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

<h2>A quick recap of the split-merger</h2><p>Doosan Infracore is a company that produces and sells construction equipment and engines. It is also engaged in the investment business of managing major affiliates. Now, Doosan Infracore's investment division merges with Doosan Heavy Industries &amp; Constructions.</p><p>Doosan Infracore will first spin off its business division and investment division. Through this, Doosan Infracore shareholders will have a stake in each business division. After that, Doosan Infracore investors will go through the process of exchanging their investment division shares for Doosan Heavy Industries &amp; Construction shares.</p><p><strong>For example, suppose you own 100 shares of Doosan Infracore.</strong></p><p><strong>Doosan Infracore split the business division and investment division at 0.31:0.69 (rounded to two decimal places).</strong> The investment division, which owns affiliate stocks, is larger than the business division. This is because Doosan Infracore owns a 51.05% stake in Doosan Bobcat and has included this stake as an investment asset. In other words, Doosan Bobcat is separated from Doosan Infracore to merge with Doosan Heavy. </p><table class="table table-striped">
<colgroup>
<col width="200">
<col width="200">
</colgroup>
<tbody>
<tr><td colspan="2" style="width: 726.008px;" data-sheets-value='{"1":2,"2":"Swap ratio"}'>Doosan Infracore split ratio</td></tr>
<tr>
<td style="width: 352.5px;" data-sheets-value='{"1":2,"2":"Doosan Infracore split ratio"}'>Business division</td>
<td style="text-align: right; width: 352.514px;" data-sheets-value='{"1":3,"3":0.6895026}' data-sheets-numberformat='{"1":2,"2":"#,##0.0000000","3":1}'><strong>0.3104974</strong></td>
</tr>
<tr>
<td style="width: 352.5px;" data-sheets-value='{"1":2,"2":"Swap ratio with Doosan Heavy"}'>Investment division (owning a 51.05% stake in Doosan Bobcat)</td>
<td style="text-align: right; width: 352.514px;" data-sheets-value='{"1":3,"3":0.47342703366485994}' data-sheets-numberformat='{"1":2,"2":"#,##0.0000000","3":1}' data-sheets-formula="=R[-2]C[0]*R[-1]C[0]"><strong>0.6895026</strong></td>
</tr>
<tr><td colspan="2" style="width: 726.008px;" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><p>Anyway, if 100 shares are divided according to the split ratio, 31 shares go to the business division, and 69 shares go to the investment division. And your 69 shares in the investment division are converted back to Doosan Heavy stocks according to the merger ratio with Doosan Heavy.</p><p>Doosan Infracore and Doosan Heavy Industries set a merger ratio of 0.69:1 (rounded to two decimal places). <strong>That is, 1 share of Doosan Infracore's investment division will receive 0.69 shares of the merged company. So, 69 shares of Doosan Infracore's investment division will be converted into 47 shares of the merged company, making the final swap ratio 0.47 (again rounded to two decimal places).</strong></p><table class="table table-striped">
<colgroup>
<col width="200">
<col width="200">
</colgroup>
<tbody>
<tr><td colspan="2" style="width: 726.008px;" data-sheets-value='{"1":2,"2":"Swap ratio"}'>Merger ratio &amp; final swap ratio</td></tr>
<tr>
<td style="width: 352.5px;" data-sheets-value='{"1":2,"2":"Doosan Infracore split ratio"}'>Merger ratio between Doosan Infracore Investment Division &amp; Doosan Heavy Industries</td>
<td style="text-align: right; width: 352.514px;" data-sheets-value='{"1":3,"3":0.6895026}' data-sheets-numberformat='{"1":2,"2":"#,##0.0000000","3":1}'><strong>0.6866211</strong></td>
</tr>
<tr>
<td style="width: 352.5px;" data-sheets-value='{"1":2,"2":"Swap ratio with Doosan Heavy"}'>
<p>Final swap ratio for each share of Doosan Infracore</p>
<p><strong>: Split ratio (0.6895026) × Merger ratio (0.6866211)</strong></p>
</td>
<td style="text-align: right; width: 352.514px;" data-sheets-value='{"1":3,"3":0.47342703366485994}' data-sheets-numberformat='{"1":2,"2":"#,##0.0000000","3":1}' data-sheets-formula="=R[-2]C[0]*R[-1]C[0]"><strong>0.4719929</strong></td>
</tr>
<tr><td colspan="2" style="width: 726.008px;" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><div class="content-highlight">
<p><strong>In conclusion:</strong></p>
<p><strong>Your 100 shares of Doosan Infracore are divided into 31 shares of Doosan Infracore business unit and 47 shares of Doosan Heavy Industries &amp; Construction.</strong></p>
