Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

SBI Sumishin Net Bank  / Equity Capital Markets

<ul>
<li>SBI Sumishin Net Bank (SSNB) will be looking to raise around US$1.1bn in its upcoming IPO.</li>
<li>SSNB is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group, a financial services firm. </li>
<li>The deal, if successful, would be Japan’s first online-only bank to go public. In this note, we will talk about our earnings forecast and throughts in valuations.</li>
</ul>


SBI Sumishin Net Bank (SSNB) will be looking to raise around US$1.1bn in its upcoming IPO.
SSNB is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group, a financial services firm. 
The deal, if successful, would be Japan’s first online-only bank to go public. In this note, we will talk about our earnings forecast and throughts in valuations.


SBI Sumishin Net Bank Pre-IPO - Earnings Forecast and Thoughts on Valuations

Senior Bank Analyst - Japanese Banks, Windamee Research

J. Brian Waterhouse

Senior Bank Analyst - Japanese Banks

Windamee Research

Japanese Banks

Equity Bottom-Up

<p><strong><em><a href="https://www.smartkarma.com/entities/suruga-bank-ltd" target="_blank" data-smartkarma-citation="entities:6267:1" rel="noopener">Suruga Bank Ltd (8358 JP)</a></em></strong>has raised its interim guidance for 1H FY3/2022 consolidated net profits for the second time in three months: this time by +78% to ¥17.8 billion, or ¥76.86/share.  Credit costs, initially estimated at ¥2 billion for 1H FY3/2022, are now likely to be negative: a write-back to profits of ‘surplus’ loan loss reserves of as much as ¥6.6 billion, suggesting further progress in cleaning up the balance-sheet after the catastrophic ‘share house’ scandal.  This is significant: back in May this year, Suruga was forecasting an interim net loss of ¥2.3 billion because of further precautionary provisioning expenses.</p><p>Suruga Bank remains one of the most heavily traded Japanese bank stocks and is regularly one of the Top 5 Japanese bank stocks in terms of daily trading volume behind only the three megabanks and <a href="https://www.smartkarma.com/entities/resona-holdings-inc" target="_blank" data-smartkarma-citation="entities:6841:1" rel="noopener">Resona Holdings (8308 JP)</a>. It is currently trading on a remarkably low PER versus peers of 4.1x (assuming 2H FY3/2022 consolidated net profits are at least ¥8 billion, producing a FY3/2022 EPS of ¥122.2/share or better) and an undemanding PBR of 0.37x.</p><p>Risks remain, of course, and we continue to warn that this is a stock for players of the Long Game only.  The intended disposal of the 18.5% stake in Suruga held by its largest shareholder, <a href="https://www.smartkarma.com/entities/nojima-corp" target="_blank" data-smartkarma-citation="entities:9655:1" rel="noopener">Nojima Corp (7419 JP)</a>, remains an unresolved issue. Nevertheless, the positives continue to increase while the negatives continue to diminish, and the shares are significantly outperforming the Topix Banks Index for the first time in many months.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/240/048/original/8358-Suruga-2021-1105-8358vsTPNBNK-CY2021.jpg?1636249764" class="editor-image img-responsive" data-smartkarma-image-id="240048"></figure></section>

Suruga Bank Ltd (8358 JP)has raised its interim guidance for 1H FY3/2022 consolidated net profits for the second time in three months: this time by +78% to ¥17.8 billion, or ¥76.86/share.  Credit costs, initially estimated at ¥2 billion for 1H FY3/2022, are now likely to be negative: a write-back to profits of ‘surplus’ loan loss reserves of as much as ¥6.6 billion, suggesting further progress in cleaning up the balance-sheet after the catastrophic ‘share house’ scandal.  This is significant: back in May this year, Suruga was forecasting an interim net loss of ¥2.3 billion because of further precautionary provisioning expenses.Suruga Bank remains one of the most heavily traded Japanese bank stocks and is regularly one of the Top 5 Japanese bank stocks in terms of daily trading volume behind only the three megabanks and Resona Holdings (8308 JP). It is currently trading on a remarkably low PER versus peers of 4.1x (assuming 2H FY3/2022 consolidated net profits are at least ¥8 billion, producing a FY3/2022 EPS of ¥122.2/share or better) and an undemanding PBR of 0.37x.Risks remain, of course, and we continue to warn that this is a stock for players of the Long Game only.  The intended disposal of the 18.5% stake in Suruga held by its largest shareholder, Nojima Corp (7419 JP), remains an unresolved issue. Nevertheless, the positives continue to increase while the negatives continue to diminish, and the shares are significantly outperforming the Topix Banks Index for the first time in many months.

