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

Cross Asset Strategy

<div>
In this analysis, we provide a detailed overview of investor positioning among 96 active Asia Ex-Japan funds with combined AUM of $80bn.  Highlights:
</div>
<div>
<ul style="list-style-type: disc;">
<li>The big four of China &amp; HK, Taiwan, South Korea and India dominate holdings in Asia Ex-Japan.  The 4 countries combined account for 85.4% of total allocations, though all but India are held underweight versus the MSCI Asia Ex-Japan index.</li>
<li>China &amp; HK's weight in Asia Ex-Japan funds stands at a 4-year low of 42.96% having fallen heavily from the high of 52% back in August 2020.</li>
<li>Allocations in Indian stocks hit a new all-time high last month of 13.54%.  India has been the go-to overweight holding since the election of Narendra Modi in 2014, though managers are much more closely aligned to benchmark today.</li>
<li>
Indonesian allocations are close to their lowest levels on record.  Only 82.8% of the Asia Ex-Japan managers in our analysis have exposure to Indonesia,  with Comgest, Barings and Vontobel closing exposure over the last 6-months.
</li>
<li>Information Technology dominates the holdings picture, being both the largest sector holding and the largest sector overweight by some distance.  Opposing this are net underweights in Health Care (-1.61%), Materials (-1.25%) and Financials (-1.17%). </li>
<li>The key antagonist in China's tech crackdown, Consumer Discretionary weights have fallen from a high of 21.35% in October 2020 to 16.84% today.  In tandem, active managers have moved from an overweight of 2.18% to an underweight of -0.12%.  Confidence has certainly taken a knock.</li>
</ul>
Also analyzed in more detail:  Thailand, Health Care, Indian Financials, South Korean Consumer Staples, China Financials, <a href="https://www.smartkarma.com/entities/baidu-inc" target="_blank" data-smartkarma-citation="entities:179:1" rel="noopener">Baidu (BIDU US)</a> , <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> , <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> and <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US).</a>
Analysis taken from our Asia Ex-Japan research, covering 96 active Asia Ex-Japan funds with combined AUM of $80bn. 
</div>


In this analysis, we provide a detailed overview of investor positioning among 96 active Asia Ex-Japan funds with combined AUM of $80bn.  Highlights:



The big four of China &amp; HK, Taiwan, South Korea and India dominate holdings in Asia Ex-Japan.  The 4 countries combined account for 85.4% of total allocations, though all but India are held underweight versus the MSCI Asia Ex-Japan index.
China &amp; HK's weight in Asia Ex-Japan funds stands at a 4-year low of 42.96% having fallen heavily from the high of 52% back in August 2020.
Allocations in Indian stocks hit a new all-time high last month of 13.54%.  India has been the go-to overweight holding since the election of Narendra Modi in 2014, though managers are much more closely aligned to benchmark today.

Indonesian allocations are close to their lowest levels on record.  Only 82.8% of the Asia Ex-Japan managers in our analysis have exposure to Indonesia,  with Comgest, Barings and Vontobel closing exposure over the last 6-months.

Information Technology dominates the holdings picture, being both the largest sector holding and the largest sector overweight by some distance.  Opposing this are net underweights in Health Care (-1.61%), Materials (-1.25%) and Financials (-1.17%). 
The key antagonist in China's tech crackdown, Consumer Discretionary weights have fallen from a high of 21.35% in October 2020 to 16.84% today.  In tandem, active managers have moved from an overweight of 2.18% to an underweight of -0.12%.  Confidence has certainly taken a knock.

Also analyzed in more detail:  Thailand, Health Care, Indian Financials, South Korean Consumer Staples, China Financials, Baidu (BIDU US) , Sea Ltd (SE US) , Midea Group Co Ltd A (000333 CH) and JD.com Inc (ADR) (JD US).
Analysis taken from our Asia Ex-Japan research, covering 96 active Asia Ex-Japan funds with combined AUM of $80bn. 