</div><p>Doosan Infracore's largest shareholder is Doosan Heavy Industries &amp; Construction (a 35% stake).  Doosan Infracore's minority shareholders will receive Doosan Heavy shares according to the merger ratio, but new shares are not allocated to Doosan Heavy Industries &amp; Construction.</p><h2>Schedule</h2><p>March 19 was the day Doosan Infracore and Doosan Heavy Industries &amp; Construction signed a merger agreement. April 5 was the day to determine the shareholders who could exercise their voting rights when the spinoff-merger was listed on the agenda of the general meeting of shareholders.</p><p>From April 28 to May 13, you must have notified the company of your intention in writing to oppose the spin-off merger. If you hadn't expressed your objection during this period, you were automatically considered to favor the spin-off and merger, and you will receive Doosan Heavy's new shares according to the split-merger ratio.</p><p>On May 13, the spinoff and merger agenda passed the general shareholders' meeting. The merger is a matter of a special resolution at the general meeting of shareholders. At least two-thirds of the shareholders present and at least one-third of the total number of issued stocks must agree.</p><p>Shareholders who had expressed their opposition could exercise their stock appraisal rights from May 13 to June 2. <strong>Shareholders of Doosan Infracore who exercised their stock requisition rights can receive ₩8,224 per share, and shareholders of Doosan Heavy can receive a cash refund of ₩11,447 per share.</strong></p><p>On July 1, Doosan Infracore's investment division will be legally transferred to Doosan Heavy Industries &amp; Construction. From June 29 to July 20, Doosan Infracore stock trading is suspended. Lastly, July 21 marks the first day that Doosan Infracore shareholders can trade their business division stocks and Doosan Heavy's new stocks on the stock market.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" style="width: 723.636px;" data-sheets-value='{"1":2,"2":"Schedule"}'>Schedule</td></tr>
<tr>
<td style="width: 351.818px;">Split-merger contract date</td>
<td style="text-align: right; width: 350.909px;">March 19</td>
</tr>
<tr>
<td style="width: 351.818px;" data-sheets-value='{"1":2,"2":"Record date for appraisal rights"}'>Appraisal rights record date</td>
<td style="text-align: right; width: 350.909px;" data-sheets-value='{"1":3,"3":44291}' data-sheets-numberformat='{"1":5,"2":"mmmm d","3":1}'>April 5</td>
</tr>
<tr>
<td style="width: 351.818px;" data-sheets-value='{"1":2,"2":"Dissenting opinion notice"}'>Dissenting opinion notice</td>
<td style="text-align: right; width: 350.909px;" data-sheets-value='{"1":2,"2":"April 28~May 13"}'>April 28~May 13</td>
</tr>
<tr>
<td style="width: 351.818px;" data-sheets-value='{"1":2,"2":"Shareholder meeting"}'>Shareholder meeting</td>
<td style="text-align: right; width: 350.909px;" data-sheets-value='{"1":3,"3":44329}' data-sheets-numberformat='{"1":5,"2":"mmmm d","3":1}'>May 13</td>
</tr>
<tr>
<td style="width: 351.818px;" data-sheets-value='{"1":2,"2":"Appraisal rights exercise"}'>Appraisal rights exercise</td>
<td style="text-align: right; width: 350.909px;" data-sheets-value='{"1":2,"2":"May 13~June 2"}'>May 13~June 2</td>
</tr>
<tr>
<td style="width: 351.818px;" data-sheets-value='{"1":2,"2":"Trade suspension"}'><strong>Trade suspension (Infracore)</strong></td>
<td style="text-align: right; width: 350.909px;" data-sheets-value='{"1":2,"2":"June 29~July 20"}'><strong>June 29~July 20</strong></td>
</tr>
<tr>
<td style="width: 351.818px;" data-sheets-value='{"1":2,"2":"Re-listing"}'><strong>Re-listing</strong></td>
<td style="text-align: right; width: 350.909px;" data-sheets-value='{"1":3,"3":44398}' data-sheets-numberformat='{"1":5,"2":"mmmm d","3":1}'><strong>July 21</strong></td>
</tr>
<tr><td colspan="2" style="width: 723.636px;" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><h2>Carve-out closure</h2><p>After the spin-off and merger, Doosan Infracore's business division will soon be sold to Hyundai Heavy Industries Holdings. On February 5, Doosan Heavy announced that it would sell a 35% stake in Doosan Infracore business to Hyundai Heavy Industries Holdings. That is, Doosan Heavy and Hyundai Heavy Industries Holdings signed a carve-out contract to sell only Doosan Infracore's business division.</p><p><strong>In fact, the spin-off and merger of Doosan Infracore and Doosan Heavy Industries is a process for a carve-out deal signed with Hyundai Heavy Industries Holdings.</strong></p><p>If this spinoff and merger are completed without any problems, the largest shareholder in Doosan Infracore's business division will be Hyundai Heavy Industries Holdings. <strong>In the future, Doosan Infracore's business division is expected to merge with Hyundai Construction Equipment (267270 KS)</strong>.</p><div class="content-highlight">
<p><strong>In conclusion:</strong></p>
<p><strong>The shares of Doosan Infracore shareholders are eventually divided into shares of Doosan Heavy Industries and shares of Hyundai Construction Equipment.</strong></p>
</div>