Suruga Bank (8358 JP):  The Sun Also Rises

Mizuho Financial Group / Equity Bottom-Up

<p><em>Gotōbi</em> (or 五十日 in Japanese) is any date with a ‘5’ or a ‘0’ in it.  In Japan, traditionally, it is a day when money owed is collected and accounts due are settled.  Fridays are always busy days commercially, but when Friday is also a <em>gotōbi</em> things get particularly hectic.  It is a busy day for the banks, too, with a noticeable rise in customer visits to branches and a surge in across-counter transactions, especially in cash and securities.</p><p>Last Friday, 20<sup>th</sup> August 2021, was a <em>gotōbi.</em> Imagine, then, the horror that seized bank staff at all 450+ branches of Mizuho Bank (not to mention at its sister organisation Mizuho Trust Bank, where the same thing happened), as 09:00am bank opening time approached, customers were queuing up, and they realised that none of the computer terminals at their counters were working.  None of them; nationwide.</p><p>Curiously, all the ATMs (source of two previous systems failures) were working normally, as was Mizuho Bank’s Internet banking platform, ‘Mizuho Direct’.  By 10:00am on Friday, most operations were back up and running (except for some foreign currency remittances) and by midday all systems appear to have returned to normal operation.  Management is still trying to establish the cause of the glitch.</p><p>This now makes the 5<sup>th</sup> time in 2021 that Mizuho Bank, the principal commercial banking subsidiary of megabank holding company <a href="https://www.smartkarma.com/entities/mizuho-financial-group-inc" target="_blank" data-smartkarma-citation="entities:219:1" rel="noopener">Mizuho Financial Group (8411 JP)</a> (MHFG), has had a systems failure.  That it happened on a <em>gotōbi</em> was embarrassing enough in view of the inconvenience to the many customers visiting the bank’s branches at the time.  Doubly embarrassing for management, inspectors from the Financial Services Agency (FSA) were in the process of winding-up their detailed and long inspection of the bank over the four previous systems malfunctions, with a view to deciding whether the bank should be disciplined for the successive failures through the issuance of a Business Correction Order.  That issuance would now seem to be an inevitability.  A formal demand for a detailed report into the incident (報告微求命令 or <em>hōkoku bikyū meirei</em> in Japanese) has already been issued by the FSA to Mizuho Trust Bank as well as to the parent MHFG.</p><p>Senior management clearly has much to do in the wake of this latest incident to restore Mizuho’s reputation among customers as a brand that is synonymous with reliability.</p><p>As we have said in past Smartkarma Insights, MHFG’s lack of consistency, either in profit generation or management execution, makes this a difficult stock to recommend on fundamentals.  This latest systems <em>débâcle </em>will not improve its already battered reputation.  MHFG has time and again promised much but then has either failed to deliver or has surprised the market with sudden sweeping changes in strategy, requiring long time-horizons for implementation and where ultimately delivering value remains frustratingly elusive.</p><p><em>Caveat Emptor!</em> (May the Buyer Beware!) remains our advice to would-be investors in this enormous but highly volatile banking group.</p>

