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

<p>The Korea NPS made it official that it would increase the SAA tolerable band from ±2.0%p to ±3.0%p but reducing the TAA to ±2.0%p to keep the overall tolerable band at ±5.0%p.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"SAA &amp; TAA allowable range"}'>SAA &amp; TAA tolerable bands</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"SAA"}'>SAA (strategic asset allocation)</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"TAA"}'>TAA (tactical asset allocation)</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Domestic bonds"}'>Domestic bonds</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"±3.5"}'>±3.5%p</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"±5.0"}'>±5.0%p</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Overseas bonds"}'>Overseas bonds</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"±0.5"}'>±0.5%p</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"±1.0"}'>±1.0%p</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Domestic stocks"}'><strong>Domestic stocks</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"±2.0"}'><strong>±3.0%p</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"±3.0"}'><strong>±2.0%p</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Overseas stocks"}'>Overseas stocks</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"±1.0"}'>±1.0%p</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"±1.0"}'>±1.0%p</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Alternative"}'>Alternative</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"±1.2"}'>±1.2%p</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"±1.2"}'>±1.2%p</td>
</tr>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"Source: Korea NPS"}'>Source: Korea NPS</td></tr>
</tbody>
</table><div>
<p>As of January this year, the actual weight is 21%, 4.2% over the target of 16.8%.</p>
<table class="table table-striped">
<colgroup>
<col width="200">
<col width="200">
<col width="200">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"NPS local equity weight"}'>NPS local equity weight</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"FY2020 yearend"}'>FY2020 yearend</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"FY2021 Jan"}'>FY2021 Jan</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Target"}'>Target</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.173}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>17.30%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.168}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>16.80%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Actual"}'>Actual</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.212}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>21.20%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.21}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>21.00%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Excess %"}'>- Excess %</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.03900000000000001}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[-1]C[0]-R[-2]C[0]">3.90%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.04199999999999998}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[-1]C[0]-R[-2]C[0]">4.20%</td>
</tr>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"Source: SED"}'>Source: SED</td></tr>
</tbody>
</table>
<p>It was under SAA ±2.0%p and TAA ±3.0%p.</p>
<p>Assuming the SAA ±2.0%p being filled up, the TAA was filled up at 73% (2.2%p of the 3%p limit).</p>
<p>Now with the SAA extended up to 3%p, 73% of the 2%p room comes at 1.5%p.</p>
<p><strong>Assuming the SAA is filled up and the TAA still stays at the same 73%, the NPS can raise the local equity weight by 0.3%p, which translates into ₩0.5T worth of immediately available funds for additional local equity buying.</strong></p>
<p><em>* The local equity holding totaled ₩180T as of Jan 2021. The NPS owns 6.95% of KOSPI and KOSDAQ combined and 8.24% of KOSPI.</em></p>
<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"(₩T) - as of Jan 2021"}'>(₩T) - as of Jan 2021</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Amount"}'>Amount</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Weight"}'>Weight</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total assets"}'>Total assets</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":855.3}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>855.3</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1}' data-sheets-numberformat='[null,3,"0.00%",1]'>100.00%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Financial investment"}'>Financial investment</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":854.1}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>854.1</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.999}' data-sheets-numberformat='[null,3,"0.00%",1]'>99.90%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Domestic equity"}'><strong>Domestic equity</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":180}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'><strong>180.0</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.21}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>21.00%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Overseas equity"}'>Overseas equity</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":201.3}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>201.3</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.235}' data-sheets-numberformat='[null,3,"0.00%",1]'>23.50%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Domestic bonds"}'>Domestic bonds</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":330.9}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>330.9</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.387}' data-sheets-numberformat='[null,3,"0.00%",1]'>38.70%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Overseas bonds"}'>Overseas bonds</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":47.6}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>47.6</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.056}' data-sheets-numberformat='[null,3,"0.00%",1]'>5.60%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Alternative"}'>Alternative</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":92.2}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>92.2</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.108}' data-sheets-numberformat='[null,3,"0.00%",1]'>10.80%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Short-term liquidity"}'>Short-term liquidity</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2.1}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>2.1</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.002}' data-sheets-numberformat='[null,3,"0.00%",1]'>0.20%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Other"}'>Other</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>1.0</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.001}' data-sheets-numberformat='[null,3,"0.00%",1]'>0.10%</td>
</tr>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"Source: Korea NPS"}'>Source: Korea NPS</td></tr>
</tbody>
</table>
<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"(₩T)"}'>(₩T)</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"KOSPI"}'>KOSPI</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"KOSDAQ"}'>KOSDAQ</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Number of companies"}'>Number of companies</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":805}'>805</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1496}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>1,496</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Number of constituents "}'>Number of constituents</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":923}'>923</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1499}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>1,499</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Market cap"}'>Market cap</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2183.408}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>2,183.4</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":405.1}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>405.1</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Combined"}'>Combined</td>
<td colspan="2" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":2588.508}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula="=R[-1]C[0]+R[-1]C[1]">2,588.5</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Korea NPS"}'>Korea NPS-owned local equity</td>
<td colspan="2" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":180}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula="=R[9]C[0]">180.0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - % of the combined"}'><strong>- % of the combined KOSPI and KOSDAQ</strong></td>
<td colspan="2" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":0.06953812775544832}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[-1]C[0]/R[-2]C[0]"><strong>6.95%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - % of KOSPI"}'><strong>- % of KOSPI</strong></td>
<td colspan="2" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":0.08243992877190154}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[-2]C[0]/R[-4]C[0]"><strong>8.24%</strong></td>
</tr>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table>
</div>