A quick recap of the split-mergerDoosan Infracore is a company that produces and sells construction equipment and engines. It is also engaged in the investment business of managing major affiliates. Now, Doosan Infracore's investment division merges with Doosan Heavy Industries &amp; Constructions.Doosan Infracore will first spin off its business division and investment division. Through this, Doosan Infracore shareholders will have a stake in each business division. After that, Doosan Infracore investors will go through the process of exchanging their investment division shares for Doosan Heavy Industries &amp; Construction shares.For example, suppose you own 100 shares of Doosan Infracore.Doosan Infracore split the business division and investment division at 0.31:0.69 (rounded to two decimal places). The investment division, which owns affiliate stocks, is larger than the business division. This is because Doosan Infracore owns a 51.05% stake in Doosan Bobcat and has included this stake as an investment asset. In other words, Doosan Bobcat is separated from Doosan Infracore to merge with Doosan Heavy. 





Doosan Infracore split ratio

Business division
0.3104974


Investment division (owning a 51.05% stake in Doosan Bobcat)
0.6895026

Source: DART

Anyway, if 100 shares are divided according to the split ratio, 31 shares go to the business division, and 69 shares go to the investment division. And your 69 shares in the investment division are converted back to Doosan Heavy stocks according to the merger ratio with Doosan Heavy.Doosan Infracore and Doosan Heavy Industries set a merger ratio of 0.69:1 (rounded to two decimal places). That is, 1 share of Doosan Infracore's investment division will receive 0.69 shares of the merged company. So, 69 shares of Doosan Infracore's investment division will be converted into 47 shares of the merged company, making the final swap ratio 0.47 (again rounded to two decimal places).





Merger ratio &amp; final swap ratio

Merger ratio between Doosan Infracore Investment Division &amp; Doosan Heavy Industries
0.6866211



Final swap ratio for each share of Doosan Infracore
: Split ratio (0.6895026) × Merger ratio (0.6866211)

0.4719929

Source: DART


In conclusion:
Your 100 shares of Doosan Infracore are divided into 31 shares of Doosan Infracore business unit and 47 shares of Doosan Heavy Industries &amp; Construction.
Doosan Infracore's largest shareholder is Doosan Heavy Industries &amp; Construction (a 35% stake).  Doosan Infracore's minority shareholders will receive Doosan Heavy shares according to the merger ratio, but new shares are not allocated to Doosan Heavy Industries &amp; Construction.ScheduleMarch 19 was the day Doosan Infracore and Doosan Heavy Industries &amp; Construction signed a merger agreement. April 5 was the day to determine the shareholders who could exercise their voting rights when the spinoff-merger was listed on the agenda of the general meeting of shareholders.From April 28 to May 13, you must have notified the company of your intention in writing to oppose the spin-off merger. If you hadn't expressed your objection during this period, you were automatically considered to favor the spin-off and merger, and you will receive Doosan Heavy's new shares according to the split-merger ratio.On May 13, the spinoff and merger agenda passed the general shareholders' meeting. The merger is a matter of a special resolution at the general meeting of shareholders. At least two-thirds of the shareholders present and at least one-third of the total number of issued stocks must agree.Shareholders who had expressed their opposition could exercise their stock appraisal rights from May 13 to June 2. Shareholders of Doosan Infracore who exercised their stock requisition rights can receive ₩8,224 per share, and shareholders of Doosan Heavy can receive a cash refund of ₩11,447 per share.On July 1, Doosan Infracore's investment division will be legally transferred to Doosan Heavy Industries &amp; Construction. From June 29 to July 20, Doosan Infracore stock trading is suspended. Lastly, July 21 marks the first day that Doosan Infracore shareholders can trade their business division stocks and Doosan Heavy's new stocks on the stock market.





Schedule

Split-merger contract date
March 19


Appraisal rights record date
April 5


Dissenting opinion notice
April 28~May 13


Shareholder meeting
May 13


Appraisal rights exercise
May 13~June 2


Trade suspension (Infracore)
June 29~July 20


Re-listing
July 21

Source: DART

Carve-out closureAfter the spin-off and merger, Doosan Infracore's business division will soon be sold to Hyundai Heavy Industries Holdings. On February 5, Doosan Heavy announced that it would sell a 35% stake in Doosan Infracore business to Hyundai Heavy Industries Holdings. That is, Doosan Heavy and Hyundai Heavy Industries Holdings signed a carve-out contract to sell only Doosan Infracore's business division.In fact, the spin-off and merger of Doosan Infracore and Doosan Heavy Industries is a process for a carve-out deal signed with Hyundai Heavy Industries Holdings.If this spinoff and merger are completed without any problems, the largest shareholder in Doosan Infracore's business division will be Hyundai Heavy Industries Holdings. In the future, Doosan Infracore's business division is expected to merge with Hyundai Construction Equipment (267270 KS).
In conclusion:
The shares of Doosan Infracore shareholders are eventually divided into shares of Doosan Heavy Industries and shares of Hyundai Construction Equipment.


