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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Event-Driven

<p>Hyundai Mobis is at -2.3σ on a 20D MA relative to its brother, Hyundai Motor ordinary share.</p><table class="table table-striped">
<colgroup>
<col width="200">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" style="width: 723.636px;" data-sheets-value='{"1":2,"2":"% of sigma"}'>% of sigma</td></tr>
<tr>
<td style="width: 351.818px;" data-sheets-value='{"1":2,"2":"Today"}'>Today</td>
<td style="text-align: right; width: 350.909px;" data-sheets-value='{"1":3,"3":-2.3035030515769517}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[-12]C[6]">-230.35%</td>
</tr>
<tr>
<td style="width: 351.818px;" data-sheets-value='{"1":2,"2":"T-1"}'>T-1</td>
<td style="text-align: right; width: 350.909px;" data-sheets-value='{"1":3,"3":-0.916931344299026}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[-12]C[6]">-91.69%</td>
</tr>
<tr>
<td style="width: 351.818px;" data-sheets-value='{"1":2,"2":"T-2"}'>T-2</td>
<td style="text-align: right; width: 350.909px;" data-sheets-value='{"1":3,"3":-0.5645130872563673}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[-12]C[6]">-56.45%</td>
</tr>
<tr>
<td style="width: 351.818px;" data-sheets-value='{"1":2,"2":"T-3"}'>T-3</td>
<td style="text-align: right; width: 350.909px;" data-sheets-value='{"1":3,"3":0.2465686874114751}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[-12]C[6]">24.66%</td>
</tr>
<tr>
<td style="width: 351.818px;" data-sheets-value='{"1":2,"2":"T-4"}'>T-4</td>
<td style="text-align: right; width: 350.909px;" data-sheets-value='{"1":3,"3":-0.4247825847315971}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[-12]C[6]">-42.48%</td>
</tr>
<tr>
<td style="width: 351.818px;" data-sheets-value='{"1":2,"2":"T-5"}'>T-5</td>
<td style="text-align: right; width: 350.909px;" data-sheets-value='{"1":3,"3":-0.09495037677635225}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[-12]C[6]">-9.50%</td>
</tr>
<tr><td colspan="2" rowspan="1" style="width: 723.636px;" data-sheets-value='{"1":2,"2":"Source: KRX"}'><em>Source: KRX</em></td></tr>
</tbody>
</table><p>The price ratio between them is now practically at a 2-yr low.</p><table class="table table-striped">
<colgroup>
<col width="200">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"Price ratio"}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>Price ratio</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Today"}'>Today</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.2701949860724233}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=Data!R[-21]C[1]">1.27019</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}'>-</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"20D MA"}'>20D MA</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.3161097671656496}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=Data!R[-22]C[2]">1.31611</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}'>-</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"σ"}'>σ</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0199325896537422}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=Data!R[-23]C[5]">0.01993</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}'>-</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"+1 σ"}' data-sheets-formula='="+1 σ"'>+1 σ</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.3360423568193918}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=Data!R[-24]C[3]">1.33604</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}'>-</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"-1 σ"}' data-sheets-formula='="-1 σ"'>-1 σ</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.2961771775119075}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=Data!R[-25]C[4]">1.29618</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}'>-</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D mean"}'>120D mean</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.7010486771205928}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=average(Data!R2C3:R100C3)">1.70105</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.25328710274034383}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R23C[-1]-R[0]C[-1])/R[0]C[-1]">-25.33%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D median"}'>120D median</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.8409818569903948}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MEDIAN(Data!R2C3:R100C3)">1.84098</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.3100448104638489}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R23C[-1]-R[0]C[-1])/R[0]C[-1]">-31.00%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D high"}'>120D high</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2.0878048780487806}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MAX(Data!R2C3:R100C3)">2.08780</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.391612214614844}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R23C[-1]-R[0]C[-1])/R[0]C[-1]">-39.16%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D low"}'>120D low</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.2691218130311614}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MIN(Data!R2C3:R100C3)">1.26912</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0008456028651014254}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R23C[-1]-R[0]C[-1])/R[0]C[-1]">0.08%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y mean"}'>1Y mean</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.8509836907922768}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=average(Data!R2C3:R248C3)">1.85098</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.313772999518574}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R23C[-1]-R[0]C[-1])/R[0]C[-1]">-31.38%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y median"}'>1Y median</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.9119351100811124}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MEDIAN(Data!R2C3:R248C3)">1.91194</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.3356495315269689}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R23C[-1]-R[0]C[-1])/R[0]C[-1]">-33.56%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y high"}'>1Y high</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2.197309417040359}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MAX(Data!R2C3:R248C3)">2.19731</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.4219316696037747}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R23C[-1]-R[0]C[-1])/R[0]C[-1]">-42.19%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y low"}'>1Y low</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.2691218130311614}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MIN(Data!R2C3:R248C3)">1.26912</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0008456028651014254}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R23C[-1]-R[0]C[-1])/R[0]C[-1]">0.08%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y mean"}'>2Y mean</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.7960316722025786}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=average(Data!R2C3:R476C3)">1.79603</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.2927769561464866}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R23C[-1]-R[0]C[-1])/R[0]C[-1]">-29.28%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y median"}'>2Y median</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.7972103004291846}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MEDIAN(Data!R2C3:R476C3)">1.79721</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.29324075998835913}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R23C[-1]-R[0]C[-1])/R[0]C[-1]">-29.32%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y high"}'>2Y high</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2.197309417040359}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MAX(Data!R2C3:R476C3)">2.19731</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.4219316696037747}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R23C[-1]-R[0]C[-1])/R[0]C[-1]">-42.19%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y low"}'>2Y low</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.2691218130311614}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MIN(Data!R2C3:R476C3)">1.26912</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0008456028651014254}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R23C[-1]-R[0]C[-1])/R[0]C[-1]">0.08%</td>
</tr>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX &amp; Sanghyun Park"}'><em>Source: KRX</em></td></tr>
</tbody>
</table><p>The duo had undergone a harsh correction (price ratio-wise) in July. Since then, they have drifted sideways within a box.</p><p>So, this much short-term price diversion is the broadest since late July. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/161/053/original/chart.png?1600897627" class="editor-image img-responsive" data-smartkarma-image-id="161053"></figure>

