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 Apr 12th which has an aggregated holding worth USD534.3bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,200mln. 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 foreign changes in Samsung Electronics, Hyundai Motor, Sk Hynix.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Apr 12th which has an aggregated holding worth USD534.3bn.
We estimate that foreign flows to be inflows of USD1,200mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Samsung Electronics, Hyundai Motor, Sk Hynix.


KRX Foreign Holding Weekly (Apr 12th): Samsung Electronics, Hyundai Motor, Sk Hynix

Steno Research

Elias Lisberg Glistrup

Macro and Geopolitical Research House

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>We see growth trending higher in the cyclical parts of the economy through April on our models and nowcasts, and Korean industries are well-positioned to capitalize on global cyclical tailwinds.</li><li>Especially as Chinese economic activity picks up pace.</li><li>The Caixin PMI suggests expansion, and given trade ties and scarcity of semis this should, all else equal, continue to boost Korean exports.</li></ul>

We see growth trending higher in the cyclical parts of the economy through April on our models and nowcasts, and Korean industries are well-positioned to capitalize on global cyclical tailwinds.Especially as Chinese economic activity picks up pace.The Caixin PMI suggests expansion, and given trade ties and scarcity of semis this should, all else equal, continue to boost Korean exports.

Emerging Markets: Legs to the Korea case or time to cash in?

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Mar 29th which has an aggregated holding worth USD550.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,332mln. 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 foreign changes in Samsung Electronics, Sk Hynix, Lg Display, Ecopro, Hanmi Semicon.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Mar 29th which has an aggregated holding worth USD550.4bn.
We estimate that foreign flows to be inflows of USD2,332mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Samsung Electronics, Sk Hynix, Lg Display, Ecopro, Hanmi Semicon.


KRX Foreign Holding Weekly (Mar 29th): Samsung Electronics, Sk Hynix, Lg Display, Ecopro, Hanmi

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Mar 22nd which has an aggregated holding worth USD546.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,746mln. 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 foreign changes in Samsung Electronics, Hyundai Motor, Sk Hynix, Kia, Posco, Naver.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Mar 22nd which has an aggregated holding worth USD546.4bn.
We estimate that foreign flows to be inflows of USD1,746mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Samsung Electronics, Hyundai Motor, Sk Hynix, Kia, Posco, Naver.


KRX Foreign Holding Weekly (Mar 22nd): Samsung Electronics, Hyundai Motor, Sk Hynix, Kia, Posco

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>Investors buying on February ex-dates, perhaps due to the Value-up factor, led to a successful strategy for local managers: buying before ex-date and selling at close, yielding positive results.</li>
<li>On March 19th, Kia Corp (000270 KS) diverged from February's pattern. Notably, FINANCIAL INVESTMENT sold heavily on Kia's ex-date, a deviation from their quiet February activity.</li>
<li>FINANCIAL INVESTMENT's trend of liquidating positions held since last quarter, especially for dividends, gains momentum as March ends, possibly overshadowing February's Value-up factor.</li>
</ul>


Investors buying on February ex-dates, perhaps due to the Value-up factor, led to a successful strategy for local managers: buying before ex-date and selling at close, yielding positive results.
On March 19th, Kia Corp (000270 KS) diverged from February's pattern. Notably, FINANCIAL INVESTMENT sold heavily on Kia's ex-date, a deviation from their quiet February activity.
FINANCIAL INVESTMENT's trend of liquidating positions held since last quarter, especially for dividends, gains momentum as March ends, possibly overshadowing February's Value-up factor.


Noteworthy Price Movements Associated with 1Q Ex-Dates Trading Setups

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)

KRX Foreign Holding Weekly (Apr 12th): Samsung Electronics, Hyundai Motor, Sk Hynix

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

Ke Yan, CFA, FRM

Emerging Markets: Legs to the Korea case or time to cash in?

We see growth trending higher in the cyclical parts of the economy through April on our models and nowcasts, and Korean industries are...

Steno Research

KRX Foreign Holding Weekly (Mar 29th): Samsung Electronics, Sk Hynix, Lg Display, Ecopro, Hanmi

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Sk Hynix, Lg Display,...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Mar 22nd): Samsung Electronics, Hyundai Motor, Sk Hynix, Kia, Posco

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

Ke Yan, CFA, FRM

Noteworthy Price Movements Associated with 1Q Ex-Dates Trading Setups

This post explores noteworthy price movements occurring during 1Q ex-dates. Notably, many local money managers have honed in on this particular...

Sanghyun Park

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