Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In this insight, we discuss the alpha generation through companies that have been buying back their shares in the Korean stock market in November and December 2024.</li>
<li>On average, the share buyback announcements for the 52 companies that announced share buybacks in Korea represented 2.2% of outstanding shares.</li>
<li>Major companies that have announced share buybacks in Korea in the past two months include Celltrion, Samsung Electronics, Doosan Bobcat, and Hyundai Motor. </li>
</ul>


In this insight, we discuss the alpha generation through companies that have been buying back their shares in the Korean stock market in November and December 2024.
On average, the share buyback announcements for the 52 companies that announced share buybacks in Korea represented 2.2% of outstanding shares.
Major companies that have announced share buybacks in Korea in the past two months include Celltrion, Samsung Electronics, Doosan Bobcat, and Hyundai Motor. 


Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (November and December 2024)

Cross Asset Strategy

<ul>
<li>Capitalizing on the lower share prices combined with the government's pressure for Corporate Value up improvements, the share buybacks surged in Korea in 2024.</li>
<li>As of 27 December 2024, the total treasury shares planned acquisition amount by Korean companies increased by 215% YoY to 11.83 trillion won in 2024.</li>
<li>There have been some mixed share price performances among the companies announcing meaningful share buyback/cancellation announcements this year.</li>
</ul>


Capitalizing on the lower share prices combined with the government's pressure for Corporate Value up improvements, the share buybacks surged in Korea in 2024.
As of 27 December 2024, the total treasury shares planned acquisition amount by Korean companies increased by 215% YoY to 11.83 trillion won in 2024.
There have been some mixed share price performances among the companies announcing meaningful share buyback/cancellation announcements this year.


Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Top holdings remain unchanged: TSMC, Samsung Electronics, and Tencent are almost universally owned. TSMC hits record weights but active funds sell into strength as benchmark weights surpass 10%</li>
<li>Hon Hai, Hyundai Motor, and Singtel lead recoveries from prolonged declines. Baidu Inc. and Kweichow Moutai see sharp ownership drops.</li>
<li>Momentum leaders include Accton Technology, CATL, and KE Holdings. By contrast, Axis Bank, PDD, and Reliance face stalling ownership.</li>
</ul>


Top holdings remain unchanged: TSMC, Samsung Electronics, and Tencent are almost universally owned. TSMC hits record weights but active funds sell into strength as benchmark weights surpass 10%
Hon Hai, Hyundai Motor, and Singtel lead recoveries from prolonged declines. Baidu Inc. and Kweichow Moutai see sharp ownership drops.
Momentum leaders include Accton Technology, CATL, and KE Holdings. By contrast, Axis Bank, PDD, and Reliance face stalling ownership.


Asia Ex-Japan Funds:  Stock Positioning Update

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 Dec 27th which has an aggregated holding worth USD452.8bn.</li>
<li>We estimate that foreign flows to be outflows of USD840mln. 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, KIA.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Dec 27th which has an aggregated holding worth USD452.8bn.
We estimate that foreign flows to be outflows of USD840mln. 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, KIA.


KRX Foreign Holding Weekly (Dec 27th): Samsung Electronics, KIA

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Japanese IDMs are increasing global investments, while the US keeps a close eye on China's chip industry to adjust supply chains.</li><li>Compal Electronics introduces a new liquid cooling solution for effective cooling of electronic devices.</li><li>Google enhances AI visual generation with Veo 2, Imagen 3, and Whisk, while Innolux focuses on FOPLP and Lam boosts fab efficiency with collaborative robots.</li></ul>

Japanese IDMs are increasing global investments, while the US keeps a close eye on China's chip industry to adjust supply chains.Compal Electronics introduces a new liquid cooling solution for effective cooling of electronic devices.Google enhances AI visual generation with Veo 2, Imagen 3, and Whisk, while Innolux focuses on FOPLP and Lam boosts fab efficiency with collaborative robots.

Tech Supply Chain Tracker (25-Dec-2024): Japanese IDMs' global investment plans.

South Korea

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hyundai Motor (005387 KS)

Asia Ex-Japan Funds: Stock Positioning Update

Top holdings remain unchanged: TSMC, Samsung Electronics, and Tencent are almost universally owned. TSMC hits record weights but active funds sell...

Steven Holden

KRX Foreign Holding Weekly (Dec 27th): Samsung Electronics, KIA

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, KIA.

Ke Yan, CFA, FRM

Tech Supply Chain Tracker (25-Dec-2024): Japanese IDMs' global investment plans.

Japanese IDMs expand globally, US watches China's chip industry, Compal Electronics introduces liquid cooling, Google enhances AI visuals, Innolux...

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (November and December 2024)

In this insight, we discuss the alpha generation through companies that have been buying back their shares in the Korean stock market in November...

Douglas Kim

Surging Share Buybacks in Korea in 2024

Capitalizing on the lower share prices combined with the government's pressure for Corporate Value up improvements, the share buybacks surged in...

Douglas Kim

Asia Ex-Japan Funds: Stock Positioning Update

Top holdings remain unchanged: TSMC, Samsung Electronics, and Tencent are almost universally owned. TSMC hits record weights but active funds sell...

Steven Holden

KRX Foreign Holding Weekly (Dec 27th): Samsung Electronics, KIA

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, KIA.

Ke Yan, CFA, FRM

Tech Supply Chain Tracker (25-Dec-2024): Japanese IDMs' global investment plans.

Japanese IDMs expand globally, US watches China's chip industry, Compal Electronics introduces liquid cooling, Google enhances AI visuals, Innolux...

Tech Supply Chain Tracker