Hyundai Mobis is at -2.3σ on a 20D MA relative to its brother, Hyundai Motor ordinary share.





% of sigma

Today
-230.35%


T-1
-91.69%


T-2
-56.45%


T-3
24.66%


T-4
-42.48%


T-5
-9.50%

Source: KRX

The price ratio between them is now practically at a 2-yr low.






Price ratio

Today
1.27019
-


20D MA
1.31611
-


σ
0.01993
-


+1 σ
1.33604
-


-1 σ
1.29618
-


120D mean
1.70105
-25.33%


120D median
1.84098
-31.00%


120D high
2.08780
-39.16%


120D low
1.26912
0.08%


1Y mean
1.85098
-31.38%


1Y median
1.91194
-33.56%


1Y high
2.19731
-42.19%


1Y low
1.26912
0.08%


2Y mean
1.79603
-29.28%


2Y median
1.79721
-29.32%


2Y high
2.19731
-42.19%


2Y low
1.26912
0.08%

Source: KRX

The duo had undergone a harsh correction (price ratio-wise) in July. Since then, they have drifted sideways within a box.So, this much short-term price diversion is the broadest since late July. 

Hyundai Mobis/Motor At -2.3σ: Entry Point for Range Trading

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

ASA Capital Management

ASA Capital Management is a boutique Research and Investment Advisory firm focusing on primary research in India. ASA provides bespoke research services to Institutional Clients with a focus on due diligence backed with primary research, Field Trips & Channel Checks.

