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 SK Hynix, SKSQUARE, Hyundai Motor, Samsung Electronics, SAMSUNG EPIS, Samsung Elec (PREF).</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 SK Hynix, SKSQUARE, Hyundai Motor, Samsung Electronics, SAMSUNG EPIS, Samsung Elec (PREF).


MS-South Korea Index Earning Revision (Mar): SK Hynix, SKSQUARE, Hyundai Motor, Samsung Electronics

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Mar 27th. The aggregated holding was USD1,119.8bn.</li>
<li>We estimate that foreign flows to be outflows of USD7,992mln. 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, Hyundai Motor, Samsung Elec (PREF), SamsungE&amp;A.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Mar 27th. The aggregated holding was USD1,119.8bn.
We estimate that foreign flows to be outflows of USD7,992mln. 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, Hyundai Motor, Samsung Elec (PREF), SamsungE&amp;A.


KRX Foreign Holding Weekly (Mar 27th): Samsung Electronics, SK Hynix, Hyundai Motor

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>Tomorrow’s AGM is crucial for legal and procedural legitimacy, as third-party ADR allocations require clear Articles approval to limit preemptive rights and shield the board under the revised Commercial Act.</li>
<li>With 2.1% of SO canceled and Square’s stake at 20.5%, issuing 2% new shares preserves the 20% threshold and maximizes capital inflows amid lower government CAPEX support.</li>
<li>Hynix’s remaining 3.1% treasury is mostly EB-collateralized, so securing an additional 3% for ADR will likely require staged buybacks, with treasury use and legal approval addressed in tomorrow’s Articles amendment.</li>
</ul>


Tomorrow’s AGM is crucial for legal and procedural legitimacy, as third-party ADR allocations require clear Articles approval to limit preemptive rights and shield the board under the revised Commercial Act.
With 2.1% of SO canceled and Square’s stake at 20.5%, issuing 2% new shares preserves the 20% threshold and maximizes capital inflows amid lower government CAPEX support.
Hynix’s remaining 3.1% treasury is mostly EB-collateralized, so securing an additional 3% for ADR will likely require staged buybacks, with treasury use and legal approval addressed in tomorrow’s Articles amendment.


Backstory on Hynix’s ADR Issuance Structure: Staged Buyback Still Needed for Additional 3%

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Mar 20th. The aggregated holding was USD1,227.8bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,168mln. 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, Hyundai Motor, SK Hynix, KIA, ISUPETASYS.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Mar 20th. The aggregated holding was USD1,227.8bn.
We estimate that foreign flows to be outflows of USD3,168mln. 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, Hyundai Motor, SK Hynix, KIA, ISUPETASYS.


KRX Foreign Holding Weekly (Mar 20th): Samsung Electronics, Hyundai Motor, SK Hynix, KIA, ISUPETASYS

<ul>
<li>Hynix will likely present ADR plans at the March 25 AGM. Chey Tae-won’s GTC comments signal the internal decision is done; timing and optics are now the focus.</li>
<li>March 25 AGM is ideal for Hynix ADR: timing aligns with HBM4 Q2 validation to capture post-milestone valuation uplift.</li>
<li>Once Hynix announces the ADR, staged 5% buybacks provide strong support, setting up short-term outperformance versus Square, fueled by buyback demand and anticipatory positioning ahead of U.S. passive flows.</li>
</ul>


Hynix will likely present ADR plans at the March 25 AGM. Chey Tae-won’s GTC comments signal the internal decision is done; timing and optics are now the focus.
March 25 AGM is ideal for Hynix ADR: timing aligns with HBM4 Q2 validation to capture post-milestone valuation uplift.
Once Hynix announces the ADR, staged 5% buybacks provide strong support, setting up short-term outperformance versus Square, fueled by buyback demand and anticipatory positioning ahead of U.S. passive flows.


Take on Chey Tae-Won’s Remarks About the Hynix ADR Play

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 (Mar): SK Hynix, SKSQUARE, Hyundai Motor, Samsung Electronics

We analyzed MS-South Korea's consensus for Mar 2026 and highlighted changes of EPS in SK Hynix, SKSQUARE, Hyundai Motor, Samsung Electronics,...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Mar 27th): Samsung Electronics, SK Hynix, Hyundai Motor

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

Ke Yan, CFA, FRM

Backstory on Hynix’s ADR Issuance Structure: Staged Buyback Still Needed for Additional 3%

This post provides the backstory on Hynix’s ADR issuance structure, highlighting that a staged buyback is still required to secure the additional ~3%.

Sanghyun Park

KRX Foreign Holding Weekly (Mar 20th): Samsung Electronics, Hyundai Motor, SK Hynix, KIA, ISUPETASYS

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

Ke Yan, CFA, FRM

Take on Chey Tae-Won’s Remarks About the Hynix ADR Play

This post provides a perspective on Chey Tae-won’s comments today regarding Hynix’s ADR issuance, likely to be announced at the March 25 AGM.

Sanghyun Park

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