Gotōbi (or 五十日 in Japanese) is any date with a ‘5’ or a ‘0’ in it.  In Japan, traditionally, it is a day when money owed is collected and accounts due are settled.  Fridays are always busy days commercially, but when Friday is also a gotōbi things get particularly hectic.  It is a busy day for the banks, too, with a noticeable rise in customer visits to branches and a surge in across-counter transactions, especially in cash and securities.Last Friday, 20th August 2021, was a gotōbi. Imagine, then, the horror that seized bank staff at all 450+ branches of Mizuho Bank (not to mention at its sister organisation Mizuho Trust Bank, where the same thing happened), as 09:00am bank opening time approached, customers were queuing up, and they realised that none of the computer terminals at their counters were working.  None of them; nationwide.Curiously, all the ATMs (source of two previous systems failures) were working normally, as was Mizuho Bank’s Internet banking platform, ‘Mizuho Direct’.  By 10:00am on Friday, most operations were back up and running (except for some foreign currency remittances) and by midday all systems appear to have returned to normal operation.  Management is still trying to establish the cause of the glitch.This now makes the 5th time in 2021 that Mizuho Bank, the principal commercial banking subsidiary of megabank holding company Mizuho Financial Group (8411 JP) (MHFG), has had a systems failure.  That it happened on a gotōbi was embarrassing enough in view of the inconvenience to the many customers visiting the bank’s branches at the time.  Doubly embarrassing for management, inspectors from the Financial Services Agency (FSA) were in the process of winding-up their detailed and long inspection of the bank over the four previous systems malfunctions, with a view to deciding whether the bank should be disciplined for the successive failures through the issuance of a Business Correction Order.  That issuance would now seem to be an inevitability.  A formal demand for a detailed report into the incident (報告微求命令 or hōkoku bikyū meirei in Japanese) has already been issued by the FSA to Mizuho Trust Bank as well as to the parent MHFG.Senior management clearly has much to do in the wake of this latest incident to restore Mizuho’s reputation among customers as a brand that is synonymous with reliability.As we have said in past Smartkarma Insights, MHFG’s lack of consistency, either in profit generation or management execution, makes this a difficult stock to recommend on fundamentals.  This latest systems débâcle will not improve its already battered reputation.  MHFG has time and again promised much but then has either failed to deliver or has surprised the market with sudden sweeping changes in strategy, requiring long time-horizons for implementation and where ultimately delivering value remains frustratingly elusive.Caveat Emptor! (May the Buyer Beware!) remains our advice to would-be investors in this enormous but highly volatile banking group.

Mizuho Financial Group (8411 JP):  Gotohbi Gremlins

Thematic (Sector/Industry)

<p>Data for May 2021 from both the Japanese Bankers Association (JBA) and the Bank of Japan (BoJ) confirm that YoY loan growth for Japanese commercial banks continues to fall, led by the major banks where YoY loan growth is now in negative territory.  Loan growth at all banks fell to just +0.5% YoY at the end of May, according to the JBA (April was +2.6% YoY).  We expect that June data (to be released in mid-July) from the JBA and BoJ may reveal overall YoY loan growth is heading for the zero-level.</p><p>January through mid-March saw an unusually strong rally in bank shares, in line with trends in other global stock markets.  The Topix Banks Index peaked at 162.08 on 19 March 2021  -  just 4 days after the notorious Ides of March ‘turning-point’ that we have often referred to in Smartkarma Insights on Japanese banks’ share price performance  -  and has softened to the 145 level.  The sector’s surprise outperformance of Topix in CY2021 has been undermined by a sub-par June performance and on a longer-term view (as we show at the end of this Insight) and despite this year’s rally the sector remains a disappointing investment against the broader Topix Index.</p><p><strong><em><a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a></em></strong> is the best performer of the major banks so far this year: up +33.6% over the last six months.  That said, this pales in comparison with bank stocks in other markets such as the US and Europe, where economies are recovering from the coronavirus pandemic and there are rising hopes of a mild steepening of the yield curve.  Meanwhile, despite greater concentration on boosting fee income and lowering overheads, many Japan’s banks remain seemingly unable to fully offset the adverse effects of the near-zero interest rate environment on domestic earnings.</p><p>“<em>Caveat Emptor!”</em> (May the Buyer Beware) remains our advice to would-be investors in Japanese bank stocks for the remainder of 2021 and beyond.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/215/895/original/8300-WR-JBanks-2021-0628-ZeroSheFlies-TPNBNKvsTPXin2021.jpg?1624939811" class="editor-image img-responsive" data-smartkarma-image-id="215895"></figure></section>

