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.

Event-Driven

<ul>
<li>LG Electronics aims for 7% growth, a 7x EV/EBITDA multiple, and a ₩1,000 DPS with a 25% payout ratio, likely disclosing details by late October or early November.</li>
<li>LG Electronics' value-up disclosure highlights major non-financial companies' participation before the value-up index launch, driven by regulatory pressure and concerns about index inclusion.</li>
<li>Samsung and Hyundai are likely to disclose value-up plans by early September, prompting an upward revision of flow size predictions for the value-up index launch.</li>
</ul>


LG Electronics aims for 7% growth, a 7x EV/EBITDA multiple, and a ₩1,000 DPS with a 25% payout ratio, likely disclosing details by late October or early November.
LG Electronics' value-up disclosure highlights major non-financial companies' participation before the value-up index launch, driven by regulatory pressure and concerns about index inclusion.
Samsung and Hyundai are likely to disclose value-up plans by early September, prompting an upward revision of flow size predictions for the value-up index launch.


LG Electronics' Value-Up Disclosure Today: Impact on Initial Flow Sizing for the Value-Up Index

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 Aug 16th which has an aggregated short interest worth USD5.3bn.</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 (000660 KS).</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 16th which has an aggregated short interest worth USD5.3bn.
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 (000660 KS).


KRX Short Interest Weekly (Aug 16th): Sk Hynix

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>With the start of the review period around the corner, there could be two changes for the FnGuide Semiconductor Top10 Index at the October rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/wonik-ips-co-ltd-5d7417b7-5438-41d4-a6e4-8016d24d818a" target="_blank" data-smartkarma-citation="entities:26912:1" rel="noopener">Wonik Ips (240810 KS)</a> and <a href="https://www.smartkarma.com/entities/techwing-inc" target="_blank" data-smartkarma-citation="entities:5735:1" rel="noopener">Techwing Inc (089030 KS)</a> are potential adds while <a href="https://www.smartkarma.com/entities/isc-co-ltd" target="_blank" data-smartkarma-citation="entities:13560:1" rel="noopener">ISC Co Ltd (095340 KS)</a> and <a href="https://www.smartkarma.com/entities/dongjin-semichem-co-ltd" target="_blank" data-smartkarma-citation="entities:19607:1" rel="noopener">Dongjin Semichem (005290 KS)</a> are potential deletes.</li>
<li>Passives will need to trade more than 2x ADV on two potential changes and more than 1x ADV on another potential change.</li>
</ul>


With the start of the review period around the corner, there could be two changes for the FnGuide Semiconductor Top10 Index at the October rebalance.

Wonik Ips (240810 KS) and Techwing Inc (089030 KS) are potential adds while ISC Co Ltd (095340 KS) and Dongjin Semichem (005290 KS) are potential deletes.
Passives will need to trade more than 2x ADV on two potential changes and more than 1x ADV on another potential change.


FnGuide Semiconductor Top10 Index Rebalance Preview: Two Changes Likely in October

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>SDC closes Slovakia branch due to declining competitiveness in European market, experiencing challenges in the region.</li><li>SSFC remains optimistic about growth in China's auto market despite market slowdown, seeing potential for expansion.</li><li>Global semiconductor industry strengthens in 2Q24, as per SEMI report, with Taiwanese IPC maker showcasing at Automation Expo 2024 in India.</li></ul>

SDC closes Slovakia branch due to declining competitiveness in European market, experiencing challenges in the region.SSFC remains optimistic about growth in China's auto market despite market slowdown, seeing potential for expansion.Global semiconductor industry strengthens in 2Q24, as per SEMI report, with Taiwanese IPC maker showcasing at Automation Expo 2024 in India.

Tech Supply Chain Tracker (21-Aug-2024): SDC closes Slovakia branch.

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>DRAM revenues amounted to $23.3 billion in Q224, representing increases of 28.3% QoQ and 110.5% YoY.</li>
<li>In the case of NAND, Q224 revenues amounted to $16.5 billion, representing increases of 17% QoQ and 83% YoY.</li>
<li>Unprecedented demand for HBM &amp; DDR5, robustly increasing content per box for both PC &amp; Smartphone, looming capacity constraints, more/better LTA coverage are all mounting tailwinds for the memory segment </li>
</ul>


DRAM revenues amounted to $23.3 billion in Q224, representing increases of 28.3% QoQ and 110.5% YoY.
In the case of NAND, Q224 revenues amounted to $16.5 billion, representing increases of 17% QoQ and 83% YoY.
Unprecedented demand for HBM &amp; DDR5, robustly increasing content per box for both PC &amp; Smartphone, looming capacity constraints, more/better LTA coverage are all mounting tailwinds for the memory segment 


Q224 DRAM, NAND Revenues Grow For The Fifth Quarter In a Row

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (SMSN LI)

LG Electronics' Value-Up Disclosure Today: Impact on Initial Flow Sizing for the Value-Up Index

This post explores how LG Electronics' value-up disclosure today affects the initial flow sizing of the value-up index, set to launch next month.

Sanghyun Park

KRX Short Interest Weekly (Aug 16th): Sk Hynix

We analyzed KRX short interest report for the past week and highlighted short interest changes in Sk Hynix (ticker: 000660 KS).

Ke Yan, CFA, FRM

FnGuide Semiconductor Top10 Index Rebalance Preview: Two Changes Likely in October

There could be two changes for the FnGuide Semiconductor Top10 Index in October. Some stocks have similar market caps and will need to be...

Brian Freitas

Tech Supply Chain Tracker (21-Aug-2024): SDC closes Slovakia branch.

SDC closes Slovakia branch, SSFC looks to China growth, global semiconductor industry strengthens, Taiwanese maker at Expo 2024, Siemens Gamesa...

Tech Supply Chain Tracker

Q224 DRAM, NAND Revenues Grow For The Fifth Quarter In a Row

Q224 DRAM $23.3 billion in Q224, +28.3% QoQ & +110.5% YoY. Q224 NAND $16.5 billion, +17% QoQ & +83% YoY. Multiple mounting tailwinds bode well for...

William Keating

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