Doosan Heavy/Infracore Corporate Actions Walkthrough & KOSPI 200 Index Treatments

Equity Bottom-Up

<p>Doosan Heavy Industries is right at the center of a potential short-selling attack. It tops the loan balance/float shares ratio among the KOSPI 200 constituents having the short-selling eligibility. A whopping 33.31% of its free-float shares are currently sitting on the loan balance book, representing 6.18 times the 30-day average daily trade volume.</p><table class="table table-striped">
<colgroup>
<col width="70">
<col width="70">
<col width="70">
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr>
<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"Name"}'>Top 10 loan balance/float shares among KOSPI 200 constituents</td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":2,"2":"Loan balance/float shares"}'>Loan balance/float shares</td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":2,"2":"Loan balance/ADTV"}'>Loan balance/ADTV</td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":2,"2":"Short interest/float shares"}'>Short interest/float shares</td>
</tr>
<tr>
<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"Doosan Heavy Industries Constrctn Co Ltd"}'><strong>Doosan Heavy Industries Constrctn Co Ltd</strong></td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":2,"2":"034020"}'><strong>034020</strong></td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":3,"3":0.33313115497862084}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>33.31%</strong></td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":3,"3":6.1772001583452525}' data-sheets-numberformat='[null,2,"#,##0.00",1]'><strong>6.18x</strong></td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":3,"3":0.06259086104962007}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>6.26%</strong></td>
</tr>
<tr>
<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"CJ CGV Co Ltd"}'>CJ CGV Co Ltd</td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":2,"2":"079160"}'>079160</td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":3,"3":0.2402089129940976}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>24.02%</strong></td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":3,"3":7.207901449599426}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>7.21x</td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":3,"3":0.024956215628078603}' data-sheets-numberformat='[null,3,"0.00%",1]'>2.50%</td>
</tr>
<tr>
<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"Doosan Infracore Co Ltd"}'>Doosan Infracore Co Ltd</td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":2,"2":"042670"}'>042670</td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":3,"3":0.21710053863774298}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>21.71%</strong></td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":3,"3":5.222225987607389}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>5.22x</td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":3,"3":0.05900084045410738}' data-sheets-numberformat='[null,3,"0.00%",1]'>5.90%</td>
</tr>
<tr>
<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"Lotte Tour Development Co., Ltd."}'>Lotte Tour Development Co., Ltd.</td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":2,"2":"032350"}'>032350</td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":3,"3":0.2087869666622583}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>20.88%</strong></td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":3,"3":8.600321553335345}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>8.60x</td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":3,"3":0.1502166979579341}' data-sheets-numberformat='[null,3,"0.00%",1]'>15.02%</td>
</tr>
<tr>
<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"LG Display Co Ltd"}'>LG Display Co Ltd</td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":2,"2":"034220"}'>034220</td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":3,"3":0.20587227486735404}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>20.59%</strong></td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":3,"3":10.565776191720973}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>10.57x</td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":3,"3":0.054404371553615063}' data-sheets-numberformat='[null,3,"0.00%",1]'>5.44%</td>
</tr>
<tr>
<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"GS Retail Co Ltd"}'>GS Retail Co Ltd</td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":2,"2":"007070"}'>007070</td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":3,"3":0.19100824155953727}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>19.10%</strong></td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":3,"3":9.078724740347708}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>9.08x</td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":3,"3":0.024814744452913234}' data-sheets-numberformat='[null,3,"0.00%",1]'>2.48%</td>
</tr>
<tr>
<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"Doosan Fuel Cell Co Ltd"}'>Doosan Fuel Cell Co Ltd</td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":3,"3":336260}'>336260</td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":3,"3":0.16218958169718495}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>16.22%</strong></td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":3,"3":3.4172313491476447}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>3.42x</td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":3,"3":0.032657164213887084}' data-sheets-numberformat='[null,3,"0.00%",1]'>3.27%</td>
</tr>
<tr>
<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"Iljin Materials Co Ltd"}'>Iljin Materials Co Ltd</td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":2,"2":"020150"}'>020150</td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":3,"3":0.15125967919243655}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>15.13%</strong></td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":3,"3":13.371711310342299}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>13.37x</td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":3,"3":0.01919306152059439}' data-sheets-numberformat='[null,3,"0.00%",1]'>1.92%</td>
</tr>
<tr>
<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"HMM Co Ltd"}'>HMM Co Ltd</td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":2,"2":"011200"}'>011200</td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":3,"3":0.14695677273238528}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>14.70%</strong></td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":3,"3":2.818376762499618}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>2.82x</td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":3,"3":0.022077757350810294}' data-sheets-numberformat='[null,3,"0.00%",1]'>2.21%</td>
</tr>
<tr>
<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"Hyundai Wia Corp"}'>Hyundai Wia Corp</td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":2,"2":"011210"}'>011210</td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":3,"3":0.13411777144290182}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>13.41%</strong></td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":3,"3":3.9947088743693655}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>3.99x</td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":3,"3":0.04089145994437073}' data-sheets-numberformat='[null,3,"0.00%",1]'>4.09%</td>
</tr>
<tr><td colspan="5" style="width: 236.364px;">Source: KRX &amp; KOFIA</td></tr>
</tbody>
</table><p>The current short interest is 6.26% of the float shares, but this is two trading session-delayed data. Given the still heavy short-selling volume in the last two trading days, it should be well above 7% now. A weekly increase in the short interest is 113.90%, and the loan balance also saw a 68.71% weekly increase. </p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/211/311/original/Doosan+Heavy+Industries.png?1622915529" class="editor-image img-responsive" data-smartkarma-image-id="211311"></figure></section>

