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

Kepco Plant Service & Engineering / Event-Driven

<ul>
<li>Nuclear power is a landmark policy that Korea's current administration heavily pushes. In response, the local market has quickly launched nuclear thematic ETFs: KINDEX &amp; HANARO, which got listed today.</li>
<li>Nuclear power is likely to become the next big thing, AUM-wise, similar to the secondary battery-themed ETFs under the former administration.</li>
<li>Since most of these nuclear stocks have significantly smaller market caps than those battery ones, the actual flow impact is likely to be more significant.</li>
</ul>


Nuclear power is a landmark policy that Korea's current administration heavily pushes. In response, the local market has quickly launched nuclear thematic ETFs: KINDEX &amp; HANARO, which got listed today.
Nuclear power is likely to become the next big thing, AUM-wise, similar to the secondary battery-themed ETFs under the former administration.
Since most of these nuclear stocks have significantly smaller market caps than those battery ones, the actual flow impact is likely to be more significant.


Two Nuclear ETFs Listed Today (KINDEX & HANARO): Passive Flow Outlook

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<ul>
<li>Solactive has announced the constituent changes for the Global Uranium &amp; Nuclear Components Index. There are 8 adds and 1 delete with implementation at the close on 4 February.</li>
<li>Prior to the rebalance, <a href="https://www.smartkarma.com/entities/bhp-billiton-plc" target="_blank" data-smartkarma-citation="entities:21840:1" rel="noopener">BHP Billiton (BLT LN)</a> will be deleted at the close on 28 January following Unification with <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group (BHP AU)</a>.</li>
<li>The flows on the stocks are small, but there is a big impact on the inclusions in Australia. <a href="https://www.smartkarma.com/entities/global-x-uranium-etf" target="_blank" data-smartkarma-citation="entities:32107:1" rel="noopener">Global X Uranium ETF (URA US)</a> will buy around 5.5% of float.</li>
</ul>


Solactive has announced the constituent changes for the Global Uranium &amp; Nuclear Components Index. There are 8 adds and 1 delete with implementation at the close on 4 February.
Prior to the rebalance, BHP Billiton (BLT LN) will be deleted at the close on 28 January following Unification with BHP Group (BHP AU).
The flows on the stocks are small, but there is a big impact on the inclusions in Australia. Global X Uranium ETF (URA US) will buy around 5.5% of float.


Solactive Global Uranium & Nuclear Components Index Rebalance: Most Adds in Oz

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>The Czech Republic government is in the final stages of selecting companies to build four nuclear power plants which could cost nearly US$30 billion.</li>
<li>A Korean consortium including KHNP, Doosan Enerbility, KEPCO E&amp;C, and Daewoo E&amp;C is competing mainly against EDF, a French government owned electric utility company. </li>
<li>If the KHNP consortium is able to win this new order, Doosan Enerbility will be a key beneficiary as it will supply the nuclear reactors and steam generators.</li>
</ul>


The Czech Republic government is in the final stages of selecting companies to build four nuclear power plants which could cost nearly US$30 billion.
A Korean consortium including KHNP, Doosan Enerbility, KEPCO E&amp;C, and Daewoo E&amp;C is competing mainly against EDF, a French government owned electric utility company. 
If the KHNP consortium is able to win this new order, Doosan Enerbility will be a key beneficiary as it will supply the nuclear reactors and steam generators.


Doosan Enerbility: A Key Beneficiary of Potential Nuclear Power Projects Win in the Czech Republic

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 short interest of KRX Stocks as of May 3rd which has an aggregated short interest worth USD6.4bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Samsung Electronics, Sk Hynix, Hyundai Motor, Kb Financial.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of May 3rd which has an aggregated short interest worth USD6.4bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Samsung Electronics, Sk Hynix, Hyundai Motor, Kb Financial.


KRX Short Interest Weekly (May 3rd): Samsung Electronics, Sk Hynix, Hyundai Motor, Kb Financial

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Mar 8th which has an aggregated short interest worth USD7.7bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Enchem Co Ltd, and Hmm Co Ltd.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Mar 8th which has an aggregated short interest worth USD7.7bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Enchem Co Ltd, and Hmm Co Ltd.


KRX Short Interest Weekly (Mar 8th): Enchem, Hmm

South Korea

GS Engineering & Construction Corp. contracts civil engineering and architectural works, residential and commercial building constructions, and plant installations.  The Company also builds educational, leisure, distribution, and environmental facilities.

GS Engineering & Construction (006360 KS)

DL Holdings Co., Ltd. provides civil engineering, architectural, and plant construction services. The Company constructs bridges, highways, tunnels, harbors, and governmental buildings. DL also manufactures petrochemical products , including polyester, benzene, butane, and methyl tertiary butyl ether (MTBE).

HDC Hyundai Development Co-Engineering & Construction offers construction services. The Company builds factories, office and retail buildings, hotels, and warehouses. HDC Hyundai Development Co-Engineering & Construction provides its services throughout Korea.