Asia Ex-Japan Positioning:  India & Tech at Record Highs

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

NPS has been selling big in Korea in recent weeks. It was reported that NPS and other local pension funds sold nearly 6.5 trillion won of Korean stocks this year (as of 21 January). The NPS has net sold for 18 consecutive trading days.The local retail investors and foreign investors have been increasing their stakes in the major Korean stocks this year driving the Korean stock market higher. However, there are some growing concerns that NPS has been selling big in Korea and may continue to do so in the near future, as many Korean stocks reach their all time highs. Furthermore, among the 50 top stocks in Korea, NPS added to its position on just 4 of these stocks and reduced its stake in 17 of them (of the ones that have shown changes in ownership stake in the dart system). These four stocks (including NCsoft, SK Innovation, Samsung F&amp;M Insurance, and POSCO Chemical) that NPS added to its positions are worth further reviews since it shows that NPS is especially more bullish on the outlook of these companies. These four stocks are up on average 20.7% YTD, outperforming KOSPI which is up 9.3% YTD.

NPS has been selling big in Korea in recent weeks. It was reported that NPS and other local pension funds sold nearly 6.5 trillion won of Korean stocks this year (as of 21 January). The NPS has net sold for 18 consecutive trading days.The local retail investors and foreign investors have been increasing their stakes in the major Korean stocks this year driving the Korean stock market higher. However, there are some growing concerns that NPS has been selling big in Korea and may continue to do so in the near future, as many Korean stocks reach their all time highs. Furthermore, among the 50 top stocks in Korea, NPS added to its position on just 4 of these stocks and reduced its stake in 17 of them (of the ones that have shown changes in ownership stake in the dart system). These four stocks (including NCsoft, SK Innovation, Samsung F&amp;M Insurance, and POSCO Chemical) that NPS added to its positions are worth further reviews since it shows that NPS is especially more bullish on the outlook of these companies. These four stocks are up on average 20.7% YTD, outperforming KOSPI which is up 9.3% YTD.

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Event-Driven

Here is the latest list of high div yield stocks (near 5%) in KOSPI at the last close.The yields are based on the FnGuide consensus DPS.









Name
Ticker
DPS
Price
Div yield


Hana Financial Group Inc
086790
₩2,099
₩35,800
5.86%


Hyundai Heavy Industries Holdings Co Ltd
267250
₩18,083
₩313,500
5.77%


Industrial Bank of Korea
024110
₩532
₩9,450
5.63%


BNK Financial Group Inc
138930
₩334
₩5,940
5.62%


JB Financial Group Co Ltd
175330
₩328
₩5,870
5.59%


DGB Financial Group Co Ltd
139130
₩391
₩7,290
5.36%


Kumho Industrial Co Ltd
002990
₩500
₩9,370
5.34%


Woori Financial Group Inc
316140
₩541
₩10,150
5.33%


Shinhan Financial Group Co., Ltd.
055550
₩1,736
₩33,300
5.21%


KT&amp;G Corp
033780
₩4,563
₩88,400
5.16%


Samsung Securities Co Ltd
016360
₩2,171
₩42,950
5.05%


Lotte Foods Co Ltd
002270
₩17,000
₩342,500
4.96%


Samsung Card Co Ltd
029780
₩1,744
₩35,250
4.95%


Hyundai Marine &amp; Fire Insurance Co., Ltd
001450
₩1,150
₩23,450
4.90%


MERITZ SECURITIES CO LTD
008560
₩190
₩3,885
4.89%


GS Home Shopping Inc.
028150
₩7,000
₩143,500
4.88%

Source: KRX &amp; FnGuide











Name
Ticker
DTV/SO
DTV (₩B)
MC (₩B)