Doosan Heavy Industries is right at the center of a potential short-selling attack. It tops the loan balance/float shares ratio among the KOSPI 200 constituents having the short-selling eligibility. A whopping 33.31% of its free-float shares are currently sitting on the loan balance book, representing 6.18 times the 30-day average daily trade volume.









Top 10 loan balance/float shares among KOSPI 200 constituents
Ticker
Loan balance/float shares
Loan balance/ADTV
Short interest/float shares


Doosan Heavy Industries Constrctn Co Ltd
034020
33.31%
6.18x
6.26%


CJ CGV Co Ltd
079160
24.02%
7.21x
2.50%


Doosan Infracore Co Ltd
042670
21.71%
5.22x
5.90%


Lotte Tour Development Co., Ltd.
032350
20.88%
8.60x
15.02%


LG Display Co Ltd
034220
20.59%
10.57x
5.44%


GS Retail Co Ltd
007070
19.10%
9.08x
2.48%


Doosan Fuel Cell Co Ltd
336260
16.22%
3.42x
3.27%


Iljin Materials Co Ltd
020150
15.13%
13.37x
1.92%


HMM Co Ltd
011200
14.70%
2.82x
2.21%


Hyundai Wia Corp
011210
13.41%
3.99x
4.09%

Source: KRX &amp; KOFIA

The current short interest is 6.26% of the float shares, but this is two trading session-delayed data. Given the still heavy short-selling volume in the last two trading days, it should be well above 7% now. A weekly increase in the short interest is 113.90%, and the loan balance also saw a 68.71% weekly increase. 

Doosan Heavy, Korea's Latest Meme Stock Without Substance?

