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

Samsung Fire & Marine Insuranc / Event-Driven

<ul>
<li>Based on last Friday's closing price, <strong>the three stocks with a 20D MA sigma below -1.0 are LG Electronics 1P, Samsung SDI 1P, and Samsung E-M 1P</strong>.</li>
<li>Among the preferred shares with a yearend dividend yield of 5% or higher based on the FnGuide consensus, <strong>Kumho Petro Chemical 1P</strong> has a dividend yield of close to 10%.</li>
<li>
<strong>Four prefs</strong> have a Pref/Ord dividend yield spread of more than 2%p among those with a yearend dividend yield of more than 5%.</li>
</ul>


Based on last Friday's closing price, the three stocks with a 20D MA sigma below -1.0 are LG Electronics 1P, Samsung SDI 1P, and Samsung E-M 1P.
Among the preferred shares with a yearend dividend yield of 5% or higher based on the FnGuide consensus, Kumho Petro Chemical 1P has a dividend yield of close to 10%.

Four prefs have a Pref/Ord dividend yield spread of more than 2%p among those with a yearend dividend yield of more than 5%.


<ul>
<li>If they buy back at equal daily weight, 1P and 2PB will be 0.08x and 0.09x ADTV, respectively. On the other hand, Ord and 3PB will be 0.05x and 0.04x.</li>
<li>I would not recommend trading on the possibility that this buyback will lead to a relative outperformance of 1P or 2PB versus Ord. Rather, I would pay attention to Ord.</li>
<li>I see it as a preemptive action to suppress the shareholder approval costs that may arise in consideration of various merger/spin-off scenarios ahead of the corporate restructuring.</li>
</ul>


If they buy back at equal daily weight, 1P and 2PB will be 0.08x and 0.09x ADTV, respectively. On the other hand, Ord and 3PB will be 0.05x and 0.04x.
I would not recommend trading on the possibility that this buyback will lead to a relative outperformance of 1P or 2PB versus Ord. Rather, I would pay attention to Ord.
I see it as a preemptive action to suppress the shareholder approval costs that may arise in consideration of various merger/spin-off scenarios ahead of the corporate restructuring.


Hyundai Motor Share Buyback: Details & Trading Implications

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<p>In this report, we have crawled through over ten years of technical publications to analyze the <strong>Fuel Cell</strong> space. The top five companies we screen from a technology perspective are <strong><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/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a>, <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>, <a href="https://www.smartkarma.com/entities/general-motors-co" target="_blank" data-smartkarma-citation="entities:18811:1" rel="noopener">General Motors Co (GM US)</a>, and <a href="https://www.smartkarma.com/entities/bloom-energy-corp" target="_blank" data-smartkarma-citation="entities:34062:1" rel="noopener">Bloom Energy Corp (BE US)</a> </strong></p><p>Technologically automakers (Japanese in particular) dominate the fuel cell sector. Among pure plays, <strong><a href="https://www.smartkarma.com/entities/bloom-energy-corp" target="_blank" data-smartkarma-citation="entities:34062:1" rel="noopener">Bloom Energy Corp (BE US)</a></strong> and <strong><a href="https://www.smartkarma.com/entities/ballard-power-systems-inc" target="_blank" data-smartkarma-citation="entities:25813:1" rel="noopener">Ballard Power Systems (BLDP CN)</a></strong> are best positioned and perhaps the only ones who come somewhat close to the auto OEMs from a technology perspective. Some lesser-known private players that have gained traction in technological terms over the last five years are <strong>Dioxide Materials, 24M Technologies, </strong>and<strong> Bayotech.</strong></p><p>Currently, batteries have a decisive advantage over fuel cells, and as a business proposition, fuel cells have so far mostly failed to live up to their technological promise. However, fuel cells using hydrogen generated from renewables offer a much lower environmental impact across their lifecycle. This sustains investor interest in the hope that system price declines, economies of scale, lower cost of renewable energy generation, and maturation as a business could make FC competitive longer term.</p>

In this report, we have crawled through over ten years of technical publications to analyze the Fuel Cell space. The top five companies we screen from a technology perspective are Toyota Motor (7203 JP), Honda Motor (7267 JP), Hyundai Motor Co (005380 KS), General Motors Co (GM US), and Bloom Energy Corp (BE US) Technologically automakers (Japanese in particular) dominate the fuel cell sector. Among pure plays, Bloom Energy Corp (BE US) and Ballard Power Systems (BLDP CN) are best positioned and perhaps the only ones who come somewhat close to the auto OEMs from a technology perspective. Some lesser-known private players that have gained traction in technological terms over the last five years are Dioxide Materials, 24M Technologies, and Bayotech.Currently, batteries have a decisive advantage over fuel cells, and as a business proposition, fuel cells have so far mostly failed to live up to their technological promise. However, fuel cells using hydrogen generated from renewables offer a much lower environmental impact across their lifecycle. This sustains investor interest in the hope that system price declines, economies of scale, lower cost of renewable energy generation, and maturation as a business could make FC competitive longer term.