Hana Financial Group Inc
086790
0.57%
61.8
10,748.7


Hyundai Heavy Industries Holdings Co Ltd
267250
0.42%
21.0
4,952.9


Industrial Bank of Korea
024110
0.34%
23.7
6,980.4


BNK Financial Group Inc
138930
1.04%
20.2
1,936.1


JB Financial Group Co Ltd
175330
0.34%
3.9
1,156.3


DGB Financial Group Co Ltd
139130
0.47%
5.8
1,233.1


Kumho Industrial Co Ltd
002990
3.71%
12.7
343.3


Woori Financial Group Inc
316140
0.27%
19.4
7,331.0


Shinhan Financial Group Co., Ltd.
055550
0.58%
99.4
17,200.3


KT&amp;G Corp
033780
0.45%
54.2
12,136.7


Samsung Securities Co Ltd
016360
0.70%
27.0
3,835.4


Lotte Foods Co Ltd
002270
0.46%
1.8
387.7


Samsung Card Co Ltd
029780
0.14%
5.8
4,084.0


Hyundai Marine &amp; Fire Insurance Co., Ltd
001450
0.57%
12.0
2,096.4


MERITZ SECURITIES CO LTD
008560
0.40%
10.5
2,626.1


GS Home Shopping Inc.
028150
0.40%
3.8
941.7

Source: KRX



This year's year-end ex-dividend date is December 29. So, December 28 is the last day to become eligible for year-end dividends.<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Dividend payment (₩B)"}'>Dividend payment (₩B)</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Record date - 1Q20"}'>Record date - 1Q20</td>
<td data-sheets-value='{"1":2,"2":"March 31"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=indirect(R30C4&amp;R[0]C[6])">March 31</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Ex-rights"}'>- Ex-dividend</td>
<td data-sheets-value='{"1":2,"2":"March 30 (Monday)"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=indirect(R30C4&amp;R[0]C[6])">March 30 (Monday)</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Record date - 2Q20"}'>Record date - 2Q20</td>
<td data-sheets-value='{"1":2,"2":"June 30"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=indirect(R30C4&amp;R[0]C[6])">June 30</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Ex-rights"}'>- Ex-dividend</td>
<td data-sheets-value='{"1":2,"2":"June 29 (Monday)"}' data-sheets-formula="=indirect(R30C4&amp;R[0]C[6])">June 29 (Monday)</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Record date - 3Q20"}'>Record date - 3Q20</td>
<td data-sheets-value='{"1":2,"2":"September 29"}' data-sheets-formula="=indirect(R30C4&amp;R[0]C[6])">September 29</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Ex-rights"}'>- Ex-dividend</td>
<td data-sheets-value='{"1":2,"2":"September 28 (Monday)"}' data-sheets-formula="=indirect(R30C4&amp;R[0]C[6])">September 28 (Monday)</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Record date - 4Q20"}'>Record date - 4Q20</td>
<td data-sheets-value='{"1":2,"2":"December 30"}' data-sheets-formula="=indirect(R30C4&amp;R[0]C[6])">December 30</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Ex-rights"}'>- Ex-dividend</td>
<td data-sheets-value='{"1":2,"2":"December 29 (Tuesday)"}' data-sheets-formula="=indirect(R30C4&amp;R[0]C[6])">December 29 (Tuesday)</td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table>According to FnGuide, Korea's version of Capital IQ, a total of 199 KOSPI-listed companies have three or more local brokerage coverages with a DPS estimate.Out of these, 171 KOSPI companies are expected to pay year-end dividends this year (based on the consensus).Below are the 11 high div yield KOSPI stocks (5+%) at the current prices.<table class="table table-striped">
<colgroup>
<col width="400">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Name"}'>Name</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"DPS"}'>DPS (consensus)</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Price"}'>Price</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Div yield"}'>Div yield</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Heavy Industries Holdings Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Hyundai Heavy Industries Holdings Co Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"267250"}' data-sheets-formula='="267250"'>267250</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":18143}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}'>₩18,143</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":303000}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula='=googlefinance(R[0]C[-2], "price")'>₩303,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.05987788778877888}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-2]/R[0]C[-1]">5.99%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hana Financial Group Inc"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Hana Financial Group Inc</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"086790"}' data-sheets-formula='="086790"'>086790</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2099}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}'>₩2,099</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":35700}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula='=googlefinance(R[0]C[-2], "price")'>₩35,700</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.05879551820728291}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-2]/R[0]C[-1]">5.88%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"BNK Financial Group Inc"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>BNK Financial Group Inc</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"138930"}' data-sheets-formula='="138930"'>138930</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":334}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}'>₩334</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":5890}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula='=googlefinance(R[0]C[-2], "price")'>₩5,890</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0567062818336163}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-2]/R[0]C[-1]">5.67%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Industrial Bank of Korea"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Industrial Bank of