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/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/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a>, <a href="https://www.smartkarma.com/entities/country-garden-services-holdings-company-limited" target="_blank" data-smartkarma-citation="entities:27343:1" rel="noopener">Country Garden Services Holdings (6098 HK)</a> and <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/ind-comm-bk-of-china-h" target="_blank" data-smartkarma-citation="entities:1119:1" rel="noopener">ICBC (H) (1398 HK)</a>, <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASM Pacific Technology (522 HK)</a>, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, <a href="https://www.smartkarma.com/entities/pccw-ltd" target="_blank" data-smartkarma-citation="entities:873:1" rel="noopener">PCCW Ltd (8 HK)</a> and <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>. Shorts increased in the Consumer Discretionary and Industrials sectors, while decreasing in Financials, Information Technology, Energy and Real Estate.</p></div><div><p>In Japan, stocks increased on <a href="https://www.smartkarma.com/entities/pharma-foods-international" target="_blank" data-smartkarma-citation="entities:10530:1" rel="noopener">Pharma Foods International (2929 JP)</a>, <a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" data-smartkarma-citation="entities:8197:1" rel="noopener">CyberAgent Inc (4751 JP)</a>, <a href="https://www.smartkarma.com/entities/nippon-yusen-kk" target="_blank" data-smartkarma-citation="entities:12285:1" rel="noopener">Nippon Yusen Kk (9101 JP)</a>, <a href="https://www.smartkarma.com/entities/ebara-corp" target="_blank" data-smartkarma-citation="entities:4728:1" rel="noopener">Ebara Corp (6361 JP)</a> and <a href="https://www.smartkarma.com/entities/skylark-co-ltd" target="_blank" data-smartkarma-citation="entities:474:1" rel="noopener">Skylark Co Ltd (3197 JP)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/kyushu-railway-company" target="_blank" data-smartkarma-citation="entities:23609:1" rel="noopener">Kyushu Railway Company (9142 JP)</a>, <a href="https://www.smartkarma.com/entities/marui-group-co-ltd" target="_blank" data-smartkarma-citation="entities:13604:1" rel="noopener">Marui Group (8252 JP)</a>, <a href="https://www.smartkarma.com/entities/chugoku-electric-power-co" target="_blank" data-smartkarma-citation="entities:16243:1" rel="noopener">Chugoku Electric Power Co (9504 JP)</a>, <a href="https://www.smartkarma.com/entities/keihan-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:6120:1" rel="noopener">Keihan Holdings Co., Ltd. (9045 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>. Shorts decreased in almost all sectors led by Industrials, Materials, Consumer Discretionary, Financials and Consumer Staples.</p></div><div><p>In Korea, shorts increased on <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/doosan-heavy-industries-construction" target="_blank" data-smartkarma-citation="entities:7389:1" rel="noopener">Doosan Heavy Industries &amp; Construction (034020 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/posco-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:12421:1" rel="noopener">Posco Chemical Co Ltd (003670 KS)</a> while shorts were covered on <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/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/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> and <a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp (035420 KS)</a>.</p></div><div><p>In Taiwan, shorts increased on <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" data-smartkarma-citation="entities:6704:1" rel="noopener">AU Optronics (2409 TT)</a>, <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a>, <a href="https://www.smartkarma.com/entities/innolux-corp" target="_blank" data-smartkarma-citation="entities:4509:1" rel="noopener">Innolux Corp (3481 TT)</a>, <a href="https://www.smartkarma.com/entities/yang-ming-marine-transport" target="_blank" data-smartkarma-citation="entities:8502:1" rel="noopener">Yang Ming Marine Transport (2609 TT)</a> and <a href="https://www.smartkarma.com/entities/hannstar-display-corp" target="_blank" data-smartkarma-citation="entities:13922:1" rel="noopener">Hannstar Display (6116 TT)</a> while shorts covered on <a href="https://www.smartkarma.com/entities/chicony-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:13085:1" rel="noopener">Chicony Electronics (2385 TT)</a>, <a href="https://www.smartkarma.com/entities/chunghwa-telecom-co-ltd" target="_blank" data-smartkarma-citation="entities:9181:1" rel="noopener">Chunghwa Telecom (2412 TT)</a>, <a href="https://www.smartkarma.com/entities/highwealth-construction-corp" target="_blank" data-smartkarma-citation="entities:6739:1" rel="noopener">Highwealth Construction (2542 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/quanta-computer-inc" target="_blank" data-smartkarma-citation="entities:2754:1" rel="noopener">Quanta Computer (2382 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 Alibaba Group (9988 HK), Ping An Insurance (H) (2318 HK)Kuaishou Technology (1024 HK), Country Garden Services Holdings (6098 HK) and Chow Tai Fook Jewellery (1929 HK) while there was short covering on ICBC (H) (1398 HK), ASM Pacific Technology (522 HK), Tencent (700 HK), PCCW Ltd (8 HK) and Sunny Optical (2382 HK). Shorts increased in the Consumer Discretionary and Industrials sectors, while decreasing in Financials, Information Technology, Energy and Real Estate.In Japan, stocks increased on Pharma Foods International (2929 JP), CyberAgent Inc (4751 JP), Nippon Yusen Kk (9101 JP), Ebara Corp (6361 JP) and Skylark Co Ltd (3197 JP) while there was short covering on Kyushu Railway Company (9142 JP), Marui Group (8252 JP), Chugoku Electric Power Co (9504 JP), Keihan Holdings Co., Ltd. (9045 JP) and Canon Inc (7751 JP). Shorts decreased in almost all sectors led by Industrials, Materials, Consumer Discretionary, Financials and Consumer Staples.In Korea, shorts increased on HMM Co., Ltd. (011200 KS), Doosan Heavy Industries &amp; Construction (034020 KS), LG Chem Ltd (051910 KS) and Posco Chemical Co Ltd (003670 KS) while shorts were covered on Hyundai Motor Co (005380 KS), Samsung Electronics (005930 KS), SK Hynix (000660 KS) and Naver Corp (035420 KS).In Taiwan, shorts increased on AU Optronics (2409 TT), Yageo Corporation (2327 TT), Innolux Corp (3481 TT), Yang Ming Marine Transport (2609 TT) and Hannstar Display (6116 TT) while shorts covered on Chicony Electronics (2385 TT), Chunghwa Telecom (2412 TT), Highwealth Construction (2542 TT), Mediatek Inc (2454 TT) and Quanta Computer (2382 TT).

Asia Shorts: CGS, CTF, ASM Pac, PCCW, KyushuRail, Marui, HMM, Doosan, LG Chem, HMC, Yang Ming

