Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Quantitative Analysis

<ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over nearly 4 years and implemented in its current state for nearly 2 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul>


An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top100 stocks in the MSCI GEM Index.
The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.
Developed over nearly 4 years and implemented in its current state for nearly 2 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/motonic-corp" target="_blank" data-smartkarma-citation="entities:4404:1" rel="noopener">Motonic Corp (009680 KS)</a> is the 16th company in our Korea Small Cap Gems series. </li>
<li>Motonic's net cash (including treasury shares) total 432 billion won, which would represent 148% of the company's current market cap. </li>
<li>Established in 1974, Motonic Corp makes automobile parts in Korea. Its main products consist of liquefied petroleum injection (LPI) systems, clutches, and continuously variable valve lifts (CVVLs). </li>
</ul>



Motonic Corp (009680 KS) is the 16th company in our Korea Small Cap Gems series. 
Motonic's net cash (including treasury shares) total 432 billion won, which would represent 148% of the company's current market cap. 
Established in 1974, Motonic Corp makes automobile parts in Korea. Its main products consist of liquefied petroleum injection (LPI) systems, clutches, and continuously variable valve lifts (CVVLs). 


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

<ul>
<li>The screening period for the upcoming rebalancing is May 3-31. LG Energy satisfies the 3-month minimum listing requirement, so it becomes eligible to join the Index in this rebalancing.</li>
<li>LG Energy will likely receive an inflow of ₩44.6B, 0.04% of SO. Considering its tight real-world float (less than 6%), it would still be something we don't want to overlook.</li>
<li>What is critical is an estimated outflow size of Celltrion. It would be about the same amount, but relative to its ADTV, it will be -0.26x.</li>
</ul>


The screening period for the upcoming rebalancing is May 3-31. LG Energy satisfies the 3-month minimum listing requirement, so it becomes eligible to join the Index in this rebalancing.
LG Energy will likely receive an inflow of ₩44.6B, 0.04% of SO. Considering its tight real-world float (less than 6%), it would still be something we don't want to overlook.
What is critical is an estimated outflow size of Celltrion. It would be about the same amount, but relative to its ADTV, it will be -0.26x.


FnGuide TIGER Top 10 Rebalancing: LG Energy IN & Celltrion OUT

<ul>
<li>In this insight, we discuss the dividends announcements which have been made by some of the largest Korean companies (25) in the past two days.</li>
<li>The average percentage difference in the actual versus the consensus estimate DPS in 2021 is 37.4% for these 25 companies.</li>
<li>Kia Motors now has a very nice dividend yield of 3.8%. DPS increased at an impressive rate of 200% YoY in 2021. </li>
</ul>


In this insight, we discuss the dividends announcements which have been made by some of the largest Korean companies (25) in the past two days.
The average percentage difference in the actual versus the consensus estimate DPS in 2021 is 37.4% for these 25 companies.
Kia Motors now has a very nice dividend yield of 3.8%. DPS increased at an impressive rate of 200% YoY in 2021. 


Key Highlights of 25 Major Korean Companies Making Dividends Announcements for 2021

Equity Capital Markets

Hyundai Engineering   / Equity Capital Markets

<ul>
<li>Hyundai Engineering Co Ltd is getting ready to complete its IPO in KOSPI in February 2022. The IPO price range is from 57,900 won to 75,700 won per share. </li>
<li>The IPO of Hyundai Engineering could be an important catalyst for the restructuring of the entire Hyundai Motor Group as Chung Eui-Sun could increase his stake in Hyundai Mobis.</li>
<li>The bankers included too many overseas comps with fat valuation multiples. This is a bit concerning in terms of how the bankers derived the IPO price range.</li>
</ul>


Hyundai Engineering Co Ltd is getting ready to complete its IPO in KOSPI in February 2022. The IPO price range is from 57,900 won to 75,700 won per share. 
The IPO of Hyundai Engineering could be an important catalyst for the restructuring of the entire Hyundai Motor Group as Chung Eui-Sun could increase his stake in Hyundai Mobis.
The bankers included too many overseas comps with fat valuation multiples. This is a bit concerning in terms of how the bankers derived the IPO price range.


South Korea

Kia Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks and commercial vehicles. The Company also manufactures auto-parts and tools using hybrid electric and fuel cell technology. Kia markets its products worldwide.

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Kia Corp (000270 KS)

Screening for GEMs: March 2022

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

Korea Small Cap Gem #16: Motonic Corp

Motonic's net cash (including treasury shares) total 432 billion won, which would represent 148% of the company's current market cap. Motonic is a...

Douglas Kim

FnGuide TIGER Top 10 Rebalancing: LG Energy IN & Celltrion OUT

This post previews the upcoming rebalancing of the FnGuide Top 10 Index (TIGER ETF, KS 292150), whose AUM currently amounts to ₩1T. At this point,...

Sanghyun Park

Key Highlights of 25 Major Korean Companies Making Dividends Announcements for 2021

In this insight, we discuss the dividends announcements which have been made by some of the largest Korean companies (25) in the past two days.

Douglas Kim

Hyundai Engineering IPO Preview

Hyundai Engineering Co Ltd is getting ready to complete its IPO in KOSPI in February 2022. The IPO price range is from 57,900 won to 75,700 won per...

Douglas Kim

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