The Korea NPS made it official that it would increase the SAA tolerable band from ±2.0%p to ±3.0%p but reducing the TAA to ±2.0%p to keep the overall tolerable band at ±5.0%p.







SAA &amp; TAA tolerable bands
SAA (strategic asset allocation)
TAA (tactical asset allocation)


Domestic bonds
±3.5%p
±5.0%p


Overseas bonds
±0.5%p
±1.0%p


Domestic stocks
±3.0%p
±2.0%p


Overseas stocks
±1.0%p
±1.0%p


Alternative
±1.2%p
±1.2%p

Source: Korea NPS


As of January this year, the actual weight is 21%, 4.2% over the target of 16.8%.








NPS local equity weight
FY2020 yearend
FY2021 Jan


Target
17.30%
16.80%


Actual
21.20%
21.00%


- Excess %
3.90%
4.20%

Source: SED


It was under SAA ±2.0%p and TAA ±3.0%p.
Assuming the SAA ±2.0%p being filled up, the TAA was filled up at 73% (2.2%p of the 3%p limit).
Now with the SAA extended up to 3%p, 73% of the 2%p room comes at 1.5%p.
Assuming the SAA is filled up and the TAA still stays at the same 73%, the NPS can raise the local equity weight by 0.3%p, which translates into ₩0.5T worth of immediately available funds for additional local equity buying.
* The local equity holding totaled ₩180T as of Jan 2021. The NPS owns 6.95% of KOSPI and KOSDAQ combined and 8.24% of KOSPI.








(₩T) - as of Jan 2021
Amount
Weight


Total assets
855.3
100.00%


Financial investment
854.1
99.90%


Domestic equity
180.0
21.00%


Overseas equity
201.3
23.50%


Domestic bonds
330.9
38.70%


Overseas bonds
47.6
5.60%


Alternative
92.2
10.80%


Short-term liquidity
2.1
0.20%


Other
1.0
0.10%

Source: Korea NPS










(₩T)
KOSPI
KOSDAQ


Number of companies
805
1,496


Number of constituents
923
1,499


Market cap
2,183.4
405.1


Combined
2,588.5


Korea NPS-owned local equity
180.0


- % of the combined KOSPI and KOSDAQ
6.95%


- % of KOSPI
8.24%

Source: KRX




Korea NPS Local Equity Weight Change: Stocks to Be Affected

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<p>For the third month in a row semiconductor revenues have been 14% or more above trend, to set historic records.  This Smartkarma Insight explores this phenomenon and the price dynamic that is driving it.</p>

For the third month in a row semiconductor revenues have been 14% or more above trend, to set historic records.  This Smartkarma Insight explores this phenomenon and the price dynamic that is driving it.