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

<div class="content-highlight">
<p>Nuclear power has been the best performing sector in the Korean stock market so far in 2021. The table below shows 8 major nuclear power related stocks in Korea which are up on average 94.8% YTD, crushing the overall market. However, among these 8 stocks, only three have market caps of more than 2 trillion won, including DHIC, KEPCO E&amp;C, and KEPCO KPS. These three stocks are up on average 122% YTD.</p>
<p>There have been three major drivers of the strong outperformance of nuclear power related plays in Korea this year:</p>
<ul>
<li><strong>Gates &amp; Buffett launching <a href="https://thehill.com/changing-america/sustainability/energy/556702-bill-gates-and-warren-buffett-building-nuclear-reactor" target="_blank" rel="noopener">Natrium nuclear power plant</a> in Wyoming</strong></li>
<li><strong>A partnership between the US and Korean governments to expand nuclear power</strong></li>
<li><strong>Conservative party candidate (Yoon Seok-Youl) is winning in the Presidential election polls</strong></li>
</ul>
</div><table class="table table-striped">
<colgroup>
<col>
<col>
<col>
<col>
<col>
</colgroup>
<tbody>
<tr>
<td colspan="2" style="width: 264.49px;"><strong>Major Nuclear Related Stocks in Korea (Share Price Performance YTD)</strong></td>
<td style="width: 78.66px;"></td>
<td style="width: 65.33px;"></td>
<td style="width: 64px;"></td>
</tr>
<tr>
<td style="width: 148.95px;"><strong>Companies</strong></td>
<td style="text-align: center; width: 94.54px;"><strong>Market Cap (Won bn); 6/4/2021</strong></td>
<td style="text-align: center; width: 78.66px;"><strong>Price (Won); 6/4/2021</strong></td>
<td style="text-align: center; width: 65.33px;"><strong>Price (Won); 12/31/2020</strong></td>
<td style="text-align: center; width: 64px;"><strong>% Change YTD</strong></td>
</tr>
<tr>
<td style="width: 148.95px;"><a href="https://www.smartkarma.com/entities/doosan-heavy-industries-construction" target="_blank" data-smartkarma-citation="entities:7389:1" rel="noopener">Doosan Heavy Industries &amp; Construction (034020 KS) </a></td>
<td style="text-align: center; width: 94.54px;">10,604</td>
<td style="text-align: center; width: 78.66px;">25,100</td>
<td style="text-align: center; width: 65.33px;">13,500</td>
<td style="text-align: center; width: 64px;">85.9%</td>
</tr>
<tr>
<td style="width: 148.95px;"><a href="https://www.smartkarma.com/entities/kepco-engineering-construction" target="_blank" data-smartkarma-citation="entities:10831:1" rel="noopener">Kepco Engineering &amp; Construction (052690 KS) </a></td>
<td style="text-align: center; width: 94.54px;">2,217</td>
<td style="text-align: center; width: 78.66px;">58,000</td>
<td style="text-align: center; width: 65.33px;">17,850</td>
<td style="text-align: center; width: 64px;">224.9%</td>
</tr>
<tr>
<td style="width: 148.95px;"><a href="https://www.smartkarma.com/entities/kepco-plant-service-engineering" target="_blank" data-smartkarma-citation="entities:10730:1" rel="noopener">Kepco Plant Service &amp; Engineering (051600 KS) </a></td>
<td style="text-align: center; width: 94.54px;">2,090</td>
<td style="text-align: center; width: 78.66px;">46,450</td>
<td style="text-align: center; width: 65.33px;">29,700</td>
<td style="text-align: center; width: 64px;">56.4%</td>
</tr>
<tr>
<td style="width: 148.95px;">Huvis (079980 KS)</td>
<td style="text-align: center; width: 94.54px;">366</td>
<td style="text-align: center; width: 78.66px;">10,600</td>
<td style="text-align: center; width: 65.33px;">8,240</td>
<td style="text-align: center; width: 64px;">28.6%</td>
</tr>
<tr>
<td style="width: 148.95px;"><a href="https://www.smartkarma.com/entities/orbitech-co-ltd" target="_blank" data-smartkarma-citation="entities:1201:1" rel="noopener">Orbitech Co Ltd (046120 KS)</a></td>
<td style="text-align: center; width: 94.54px;">233</td>
<td style="text-align: center; width: 78.66px;">9,330</td>
<td style="text-align: center; width: 65.33px;">4,480</td>
<td style="text-align: center; width: 64px;">108.3%</td>
</tr>
<tr>
<td style="width: 148.95px;">Woori Tech (032820 KS)</td>
<td style="text-align: center; width: 94.54px;">232</td>
<td style="text-align: center; width: 78.66px;">1,790</td>
<td style="text-align: center; width: 65.33px;">1,315</td>
<td style="text-align: center; width: 64px;">36.1%</td>
</tr>
<tr>
<td style="width: 148.95px;">Woojin (105840 KS)</td>
<td style="text-align: center; width: 94.54px;">168</td>
<td style="text-align: center; width: 78.66px;">8,280</td>
<td style="text-align: center; width: 65.33px;">4,395</td>
<td style="text-align: center; width: 64px;">88.4%</td>
</tr>
<tr>
<td style="width: 148.95px;"><a href="https://www.smartkarma.com/entities/bhi-co-ltd" target="_blank" data-smartkarma-citation="entities:20149:1" rel="noopener">Bhi Co Ltd (083650 KS) </a></td>
<td style="text-align: center; width: 94.54px;">153</td>
<td style="text-align: center; width: 78.66px;">5,900</td>
<td style="text-align: center; width: 65.33px;">2,565</td>
<td style="text-align: center; width: 64px;">130.0%</td>
</tr>
<tr>
<td style="width: 148.95px;"><strong>Average</strong></td>
<td style="text-align: center; width: 94.54px;"></td>
<td style="text-align: center; width: 78.66px;"></td>
<td style="text-align: center; width: 65.33px;"></td>
<td style="text-align: center; width: 64px;"><strong>94.8%</strong></td>
</tr>
<tr>
<td style="width: 148.95px;">Source: Naver Finance</td>
<td style="width: 94.54px;"></td>
<td style="width: 78.66px;"></td>
<td style="width: 65.33px;"></td>
<td style="width: 64px;"></td>
</tr>
</tbody>
</table>