Thematic (Sector/Industry)

<div>
<p>This insight is a sequel to our monthly auto tracker insights. It covers the performance of the auto sector in India for the month of August, 2020. We look at four main aspects - the four wheeler vehicle segment, the two wheeler vehicle segment, vehicle registration data and alternative data search trends. We also now report OEM volumes covering <a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a> , <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a> ,<a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a> and <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> . </p>
</div>
<div>
<p>August data shows the slight turn in consumers' behaviour towards the segment. With government initiatives now focussed on rejuvenating public transport, consumers are now backing away from private vehicle purchases. There has been an incredible growth in the two-wheeler segment and we also see an optimistic return to normalcy in rural India.</p>
<div class="content-highlight">
<p>This is a Joint insight with <a href="https://www.smartkarma.com/profiles/nitin-mangal" target="_blank" data-smartkarma-citation="accounts:1988" rel="noopener">Nitin Mangal</a> </p>
</div>
</div>


This insight is a sequel to our monthly auto tracker insights. It covers the performance of the auto sector in India for the month of August, 2020. We look at four main aspects - the four wheeler vehicle segment, the two wheeler vehicle segment, vehicle registration data and alternative data search trends. We also now report OEM volumes covering Maruti Suzuki India (MSIL IN) , TVS Motor (TVSL IN) ,Eicher Motors (EIM IN) and Hero Motocorp (HMCL IN) . 


August data shows the slight turn in consumers' behaviour towards the segment. With government initiatives now focussed on rejuvenating public transport, consumers are now backing away from private vehicle purchases. There has been an incredible growth in the two-wheeler segment and we also see an optimistic return to normalcy in rural India.

This is a Joint insight with Nitin Mangal 



India Autos | Auto Tracker for August - YoY Volume Recovery

<p>Hyundai Motor stocks are again moving up.</p><p>As of noon in the local time, Hyundai Motor's ordinary share is up 3.49%, followed by all three preferred shares whose gains range from 3.34% (1P) to 6.20% (3PB).</p><p>Also, Kia is up 1.52%, and Mobis moves up by 2.21%.</p><p>Glovis is gaining the most, among the subsidiaries, with 4.15%.</p><p><strong>Then, sigma on a 20D MA?</strong></p><p>Everyone seems to be within a controllable range relative to the Motor ordinary share.</p><p><strong>But the Glovis/Mobis pair is in a substantial diversion at a 2.42σ favoring Glovis.</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/156/057/original/12.png?1598843388" class="editor-image img-responsive" data-smartkarma-image-id="156057"></figure>

Hyundai Motor stocks are again moving up.As of noon in the local time, Hyundai Motor's ordinary share is up 3.49%, followed by all three preferred shares whose gains range from 3.34% (1P) to 6.20% (3PB).Also, Kia is up 1.52%, and Mobis moves up by 2.21%.Glovis is gaining the most, among the subsidiaries, with 4.15%.Then, sigma on a 20D MA?Everyone seems to be within a controllable range relative to the Motor ordinary share.But the Glovis/Mobis pair is in a substantial diversion at a 2.42σ favoring Glovis.

Hyundai Motor Stocks Moving: Trade Glovis/Mobis Pair

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

<p style="text-align: justify;">In this Smartkarma Original, we seek to study how diversity and incentives influence stock performance and profitability. We tallied diversity and incentive data related to the board of directors, management, and employees across major economies in Asia and picked top 10 companies of each country in terms of market capitalization. We chose to exclude major companies listed in exchanges of other economies such as Tencent and Alibaba to limit our sample size.</p>
<p style="text-align: justify;">Then we devised diversity and incentive scores to assign to those companies and compare those scores against a 5-year trend of their return on shareholders’ equity (ROE) ratios and 1-year stock performance from 1-July-19 to 30-June-20 over its corresponding exchange indices.</p>
<p style="text-align: justify;">The report covers diversity vs. incentives in Asia, diversity score vs. 1-year stock performance and ROE trend, incentives vs. 1-year stock performance and ROE trend, diversity + incentives scores vs. 1-year stock performance and ROE trend, companies with top and bottom diversity + incentive scores, countries with top and bottom average diversity + incentive scores, and incentive score vs. staffing cost trend. </p>
<p style="text-align: justify;">The results show that companies with high diversity scores do perform well. A high diversity score also has a positive impact on the ROE trend, based on our regression analysis at 95% confidence level. We found that employee incentives are not significant as staff diversity but they can still have an influence on company performances at a lower 90% confidence level.</p>
<p style="text-align: justify;">We note that this study is at the preliminary stage and stock performance is a function of many factors, not only the diversity scores that we concluded. Needless to say, our diversity and incentive scores also reflect the level of disclosures by selected companies, not necessarily the actual practice within each company. Our diversity and incentive scores are also not a credit rating or ranking with peers and, hence, do not reflect default probability of selected companies.</p>
<p style="text-align: justify;">We caution that in Asia, many diversity trends in the West may not apply. The fact that many Asian business communities may remain less sensitive to equal opportunities for females, disabled persons, or LGBTQ communities could make returns of Asian companies less correlated to diversity than in the West. Likewise, additional incentives in some countries in Asia may not be necessary as employees’ strong performance (i.e. in Japan) is a norm, according to the prevalent work culture.</p>
<p style="text-align: justify;">Bondcritic is developing a scoring model, which includes environment, social development, and corporate governance; the last of which cover diversity and incentives. This report is the first of the series to uncover shenanigans in the Asian corporate sector.</p>

