Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example <a href="https://www.smartkarma.com/entities/nanos-co-ltd" target="_blank" data-smartkarma-citation="entities:16796:1" rel="noopener">Nanos Co Ltd (151910 KS),</a>which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including <a href="https://www.smartkarma.com/entities/sang-a-frontec-co-ltd" target="_blank" data-smartkarma-citation="entities:20692:1" rel="noopener">Sang A Frontec (089980 KS)</a>, Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), <a href="https://www.smartkarma.com/entities/koreacenter-com-co-ltd" target="_blank" data-smartkarma-citation="entities:28329:1" rel="noopener">Koreacenter.com Co Ltd (290510 KS)</a>, and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions.

The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example Nanos Co Ltd (151910 KS),which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including Sang A Frontec (089980 KS), Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), Koreacenter.com Co Ltd (290510 KS), and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions. 

KOSDAQ150 and KRX300 Indices Rebalances (Overlapping Additions & Deletions)

Asia Pac ECM and Index Rebal, DZT 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 Jan 30th. The aggregated short interest was USD14.2bn.</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 Samsung SDI, Samsung Electronics, ECOPRO, Hyundai Motor, Celltrion.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jan 30th. The aggregated short interest was USD14.2bn.
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 Samsung SDI, Samsung Electronics, ECOPRO, Hyundai Motor, Celltrion.


KRX Short Interest Weekly (Jan 30th): Samsung SDI, Samsung Electronics, ECOPRO, Hyundai Motor

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Jan 23rd. The aggregated short interest was USD13.5bn.</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 Hyundai Glovis, Hyundai Motor, POSCO DX, Alteogen, HanmiPharm.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jan 23rd. The aggregated short interest was USD13.5bn.
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 Hyundai Glovis, Hyundai Motor, POSCO DX, Alteogen, HanmiPharm.


KRX Short Interest Weekly (Jan 23rd): Hyundai Glovis, Hyundai Motor, POSCO DX, Alteogen, HanmiPharm

Thematic (Sector/Industry)

On February 23rd, the Korean government announced numerous domestic consumption boosting measures. Among them included a discount of 30-50% on KTX (high speed rail in Korea) if the tickets are purchased 25 days in advance. This discount on high speed rail is effective starting August. This annoucement is likely to negatively impact the domestic low cost airlines such as Jeju Airlines as well as major airlines such as <a href="https://www.smartkarma.com/entities/1896" target="_blank" data-smartkarma-citation="entities:1896:1">Asiana Airlines (020560 KS)</a> since there will likely be more people that will…

On February 23rd, the Korean government announced numerous domestic consumption boosting measures. Among them included a discount of 30-50% on KTX (high speed rail in Korea) if the tickets are purchased 25 days in advance. This discount on high speed rail is effective starting August. This annoucement is likely to negatively impact the domestic low cost airlines such as Jeju Airlines as well as major airlines such as Asiana Airlines (020560 KS) since there will likely be more people that will…

Korean Govt Measures To Invigorate Domestic Consumption

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Virtual Reality (VR) is not really taking off. We had and we are still having high expectations on VR, but the actual sales numbers are quite disappointing. VR was one of the items that went flop in the recent year-end hot sales period. In fact, no VR company seems to have actually turned profits. So, many of us are questioning about the survival (or sustainability) of VR business.For instance,Sony’s PlayStations VR (PS VR) created a huge hype, but Sony achieved only less than 30% of its initial sales target for FY16. Google’s Daydream is no exception. Google initially aimed to sell 450k units of Daydream for FY16, but the actual sales number was estimated at about 260k units. Well, Samsung’s Gear VR showed a relatively better result, but we should note that most of Samsung’s Gear VRs were given to Galaxy Smartphone buyers for free. So, Samsung Gear VR’s sales number is not really relevant. Another examples are Oculus’ Rift and HTC’s Vive. Both were expected to record 300-400k units in sales, but neither has so far achieved this target. It is estimated that the sales number of both devices was only around 100k.These numbers may not be accurate. But what seems certain is that the growth rate of VR market is not meeting our high expectations.

Virtual Reality (VR) is not really taking off. We had and we are still having high expectations on VR, but the actual sales numbers are quite disappointing. VR was one of the items that went flop in the recent year-end hot sales period. In fact, no VR company seems to have actually turned profits. So, many of us are questioning about the survival (or sustainability) of VR business.For instance,Sony’s PlayStations VR (PS VR) created a huge hype, but Sony achieved only less than 30% of its initial sales target for FY16. Google’s Daydream is no exception. Google initially aimed to sell 450k units of Daydream for FY16, but the actual sales number was estimated at about 260k units. Well, Samsung’s Gear VR showed a relatively better result, but we should note that most of Samsung’s Gear VRs were given to Galaxy Smartphone buyers for free. So, Samsung Gear VR’s sales number is not really relevant. Another examples are Oculus’ Rift and HTC’s Vive. Both were expected to record 300-400k units in sales, but neither has so far achieved this target. It is estimated that the sales number of both devices was only around 100k.These numbers may not be accurate. But what seems certain is that the growth rate of VR market is not meeting our high expectations.

Stark Reality of VR Market - Telcos Are Pushing VR for 5G in Korea

South Korea

SL Corp. designs and manufactures head lamps, chassis, and power trains for autos and motorcycles.  The Company exports its products to overseas market such as North America and Australia.

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SL Corp (005850 KS)

KOSDAQ150 and KRX300 Indices Rebalances (Overlapping Additions & Deletions)

We highlight the KOSDAQ150 and KRX300 indices rebalances. There are some interesting new names, especially among those that are over lapping in...

Douglas Kim

KRX Short Interest Weekly (Jan 30th): Samsung SDI, Samsung Electronics, ECOPRO, Hyundai Motor

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung SDI, Samsung Electronics, ECOPRO, Hyundai...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Jan 23rd): Hyundai Glovis, Hyundai Motor, POSCO DX, Alteogen, HanmiPharm

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hyundai Glovis, Hyundai Motor, POSCO DX,...

Ke Yan, CFA, FRM

Korean Govt Measures To Invigorate Domestic Consumption

On February 23rd, the Korean government announced numerous domestic consumption boosting measures. Among them included a discount of 30-50% on KTX...

Douglas Kim

Stark Reality of VR Market - Telcos Are Pushing VR for 5G in Korea

Virtual Reality (VR) is not really taking off. We had and we are still having high expectations on VR, but the actual sales numbers are quite...

Sanghyun Park

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