Nuclear power has been the best performing sector in the Korean stock market so far in 2021. The table below shows 8 major nuclear power related stocks in Korea which are up on average 94.8% YTD, crushing the overall market. However, among these 8 stocks, only three have market caps of more than 2 trillion won, including DHIC, KEPCO E&amp;C, and KEPCO KPS. These three stocks are up on average 122% YTD.
There have been three major drivers of the strong outperformance of nuclear power related plays in Korea this year:

Gates &amp; Buffett launching Natrium nuclear power plant in Wyoming
A partnership between the US and Korean governments to expand nuclear power
Conservative party candidate (Yoon Seok-Youl) is winning in the Presidential election polls











Major Nuclear Related Stocks in Korea (Share Price Performance YTD)





Companies
Market Cap (Won bn); 6/4/2021
Price (Won); 6/4/2021
Price (Won); 12/31/2020
% Change YTD


Doosan Heavy Industries &amp; Construction (034020 KS) 
10,604
25,100
13,500
85.9%


Kepco Engineering &amp; Construction (052690 KS) 
2,217
58,000
17,850
224.9%


Kepco Plant Service &amp; Engineering (051600 KS) 
2,090
46,450
29,700
56.4%


Huvis (079980 KS)
366
10,600
8,240
28.6%


Orbitech Co Ltd (046120 KS)
233
9,330
4,480
108.3%


Woori Tech (032820 KS)
232
1,790
1,315
36.1%


Woojin (105840 KS)
168
8,280
4,395
88.4%


Bhi Co Ltd (083650 KS) 
153
5,900
2,565
130.0%


Average



94.8%


Source: Naver Finance








Nuclear Power: The Best Performing Sector in the Korean Stock Market in 2021 - Why?

<div class="content-highlight">
<p>We continue to have a positive view of Doosan Infracore. The fundamentals are improving significantly and the shorts need to cover more before the stock is suspended from trading on 29 June. The price ratio between Doosan Infracore/DHIC recently peaked on 12 May to 0.87 and has been declining since then to 0.66. So on a relative basis, we think that Doosan Infracore could outperform DHIC this month. </p>
<p>Over a longer view (1-2 years), DHIC can benefit from increased exports of SMR nuclear power and if the opposition party wins the Presidency in South Korea next March, this could also fuel higher demand for nuclear power in Korea which should benefit DHIC. Due to the sharp increase in its share price in the past few weeks, DHIC's shares could enter a correction in the near term, but we would not short it at current levels.</p>
<p>Certainly, many investors are betting against DHIC right now, especially in the past one month. However, we believe that the tides are turning big time for nuclear power (in both South Korea and for exports through SMR). DHIC has the best technology and expertise for nuclear power in South Korea and if there are greater demand for nuclear power for both exports as well as in Korea, DHIC would be the number one company to benefit from this trend. </p>
</div>


We continue to have a positive view of Doosan Infracore. The fundamentals are improving significantly and the shorts need to cover more before the stock is suspended from trading on 29 June. The price ratio between Doosan Infracore/DHIC recently peaked on 12 May to 0.87 and has been declining since then to 0.66. So on a relative basis, we think that Doosan Infracore could outperform DHIC this month. 
Over a longer view (1-2 years), DHIC can benefit from increased exports of SMR nuclear power and if the opposition party wins the Presidency in South Korea next March, this could also fuel higher demand for nuclear power in Korea which should benefit DHIC. Due to the sharp increase in its share price in the past few weeks, DHIC's shares could enter a correction in the near term, but we would not short it at current levels.
Certainly, many investors are betting against DHIC right now, especially in the past one month. However, we believe that the tides are turning big time for nuclear power (in both South Korea and for exports through SMR). DHIC has the best technology and expertise for nuclear power in South Korea and if there are greater demand for nuclear power for both exports as well as in Korea, DHIC would be the number one company to benefit from this trend. 


Declining Shorts for Doosan Infracore & A Big Jump in Shorts for Doosan Heavy Industries

South Korea

Doosan Enerbility Co., Ltd. manufactures and distributes construction machines. The Company produces gas turbines, engines, turbine generators, boilers, power plant equipment, and other related products. Doosan Enerbility also offers energy solutions for thermal power, nuclear power, and renewable energy.

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Doosan Enerbility (034020 KS)

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Sanghyun Park

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The Insight looks at large short interest movements across HK, Japan, Korea and Taiwan stocks and highlights large increases/decreases in shorts to...

Brian Freitas

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Douglas Kim

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