Data for May 2021 from both the Japanese Bankers Association (JBA) and the Bank of Japan (BoJ) confirm that YoY loan growth for Japanese commercial banks continues to fall, led by the major banks where YoY loan growth is now in negative territory.  Loan growth at all banks fell to just +0.5% YoY at the end of May, according to the JBA (April was +2.6% YoY).  We expect that June data (to be released in mid-July) from the JBA and BoJ may reveal overall YoY loan growth is heading for the zero-level.January through mid-March saw an unusually strong rally in bank shares, in line with trends in other global stock markets.  The Topix Banks Index peaked at 162.08 on 19 March 2021  -  just 4 days after the notorious Ides of March ‘turning-point’ that we have often referred to in Smartkarma Insights on Japanese banks’ share price performance  -  and has softened to the 145 level.  The sector’s surprise outperformance of Topix in CY2021 has been undermined by a sub-par June performance and on a longer-term view (as we show at the end of this Insight) and despite this year’s rally the sector remains a disappointing investment against the broader Topix Index.Mitsubishi UFJ Financial (MUFG) (8306 JP) is the best performer of the major banks so far this year: up +33.6% over the last six months.  That said, this pales in comparison with bank stocks in other markets such as the US and Europe, where economies are recovering from the coronavirus pandemic and there are rising hopes of a mild steepening of the yield curve.  Meanwhile, despite greater concentration on boosting fee income and lowering overheads, many Japan’s banks remain seemingly unable to fully offset the adverse effects of the near-zero interest rate environment on domestic earnings.“Caveat Emptor!” (May the Buyer Beware) remains our advice to would-be investors in Japanese bank stocks for the remainder of 2021 and beyond.

