Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<p><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> reported its 3Q 2021 results today. The company generated sales of 10.6 trillion won (up 41.4% YoY and 6.0% lower than the consensus) and operating profit of 726.6 billion won (down 19.6% YoY and 29.6% lower than the consensus). </p><p>Although LG Chem's results were stagnant in 3Q 2021, its results are likely to improve materially in 4Q 2021. The consensus currently estimates LG Chem to generate sales of 11.7 trillion won (up 31% YoY) and an operating profit of 1.2 trillion won (up 925% YoY) in 4Q 2021.</p><p>LG Chem also announced <strong><a href="https://www.chosun.com/economy/industry-company/2021/10/25/5V5L3Z7LONEFPBUA3TKQNRYS7M/?utm_source=naver&amp;utm_medium=referral&amp;utm_campaign=naver-news" target="_blank" rel="noopener">Kwon Young-Soo</a> as the new CEO for LG Energy Solution</strong> today. Kwon Young-Soo is currently the Vice Chairman and the Chief Operating Officer (COO) of <a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550 KS)</a>. Having worked in various companies of the LG Group for nearly 42 years, clearly Kwon Young-Soo shown a lot of loyalty to the LG Group. In addition, he has proven record of successfully leading numerous LG Group businesses. Overall, we believe that the market will have a positive view of the decision to put Kwon Young-Soo as the CEO of LG Energy Solution.</p><p>At this point, it appears that the higher probability of an IPO for LG Energy Solution is sometime in 1Q 2022, rather than in November/December 2021. LG and GM have settled on a <a href="https://www.reuters.com/article/businessNews/idUSKBN2HF0EO" target="_blank" rel="noopener">$2 billion cost</a> related to the Bolt recall earlier this month, paving the way for an IPO in the next several months.</p>

LG Chem Ltd (051910 KS) reported its 3Q 2021 results today. The company generated sales of 10.6 trillion won (up 41.4% YoY and 6.0% lower than the consensus) and operating profit of 726.6 billion won (down 19.6% YoY and 29.6% lower than the consensus). Although LG Chem's results were stagnant in 3Q 2021, its results are likely to improve materially in 4Q 2021. The consensus currently estimates LG Chem to generate sales of 11.7 trillion won (up 31% YoY) and an operating profit of 1.2 trillion won (up 925% YoY) in 4Q 2021.LG Chem also announced Kwon Young-Soo as the new CEO for LG Energy Solution today. Kwon Young-Soo is currently the Vice Chairman and the Chief Operating Officer (COO) of LG Corp (003550 KS). Having worked in various companies of the LG Group for nearly 42 years, clearly Kwon Young-Soo shown a lot of loyalty to the LG Group. In addition, he has proven record of successfully leading numerous LG Group businesses. Overall, we believe that the market will have a positive view of the decision to put Kwon Young-Soo as the CEO of LG Energy Solution.At this point, it appears that the higher probability of an IPO for LG Energy Solution is sometime in 1Q 2022, rather than in November/December 2021. LG and GM have settled on a $2 billion cost related to the Bolt recall earlier this month, paving the way for an IPO in the next several months.

LG Chem - Major Highlights of 3Q 2021 Earnings & A New CEO for LG Energy Solution

<div class="content-highlight">
<p>In this insight, we provide an updated SoTP valuation analysis on <a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550 KS)</a>. We have a positive view of this stock. Our base case valuation analysis suggests an implied price of 131,911 won per share, representing a 41% upside from current levels.</p>
<p>After much delay, the IPO of LG Energy Solution could finally occur in the next several months and this may be the largest ever IPO in Korea. The IPO of LG Energy Solution could be a key catalyst for <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> and <a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550 KS)</a> in the coming weeks. </p>
</div><p>In addition to its deep discount versus its NAV, there are also four key catalysts for the company which are as follows:</p><ul style="list-style-type: disc;">
<li>IPO of LG Energy Solutions</li>
<li>Potential for higher dividends</li>
<li>Improvement in balance sheet &amp; potential for higher share buybacks</li>
<li>Rising foreign ownership</li>
</ul>