Korea</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"024110"}' data-sheets-formula='="024110"'>024110</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":532}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}'>₩532</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":9380}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula='=googlefinance(R[0]C[-2], "price")'>₩9,380</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.056716417910447764}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-2]/R[0]C[-1]">5.67%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"JB Financial Group Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>JB Financial Group Co Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"175330"}' data-sheets-formula='="175330"'>175330</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":328}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}'>₩328</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":5910}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula='=googlefinance(R[0]C[-2], "price")'>₩5,910</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.05549915397631134}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-2]/R[0]C[-1]">5.55%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Woori Financial Group Inc"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Woori Financial Group Inc</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"316140"}' data-sheets-formula='="316140"'>316140</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":541}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}'>₩541</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":10050}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula='=googlefinance(R[0]C[-2], "price")'>₩10,050</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.053830845771144276}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-2]/R[0]C[-1]">5.38%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"DGB Financial Group Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>DGB Financial Group Co Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"139130"}' data-sheets-formula='="139130"'>139130</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":391}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}'>₩391</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":7370}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula='=googlefinance(R[0]C[-2], "price")'>₩7,370</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.05305291723202171}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-2]/R[0]C[-1]">5.31%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"KT&amp;G Corp"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>KT&amp;G Corp</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"033780"}' data-sheets-formula='="033780"'>033780</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":4563}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}'>₩4,563</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":87900}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula='=googlefinance(R[0]C[-2], "price")'>₩87,900</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.05191126279863481}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-2]/R[0]C[-1]">5.19%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Samsung Securities Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Samsung Securities Co Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"016360"}' data-sheets-formula='="016360"'>016360</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2177}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}'>₩2,177</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":42700}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula='=googlefinance(R[0]C[-2], "price")'>₩42,700</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.05098360655737705}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-2]/R[0]C[-1]">5.10%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Shinhan Financial Group Co., Ltd."}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Shinhan Financial Group Co., Ltd.</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"055550"}' data-sheets-formula='="055550"'>055550</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1736}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}'>₩1,736</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":33400}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula='=googlefinance(R[0]C[-2], "price")'>₩33,400</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.051976047904191615}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-2]/R[0]C[-1]">5.20%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Samsung Card Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Samsung Card Co Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"029780"}' data-sheets-formula='="029780"'>029780</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1744}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}'>₩1,744</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":35300}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula='=googlefinance(R[0]C[-2], "price")'>₩35,300</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.04940509915014164}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-2]/R[0]C[-1]">4.94%</td>
</tr>
<tr><td colspan="5" data-sheets-value='{"1":2,"2":"Source: FnGuide &amp; KRX"}'>Source: FnGuide &amp; KRX</td></tr>
</tbody>
</table>

This year's year-end ex-dividend date is December 29. So, December 28 is the last day to become eligible for year-end dividends.





Dividend payment (₩B)

Record date - 1Q20
March 31


- Ex-dividend
March 30 (Monday)


Record date - 2Q20
June 30


- Ex-dividend
June 29 (Monday)


Record date - 3Q20
September 29


- Ex-dividend
September 28 (Monday)


Record date - 4Q20
December 30


- Ex-dividend
December 29 (Tuesday)

Source: DART

According to FnGuide, Korea's version of Capital IQ, a total of 199 KOSPI-listed companies have three or more local brokerage coverages with a DPS estimate.Out of these, 171 KOSPI companies are expected to pay year-end dividends this year (based on the consensus).Below are the 11 high div yield KOSPI stocks (5+%) at the current prices.