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a>, <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> and <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a>, <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> and <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a>. Shorts increased in the Information Technology, Real Estate and Communication Services sectors, while decreasing in the Financials sector.</p></div><div><p>In Japan, stocks increased on <a href="https://www.smartkarma.com/entities/yamaha-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:7411:1" rel="noopener">Yamaha Motor (7272 JP)</a>, <a href="https://www.smartkarma.com/entities/tamura-corp" target="_blank" data-smartkarma-citation="entities:9782:1" rel="noopener">Tamura Corp (6768 JP)</a>, <a href="https://www.smartkarma.com/entities/asics-corp" target="_blank" data-smartkarma-citation="entities:16287:1" rel="noopener">ASICS Corp (7936 JP)</a>, <a href="https://www.smartkarma.com/entities/sumco-corp" target="_blank" data-smartkarma-citation="entities:379:1" rel="noopener">SUMCO Corp (3436 JP)</a> and <a href="https://www.smartkarma.com/entities/mizuho-financial-group-inc" target="_blank" data-smartkarma-citation="entities:219:1" rel="noopener">Mizuho Financial Group (8411 JP)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>, <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Inc (4755 JP)</a>, <a href="https://www.smartkarma.com/entities/takeda-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:11747:1" rel="noopener">Takeda Pharmaceutical (4502 JP)</a>, <a href="https://www.smartkarma.com/entities/resona-holdings-inc" target="_blank" data-smartkarma-citation="entities:6841:1" rel="noopener">Resona Holdings (8308 JP)</a> and <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" data-smartkarma-citation="entities:3700:1" rel="noopener">Anritsu Corp (6754 JP)</a>. Shorts decreased the most in the Consumer Discretionary, Consumer Staples, Information Technology and Health Care sectors.</p></div><div><p>In Korea, shorts increased on <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a>, <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a>, <a href="https://www.smartkarma.com/entities/doosan-heavy-industries-construction" target="_blank" data-smartkarma-citation="entities:7389:1" rel="noopener">Doosan Heavy Industries &amp; Construction (034020 KS)</a>, <a href="https://www.smartkarma.com/entities/oci-co-ltd" target="_blank" data-smartkarma-citation="entities:1904:1" rel="noopener">Oci Co Ltd (010060 KS)</a> and <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a>, <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a>, <a href="https://www.smartkarma.com/entities/mando-corp" target="_blank" data-smartkarma-citation="entities:8119:1" rel="noopener">Mando Corp (204320 KS)</a>, <a href="https://www.smartkarma.com/entities/hyundai-wia-corp" target="_blank" data-smartkarma-citation="entities:12283:1" rel="noopener">Hyundai Wia (011210 KS)</a> and <a href="https://www.smartkarma.com/entities/doosan-infracore-co-ltd" target="_blank" data-smartkarma-citation="entities:3982:1" rel="noopener">Doosan Infracore (042670 KS)</a>. </p></div><div><p>In Taiwan, shorts increased on <a href="https://www.smartkarma.com/entities/wan-hai-lines-ltd" target="_blank" data-smartkarma-citation="entities:14262:1" rel="noopener">Wan Hai Lines (2615 TT)</a>, <a href="https://www.smartkarma.com/entities/asustek-computer-inc" target="_blank" data-smartkarma-citation="entities:13002:1" rel="noopener">Asustek Computer (2357 TT)</a>, <a href="https://www.smartkarma.com/entities/winbond-electronics-corp" target="_blank" data-smartkarma-citation="entities:9177:1" rel="noopener">Winbond Electronics (2344 TT)</a>, <a href="https://www.smartkarma.com/entities/nantex-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:1865:1" rel="noopener">Nantex Industry (2108 TT)</a> and <a href="https://www.smartkarma.com/entities/gigabyte-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:17486:1" rel="noopener">Gigabyte Technology (2376 TT)</a> while shorts covered on <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/taiwan-cement" target="_blank" data-smartkarma-citation="entities:19736:1" rel="noopener">Taiwan Cement (1101 TT)</a>, <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a>, <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a> and <a href="https://www.smartkarma.com/entities/evergreen-marine-corp-ltd" target="_blank" data-smartkarma-citation="entities:15428:1" rel="noopener">Evergreen Marine Corp (2603 TT)</a>. </p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Xiaomi Corp (1810 HK), Alibaba Group (9988 HK), Sunny Optical (2382 HK), Kuaishou Technology (1024 HK) and Anta Sports Products (2020 HK) while there was short covering on Meituan (3690 HK), HKEX (388 HK), JD.com Inc. (9618 HK), BYD (1211 HK) and WuXi AppTec Co. Ltd. (2359 HK). Shorts increased in the Information Technology, Real Estate and Communication Services sectors, while decreasing in the Financials sector.In Japan, stocks increased on Yamaha Motor (7272 JP), Tamura Corp (6768 JP), ASICS Corp (7936 JP), SUMCO Corp (3436 JP) and Mizuho Financial Group (8411 JP) while there was short covering on Oriental Land (4661 JP), Rakuten Inc (4755 JP), Takeda Pharmaceutical (4502 JP), Resona Holdings (8308 JP) and Anritsu Corp (6754 JP). Shorts decreased the most in the Consumer Discretionary, Consumer Staples, Information Technology and Health Care sectors.In Korea, shorts increased on Kakao Corp (035720 KS), Hyundai Motor Co (005380 KS), Doosan Heavy Industries &amp; Construction (034020 KS), Oci Co Ltd (010060 KS) and SK Hynix (000660 KS) while shorts were covered on LG Chem Ltd (051910 KS), Celltrion Inc (068270 KS), Mando Corp (204320 KS), Hyundai Wia (011210 KS) and Doosan Infracore (042670 KS). In Taiwan, shorts increased on Wan Hai Lines (2615 TT), Asustek Computer (2357 TT), Winbond Electronics (2344 TT), Nantex Industry (2108 TT) and Gigabyte Technology (2376 TT) while shorts covered on TSMC (2330 TT), Taiwan Cement (1101 TT), Largan Precision (3008 TT), United Microelectronics Corp (2303 TT) and Evergreen Marine Corp (2603 TT). 

Asia Shorts: Xiaomi, Anta, HKEX, BYD, Yamaha, ASICS, Rakuten, Resona, Kakao, HMC, Doosan, Wan Hai

Japan

Resona Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides financial services, including banking, trust operations, and credit card services. Resona Holdings also offers consulting services related to personal loans, asset management, and asset succession.

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Resona Holdings (8308 JP)

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Asia Shorts: Xiaomi, Anta, HKEX, BYD, Yamaha, ASICS, Rakuten, Resona, Kakao, HMC, Doosan, Wan Hai

The Insight looks at large short interest movements across HK, Japan, Korea and Taiwan stocks and highlights large increases/decreases in shorts to...

Brian Freitas

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