HDC Hyundai Development Co-Engineering & Construction (294870 KS)

HDC Hyundai Development Co-Engineering & Construction

Hyundai Construction Equipment Corporation manufactures construction equipment. Hyundai Construction Equipment Corporation is located in South Korea. Hyundai Construction Equipment Corporation operates independently of Hyundai Heavy Industries Co., Ltd. as of April 1, 2017.

Hyundai Construction Equipment (267270 KS)

KEPCO Engineering & Construction Company, Inc. designs nuclear and conventionally-fueled electricity generating plants.  The Company also provides power plant engineering services and consulting services to power industry.

Kepco Engineering & Construction (052690 KS)

LS Marine Solution Co., Ltd. operates as a submarine communication cables and offshore plants construction and maintenance company. The Company provides submarine fiber optic cable installation, submarine power cable installation, and other related services. LS Marine Solution also offers offshore energy sources development and derrick assembly services.

HDC Holdings Co.,Ltd operates as a real estate owner and developer. The Company develops residential areas, office buildings, hotels, restaurants, and other related areas. HDC Holdings offers services throughout South Korea.

Sambu Construction Co., Ltd. specializes in government construction, such as dams, expressways, and subways.  The Company also constructs office buildings, industrial plants, hotels, apartments, schools, shopping malls, museums, and sports facilities.

DL Construction Co., Ltd. provides construction and civil engineering services. The Company offers general outsourcing, public building, housing, landscaping, and other related services. DL Construction offers services throughout South Korea.

Dohwa Engineering Co., Ltd. is a construction company that provides architectural, supervision, and engineering services.  The Company constructs water facilities, roads and urban planning services.

Sunway Construction Group Berhad provided construction and engineering services. The Company offers its services throughout Malaysia.

Ahluwalia Contracts India Ltd offers construction services and executes turnkey projects for civil construction, electrical, plumbing, and fire-fighting.  The Company also constructs super structures, integrated townships, hospitals, hotels, commercial complexes, manufacturing facilities, and pipelines.

Norinco International Cooperation Ltd. undertakes heavy construction projects including electric power plants, roads and bridges, and railways in Africa and the Middle East area.  The Company also constructs exhibition centers and hospitals in China.  Norinco produces and sells aluminum windows and doors as well.

MIRAIT Holdings Corporation is a telecommunication engineering company. The Company offers various engineering services in information and communication fields through its subsidiaries. MIRAIT Holdings develops information systems and provides system maintenance services as well.

JSTI Group provides traffic engineering consulting and contracting services in China.

Taikisha Ltd. designs, constructs, and maintains air-conditioning systems for commercial, institutional, and industrial buildings.  Taikisha also develops and installs paint finishing equipment for cars, trains, and air planes. In Addition, the Company develops and builds clean room systems for semiconductor and pharmaceutical companies.

Shandong Hi-Speed Road & Bridge Co. Ltd operates in construction of roads and bridges. It also sell and lease construction machinery and accessories; provide engineering and technical consulting and training; and development of energy infrastructure projects, environmental proection consturction and investment.

Shandong Hi-Speed Road&Bridge (000498 CH)

KNR Constructions Limited operates an infrastructure project development company. The Company provides engineering procurement and construction services across various sectors, such as roads, bridges, flyovers, highways, and water infrastructure management.

NRW Holdings Limited provides mining and civil construction services. The Company offers rail formation, bulk earthworks, mine development, road and tunnel construction, topsoil removal, and a range of contract mining services. NRW Holdings serves customers in Australia.

Nishimatsu Construction Co., Ltd. is a general contractor operating nationwide and overseas.  The Company constructs dams, roads, airports, and railroads for large-scale civil engineering projects.  Nishimatsu also builds residential, commercial, institutional, and industrial buildings.  In addition, the Company operates real estate businesses.

Daewoo Engineering & Construction Co., Ltd. is a general engineering constructor.  The Company's projects include architectural works, such as commercial buildings, public facilities, schools, hospitals, and civil works, such as highways, ports, tunnels, railways, and dams.  Daewoo Engineering & Construction also constructs power plants, and residential buildings.

Daewoo Engineering & Construction (047040 KS)

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Daewoo Engineering & Construction (047040 KS)

Two Nuclear ETFs Listed Today (KINDEX & HANARO): Passive Flow Outlook

This post details Korea's two local nuclear thematic ETFs, which made their market debut today. And it examines their passive flow outlook and the...

Sanghyun Park

Solactive Global Uranium & Nuclear Components Index Rebalance: Most Adds in Oz

There are 8 adds and 1 delete for the Solactive Global Uranium & Nuclear Components Index to be implemented at the close on 4 February. There isn't...

Brian Freitas

Doosan Enerbility: A Key Beneficiary of Potential Nuclear Power Projects Win in the Czech Republic

On 17 July, the Czech government announced that it picked South Korea consortium to build two new nuclear power units with the possibility of more,...

Douglas Kim

KRX Short Interest Weekly (May 3rd): Samsung Electronics, Sk Hynix, Hyundai Motor, Kb Financial

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, Sk Hynix, Hyundai Motor, Kb...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Mar 8th): Enchem, Hmm

We analyzed KRX short interest report for the past week and highlighted short interest changes in Enchem Co Ltd, and Hmm Co Ltd.

Ke Yan, CFA, FRM

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