In this insight, we provide an updated SoTP valuation analysis on LG Corp (003550 KS). We have a positive view of this stock. Our base case valuation analysis suggests an implied price of 131,911 won per share, representing a 41% upside from current levels.
After much delay, the IPO of LG Energy Solution could finally occur in the next several months and this may be the largest ever IPO in Korea. The IPO of LG Energy Solution could be a key catalyst for LG Chem Ltd (051910 KS) and LG Corp (003550 KS) in the coming weeks. 
In addition to its deep discount versus its NAV, there are also four key catalysts for the company which are as follows:
IPO of LG Energy Solutions
Potential for higher dividends
Improvement in balance sheet &amp; potential for higher share buybacks
Rising foreign ownership


LG Corp: SoTP Valuation Analysis Update + Four Key Catalysts

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>There is a lot of confusion about LG and GM's recall cost-sharing.</p><div class="content-highlight"><p><strong>First, in a press release on the afternoon today (October 12), LG announced that it had reached an agreement on the recall cost with GM. And as a result of this, it said that it would resume the IPO of LG Energy Solutions.</strong></p></div><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/234/740/original/11.png?1634049744" class="editor-image img-responsive" data-smartkarma-image-id="234740"></figure></section><div class="content-caption">(Source: Bloter.net)</div><p><strong>The details revealed in the press release are just that. It did not disclose the total cost of the recall and how much LG would have to pay.</strong></p><div class="content-highlight"><p><strong>Immediately after the press release, LG Chem and LG Electronics disclosed the size of the provision to be reflected in the third quarter through regulatory filings.</strong></p></div><p>LG Energy Solutions said it would reflect ₩620B in recall provision in the third quarter, bringing the total to <strong>₩711B. </strong>It already reflected ₩91 billion in recall provisions in the second quarter of this year.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/234/725/original/2.png?1634042675" class="editor-image img-responsive" data-smartkarma-image-id="234725"></figure><p>Similarly, in a separate regulatory filing, LG Electronics said that it would reflect ₩480B in recall provision in the third quarter. As a result, its total recall provision becomes <strong>₩715B</strong> as it already reflected a provision of ₩235B in the second quarter.</p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/234/730/original/4.png?1634046194" class="editor-image img-responsive" data-smartkarma-image-id="234730"></figure></section><div class="content-highlight"><p><strong>So, this afternoon, local media started reporting that the total amount LG has to pay is about ₩1.42T. It is not the total amount confirmed by LG, but an estimate based on the provisioning size disclosed through regulatory filings.</strong></p></div></section><p>It is 2/3 of the total provisioning set by GM in early August. That <em><strong>implies</strong></em> LG will share the cost with GM roughly at a 7:3 ratio. The overall provisioning level did not deviate from the market expectations. The share ratio was also at a level of 7:3, which was the share ratio for the previous recall case with Hyundai Motor. So it could be seen that ₩1.42T met the market expectations. As a result, LG Chem closed +4.19% today, and LG Electronics also closed +3.33%.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"LG &amp; GM recall cost structure"}'>LG &amp; GM recall cost structure</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Target vehicle"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}'>Target vehicle</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Target number"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}'>Target number</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Recall cost (USD)"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}'>Recall cost (USD)</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Recall cost (KRW)"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}'>Recall cost (KRW) at today's currency rate</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1st recall"}'>1st recall</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"2019-2022 Chevrolet Bolt"}'>2017-2019 Chevrolet Bolt</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":68600}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>68,600</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.8}' data-sheets-numberformat='{"1":2,"2":"$#,##0.0B","3":1}'>$0.8B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":957.2960000000002}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}' data-sheets-formula='=R[0]C[-1]*googlefinance("CURRENCY:USDKRW")'>₩957.3B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2nd recall"}'>2nd recall</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"2017-2019 Chevrolet Bolt"}'>2019-2022 Chevrolet Bolt</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":73000}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>73,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1}' data-sheets-numberformat='{"1":2,"2":"$#,##0.0B","3":1}'>$1.0B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1196.6200000000001}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}' data-sheets-formula='=R[0]C[-1]*googlefinance("CURRENCY:USDKRW")'>₩1,196.6B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total"}'>Total</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.8}' data-sheets-numberformat='{"1":2,"2":"$#,##0.0B","3":1}' data-sheets-formula="=sum(R[-2]C[0]:R[-1]C[0])">$1.8B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2153.916}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}' data-sheets-formula="=SUM(R[-2]C[0]:R[-1]C[0])">₩2,153.9B</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr>
<td><strong>: What LG pays</strong></td>
<td style="text-align: right;"></td>
<td style="text-align: right;"></td>
<td style="text-align: right;"></td>
<td style="text-align: right;"><strong>₩1,420.0B (about two-thirds of the total provisions set by GM)</strong></td>
</tr>
<tr><td colspan="5" data-sheets-value='{"1":2,"2":"Source: LG Chem &amp; DART"}'>Source: LG Chem &amp; DART</td></tr>
</tbody>
</table><hr><p><em>By the way, LG also said that the cost payment ratio between LG Energy Solution and LG Electronics will be confirmed again later. Until they prove the exact responsibility ratio between the two, ₩710~715B, the median of the total estimated cost, was set as a provision for each according to the rational estimation principle. </em></p>