In this Smartkarma Original, we seek to study how diversity and incentives influence stock performance and profitability. We tallied diversity and incentive data related to the board of directors, management, and employees across major economies in Asia and picked top 10 companies of each country in terms of market capitalization. We chose to exclude major companies listed in exchanges of other economies such as Tencent and Alibaba to limit our sample size.
Then we devised diversity and incentive scores to assign to those companies and compare those scores against a 5-year trend of their return on shareholders’ equity (ROE) ratios and 1-year stock performance from 1-July-19 to 30-June-20 over its corresponding exchange indices.
The report covers diversity vs. incentives in Asia, diversity score vs. 1-year stock performance and ROE trend, incentives vs. 1-year stock performance and ROE trend, diversity + incentives scores vs. 1-year stock performance and ROE trend, companies with top and bottom diversity + incentive scores, countries with top and bottom average diversity + incentive scores, and incentive score vs. staffing cost trend. 
The results show that companies with high diversity scores do perform well. A high diversity score also has a positive impact on the ROE trend, based on our regression analysis at 95% confidence level. We found that employee incentives are not significant as staff diversity but they can still have an influence on company performances at a lower 90% confidence level.
We note that this study is at the preliminary stage and stock performance is a function of many factors, not only the diversity scores that we concluded. Needless to say, our diversity and incentive scores also reflect the level of disclosures by selected companies, not necessarily the actual practice within each company. Our diversity and incentive scores are also not a credit rating or ranking with peers and, hence, do not reflect default probability of selected companies.
We caution that in Asia, many diversity trends in the West may not apply. The fact that many Asian business communities may remain less sensitive to equal opportunities for females, disabled persons, or LGBTQ communities could make returns of Asian companies less correlated to diversity than in the West. Likewise, additional incentives in some countries in Asia may not be necessary as employees’ strong performance (i.e. in Japan) is a norm, according to the prevalent work culture.
Bondcritic is developing a scoring model, which includes environment, social development, and corporate governance; the last of which cover diversity and incentives. This report is the first of the series to uncover shenanigans in the Asian corporate sector.

