Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>On 10 October, Kiwoom Securities announced shareholder friendly policies. This could lead to Kiwoom Securities outperforming other major Korean securities companies in the next several months. </li>
<li>First, the company will return more than 30% of its net profit to the shareholders in the next three years through dividends and share buybacks/cancellations of treasury shares.</li>
<li>In addition, Kiwoom Securities plans to cancel all 1.4 million treasury shares it currently holds, representing 5.3% of outstanding shares.</li>
</ul>


On 10 October, Kiwoom Securities announced shareholder friendly policies. This could lead to Kiwoom Securities outperforming other major Korean securities companies in the next several months. 
First, the company will return more than 30% of its net profit to the shareholders in the next three years through dividends and share buybacks/cancellations of treasury shares.
In addition, Kiwoom Securities plans to cancel all 1.4 million treasury shares it currently holds, representing 5.3% of outstanding shares.


Kiwoom Securities: Announces Material Improvement in Shareholder Return Policies

<ul>
<li>One of the emerging trends in the Korean equity markets in the past several weeks has been the shift out of high beta, high P/E stocks to deep value stocks.</li>
<li>In this insight, we will discuss about the top 10 stocks in Korea with highest net cash as percentage of market cap. </li>
<li>These 10 stocks are up on average 2.9% YTD, outperforming KOSPI which is down 5.9% in the same period.</li>
</ul>


One of the emerging trends in the Korean equity markets in the past several weeks has been the shift out of high beta, high P/E stocks to deep value stocks.
In this insight, we will discuss about the top 10 stocks in Korea with highest net cash as percentage of market cap. 
These 10 stocks are up on average 2.9% YTD, outperforming KOSPI which is down 5.9% in the same period.


Top 10 Stocks in Korea With Highest Net Cash as Percentage of Market Cap

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

Korea Stock Exchange KOSPI 200 / Event-Driven

<ul>
<li>Local institutional investors were disappointed Kiwoom omitted COE from their value-up disclosure. They seek clearer plans to address low-yield assets and reduce COE.</li>
<li>Rapidly rising interest in COE among local institutional investors is now shaping the screening criteria for the Korea Exchange's value-up index, possibly using COE as a primary factor for inclusion.</li>
<li>Competition likely centers on selecting and weighting stocks, including those beyond KOSPI 200. Key metric: COE linked with ROE.</li>
</ul>


Local institutional investors were disappointed Kiwoom omitted COE from their value-up disclosure. They seek clearer plans to address low-yield assets and reduce COE.
Rapidly rising interest in COE among local institutional investors is now shaping the screening criteria for the Korea Exchange's value-up index, possibly using COE as a primary factor for inclusion.
Competition likely centers on selecting and weighting stocks, including those beyond KOSPI 200. Key metric: COE linked with ROE.


Hot Topic Among Local Institutions in Recent Days: Utilizing COE in Value-Up Investing

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 Apr 12th which has an aggregated short interest worth USD6.7bn.</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 HMM, LG Electronics .</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Apr 12th which has an aggregated short interest worth USD6.7bn.
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 HMM, LG Electronics .


KRX Short Interest Weekly (Apr 12th): HMM, LG Electronics

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Feb 16th which has an aggregated short interest worth USD7.9bn.</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 have highlighted short interest weekly changes in Enchem, HMM.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Feb 16th which has an aggregated short interest worth USD7.9bn.
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 have highlighted short interest weekly changes in Enchem, HMM.


KRX Short Interest Weekly (Feb 16th): Enchem, HMM

South Korea

KIWOOM Securities Co., Ltd. is an online financial institution.  The Company offers equity and fixed income securities brokerage, dealing, and underwriting services.  Kiwoom Securities provides its services to individual investors.

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Kiwoom Securities (039490 KS)

Kiwoom Securities: Announces Material Improvement in Shareholder Return Policies

Kiwoom Securities announced shareholder-friendly policies, including returning over 30% of net profit to shareholders and cancelling all treasury...

Douglas Kim

Top 10 Stocks in Korea With Highest Net Cash as Percentage of Market Cap

We will discuss about the top 10 stocks in Korea with highest net cash as percentage of market cap. These 10 stocks are up on average 2.9% YTD,...

Douglas Kim

Hot Topic Among Local Institutions in Recent Days: Utilizing COE in Value-Up Investing

This post delves into the recent buzz among local institutions, as they gear up to incorporate COE linked with ROE for value-up investing.

Sanghyun Park

KRX Short Interest Weekly (Apr 12th): HMM, LG Electronics

We analyzed KRX short interest report for the past week. We estimate the short interests were USD6.7bn and highlighted short interest changes in...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Feb 16th): Enchem, HMM

We have analyzed KRX short interest report for the past week and highlighted short interest weekly changes in Enchem, HMM.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kiwoom Securities: Announces Material Improvement in Shareholder Return Policies

​Kiwoom Securities announced shareholder-friendly policies, including returning over 30% of net profit to shareholders and cancelling all treasury...

Douglas Kim

Top 10 Stocks in Korea With Highest Net Cash as Percentage of Market Cap

We will discuss about the top 10 stocks in Korea with highest net cash as percentage of market cap. These 10 stocks are up on average 2.9% YTD,...

Douglas Kim

Hot Topic Among Local Institutions in Recent Days: Utilizing COE in Value-Up Investing

This post delves into the recent buzz among local institutions, as they gear up to incorporate COE linked with ROE for value-up investing.

Sanghyun Park

KRX Short Interest Weekly (Apr 12th): HMM, LG Electronics

We analyzed KRX short interest report for the past week. We estimate the short interests were USD6.7bn and highlighted short interest changes in...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Feb 16th): Enchem, HMM

We have analyzed KRX short interest report for the past week and highlighted short interest weekly changes in Enchem, HMM.

Ke Yan, CFA, FRM

Kiwoom Securities announced shareholder-friendly policies, including returning over 30% of net profit to shareholders and cancelling all treasury...