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>Early this morning, rumors spread that Hyundai’s honorary chairman Chung Mong-koo was hospitalized and died, causing stock prices to surge, but Hyundai denied this news.</li>
<li>Control of Hyundai hinges on increasing the stake in Mobis. Chung Eui-sun aims to keep Mobis's stock low, but Chung Mong-koo’s health complicates timing and strategy.</li>
<li>Mobis's trading point depends on Chung Mong-koo's health. Three scenarios: he's healthy, critically ill, or deceased. Current rumors' price impacts are unlikely to subside soon.</li>
</ul>


Early this morning, rumors spread that Hyundai’s honorary chairman Chung Mong-koo was hospitalized and died, causing stock prices to surge, but Hyundai denied this news.
Control of Hyundai hinges on increasing the stake in Mobis. Chung Eui-sun aims to keep Mobis's stock low, but Chung Mong-koo’s health complicates timing and strategy.
Mobis's trading point depends on Chung Mong-koo's health. Three scenarios: he's healthy, critically ill, or deceased. Current rumors' price impacts are unlikely to subside soon.


The Latest on the Rumors Surrounding the Death of Chung Mong-Koo of Hyundai Motor Group

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Jun 7th which has an aggregated short interest worth USD6.1bn.</li>
<li>We tabulate league table 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 estimate short interest increased by 4.0% WoW and highlight short interest changes in Samsung Electronics.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Jun 7th which has an aggregated short interest worth USD6.1bn.
We tabulate league table 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 estimate short interest increased by 4.0% WoW and highlight short interest changes in Samsung Electronics.


KRX Short Interest Weekly (Jun 7th): Samsung Electronics

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Jun 7th which has an aggregated holding worth USD542.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD266mln. 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 foreign changes in Alteogen Inc (196170 KS), Naver Corp (035420 KS).</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Jun 7th which has an aggregated holding worth USD542.4bn.
We estimate that foreign flows to be outflows of USD266mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Alteogen Inc (196170 KS), Naver Corp (035420 KS).


KRX Foreign Holding Weekly (Jun 7th): Alteogen, Naver

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of May 31st which has an aggregated holding worth USD515.2bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,106mln. 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 foreign changes in Sk Hynix, Doosan Enerbility, Hd Hyundai Elect, Samsung Electronics, Lg Chem, Samsung SDI.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of May 31st which has an aggregated holding worth USD515.2bn.
We estimate that foreign flows to be outflows of USD1,106mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Sk Hynix, Doosan Enerbility, Hd Hyundai Elect, Samsung Electronics, Lg Chem, Samsung SDI.


KRX Foreign Holding Weekly (May 31st): Sk Hynix, Samsung Electronics

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>South Korean Pivot:  Asia Ex-Japan investors move to overweight South Korea for the first time in our history, SK Hynix and Kia Corp among the beneficiaries. </li>
<li>India Fatigue: Despite India’s outperformance and rising fund weights, managers show caution, with nearly 2/3rds of funds underweight the benchmark.</li>
<li>China All-Time Lows: China &amp; HK fund weights have dropped significantly from 53.5% in 2020 to 34.8% today, just above a 13-year low, signaling a critical juncture for re-evaluation.</li>
</ul>


South Korean Pivot:  Asia Ex-Japan investors move to overweight South Korea for the first time in our history, SK Hynix and Kia Corp among the beneficiaries. 
India Fatigue: Despite India’s outperformance and rising fund weights, managers show caution, with nearly 2/3rds of funds underweight the benchmark.
China All-Time Lows: China &amp; HK fund weights have dropped significantly from 53.5% in 2020 to 34.8% today, just above a 13-year low, signaling a critical juncture for re-evaluation.


Active Asia Ex-Japan Funds: Top-Down Country Insights

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.

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Kia Corp (000270 KS)

The Latest on the Rumors Surrounding the Death of Chung Mong-Koo of Hyundai Motor Group

This post offers the latest update on market rumors concerning the passing of Chung Mong-koo, chairman of Hyundai Motor Group.

Sanghyun Park

KRX Short Interest Weekly (Jun 7th): Samsung Electronics

We analyzed KRX short interest report for the past week. We estimate the short interests were USD 6.1bn last week and highlighted short interest...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Jun 7th): Alteogen, Naver

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Alteogen (196170 KS), Naver (035420 KS).

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (May 31st): Sk Hynix, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Doosan Enerbility, Hd Hyundai Elect,...

Ke Yan, CFA, FRM

Active Asia Ex-Japan Funds: Top-Down Country Insights

Asia Ex-Japan investors move to overweight South Korea, increase underweight to India, whilst China allocations are at their lowest levels in history.

Steven Holden

Price Gauge

52-week Range

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