There is a lot of confusion about LG and GM's recall cost-sharing.First, in a press release on the afternoon today (October 12), LG announced that it had reached an agreement on the recall cost with GM. And as a result of this, it said that it would resume the IPO of LG Energy Solutions.(Source: Bloter.net)The details revealed in the press release are just that. It did not disclose the total cost of the recall and how much LG would have to pay.Immediately after the press release, LG Chem and LG Electronics disclosed the size of the provision to be reflected in the third quarter through regulatory filings.LG Energy Solutions said it would reflect ₩620B in recall provision in the third quarter, bringing the total to ₩711B. It already reflected ₩91 billion in recall provisions in the second quarter of this year.Similarly, in a separate regulatory filing, LG Electronics said that it would reflect ₩480B in recall provision in the third quarter. As a result, its total recall provision becomes ₩715B as it already reflected a provision of ₩235B in the second quarter.
So, this afternoon, local media started reporting that the total amount LG has to pay is about ₩1.42T. It is not the total amount confirmed by LG, but an estimate based on the provisioning size disclosed through regulatory filings.It is 2/3 of the total provisioning set by GM in early August. That implies LG will share the cost with GM roughly at a 7:3 ratio. The overall provisioning level did not deviate from the market expectations. The share ratio was also at a level of 7:3, which was the share ratio for the previous recall case with Hyundai Motor. So it could be seen that ₩1.42T met the market expectations. As a result, LG Chem closed +4.19% today, and LG Electronics also closed +3.33%.









LG &amp; GM recall cost structure
Target vehicle
Target number
Recall cost (USD)
Recall cost (KRW) at today's currency rate


1st recall
2017-2019 Chevrolet Bolt
68,600
$0.8B
₩957.3B


2nd recall
2019-2022 Chevrolet Bolt
73,000
$1.0B
₩1,196.6B


Total
-
-
$1.8B
₩2,153.9B



: What LG pays



₩1,420.0B (about two-thirds of the total provisions set by GM)

Source: LG Chem &amp; DART

By the way, LG also said that the cost payment ratio between LG Energy Solution and LG Electronics will be confirmed again later. Until they prove the exact responsibility ratio between the two, ₩710~715B, the median of the total estimated cost, was set as a provision for each according to the rational estimation principle. 

LG-GM Battery Recall: A Lot of Confusion & Clarifications Based on the Latest WSJ Report