February Semiconductor Revenues Remain Impressively Above Trend

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>For the week from 22-26 March, Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a>, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/yihai-int-l-holding-ltd" target="_blank" data-smartkarma-citation="entities:22803:1" rel="noopener">Yihai Int’L Holding (1579 HK)</a>, <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> and <a href="https://www.smartkarma.com/entities/lenovo-group-ltd" target="_blank" data-smartkarma-citation="entities:13359:1" rel="noopener">Lenovo (992 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a>, <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home Co Ltd (6690 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a> and <a href="https://www.smartkarma.com/entities/china-literature-ltd" target="_blank" data-smartkarma-citation="entities:24388:1" rel="noopener">China Literature (772 HK)</a>. Shorts increased in the Communication Services, Financials, Information Technology and Consumer Discretionary sectors.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/yaskawa-electric-corp" target="_blank" data-smartkarma-citation="entities:2458:1" rel="noopener">Yaskawa Electric (6506 JP)</a>, <a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a> and <a href="https://www.smartkarma.com/entities/peptidream-inc" target="_blank" data-smartkarma-citation="entities:13514:1" rel="noopener">Peptidream Inc (4587 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/takeda-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:11747:1" rel="noopener">Takeda Pharmaceutical (4502 JP)</a>, <a href="https://www.smartkarma.com/entities/monex-group-inc" target="_blank" data-smartkarma-citation="entities:14211:1" rel="noopener">Monex Group Inc (8698 JP)</a>, <a href="https://www.smartkarma.com/entities/pan-pacific-international-holdings-corporation" target="_blank" data-smartkarma-citation="entities:13475:1" rel="noopener">Pan Pacific International Holdings (7532 JP)</a>, <a href="https://www.smartkarma.com/entities/nexon-co-ltd" target="_blank" data-smartkarma-citation="entities:16032:1" rel="noopener">Nexon (3659 JP)</a> and <a href="https://www.smartkarma.com/entities/mizuho-financial-group-inc" target="_blank" data-smartkarma-citation="entities:219:1" rel="noopener">Mizuho Financial Group (8411 JP)</a>. Shorts increased in the Industrials sectors, and decreased in the Financials, Communication Services and Health Care sectors.</p></div><div><p>In Korea, shorts decreased on <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a>, <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>, <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>, <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 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> during the week. </p></div><div><p>Stocks in Taiwan 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/pegatron-corp" target="_blank" data-smartkarma-citation="entities:12852:1" rel="noopener">Pegatron Corp (4938 TT)</a>, <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a> and <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/unimicron-technology-corp" target="_blank" data-smartkarma-citation="entities:18778:1" rel="noopener">Unimicron Technology (3037 TT)</a>, <a href="https://www.smartkarma.com/entities/elite-semiconductor-memory" target="_blank" data-smartkarma-citation="entities:9373:1" rel="noopener">Elite Semiconductor Memory (3006 TT)</a>, <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" data-smartkarma-citation="entities:6704:1" rel="noopener">AU Optronics (2409 TT)</a> and <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 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.For the week from 22-26 March, Hong Kong saw shorts rise on Baidu (9888 HK), Tencent Holdings (700 HK), Yihai Int’L Holding (1579 HK), Kuaishou Technology (1024 HK) and Lenovo (992 HK) while there was short covering on Meituan (3690 HK), Sino Biopharmaceutical (1177 HK), Haier Smart Home Co Ltd (6690 HK), JD.com Inc. (9618 HK) and China Literature (772 HK). Shorts increased in the Communication Services, Financials, Information Technology and Consumer Discretionary sectors.In Japan, stocks that saw the most shorts were Yaskawa Electric (6506 JP), BASE Inc (4477 JP), Toshiba Corp (6502 JP), Aeon Co Ltd (8267 JP) and Peptidream Inc (4587 JP) while shorts decreased on Takeda Pharmaceutical (4502 JP), Monex Group Inc (8698 JP), Pan Pacific International Holdings (7532 JP), Nexon (3659 JP) and Mizuho Financial Group (8411 JP). Shorts increased in the Industrials sectors, and decreased in the Financials, Communication Services and Health Care sectors.In Korea, shorts decreased on Celltrion Inc (068270 KS), Samsung Biologics Co., (207940 KS), Samsung Electronics (005930 KS), SK Hynix (000660 KS) and Hyundai Motor Co (005380 KS) during the week. Stocks in Taiwan that saw the highest increase in shorts were Largan Precision (3008 TT), Pegatron Corp (4938 TT), Yageo Corporation (2327 TT) and Novatek Microelectronics Corp (3034 TT) while shorts were covered on Unimicron Technology (3037 TT), Elite Semiconductor Memory (3006 TT), AU Optronics (2409 TT) and TSMC (2330 TT). 

Asia Short Interest: Baidu, Kuaishou, Smoore, Yaskawa, BASE, Toshiba, Celltrion, Samsung, Largan

