Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

Event-Driven

<ul>
<li>
<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> was rather stingy with their capital returns after a stellar 2021</li>
<li>The longer term capital commitment plan of its 2 largest holdings gives a higher indication that M&amp;A should be coming</li>
<li>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> and <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> account for nearly 30% of KOSPI weight.  Talk about big fish small puddle</li>
</ul>



Samsung Electronics (005930 KS) was rather stingy with their capital returns after a stellar 2021
The longer term capital commitment plan of its 2 largest holdings gives a higher indication that M&amp;A should be coming

LG Energy Solution (373220 KS) and Samsung Electronics (005930 KS) account for nearly 30% of KOSPI weight.  Talk about big fish small puddle


Will Samsung Get EV Envy from LG Energy Solution Listing?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Korean EV battery unit play <a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> briefly doubled on its debut yesterday before closing 65.8% higher. </li>
<li>Following that gain, LG Energy is now the second-largest company in KOSPI after <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>.</li>
<li>
<a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a> has given back all its gains from earlier this month, and currently trades at ~60% discount to NAV. </li>
</ul>


Korean EV battery unit play LG Energy Solution (373220 KS) briefly doubled on its debut yesterday before closing 65.8% higher. 
Following that gain, LG Energy is now the second-largest company in KOSPI after Samsung Electronics (005930 KS).

LG Chem Ltd (051910 KS) has given back all its gains from earlier this month, and currently trades at ~60% discount to NAV. 


LG Chem: Still Cheap After LG Energy's Big Debut

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.

<ul>
<li>The LG Energy listing will likely distort the overall market flow. One is replacement trading with LG Chem in the local battery ETFs.
</li>
<li>One sure thing is that KODEX and TIGER will do this replacement trading. And these ETF operators will reportedly conduct it for three trading days from February 9-11. 
</li>
<li>LG Chem has recently undergone a significant share price correction, this amount of passive outflow is highly likely to directly impact share price movement during the 3-day rebalancing trading window. 
</li>
</ul>


The LG Energy listing will likely distort the overall market flow. One is replacement trading with LG Chem in the local battery ETFs.

One sure thing is that KODEX and TIGER will do this replacement trading. And these ETF operators will reportedly conduct it for three trading days from February 9-11. 

LG Chem has recently undergone a significant share price correction, this amount of passive outflow is highly likely to directly impact share price movement during the 3-day rebalancing trading window. 



Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

LG Energy Solution / Equity Capital Markets

<ul>
<li>LG Energy Solutions priced its IPO at the top of the range amid massive oversubscription numbers. </li>
<li>If anything it was slightly surprising that pricing was not raised above the range. </li>
<li>Nevertheless, we feel prospects here are mixed even if slightly tilted positive.</li>
</ul>


LG Energy Solutions priced its IPO at the top of the range amid massive oversubscription numbers. 
If anything it was slightly surprising that pricing was not raised above the range. 
Nevertheless, we feel prospects here are mixed even if slightly tilted positive.


LG Energy IPO – What to Watch Leading Into Listing Day

<ul>
<li>Foreign institutions received 60% of the total institutional allocation. They only accounted for 0.58% of the orders applied. Many of these are large foreign institutions with long-term holding tendencies.</li>
<li>The fact that they rarely make lockup pledges due to internal policies is in line with LG Energy's need for an immediate float rate of 10% while having long-term investors.</li>
<li>As a result, the nominal float rate is 8.85%. quite exquisite results as it is just enough to satisfy KOSPI 200's 10% minimum float rate rule.</li>
</ul>


Foreign institutions received 60% of the total institutional allocation. They only accounted for 0.58% of the orders applied. Many of these are large foreign institutions with long-term holding tendencies.
The fact that they rarely make lockup pledges due to internal policies is in line with LG Energy's need for an immediate float rate of 10% while having long-term investors.
As a result, the nominal float rate is 8.85%. quite exquisite results as it is just enough to satisfy KOSPI 200's 10% minimum float rate rule.


LG Energy Allocation Results: Immediate Float Confirmed at 8.8%

South Korea

LG Chem Ltd. is a chemical manufacturer. The Company's products include petrochemicals, plastic resins, and engineering plastics. LG Chem also produces industrial and electronic materials.

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LG Chem (051915 KS)

Will Samsung Get EV Envy from LG Energy Solution Listing?

Does LG Energy Solution listing force Samsung Electronics to make a M&A decision sooner versus later? Lot of ego at stake and Samsung did say at...

Ken S. Kim

LG Chem: Still Cheap After LG Energy's Big Debut

Go outright long in L Chem or hedge against a basket of domestic chemical peers. LGES won't be shortable until the 11 March.

David Blennerhassett

LG Chem Passive Outflow Summary

The LG Energy listing will likely distort the overall market flow. One is replacement trading with LG Chem in the local battery ETFs. This post...

Sanghyun Park

LG Energy IPO – What to Watch Leading Into Listing Day

LG Energy Solutions priced its IPO at the top of the range amid massive oversubscription numbers. Nevertheless, we feel prospects here are mixed...

Mio Kato

LG Energy Allocation Results: Immediate Float Confirmed at 8.8%

LG Energy's immediate float rate (on the listing day) and allocation results are officially out. This post details the results and explains what...

Sanghyun Park

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