Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>In this insight, we discuss the potential impeachment of the South Korean President Yoon Suk-Yeol and the implications on the Korean financial markets.</li>
<li>We would put a 50-60% probability that there is more than 200 votes to impeach the South Korean President Yoon Suk-Yeol right now by the members of the Parliament.</li>
<li>We would attach about 30-40% probability that at least six justices of the Constitutional Court vote in favor of impeaching President Yoon. </li>
</ul>


In this insight, we discuss the potential impeachment of the South Korean President Yoon Suk-Yeol and the implications on the Korean financial markets.
We would put a 50-60% probability that there is more than 200 votes to impeach the South Korean President Yoon Suk-Yeol right now by the members of the Parliament.
We would attach about 30-40% probability that at least six justices of the Constitutional Court vote in favor of impeaching President Yoon. 


Potential Impeachment of President Yoon Suk-Yeol and Impact on the Korean Financial Markets

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 Nov 29th which has an aggregated holding worth USD481.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD748mln. 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 Naver, Samsung Electronics, Alteogen.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Nov 29th which has an aggregated holding worth USD481.3bn.
We estimate that foreign flows to be outflows of USD748mln. 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 Naver, Samsung Electronics, Alteogen.


KRX Foreign Holding Weekly (Nov 29th): Naver, Samsung Electronics, Alteogen

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Nov 22nd which has an aggregated holding worth USD491.7bn.</li>
<li>We estimate that foreign flows to be outflows of USD772mln. 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 Naver, SK Hynix, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Nov 22nd which has an aggregated holding worth USD491.7bn.
We estimate that foreign flows to be outflows of USD772mln. 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 Naver, SK Hynix, Samsung Electronics.


KRX Foreign Holding Weekly (Nov 22nd): Naver, SK Hynix, Samsung Electronics

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Nov 8th which has an aggregated short interest worth USD4.7bn.</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 KT&amp;G, HPSP, Hanwha Systems, Samsung HI.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Nov 8th which has an aggregated short interest worth USD4.7bn.
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 KT&amp;G, HPSP, Hanwha Systems, Samsung HI.


KRX Short Interest Weekly (Nov 8th): KT&G, HPSP, Hanwha Systems, Samsung HI

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>12 ETFs (9 passive and 3 active) and 1 ETN tracking the Korea Value-Up Index will start trading on the KRX on 4 November.</li>
<li>At listing, the combined AUM across the 13 products is KRW 511bn (US$370m). So not a lot of impact on the stocks in the index.</li>
<li>The expectation is that there will be a lot of money that starts to track the index after the ETF listing. Looking at Japan, that is not a success story.</li>
</ul>


12 ETFs (9 passive and 3 active) and 1 ETN tracking the Korea Value-Up Index will start trading on the KRX on 4 November.
At listing, the combined AUM across the 13 products is KRW 511bn (US$370m). So not a lot of impact on the stocks in the index.
The expectation is that there will be a lot of money that starts to track the index after the ETF listing. Looking at Japan, that is not a success story.


Korea Value-Up ETFs: Listing on 4 Nov with US$370m AUM

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.

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KT&G Corporation (033780 KS)

Potential Impeachment of President Yoon Suk-Yeol and Impact on the Korean Financial Markets

In this insight, we discuss the potential impeachment of the South Korean President Yoon Suk-Yeol and the implications on the Korean financial...

Douglas Kim

KRX Foreign Holding Weekly (Nov 29th): Naver, Samsung Electronics, Alteogen

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

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Nov 22nd): Naver, SK Hynix, Samsung Electronics

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

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Nov 8th): KT&G, HPSP, Hanwha Systems, Samsung HI

We analyzed KRX short interest report for the past week and highlighted short interest changes in KT&G, HPSP, Hanwha Systems, Samsung HI.

Ke Yan, CFA, FRM

Korea Value-Up ETFs: Listing on 4 Nov with US$370m AUM

12 ETFs (9 passive and 3 active) and 1 ETN tracking the Korea Value-Up Index will start trading on the KRX on 4 November. Total assets at launch...

Brian Freitas

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52-week Range

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