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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Event-Driven

Samsung Electronics Pref Shares / Event-Driven

Let's do one interesting study here. In the last month (Oct 10-Nov 3), <a href="https://www.smartkarma.com/entities/23591" target="_blank" data-smartkarma-citation="entities:23591:1">Samsung Electronics Pref Shares (005935 KS)</a> ranked fifth in the local institutional top net buying list. Thanks to local institutions which have gone aggressive on SamE Pref in the last month, SamE Common-SamE Pref spread peaked at 81.63% on Nov 2, and it is now at 81.59% (as of Nov 3).<div>
<table class="table table-striped"><tbody>
<tr><td colspan="4">Local institutional investors' top 14 net buying stocks in KOSPI &amp; KOSDAQ between Oct 10-Nov 3</td></tr>
<tr>
<td>Rank</td>
<td>Stock</td>
<td>Net trade volume</td>
<td>Net trade value (₩)</td>
</tr>
<tr>
<td>1</td>
</tr>
</tbody></table>…</div>

Let's do one interesting study here. In the last month (Oct 10-Nov 3), Samsung Electronics Pref Shares (005935 KS) ranked fifth in the local institutional top net buying list. Thanks to local institutions which have gone aggressive on SamE Pref in the last month, SamE Common-SamE Pref spread peaked at 81.63% on Nov 2, and it is now at 81.59% (as of Nov 3).

Local institutional investors' top 14 net buying stocks in KOSPI &amp; KOSDAQ between Oct 10-Nov 3

Rank
Stock
Net trade volume
Net trade value (₩)


1

…

Samsung Electronics Common-Pref Spread - Data & Situational Study

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Asia is leading EM higher.  In this week's Chart Book, we highlight the following themes and actionable charts: <ul><li>Overweight Asia. In today’s report we highlight a broad array of actionable names within the Asia region ... see pages 3-6</li><li>Indian banks are breaking out. India’s state banks broke out last week in response to the government’s announcement of a $32.5 billion recapitalization plan. Actionable ideas: Punjab National Bank (532461-IN), State Bank of India (500112-IN), ICICI Bank (532174-IN)... see page 2</li><li>Leading Sectors. EM sectors exhibiting attractive relative strength trends include: consumer discretionary, energy, financials, health care, materials, and tech. This (mostly) cyclical line-up supports a risk-on outlook. When defensive sectors exhibit improving relative strength, then we’ll turn cautious on EM’s advance.</li></ul>

Asia is leading EM higher.  In this week's Chart Book, we highlight the following themes and actionable charts: Overweight Asia. In today’s report we highlight a broad array of actionable names within the Asia region ... see pages 3-6Indian banks are breaking out. India’s state banks broke out last week in response to the government’s announcement of a $32.5 billion recapitalization plan. Actionable ideas: Punjab National Bank (532461-IN), State Bank of India (500112-IN), ICICI Bank (532174-IN)... see page 2Leading Sectors. EM sectors exhibiting attractive relative strength trends include: consumer discretionary, energy, financials, health care, materials, and tech. This (mostly) cyclical line-up supports a risk-on outlook. When defensive sectors exhibit improving relative strength, then we’ll turn cautious on EM’s advance.

EM Technicals: Overweight Asia; Indian Banks Are Breaking Out; Bottom-Up Ideas

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

We like the Tapex IPO and recommend investors to take the deal. The company has a solid niche in the rechargeable battery, semiconductor, and F&amp;B purpose tapes in Korea. The company has a long-term goal to generate 500 billion won in revenue by 2025, up from 113 billion won in 2015. We believe that the company could generate 129.7 billion won in revenue with a 7.6% net margins resulting in a net profit of 9.8 billion won in 2018.If we apply a 15x P/E, which is nearly 20% discount to where its…

We like the Tapex IPO and recommend investors to take the deal. The company has a solid niche in the rechargeable battery, semiconductor, and F&amp;B purpose tapes in Korea. The company has a long-term goal to generate 500 billion won in revenue by 2025, up from 113 billion won in 2015. We believe that the company could generate 129.7 billion won in revenue with a 7.6% net margins resulting in a net profit of 9.8 billion won in 2018.If we apply a 15x P/E, which is nearly 20% discount to where its…

Tapex IPO (Valuation Analysis) - A Market Leader in Rechargeable Batteries Tapes

We are now seeing a very interesting move from Korea's local institutions on those SK Group restructuring stocks. Last week, to be specific from Sep 25 to 29, the two stocks standing at the center of the SK Group restructuring process made the local institutions' top 10 net buying stock list in KOSPI/KOSDAQ. They are <a href="https://www.smartkarma.com/entities/393" target="_blank" data-smartkarma-citation="entities:393:1">SK Holdings Co Ltd (034730 KS)</a> and <a href="https://www.smartkarma.com/entities/395" target="_blank" data-smartkarma-citation="entities:395:1">SK Telecom (017670 KS)</a>. More importantly and interestingly, SK Holdings ranked top in this list as local institutions net purchased ₩75.1bil worth…

We are now seeing a very interesting move from Korea's local institutions on those SK Group restructuring stocks. Last week, to be specific from Sep 25 to 29, the two stocks standing at the center of the SK Group restructuring process made the local institutions' top 10 net buying stock list in KOSPI/KOSDAQ. They are SK Holdings Co Ltd (034730 KS) and SK Telecom (017670 KS). More importantly and interestingly, SK Holdings ranked top in this list as local institutions net purchased ₩75.1bil worth…

SK Group Restructuring - Local Institutions Are Already Making A Move

This report highlights actionable EM stocks from across industries and regions.  This week's report highlights the following:<ul><li>Latin America is breaking out to all-time highs.</li><li>Tech--extended but still leadership.</li><li>Uptick in attractive consumer stocks.</li><li>Commodity sectors are strengthening.</li></ul>

This report highlights actionable EM stocks from across industries and regions.  This week's report highlights the following:Latin America is breaking out to all-time highs.Tech--extended but still leadership.Uptick in attractive consumer stocks.Commodity sectors are strengthening.

EM Leadership Screen & Chart Book: Technically Attractive EM Stocks

South Korea

LG Chem Ltd. is a chemical manufacturer.  The Company's products include petrochemicals, plastic resins, and engineering plastics.  LG Chem also produces industrial and electronic materials.

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LG Chem Ltd (051910 KS)

Samsung Electronics Common-Pref Spread - Data & Situational Study

Let's do one interesting study here. In the last month (Oct 10-Nov 3), Samsung Electronics Pref Shares (005935 KS) ranked fifth in the local...

Sanghyun Park

EM Technicals: Overweight Asia; Indian Banks Are Breaking Out; Bottom-Up Ideas

Asia is leading EM higher. In this week's Chart Book, we highlight the following themes and actionable charts: Overweight Asia. In today’s...

Vermilion Research

Tapex IPO (Valuation Analysis) - A Market Leader in Rechargeable Batteries Tapes

We like the Tapex IPO and recommend investors to take the deal. The company has a solid niche in the rechargeable battery, semiconductor, and...

Douglas Kim

SK Group Restructuring - Local Institutions Are Already Making A Move

We are now seeing a very interesting move from Korea's local institutions on those SK Group restructuring stocks. Last week, to be specific from...

Sanghyun Park

EM Leadership Screen & Chart Book: Technically Attractive EM Stocks

This report highlights actionable EM stocks from across industries and regions. This week's report highlights the following: Latin America is...

Vermilion Research

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