Stock Ideas From Data Mining Technical Publications: A Look into Fuel Cells

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

SK IE Technology   / Equity Capital Markets

<ul>
<li>SK IE Technology’s (SKIE) shareholder aims to raise around US$430m via selling part of its shareholding.</li>
<li>The deal comes close to the six-month lock-up expiry post listing and hence, there is a high likelihood that the selldown might have been expected.</li>
<li>In this note, we will run the deal through our ECM framework.</li>
</ul>


SK IE Technology’s (SKIE) shareholder aims to raise around US$430m via selling part of its shareholding.
The deal comes close to the six-month lock-up expiry post listing and hence, there is a high likelihood that the selldown might have been expected.
In this note, we will run the deal through our ECM framework.


SK IE Technology Placement - Is Probably Expected

<div><p>Kakao Pay (KP), one of South Korea’s largest payment and financial services apps, raised US$1.3bn in its South Korean IPO. Kakao held a 55% stake prior to listing, with Ant Financial holding the balance 45% stake.</p></div><div><p>We have covered most aspects of the deal in our earlier notes:</p></div><div><ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/kakao-pay-ipo-guided-by-ant-financial-to-be-a-mini-ant" target="_blank" rel="noopener">Kakao Pay IPO - Guided by Ant Financial to be a mini Ant,</a></li>
<li><a href="https://www.smartkarma.com/insights/kakao-pay-ipo-peer-comparison-local-and-international" target="_blank" rel="noopener">Kakao Pay IPO - Peer comparison - local and international, and</a></li>
</ul></div><div><ul style="list-style-type: disc;"><li><a href="https://www.smartkarma.com/insights/kakao-pay-ipo-valuation-and-likely-impact-of-latest-announcement" target="_blank" rel="noopener">Kakao Pay IPO - Valuation and Likely Impact of Latest Announcement</a></li></ul></div><div><ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/kakao-pay-ipo-low-end-still-appear-reasonable-but-stock-will-more-likely-be-driven-by-sentiment" target="_blank" rel="noopener">Kakao Pay IPO - Low-End Still Appear Reasonable but Stock Will More Likely Be Driven by Sentiment</a></li>
<li><a href="https://www.smartkarma.com/insights/kakao-pay-ipo-comparison-with-kakao-bank-and-an-alternate-look-at-valuation" target="_blank" rel="noopener">Kakao Pay IPO - Comparison with Kakao Bank and an Alternate Look at Valuation</a></li>
</ul></div><p>In this note, we will talk about the deal's trading dynamics.</p>

Kakao Pay (KP), one of South Korea’s largest payment and financial services apps, raised US$1.3bn in its South Korean IPO. Kakao held a 55% stake prior to listing, with Ant Financial holding the balance 45% stake.We have covered most aspects of the deal in our earlier notes:
Kakao Pay IPO - Guided by Ant Financial to be a mini Ant,
Kakao Pay IPO - Peer comparison - local and international, and
Kakao Pay IPO - Valuation and Likely Impact of Latest Announcement
Kakao Pay IPO - Low-End Still Appear Reasonable but Stock Will More Likely Be Driven by Sentiment
Kakao Pay IPO - Comparison with Kakao Bank and an Alternate Look at Valuation
In this note, we will talk about the deal's trading dynamics.

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 (005385 KS)

Korea Prefs Yearend Dividend Plays

This post examines and discusses various dividend plays for Korea's preferred shares based on their expected dividend yields as we advance towards...

Sanghyun Park

Stock Ideas From Data Mining Technical Publications: A Look into Fuel Cells

Fuel cells have a place in the green energy market but with poor economics, they have a problem finding where that is. Japanese automakers...

Pyari Menon

SK IE Technology Placement - Is Probably Expected

SK IE Technology’s (SKIE) shareholder aims to raise around US$430m via selling part of its shareholding. The deal is probably expected.

Sumeet Singh

Kakao Pay IPO Trading - Won't Be Chasing

Kakao Pay, one of South Korea’s largest payment and financial services apps, raised around US$1.3bn in its South Korean IPO. Kakao held a 55% stake...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Korea Prefs Yearend Dividend Plays

This post examines and discusses various dividend plays for Korea's preferred shares based on their expected dividend yields as we advance towards...

Sanghyun Park

Hyundai Motor Share Buyback: Details & Trading Implications

I would not recommend trading on the possibility that this buyback will lead to a relative outperformance of 1P or 2PB versus Ord. Rather, I would...

Sanghyun Park

Stock Ideas From Data Mining Technical Publications: A Look into Fuel Cells

Fuel cells have a place in the green energy market but with poor economics, they have a problem finding where that is. Japanese automakers...

Pyari Menon

SK IE Technology Placement - Is Probably Expected

SK IE Technology’s (SKIE) shareholder aims to raise around US$430m via selling part of its shareholding. The deal is probably expected.

Sumeet Singh

Kakao Pay IPO Trading - Won't Be Chasing

Kakao Pay, one of South Korea’s largest payment and financial services apps, raised around US$1.3bn in its South Korean IPO. Kakao held a 55% stake...

Sumeet Singh