Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Ecopro’s PRS: KRW 700bn, 2-year, BM shares underlying, 5.85% coupon; SK’s July PRS was bigger (KRW 1.4tn, 3-year, 4.3%), same payoff mechanics.</li>
<li>Watch for hedge-flow side trades: Ecopro’s KRW 700bn PRS on BM shares should mirror SKI’s setup, likely triggering a noticeable pop when the primary buyer hedges.</li>
<li>PRS likely hits Sept 24–25; Mirae Asset leads. Be ready to catch flow-driven whipsaws from local institutions around execution.</li>
</ul>


Ecopro’s PRS: KRW 700bn, 2-year, BM shares underlying, 5.85% coupon; SK’s July PRS was bigger (KRW 1.4tn, 3-year, 4.3%), same payoff mechanics.
Watch for hedge-flow side trades: Ecopro’s KRW 700bn PRS on BM shares should mirror SKI’s setup, likely triggering a noticeable pop when the primary buyer hedges.
PRS likely hits Sept 24–25; Mirae Asset leads. Be ready to catch flow-driven whipsaws from local institutions around execution.


Side Flow Trade Opportunity from the PRS Deal: Timing the Ecopro BM Buy Flow

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>On 11 August, SKC Co Ltd (011790 KS) announced that it will issue exchangeable bonds (EB) worth 125 billion won.</li>
<li>The exchange price is 114,714 won, which is a 14% premium to the reference stock price calculated based on the market price.</li>
<li>We are Negative on SKC's EB issue of 125 billion won which is likely to put a negative sentiment on its share price.</li>
</ul>


On 11 August, SKC Co Ltd (011790 KS) announced that it will issue exchangeable bonds (EB) worth 125 billion won.
The exchange price is 114,714 won, which is a 14% premium to the reference stock price calculated based on the market price.
We are Negative on SKC's EB issue of 125 billion won which is likely to put a negative sentiment on its share price.


SKC: Plans to Issue EB Worth 125 Billion Won

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 foreign holdings of KRX stocks as of Aug 1st. The aggregated holding was USD626.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,003mln. 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 changes of foreign holdings in Samsung Electronics, Hanwha Ocean, Hyundai Motor, NAVER, Samsung H.I..</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 1st. The aggregated holding was USD626.1bn.
We estimate that foreign flows to be inflows of USD2,003mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics, Hanwha Ocean, Hyundai Motor, NAVER, Samsung H.I..


KRX Foreign Holding Weekly (Aug 1st): Samsung Electronics, Hanwha Ocean, Hyundai Motor, NAVER

Cross Asset Strategy

<ul>
<li>In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the two weeks (1 to 15 August 2025).</li>
<li>Hanwha Ocean (042660 KS) is up 46% in the past two weeks. It is the top performing stock in KOSPI in this period, as one of the top Korean shipbuilders. </li>
<li>Top 10 picks in this bi-weekly include Kangwon Land, Hanil Cement, LG Uplus, Hyundai Elevator, Samsung Electronics, Hyundai Rotem, KT&amp;G, HD Hyundai Heavy Industries, SM Entertainment, and LG Energy Solution. </li>
</ul>


In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the two weeks (1 to 15 August 2025).
Hanwha Ocean (042660 KS) is up 46% in the past two weeks. It is the top performing stock in KOSPI in this period, as one of the top Korean shipbuilders. 
Top 10 picks in this bi-weekly include Kangwon Land, Hanil Cement, LG Uplus, Hyundai Elevator, Samsung Electronics, Hyundai Rotem, KT&amp;G, HD Hyundai Heavy Industries, SM Entertainment, and LG Energy Solution. 


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (1 to 15 August 2025)

<ul>
<li>On 30 July, SK Innovation (096770 KS) announced that it plans to merge its subsidiaries SK On and SK Enmove. The merged company will be launched on 1 November.</li>
<li><strong>SK Group has announced a massive 8 trillion won capital raise plan involving this deal including paid-in capital increase of 2 trillion won for SK Innovation and SK On each. </strong></li>
<li>We provide three major reasons why we are negative on this merger/capital raise. </li>
</ul>


On 30 July, SK Innovation (096770 KS) announced that it plans to merge its subsidiaries SK On and SK Enmove. The merged company will be launched on 1 November.
SK Group has announced a massive 8 trillion won capital raise plan involving this deal including paid-in capital increase of 2 trillion won for SK Innovation and SK On each. 
We provide three major reasons why we are negative on this merger/capital raise. 


A Merger Between SK On and SK Enmove + A Massive 8 Trillion Won in Capital Raise

South Korea

SK Holdings Co., Ltd. is a holdings company that is engaged in various industries including energy, chemicals, information technology, semiconductors, marketing, and services businesses in South Korea and internationally.

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SK Inc (034730 KS)

Side Flow Trade Opportunity from the PRS Deal: Timing the Ecopro BM Buy Flow

This post highlights a side flow trade opportunity stemming from the PRS deal, with a focus on strategically timing the Ecopro BM buy flow to...

Sanghyun Park

SKC: Plans to Issue EB Worth 125 Billion Won

We are Negative on SKC's EB issue of 125 billion won which is likely to put a negative sentiment on its share price. Valuations are unattractive.

Douglas Kim

KRX Foreign Holding Weekly (Aug 1st): Samsung Electronics, Hanwha Ocean, Hyundai Motor, NAVER

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Hanwha Ocean, Hyundai Motor,...

Ke Yan, CFA, FRM

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (1 to 15 August 2025)

Top 10 picks in this bi-weekly include Kangwon Land, Hanil Cement, LG Uplus, Hyundai Elevator, Samsung Electronics, Hyundai Rotem, KT&G, HD HHI, SM...

Douglas Kim

A Merger Between SK On and SK Enmove + A Massive 8 Trillion Won in Capital Raise

SK Innovation announced that it plans to merge its subsidiaries SK On and SK Enmove.We provide three major reasons why we are Negative on this...

Douglas Kim

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