<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>There was no report from the SFC this week since Friday was a holiday. The report should be published on Wednesday when markets reopen. For the week from 29 March - 1 April, the highest shorts in notional terms were on <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/tracker-fund-of-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:29257:1" rel="noopener">Tracker Fund of Hong Kong Ltd (2800 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/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a>. </p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/gmo-payment-gateway-inc" target="_blank" data-smartkarma-citation="entities:1492:1" rel="noopener">GMO Payment Gateway (3769 JP)</a>, <a href="https://www.smartkarma.com/entities/freee-kk" target="_blank" data-smartkarma-citation="entities:28424:1" rel="noopener">freee (4478 JP)</a> and <a href="https://www.smartkarma.com/entities/sanken-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:6073:1" rel="noopener">Sanken Electric (6707 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, <a href="https://www.smartkarma.com/entities/japan-airport-terminal-co" target="_blank" data-smartkarma-citation="entities:18034:1" rel="noopener">Japan Airport Terminal Co (9706 JP)</a>, <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-lease-finance" target="_blank" data-smartkarma-citation="entities:1467:1" rel="noopener">Mitsubishi UFJ Lease &amp; Finance (8593 JP)</a>, <a href="https://www.smartkarma.com/entities/change-inc" target="_blank" data-smartkarma-citation="entities:27414:1" rel="noopener">Change Inc (3962 JP)</a> and <a href="https://www.smartkarma.com/entities/benext-group" target="_blank" data-smartkarma-citation="entities:17685:1" rel="noopener">BeNEXT Group (2154 JP)</a>. Shorts increased in the Information Technology and Indsutrials sectors, and decreased in the the Energy sector.</p></div><div><p>In Korea, short 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>, <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a>, <a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp (035420 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> while shorts decreased on <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a>, <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>, <a href="https://www.smartkarma.com/entities/netmarble-corporation" target="_blank" data-smartkarma-citation="entities:22839:1" rel="noopener">Netmarble Corporation (251270 KS)</a> and <a href="https://www.smartkarma.com/entities/posco-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:12421:1" rel="noopener">Posco Chemical Co Ltd (003670 KS)</a>. </p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/inventec-corp" target="_blank" data-smartkarma-citation="entities:20856:1" rel="noopener">Inventec Corp (2356 TT)</a>, <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/richwave-technology-corp" target="_blank" data-smartkarma-citation="entities:18629:1" rel="noopener">Richwave Technology (4968 TT)</a> and <a href="https://www.smartkarma.com/entities/asia-cement-corp" target="_blank" data-smartkarma-citation="entities:15350:1" rel="noopener">Asia Cement (1102 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a>, <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a> and <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" data-smartkarma-citation="entities:6704:1" rel="noopener">AU Optronics (2409 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.There was no report from the SFC this week since Friday was a holiday. The report should be published on Wednesday when markets reopen. For the week from 29 March - 1 April, the highest shorts in notional terms were on Tencent Holdings (700 HK), Tracker Fund of Hong Kong Ltd (2800 HK), Ping An Insurance (H) (2318 HK), Meituan (3690 HK) and Baidu (9888 HK). In Japan, stocks that saw the most shorts were BASE Inc (4477 JP), Toshiba Corp (6502 JP), GMO Payment Gateway (3769 JP), freee (4478 JP) and Sanken Electric (6707 JP) while shorts decreased on ENEOS Holdings (5020 JP), Japan Airport Terminal Co (9706 JP), Mitsubishi UFJ Lease &amp; Finance (8593 JP), Change Inc (3962 JP) and BeNEXT Group (2154 JP). Shorts increased in the Information Technology and Indsutrials sectors, and decreased in the the Energy sector.In Korea, short increased on Samsung Electronics (005930 KS), SK Hynix (000660 KS), Naver Corp (035420 KS) and Hyundai Motor Co (005380 KS) while shorts decreased on Celltrion Inc (068270 KS), Samsung Biologics Co., (207940 KS), Netmarble Corporation (251270 KS) and Posco Chemical Co Ltd (003670 KS). Stocks in Taiwan that saw the highest increase in shorts were Inventec Corp (2356 TT), Yageo Corporation (2327 TT), Richwave Technology (4968 TT) and Asia Cement (1102 TT) while shorts were covered on TSMC (2330 TT), Mediatek Inc (2454 TT), United Microelectronics Corp (2303 TT) and AU Optronics (2409 TT). 

Asia Short Interest: Tencent, Ping An, Baidu, BASE, Toshiba, GMO Payment, BeNext, Inventec, Mediatek

Equity Bottom-Up

<p>Micron Technology's March 31 second-fiscal-quarter earnings call told not only of a strong recent quarter, but of a very positive outlook for the next several quarters as the DRAM market is experiencing a growing shortage and the NAND flash market seems to be going into balance.</p>

Micron Technology's March 31 second-fiscal-quarter earnings call told not only of a strong recent quarter, but of a very positive outlook for the next several quarters as the DRAM market is experiencing a growing shortage and the NAND flash market seems to be going into balance.

Micron 2QF21: Everything's Good and Getting Even Better

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (005930 KS)

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Micron 2QF21: Everything's Good and Getting Even Better

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Jim Handy

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