Name
Ticker
DPS (consensus)
Price
Div yield


Hyundai Heavy Industries Holdings Co Ltd
267250
₩18,143
₩303,000
5.99%


Hana Financial Group Inc
086790
₩2,099
₩35,700
5.88%


BNK Financial Group Inc
138930
₩334
₩5,890
5.67%


Industrial Bank of Korea
024110
₩532
₩9,380
5.67%


JB Financial Group Co Ltd
175330
₩328
₩5,910
5.55%


Woori Financial Group Inc
316140
₩541
₩10,050
5.38%


DGB Financial Group Co Ltd
139130
₩391
₩7,370
5.31%


KT&amp;G Corp
033780
₩4,563
₩87,900
5.19%


Samsung Securities Co Ltd
016360
₩2,177
₩42,700
5.10%


Shinhan Financial Group Co., Ltd.
055550
₩1,736
₩33,400
5.20%


Samsung Card Co Ltd
029780
₩1,744
₩35,300
4.94%

Source: FnGuide &amp; KRX



High Div Yield Stocks in KOSPI for FY20 Year-End & How I'd Trade

<div class="content-highlight">It has been reported in the past few days that <a href="http://www.koreaninvestors.com/?p=12175" target="_blank" rel="noopener">NPS</a> is likely to put a greater emphasis on ESG (environmental, social, &amp; governance) based investing for Korean stocks and bonds starting 2021. NPS has currently given a mandate to a company to help NPS to apply ESG based investment system. The ESG evaluations are expected to aid NPS to actively exercise shareholder rights and also to carry out negative screening of stocks.</div><h3>Implications of NPS Incorporating More ESG Criteria on Domestic Investments (Bonds &amp; Stocks)</h3><ul>
<li>Negative Impact on VICE industries </li>
<li>Positive Impact on Renewable Energy Industries</li>
<li>Negative Impact on Coal &amp; Oil Industries</li>
<li>Greater Representation of Women in Senior Management Team/BOD</li>
</ul>

It has been reported in the past few days that NPS is likely to put a greater emphasis on ESG (environmental, social, &amp; governance) based investing for Korean stocks and bonds starting 2021. NPS has currently given a mandate to a company to help NPS to apply ESG based investment system. The ESG evaluations are expected to aid NPS to actively exercise shareholder rights and also to carry out negative screening of stocks.Implications of NPS Incorporating More ESG Criteria on Domestic Investments (Bonds &amp; Stocks)
Negative Impact on VICE industries 
Positive Impact on Renewable Energy Industries
Negative Impact on Coal &amp; Oil Industries
Greater Representation of Women in Senior Management Team/BOD


NPS - Greater Emphasis of ESG Based Investing for Korean Stocks & Bonds Starting 2021

South Korea

KT&G Corporation processes, produces, and sells cigarettes and other tobacco products.  The Company, through its subsidiaries, manufactures ginseng products such as red ginseng tea and herbal medicines.  KT&G is also involved in real estate development of its former factory sites.

Price Gauge
52-week Range	0.00 - 0.00
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KT&G Corporation (033780 KS)

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NPS Is Selling Big in Korea - Why?

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Div Play Stocks on T-1 Ex-Div in KOSPI

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High Div Yield Stocks in KOSPI for FY20 Year-End & How I'd Trade

This insight has the list of 5+% year-end dividend yield stocks listed on KOSPI (based on the local street consensus) and explains how I'd trade them.

Sanghyun Park

NPS - Greater Emphasis of ESG Based Investing for Korean Stocks & Bonds Starting 2021

It has been reported in the past few days that NPS is likely to put a greater emphasis on ESG (environmental, social, & governance) based...

Douglas Kim

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