External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>SNT Motiv posted strong OP, beating consensus and our estimate by 7.7% and 9.6%, respectively</li><li>We remain upbeat about the 0.1%pt growth in OPM, despite a yoy 17% fall in revenue</li><li>All eyes on potential 1) earnings improvement, and 2) motor order wins</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

SNT Motiv posted strong OP, beating consensus and our estimate by 7.7% and 9.6%, respectivelyWe remain upbeat about the 0.1%pt growth in OPM, despite a yoy 17% fall in revenueAll eyes on potential 1) earnings improvement, and 2) motor order winsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SNT Motiv - Profit Fundamentals Remain Solid; New Top-Line Growth to Be Key

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.

Index Rebalance

<ul>
<li>Early position buildup has minimal price impact, and even after the announcement, only a few stocks with a larger passive impact see significant movement.</li>
<li>Since these KRX sector indices include many small to mid-cap stocks, the price impact of constituent changes on ETF rebalancing day was quite noticeable.</li>
<li>Due to potential learning effects, build positions in predictable high-impact stocks before the announcement, then monitor flows and impacts to decide on targeting the ETF rebalancing trading day.</li>
</ul>


Early position buildup has minimal price impact, and even after the announcement, only a few stocks with a larger passive impact see significant movement.
Since these KRX sector indices include many small to mid-cap stocks, the price impact of constituent changes on ETF rebalancing day was quite noticeable.
Due to potential learning effects, build positions in predictable high-impact stocks before the announcement, then monitor flows and impacts to decide on targeting the ETF rebalancing trading day.


KRX Sector Indexes' Rebalancing Event, Often off Traders' Radar but with Significant Price Impacts

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 Feb 14th which has an aggregated short interest worth USD3.7bn.</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 SK Hynix, Hanwha Ocean.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Feb 14th which has an aggregated short interest worth USD3.7bn.
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 SK Hynix, Hanwha Ocean.


KRX Short Interest Weekly (Feb 14th): SK Hynix, Hanwha Ocean

Event-Driven

<ul>
<li>ARIRANG K-Defense Industry Fn ETF (449450 KS) shows the fastest AUM/ADV growth among recently listed sector ETFs. It is virtually the only one enjoying the influx of local retail investors.</li>
<li>The increasing trend of ETF AUM, coupled with the growing interest of local retail investors in the defense sector, will likely lead to flow improvement in each constituent.</li>
<li>The passive impact of some stocks in the upcoming rebalancing is expected to expand to 0.4-0.5x ADTV. Notable names in this regard are Hanwha Corporation and SNT Motiv.</li>
</ul>


ARIRANG K-Defense Industry Fn ETF (449450 KS) shows the fastest AUM/ADV growth among recently listed sector ETFs. It is virtually the only one enjoying the influx of local retail investors.
The increasing trend of ETF AUM, coupled with the growing interest of local retail investors in the defense sector, will likely lead to flow improvement in each constituent.
The passive impact of some stocks in the upcoming rebalancing is expected to expand to 0.4-0.5x ADTV. Notable names in this regard are Hanwha Corporation and SNT Motiv.


Introducing ARIRANG K-Defense, Sector ETF Currently in the Limelight in Korea

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

<ul>
<li>There are 7 adds and 7 deletes for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> rebalance to be implemented at the close on 9 June.</li>
<li>There are also a bunch of stocks that will have changes applied to their free float. There were announced last week and are much less tracked.</li>
<li>The flows and impact on some of the float change names are significant and pre-positioning and passive flows could move the stocks over the next few days.</li>
</ul>


There are 7 adds and 7 deletes for the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) rebalance to be implemented at the close on 9 June.
There are also a bunch of stocks that will have changes applied to their free float. There were announced last week and are much less tracked.
The flows and impact on some of the float change names are significant and pre-positioning and passive flows could move the stocks over the next few days.


KOSPI200 Index Rebalance: Float Changes, Flows & Trades

South Korea

S&T Motiv Co., Ltd. manufactures and markets a variety of automobile parts. The Company's products include motors, suspension modules, fuel rails, air bags, shock absorbers, and transmissions.  S&T Daewoo also produces car televisions, car navigation systems, and alarm systems.

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S&T Motiv (064960 KS)

SNT Motiv - Profit Fundamentals Remain Solid; New Top-Line Growth to Be Key

SNT Motiv posted strong OP, beating consensus and our estimate by 7.7% and 9.6%, respectively. We remain upbeat about the 0.1%pt growth in OPM,...

Daishin Securities

KRX Sector Indexes' Rebalancing Event, Often off Traders' Radar but with Significant Price Impacts

This post discusses KRX Sector Index rebalancing trading opportunities, which, due to being off traders' radar for two reasons, paradoxically lead...

Sanghyun Park

KRX Short Interest Weekly (Feb 14th): SK Hynix, Hanwha Ocean

We analyzed KRX short interest report for the past week and highlighted short interest changes in SK Hynix, Hanwha Ocean.

Ke Yan, CFA, FRM

Introducing ARIRANG K-Defense, Sector ETF Currently in the Limelight in Korea

This post introduces the current local sector ETF in the limelight (ARIRANG K-Defense Industry Fn ETF) and looks at potential flow and arbitrage...

Sanghyun Park

KOSPI200 Index Rebalance: Float Changes, Flows & Trades

There are significant flows and impact on some stocks that have float changes at the upcoming KOSPI2 rebalance. With over 5 days ADV to buy,...

Brian Freitas

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