Asian Governance: Diversity & Incentives Through the Cultural Lens

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group Ltd (1299 HK)</a> and <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan Dianping (3690 HK)</a>, while there was short covering on <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/new-china-life-insurance-c-h" target="_blank" data-smartkarma-citation="entities:377:1" rel="noopener">New China Life Insurance (1336 HK)</a> and <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a>. Shorts increased in almost all sectors led by Financials, Consumer Discretionary, Communication Services, Consumer Staples and Information Technology.</p></div><div><p>Japan saw an increase in shorts on <a href="https://www.smartkarma.com/entities/ntt-docomo-inc" target="_blank" data-smartkarma-citation="entities:1089:1" rel="noopener">NTT Docomo Inc (9437 JP)</a>, <a href="https://www.smartkarma.com/entities/tokio-marine-holdings-inc" target="_blank" data-smartkarma-citation="entities:7591:1" rel="noopener">Tokio Marine Holdings (8766 JP)</a>, <a href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" target="_blank" data-smartkarma-citation="entities:11171:1" rel="noopener">Mitsubishi Electric (6503 JP)</a> and <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI Corp (9433 JP)</a> and a reduction in shorts on <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a>, <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a>, <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a> and <a href="https://www.smartkarma.com/entities/square-enix-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15003:1" rel="noopener">Square Enix Holdings (9684 JP)</a>. Sectorally, shorts increased on Communication Services, Industrials, Financials, Consumer Staples and Health Care. and were covered in Consumer Discretionary.</p></div><div><p>Short Interest in Korea increased in Technology Hardware and Automobiles, while shorts covered positions in Energy and Household stocks. Stocks that saw the most short covering were <a href="https://www.smartkarma.com/entities/sk-innovation-co-ltd" target="_blank" data-smartkarma-citation="entities:1268:1" rel="noopener">SK Innovation (096770 KS)</a>, <a href="https://www.smartkarma.com/entities/lg-household-health-care" target="_blank" data-smartkarma-citation="entities:6501:1" rel="noopener">LG Household &amp; Health Care (051900 KS)</a>, <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a> and <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics Co., (207940 KS)</a> while shorts increased on <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> and <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a>. </p></div><div><p>Short Interest in Taiwan increased in Technology Hardware, Semiconductors, Materials and Capital Goods while shorts decreased in Banks and Consumer Durables. Stocks that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a>, <a href="https://www.smartkarma.com/entities/genius-electronic-optical-co-ltd" target="_blank" data-smartkarma-citation="entities:9632:1" rel="noopener">Genius Electronic Optical (3406 TT)</a>, <a href="https://www.smartkarma.com/entities/accton-technology-corp" target="_blank" data-smartkarma-citation="entities:4424:1" rel="noopener">Accton Technology (2345 TT)</a> and <a href="https://www.smartkarma.com/entities/century-iron-steel-indus" target="_blank" data-smartkarma-citation="entities:8853:1" rel="noopener">Century Iron &amp; Steel Indus (9958 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a>, <a href="https://www.smartkarma.com/entities/flexium-interconnect-inc" target="_blank" data-smartkarma-citation="entities:15897:1" rel="noopener">Flexium Interconnect (6269 TT)</a>, <a href="https://www.smartkarma.com/entities/catcher-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:4957:1" rel="noopener">Catcher Technology (2474 TT)</a> and <a href="https://www.smartkarma.com/entities/e-sun-financial-holding-co" target="_blank" data-smartkarma-citation="entities:719:1" rel="noopener">E.Sun Financial Holding Co (2884 TT)</a>. </p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Sunny Optical (2382 HK), Alibaba Group (9988 HK), AIA Group Ltd (1299 HK) and Meituan Dianping (3690 HK), while there was short covering on Xiaomi Corp (1810 HK), Ping An Insurance (H) (2318 HK), New China Life Insurance (1336 HK) and Anta Sports Products (2020 HK). Shorts increased in almost all sectors led by Financials, Consumer Discretionary, Communication Services, Consumer Staples and Information Technology.Japan saw an increase in shorts on NTT Docomo Inc (9437 JP), Tokio Marine Holdings (8766 JP), Mitsubishi Electric (6503 JP) and KDDI Corp (9433 JP) and a reduction in shorts on Toyota Motor (7203 JP), Fast Retailing (9983 JP), M3 Inc (2413 JP) and Square Enix Holdings (9684 JP). Sectorally, shorts increased on Communication Services, Industrials, Financials, Consumer Staples and Health Care. and were covered in Consumer Discretionary.Short Interest in Korea increased in Technology Hardware and Automobiles, while shorts covered positions in Energy and Household stocks. Stocks that saw the most short covering were SK Innovation (096770 KS), LG Household &amp; Health Care (051900 KS), Kakao Corp (035720 KS) and Samsung Biologics Co., (207940 KS) while shorts increased on Samsung Electronics (005930 KS) and Hyundai Motor Co (005380 KS). Short Interest in Taiwan increased in Technology Hardware, Semiconductors, Materials and Capital Goods while shorts decreased in Banks and Consumer Durables. Stocks that saw the highest increase in shorts were Largan Precision (3008 TT), Genius Electronic Optical (3406 TT), Accton Technology (2345 TT) and Century Iron &amp; Steel Indus (9958 TT) while shorts were covered on Yageo Corporation (2327 TT), Flexium Interconnect (6269 TT), Catcher Technology (2474 TT) and E.Sun Financial Holding Co (2884 TT). 

Asia Short Interest Weekly: Sunny Optical, Alibaba, Anta, KDDI, M3, Square Enix, Samsung, Largan

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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