External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Stock price sagged by 20% in 2H24 on business condition/earnings concerns; P/E and P/B fell to 4.5x and 0.5x, respectively</li><li>Top-line growth remains solid, but OP missed consensus due to engine quality costs and increased labor expenses</li><li>Dividend payout, treasury stock buyback, Palisade momentum expected postUS presidential election; Hold &amp; Buy</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Stock price sagged by 20% in 2H24 on business condition/earnings concerns; P/E and P/B fell to 4.5x and 0.5x, respectivelyTop-line growth remains solid, but OP missed consensus due to engine quality costs and increased labor expensesDividend payout, treasury stock buyback, Palisade momentum expected postUS presidential election; Hold &amp; BuyContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hyundai Motor Company - A Calm Year-End Ahead

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The WisdomTree Emerging Markets High Dividend Index is a fundamentally weighted index that measures the performance of high dividend yield stocks within emerging markets.</li>
<li>The changes at the October rebalance were announced after market close on 4 October with implementation scheduled at the close on 16 October.</li>
<li>There are 241 adds and 208 deletes for the index with an estimated round-trip trade of US$2.5bn. There are many stocks with over 2x ADV to trade.</li>
</ul>


The WisdomTree Emerging Markets High Dividend Index is a fundamentally weighted index that measures the performance of high dividend yield stocks within emerging markets.
The changes at the October rebalance were announced after market close on 4 October with implementation scheduled at the close on 16 October.
There are 241 adds and 208 deletes for the index with an estimated round-trip trade of US$2.5bn. There are many stocks with over 2x ADV to trade.


WisdomTree Emerging Markets High Dividend Index Rebalance: US$2.5bn Round-Trip Trade

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>APAC offshore wind market faces regional competition as Typhoon Krathon spurs AI models to compete for accurate forecasting.</li><li>Ford Lio Ho revamps Kuga lineup in Taiwan's SUV market post-Krathon, focusing on supply chain resilience amid labor strikes and geopolitical tensions.</li><li>Hyundai Motor plans ambitious battery production strategy while DIGITIMES Research forecasts significant growth in global and Taiwan AI healthcare markets from 2023 to 2030.</li></ul>

APAC offshore wind market faces regional competition as Typhoon Krathon spurs AI models to compete for accurate forecasting.Ford Lio Ho revamps Kuga lineup in Taiwan's SUV market post-Krathon, focusing on supply chain resilience amid labor strikes and geopolitical tensions.Hyundai Motor plans ambitious battery production strategy while DIGITIMES Research forecasts significant growth in global and Taiwan AI healthcare markets from 2023 to 2030.

Tech Supply Chain Tracker (05-Oct-2024): APAC offshore wind market at crossroads.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>On 28 August, Hyundai Motor announced its Corporate Value Up policies, including a minimum dividend per share this year targeting 10,000 won per share for common shares. </li>
<li>Hyundai Motor plans to implement a shareholder return policy based on a total shareholder return (TSR) of 35% or more from 2025 to 2027.</li>
<li>Hyundai Motor's Corporate Value Up plan of providing TSR of 35% or more from 2025 to 2027 is certainly better than what it provided in the past three years (26%). </li>
</ul>


On 28 August, Hyundai Motor announced its Corporate Value Up policies, including a minimum dividend per share this year targeting 10,000 won per share for common shares. 
Hyundai Motor plans to implement a shareholder return policy based on a total shareholder return (TSR) of 35% or more from 2025 to 2027.
Hyundai Motor's Corporate Value Up plan of providing TSR of 35% or more from 2025 to 2027 is certainly better than what it provided in the past three years (26%). 


Hyundai Motor Announces Its Corporate Value Up Policies

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>Hyundai’s TSR target is 35%+ (dividends plus buybacks), up 10 percentage points from previous years. They’ve also set a new annual dividend of ₩10,000, paid evenly quarterly.</li>
<li>Hyundai's Value-Up targets may not fully meet market expectations, but the key is the timing. By aligning early with government policies, Hyundai has reduced risks and secured investment flow.</li>
<li>Hyundai plans a pref-skewed buyback, likely continuing this approach as retiring preferred shares first may boost ROE.</li>
</ul>


Hyundai’s TSR target is 35%+ (dividends plus buybacks), up 10 percentage points from previous years. They’ve also set a new annual dividend of ₩10,000, paid evenly quarterly.
Hyundai's Value-Up targets may not fully meet market expectations, but the key is the timing. By aligning early with government policies, Hyundai has reduced risks and secured investment flow.
Hyundai plans a pref-skewed buyback, likely continuing this approach as retiring preferred shares first may boost ROE.


Hyundai Motor's Value-Up Disclosure: Trading Implications from Release Timing & Pref-Skewed Buyback

South Korea

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

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Hyundai Motor (005380 KS)

Hyundai Motor Company - A Calm Year-End Ahead

Stock price sagged by 20% in 2H24 on business condition/earnings concerns; P/E and P/B fell to 4.5x and 0.5x, respectively. Top-line growth remains...

Daishin Securities

WisdomTree Emerging Markets High Dividend Index Rebalance: US$2.5bn Round-Trip Trade

There are 241 adds/208 deletes for the WisdomTree Emerging Markets High Dividend Index. The round-trip trade is around US$2.5bn and there are a...

Brian Freitas

Tech Supply Chain Tracker (05-Oct-2024): APAC offshore wind market at crossroads.

APAC offshore wind market faces competition, Typhoon Krathon sparks battle among AI models. Taiwan's Ford Lio Ho ups SUV lineup, supply chain...

Tech Supply Chain Tracker

Hyundai Motor Announces Its Corporate Value Up Policies

Hyundai Motor's Corporate Value Up plan of providing TSR of 35% or more from 2025 to 2027 is certainly better than what it provided in the past...

Douglas Kim

Hyundai Motor's Value-Up Disclosure: Trading Implications from Release Timing & Pref-Skewed Buyback

This post examines Hyundai Motor's Value-Up disclosure released today, focusing on potential trading implications, especially regarding the timing...

Sanghyun Park

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