Equity Capital Markets

LG Energy Solution / Equity Capital Markets

<p>In this insight, we provide an update on the <strong>LG Energy Solution IPO. </strong>There have been some concerns that this IPO could get delayed until next year. However, there are increasing signs that suggest that the IPO of LG Energy Solution could get completed as early as in December 2021 to February 2022. </p><p>The <a href="https://finance.naver.com/news/news_read.naver?article_id=0003971386&amp;office_id=011&amp;mode=RANK&amp;typ=0" target="_blank" rel="noopener">local media</a> have mentioned that by the end of this month, the LG Chem could release a specific schedule of the IPO of LG Energy Solution. A main hurdle on this IPO has been the cost of battery recall by GM. The IPO of LG Energy Solution will be able to be completed only if there are clear amount of contributions that the LG Energy Solution has to pay to GM and there are clues that this could get cleared up when <strong>LG Chem announces its 3Q 2021 earnings on 25 October. </strong></p><p>LG Chem currently has a market cap of 54 trillion won ($45 billion). The local media have mentioned that the value of LG Energy Solution could be about <a href="https://biz.chosun.com/stock/stock_general/2021/06/08/AHPP333T65HO7MPBGLPMPSMS3Y/?utm_source=naver&amp;utm_medium=original&amp;utm_campaign=biz" target="_blank" rel="noopener">50 trillion won to 100 trillion won.</a><strong>LG Energy Solution is expected to raise more than 10 trillion won in this IPO, which could make this the largest ever IPO in Korea. </strong></p>

In this insight, we provide an update on the LG Energy Solution IPO. There have been some concerns that this IPO could get delayed until next year. However, there are increasing signs that suggest that the IPO of LG Energy Solution could get completed as early as in December 2021 to February 2022. The local media have mentioned that by the end of this month, the LG Chem could release a specific schedule of the IPO of LG Energy Solution. A main hurdle on this IPO has been the cost of battery recall by GM. The IPO of LG Energy Solution will be able to be completed only if there are clear amount of contributions that the LG Energy Solution has to pay to GM and there are clues that this could get cleared up when LG Chem announces its 3Q 2021 earnings on 25 October. LG Chem currently has a market cap of 54 trillion won ($45 billion). The local media have mentioned that the value of LG Energy Solution could be about 50 trillion won to 100 trillion won.LG Energy Solution is expected to raise more than 10 trillion won in this IPO, which could make this the largest ever IPO in Korea. 

LG Energy Solution - The Biggest IPO in 2021 in Korea?

