuation via SK Ecoplant exposure, shaping relative trades across Holdings, Square, Hynix.


On the SK Holdings/Square Merger Noise Circulating in the Local Market Since Yesterday

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 provide an updated SoTP valuation analysis of SK Inc (034730 KS) which I proposed as my 2026 High Conviction Idea on 4 December 2025.</li>
<li><em><strong>My updated sum-of-the parts (SoTP) analysis of SK Inc suggests implied NAV per share of 1,306,335 won per share which represents a 52% upside from current levels.  </strong></em></li>
<li>The biggest change in the valuation of SK Inc is its 32.1% stake in SK Square (402340 KS) which is now worth 80.4 trillion won.</li>
</ul>


In this insight, I provide an updated SoTP valuation analysis of SK Inc (034730 KS) which I proposed as my 2026 High Conviction Idea on 4 December 2025.
My updated sum-of-the parts (SoTP) analysis of SK Inc suggests implied NAV per share of 1,306,335 won per share which represents a 52% upside from current levels.  
The biggest change in the valuation of SK Inc is its 32.1% stake in SK Square (402340 KS) which is now worth 80.4 trillion won.


An Updated SoTP Valuation Analysis of SK Inc: 2026 High Conviction Idea

Equity Capital Markets

<ul>
<li>Street is converging on about 15 percent total headroom, combining 2.5 percent issuance and 12.5 percent conversion, balancing passive inflow demand and Korean regulatory concerns over local market liquidity.</li>
<li>DR conversion is effectively locked at 1 to 1, with passive flows expected to clear supply, supporting early arbitrage while preserving future stock split optionality.</li>
<li>Focus on three way dynamics between local upside, ADR subscription demand, and post listing arb, with positioning driven by passive inflow versus headroom supply demand mismatch.</li>
</ul>


Street is converging on about 15 percent total headroom, combining 2.5 percent issuance and 12.5 percent conversion, balancing passive inflow demand and Korean regulatory concerns over local market liquidity.
DR conversion is effectively locked at 1 to 1, with passive flows expected to clear supply, supporting early arbitrage while preserving future stock split optionality.
Focus on three way dynamics between local upside, ADR subscription demand, and post listing arb, with positioning driven by passive inflow versus headroom supply demand mismatch.


Hynix ADR: Mid July Listing, 15% Headroom, and 1:1 Conversion

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)

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

KRX Short Interest Weekly (Jun 26th): HyundaiAutoever, JEL, Hyundai Motor, MIRAE ASSET SEC

We analyzed KRX short interest report for the past week and highlighted short interest changes in HyundaiAutoever, JEL, Hyundai Motor, MIRAE ASSET...

Ke Yan, CFA, FRM

On the SK Holdings/Square Merger Noise Circulating in the Local Market Since Yesterday

This post looks at the SK Holdings and SK Square merger noise that has been circulating in the local market since yesterday.

Sanghyun Park

An Updated SoTP Valuation Analysis of SK Inc: 2026 High Conviction Idea

My updated sum-of-the parts (SoTP) analysis of SK Inc suggests implied NAV per share of 1,306,335 won per share which represents a 52% upside from...

Douglas Kim

Hynix ADR: Mid July Listing, 15% Headroom, and 1:1 Conversion

This post covers the SK Hynix ADR set up, including mid July listing, 15 percent headroom, and a 1 to 1 conversion ratio.

Sanghyun Park

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