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>Square's reclass probability next Friday still low, with consolidation accounting for Hynix as key gating item. Current portfolio depth insufficient, so timing remains pushed out despite long term semiconductor pivot.</li>
<li>Fadu likely MKF500 inclusion with ~KRW 700bn passive inflows. Profitability flip reduces exclusion risk, making eligibility case increasingly strong despite residual legal and watchlist overhang.</li>
<li>Street fully aware of MKF500 preview timing, driving front running and flow impact. Square reclass looks stretched, while Fadu inclusion is the cleaner high conviction setup.</li>
</ul>


Square's reclass probability next Friday still low, with consolidation accounting for Hynix as key gating item. Current portfolio depth insufficient, so timing remains pushed out despite long term semiconductor pivot.
Fadu likely MKF500 inclusion with ~KRW 700bn passive inflows. Profitability flip reduces exclusion risk, making eligibility case increasingly strong despite residual legal and watchlist overhang.
Street fully aware of MKF500 preview timing, driving front running and flow impact. Square reclass looks stretched, while Fadu inclusion is the cleaner high conviction setup.


Pre Trading Setup into FnGuide MKF500 Rebalance on the 22nd, Fadu and SK Square in Focus

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 foreign holdings of KRX stocks as of May 8th. The aggregated holding was USD1,577.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD196mln. 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, Samsung Elec (PREF), SKSQUARE, SK Hynix, LS ELECTRIC.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of May 8th. The aggregated holding was USD1,577.8bn.
We estimate that foreign flows to be inflows of USD196mln. 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, Samsung Elec (PREF), SKSQUARE, SK Hynix, LS ELECTRIC.


KRX Foreign Holding Weekly (May 8th): Samsung Electronics, Samsung Elec (PREF), SKSQUARE, SK Hynix

<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 KEPCO, SKSQUARE, SK Innovation, Samsung SDI, KAL, Samsung Electronics, SK Hynix.</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 KEPCO, SKSQUARE, SK Innovation, Samsung SDI, KAL, Samsung Electronics, SK Hynix.


MS-South Korea Index Earning Revision (Apr): KEPCO, SKSQUARE, SK Innovation, Samsung SDI, KAL

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>There has been an intensified discussions of a potential physical split of Samsung Electronics (005930 KS) into two companies.</li>
<li>A major dispute facing Samsung Electronics is the fact that its semiconductor business (DS unit; Device Solutions) is making so much more money than the other business units.</li>
<li>Despite this dispute, I think the most likely scenario is for Samsung Electronics to maintain its status quo and not split the company into two separate companies.</li>
</ul>


There has been an intensified discussions of a potential physical split of Samsung Electronics (005930 KS) into two companies.
A major dispute facing Samsung Electronics is the fact that its semiconductor business (DS unit; Device Solutions) is making so much more money than the other business units.
Despite this dispute, I think the most likely scenario is for Samsung Electronics to maintain its status quo and not split the company into two separate companies.


A Physical Split of Samsung Electronics into Two Companies Amid Big Profit Difference in DS and DX?

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Apr 24th. The aggregated holding was USD1,312.8bn.</li>
<li>We estimate that foreign flows to be outflows of USD475mln. 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, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES, Hyundai Motor, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Apr 24th. The aggregated holding was USD1,312.8bn.
We estimate that foreign flows to be outflows of USD475mln. 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, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES, Hyundai Motor, Samsung Electronics.


KRX Foreign Holding Weekly (Apr 24th): SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES

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)

Pre Trading Setup into FnGuide MKF500 Rebalance on the 22nd, Fadu and SK Square in Focus

This post looks into the pre trading setup into FnGuide MKF500 rebalance on the 22nd of this month, with Fadu and SK Square in focus

Sanghyun Park

KRX Foreign Holding Weekly (May 8th): Samsung Electronics, Samsung Elec (PREF), SKSQUARE, SK Hynix

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Samsung Elec (PREF),...

Ke Yan, CFA, FRM

MS-South Korea Index Earning Revision (Apr): KEPCO, SKSQUARE, SK Innovation, Samsung SDI, KAL

We analyzed MS-South Korea's consensus for Apr 2026 and highlighted changes of EPS in KEPCO, SKSQUARE, SK Innovation, Samsung SDI, KAL, Samsung...

Ke Yan, CFA, FRM

A Physical Split of Samsung Electronics into Two Companies Amid Big Profit Difference in DS and DX?

Discussion intensifies over potential split of Samsung Electronics due to disparity in profits between semiconductor business and other units, but...

Douglas Kim

KRX Foreign Holding Weekly (Apr 24th): SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre Trading Setup into FnGuide MKF500 Rebalance on the 22nd, Fadu and SK Square in Focus

This post looks into the pre trading setup into FnGuide MKF500 rebalance on the 22nd of this month, with Fadu and SK Square in focus

Sanghyun Park

KRX Foreign Holding Weekly (May 8th): Samsung Electronics, Samsung Elec (PREF), SKSQUARE, SK Hynix

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Samsung Elec (PREF),...

Ke Yan, CFA, FRM

MS-South Korea Index Earning Revision (Apr): KEPCO, SKSQUARE, SK Innovation, Samsung SDI, KAL

We analyzed MS-South Korea's consensus for Apr 2026 and highlighted changes of EPS in KEPCO, SKSQUARE, SK Innovation, Samsung SDI, KAL, Samsung...

Ke Yan, CFA, FRM

A Physical Split of Samsung Electronics into Two Companies Amid Big Profit Difference in DS and DX?

​Discussion intensifies over potential split of Samsung Electronics due to disparity in profits between semiconductor business and other units, but...

Douglas Kim

KRX Foreign Holding Weekly (Apr 24th): SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY...

Ke Yan, CFA, FRM

Discussion intensifies over potential split of Samsung Electronics due to disparity in profits between semiconductor business and other units, but...