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>Hong Kong saw shorts rise 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/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning (2331 HK)</a>, <a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a>, <a href="https://www.smartkarma.com/entities/dongyue-group-ltd" target="_blank" data-smartkarma-citation="entities:20429:1" rel="noopener">Dongyue Group (189 HK)</a> and <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> while there was short covering on <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 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/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> and <a href="https://www.smartkarma.com/entities/jd-health-international-inc" target="_blank" data-smartkarma-citation="entities:29677:1" rel="noopener">JD Health (6618 HK)</a>. Shorts increased in the Communication Services and Materials sectors while decreasing in the Financials, Information Technology and Health Care sectors.</p></div><div><p>In Japan, stocks increased on <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/sekisui-house-ltd" target="_blank" data-smartkarma-citation="entities:4508:1" rel="noopener">Sekisui House (1928 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/toyo-seikan-group-holdings-l" target="_blank" data-smartkarma-citation="entities:11858:1" rel="noopener">Toyo Seikan Group Holdings L (5901 JP)</a> and <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/money-forward-inc" target="_blank" data-smartkarma-citation="entities:25919:1" rel="noopener">Money Forward (3994 JP)</a>, <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/sbi-holdings-inc" target="_blank" data-smartkarma-citation="entities:10928:1" rel="noopener">SBI Holdings (8473 JP)</a>, <a href="https://www.smartkarma.com/entities/yamaha-corp" target="_blank" data-smartkarma-citation="entities:17841:1" rel="noopener">Yamaha Corp (7951 JP)</a> and <a href="https://www.smartkarma.com/entities/lasalle-logiport-reit" target="_blank" data-smartkarma-citation="entities:22658:1" rel="noopener">Lasalle Logiport REIT (3466 JP)</a>. Shorts increased in most sectors led by the Consumer Discretionary, Industrials, Real Estate, Information Technology and Materials stocks.</p></div><div><p>In Korea, shorts increased on <a href="https://www.smartkarma.com/entities/amorepacific-corp" target="_blank" data-smartkarma-citation="entities:20854:1" rel="noopener">Amorepacific Corp (090430 KS)</a>, <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a>, <a href="https://www.smartkarma.com/entities/hmm-co-ltd" target="_blank" data-smartkarma-citation="entities:13494:1" rel="noopener">HMM Co., Ltd. (011200 KS)</a>, <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> and <a href="https://www.smartkarma.com/entities/shinpoong-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:7296:1" rel="noopener">Shinpoong Pharmaceutical (019170 KS)</a>   while shorts were covered 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/hanwha-solutions" target="_blank" data-smartkarma-citation="entities:8656:1" rel="noopener">Hanwha Solutions (009830 KS)</a>, <a href="https://www.smartkarma.com/entities/kt-corp" target="_blank" data-smartkarma-citation="entities:1112:1" rel="noopener">KT Corp (030200 KS)</a>, <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> and <a href="https://www.smartkarma.com/entities/ncsoft-corp" target="_blank" data-smartkarma-citation="entities:5169:1" rel="noopener">NCSOFT Corp (036570 KS)</a>.</p></div><div><p>In Taiwan, shorts increased on <a href="https://www.smartkarma.com/entities/wan-hai-lines-ltd" target="_blank" data-smartkarma-citation="entities:14262:1" rel="noopener">Wan Hai Lines (2615 TT)</a>, <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/fubon-financial-holding-co" target="_blank" data-smartkarma-citation="entities:11869:1" rel="noopener">Fubon Financial Holding Co (2881 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> 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 covered on <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>, <a href="https://www.smartkarma.com/entities/catcher-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:4957:1" rel="noopener">Catcher Technology (2474 TT)</a>, <a href="https://www.smartkarma.com/entities/focaltech-systems-co-ltd" target="_blank" data-smartkarma-citation="entities:11240:1" rel="noopener">Focaltech Systems (3545 TT)</a>, <a href="https://www.smartkarma.com/entities/nuvoton-technology-corp" target="_blank" data-smartkarma-citation="entities:15913:1" rel="noopener">Nuvoton Technology (4919 TT)</a> and <a href="https://www.smartkarma.com/entities/chailease-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:6579:1" rel="noopener">Chailease Holding (5871 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.Hong Kong saw shorts rise on Meituan (3690 HK), Li Ning (2331 HK), China Merchants Bank H (3968 HK), Dongyue Group (189 HK) and Kuaishou Technology (1024 HK) while there was short covering on Alibaba Group (9988 HK), Ping An Insurance (H) (2318 HK), Sunny Optical (2382 HK), Xiaomi Corp (1810 HK) and JD Health (6618 HK). Shorts increased in the Communication Services and Materials sectors while decreasing in the Financials, Information Technology and Health Care sectors.In Japan, stocks increased on Pan Pacific International Holdings (7532 JP), Sekisui House (1928 JP), Toshiba Corp (6502 JP), Toyo Seikan Group Holdings L (5901 JP) and Canon Inc (7751 JP) while there was short covering on Money Forward (3994 JP), ENEOS Holdings (5020 JP), SBI Holdings (8473 JP), Yamaha Corp (7951 JP) and Lasalle Logiport REIT (3466 JP). Shorts increased in most sectors led by the Consumer Discretionary, Industrials, Real Estate, Information Technology and Materials stocks.In Korea, shorts increased on Amorepacific Corp (090430 KS), Kakao Corp (035720 KS), HMM Co., Ltd. (011200 KS), LG Electronics (066570 KS) and Shinpoong Pharmaceutical (019170 KS)   while shorts were covered on Samsung Electronics (005930 KS), Hanwha Solutions (009830 KS), KT Corp (030200 KS), LG Chem Ltd (051910 KS) and NCSOFT Corp (036570 KS).In Taiwan, shorts increased on Wan Hai Lines (2615 TT), TSMC (2330 TT), Fubon Financial Holding Co (2881 TT), Mediatek Inc (2454 TT) and Novatek Microelectronics Corp (3034 TT)     while shorts covered on United Microelectronics Corp (2303 TT), Catcher Technology (2474 TT), Focaltech Systems (3545 TT), Nuvoton Technology (4919 TT) and Chailease Holding (5871 TT).

Asia Shorts: Meituan, CMB, Li Ning, Sekisui, Toyo Seikan, Toshiba, Kakao, HMM, LGE, Wan Hai, TSMC

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)

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Brian Freitas

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