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>Robust profit fundamentals proved with an OP of W3.5tn (excluding one-time costs) and an OPM of 13% for 3Q24</li><li>For 4Q24, Kia expected to post estimated sales of 8,010,000 units (+11% YoY, +9% QoQ) with normalized global supply</li><li>Strong expectations for decent earnings/profit gains, and year-end dividend payouts should make the stock more compelling in the short term</li></ul>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.

Robust profit fundamentals proved with an OP of W3.5tn (excluding one-time costs) and an OPM of 13% for 3Q24For 4Q24, Kia expected to post estimated sales of 8,010,000 units (+11% YoY, +9% QoQ) with normalized global supplyStrong expectations for decent earnings/profit gains, and year-end dividend payouts should make the stock more compelling in the short termContent 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.

Kia (000270 KS, Oct 28, 2024) - Moving Away from One-Off Costs Toward Decent Performance

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.

Event-Driven

<ul>
<li>NPS's May net selling of ₩700B likely stems from retrieving outsourced management funds to allocate to the newly selected three value-up outsider managers.</li>
<li>These value-up managers will start investing in Q3. NPS's May net selling matches their allocations. We should design a setup targeting the likely inflow into value-up targets starting early July.</li>
<li>In particular, we should watch non-financial value-up stocks like Kia Corp and Hyundai Motor, which had more significant May price impacts likely due to NPS outflow.</li>
</ul>


NPS's May net selling of ₩700B likely stems from retrieving outsourced management funds to allocate to the newly selected three value-up outsider managers.
These value-up managers will start investing in Q3. NPS's May net selling matches their allocations. We should design a setup targeting the likely inflow into value-up targets starting early July.
In particular, we should watch non-financial value-up stocks like Kia Corp and Hyundai Motor, which had more significant May price impacts likely due to NPS outflow.


A Plausible Explanation for Korea NPS's Unusually Large Outflow on Local Stocks in May

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

<ul>
<li>12 ETFs (9 passive and 3 active) and 1 ETN tracking the Korea Value-Up Index will start trading on the KRX on 4 November.</li>
<li>At listing, the combined AUM across the 13 products is KRW 511bn (US$370m). So not a lot of impact on the stocks in the index.</li>
<li>The expectation is that there will be a lot of money that starts to track the index after the ETF listing. Looking at Japan, that is not a success story.</li>
</ul>


12 ETFs (9 passive and 3 active) and 1 ETN tracking the Korea Value-Up Index will start trading on the KRX on 4 November.
At listing, the combined AUM across the 13 products is KRW 511bn (US$370m). So not a lot of impact on the stocks in the index.
The expectation is that there will be a lot of money that starts to track the index after the ETF listing. Looking at Japan, that is not a success story.


Korea Value-Up ETFs: Listing on 4 Nov with US$370m AUM

<ul>
<li>The <a href="https://www.smartkarma.com/entities/samsung-kodex-fn-top10-equal-weight-etf" target="_blank" data-smartkarma-citation="entities:40203:1" rel="noopener">Samsung KODEX Fn Top10 Equal Weight ETF (395170 KS)</a> tracks the FnGuide Top 10 Index and has an AUM of US$264m.</li>
<li>We expect <a href="https://www.smartkarma.com/entities/kia-corp" target="_blank" data-smartkarma-citation="entities:156:1" rel="noopener">Kia Corp (000270 KS)</a> to replace <a href="https://www.smartkarma.com/entities/posco-future-m-co-ltd" target="_blank" data-smartkarma-citation="entities:12421:1" rel="noopener">Posco Future M (003670 KS)</a> in the index at the December rebalance.</li>
<li>There will be 0.4x ADV to buy in <a href="https://www.smartkarma.com/entities/kia-corp" target="_blank" data-smartkarma-citation="entities:156:1" rel="noopener">Kia Corp (000270 KS)</a> while passives will need to sell 0.1x ADV of <a href="https://www.smartkarma.com/entities/posco-future-m-co-ltd" target="_blank" data-smartkarma-citation="entities:12421:1" rel="noopener">Posco Future M (003670 KS)</a>. </li>
</ul>


The Samsung KODEX Fn Top10 Equal Weight ETF (395170 KS) tracks the FnGuide Top 10 Index and has an AUM of US$264m.
We expect Kia Corp (000270 KS) to replace Posco Future M (003670 KS) in the index at the December rebalance.
There will be 0.4x ADV to buy in Kia Corp (000270 KS) while passives will need to sell 0.1x ADV of Posco Future M (003670 KS). 


FnGuide Top10 Equal Weight Index Rebalance Preview: Kia Corp Could Replace Posco Future M

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>For this report we datamined autonomous driving technology (ADT) innovations.</li>
<li>Worldwide over the last decade the ADT sector has seen nearly 25% CAGR growth in patent filings, with over 40,000 patent family filings.</li>
<li>
<a href="https://www.smartkarma.com/entities/delphi-automotive-plc" target="_blank" data-smartkarma-citation="entities:20870:1" rel="noopener">Aptiv PLC (APTV US)</a>, with a leadership position in several areas of ADT, strong financials, reasonable valuations and strategic partnerships stands out.  </li>
</ul>


For this report we datamined autonomous driving technology (ADT) innovations.
Worldwide over the last decade the ADT sector has seen nearly 25% CAGR growth in patent filings, with over 40,000 patent family filings.

Aptiv PLC (APTV US), with a leadership position in several areas of ADT, strong financials, reasonable valuations and strategic partnerships stands out.  


South Korea

Kia Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks and commercial vehicles. The Company also manufactures auto-parts and tools using hybrid electric and fuel cell technology. Kia markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kia Corp (000270 KS)

Kia (000270 KS, Oct 28, 2024) - Moving Away from One-Off Costs Toward Decent Performance

Robust profit fundamentals proved with an OP of W3.5tn (excluding one-time costs) and an OPM of 13% for 3Q24. For 4Q24, Kia expected to post...

Daishin Securities

A Plausible Explanation for Korea NPS's Unusually Large Outflow on Local Stocks in May

This post delves into Korea NPS's unusual magnitude of net outflow from the local stock market in May and anticipates its implications for value-up...

Sanghyun Park

Korea Value-Up ETFs: Listing on 4 Nov with US$370m AUM

12 ETFs (9 passive and 3 active) and 1 ETN tracking the Korea Value-Up Index will start trading on the KRX on 4 November. Total assets at launch...

Brian Freitas

FnGuide Top10 Equal Weight Index Rebalance Preview: Kia Corp Could Replace Posco Future M

Kia Corp could replace Posco Future M in the FnGuide Top10 Equal Weight index in Dec - that would reverse the Sep change. There is 0.4x ADV to buy...

Brian Freitas

Autonomous Driving Leadership Landscape

Autonomous driving tech seeing surge in innovations to make journeys safer, more efficient, and intelligent. Welcome to the future of mobility.

Pyari Menon

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)