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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Event-Driven

Samsung Electronics Pref Shares / Event-Driven

<p>The KRX said yesterday that local prefs with a 50+% premium (to ordinary) would be trading on a single-price with a 30-minute cycle for three consecutive sessions, starting December 7.</p><p>It was part of the new rules on prefs trading, announced by the Korea FSC in July.</p><p>The KRX finally set the effective date.</p>

The KRX said yesterday that local prefs with a 50+% premium (to ordinary) would be trading on a single-price with a 30-minute cycle for three consecutive sessions, starting December 7.It was part of the new rules on prefs trading, announced by the Korea FSC in July.The KRX finally set the effective date.

50+% Premium Prefs Trading Restriction Effective December 7: Full List & Impact

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

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/micron-technology-inc" target="_blank" data-smartkarma-citation="entities:13382:1" rel="noopener">Micron</a> last week made the surprise announcement that the company had begun volume shipments of the world’s first 176-layer 3D NAND flash memory chips. Separately, the company this week made some very interesting and frank disclosures at the Sanford C Bernstein Operational Decisions Broker Conference. Here's our thoughts on both of these recent developments. </p>

Micron last week made the surprise announcement that the company had begun volume shipments of the world’s first 176-layer 3D NAND flash memory chips. Separately, the company this week made some very interesting and frank disclosures at the Sanford C Bernstein Operational Decisions Broker Conference. Here's our thoughts on both of these recent developments. 

Micron. Leapfrogging Competitors With A Surprise 176-Layer NAND Flash Chip Announcement.

<p>Samsung ordinary made a runaway move last Friday and yesterday. The price soared by 8.69%.</p><p>But 1P didn't quite catch up, resulting in a -3σ move. The duo is now at -0.55σ on a 20D MA.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"% of sigma"}'>% of sigma</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Today"}'>Today</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.5499853563680831}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[0]C[6]">-55.00%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"T-1"}'>T-1</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6927528044703176}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[0]C[6]">69.28%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"T-2"}'>T-2</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2.563178938243168}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[0]C[6]">256.32%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"T-3"}'>T-3</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2.5805710317954222}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[0]C[6]">258.06%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"T-4"}'>T-4</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2.8262933260411462}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[0]C[6]">282.63%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"T-5"}'>T-5</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2.920387008236654}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[0]C[6]">292.04%</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><section class="figure"><p>The 1P discount hit the historic low at 6.07% last Thursday. Now, it sits at 11.31%.</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/172/170/original/chart.png?1605567861" class="editor-image img-responsive" data-smartkarma-image-id="172170"></figure></section><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Pref discount"}'>Pref discount</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Today"}'>Today</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.11312217194570136}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=RP!R[445]C[5]">11.31%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D mean"}'>120D mean</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.12598859994735367}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=average(RP!R396C7:R494C7)">12.60%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D median"}'>120D median</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.12949640287769784}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=MEDIAN(RP!R396C7:R494C7)">12.95%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D high"}'>120D high</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1552901023890785}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=MAX(RP!R396C7:R494C7)">15.53%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D low"}'>120D low</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.060655737704918035}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=MIN(RP!R396C7:R494C7)">6.07%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y mean"}'>1Y mean</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.14435834982293952}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=average(RP!R248C7:R494C7)">14.44%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y median"}'>1Y median</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.14299610894941633}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=MEDIAN(RP!R248C7:R494C7)">14.30%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y high"}'>1Y high</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.197196261682243}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=MAX(RP!R248C7:R494C7)">19.72%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y low"}'>1Y low</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.060655737704918035}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=MIN(RP!R248C7:R494C7)">6.07%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y mean"}'>2Y mean</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.16432294665613392}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=average(RP!R2C7:R494C7)">16.43%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y median"}'>2Y median</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1720183486238532}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=MEDIAN(RP!R2C7:R494C7)">17.20%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y high"}'>2Y high</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.21040723981900453}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=MAX(RP!R2C7:R494C7)">21.04%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y low"}'>2Y low</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.060655737704918035}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=MIN(RP!R2C7:R494C7)">6.07%</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><p>Still, 1P is outperforming the ordinary share by nearly 3% in a 120D horizon.</p><table class="table table-striped">
<colgroup>
<col width="200">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"RP ratio"}'>RP ratio</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D today"}'>120D today</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.0281833100922997}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=RP!R[50]C[14]">1.02818</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>-</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D mean"}'>120D mean</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.0121053942624505}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=AVERAGE(RP!R2C16:R81C16)">1.01211</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.015885614206774992}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R31C[-1]-R[0]C[-1])/R[0]C[-1]">1.59%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D median"}'>120D median</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.007786798540668}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MEDIAN(RP!R2C16:R81C16)">1.00779</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0202389151963162}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R31C[-1]-R[0]C[-1])/R[0]C[-1]">2.02%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D high"}'>120D high</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.089009176203732}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MAX(RP!R2C16:R81C16)">1.08901</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.055854319174306895}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R31C[-1]-R[0]C[-1])/R[0]C[-1]">-5.59%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D low"}'>120D low</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.9792967995363515}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MIN(RP!R2C16:R81C16)">0.97930</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.04992001462589637}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R31C[-1]-R[0]C[-1])/R[0]C[-1]">4.99%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y today"}'>1Y today</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.08045027159399}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=RP!R[193]C[9]">1.08045</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>-</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y mean"}'>1Y mean</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.0465088281511457}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=AVERAGE(RP!R2C11:R229C11)">1.04651</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.03243302161416868}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R36C[-1]-R[0]C[-1])/R[0]C[-1]">3.24%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y median"}'>1Y median</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.0457601535399466}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MEDIAN(RP!R2C11:R229C11)">1.04576</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0331721551415168}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R36C[-1]-R[0]C[-1])/R[0]C[-1]">3.32%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y high"}'>1Y high</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.1443681770053673}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MAX(RP!R2C11:R229C11)">1.14437</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.055854319174306624}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R36C[-1]-R[0]C[-1])/R[0]C[-1]">-5.59%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y low"}'>1Y low</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.9822243875278397}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MIN(RP!R2C11:R229C11)">0.98222</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.10000350766424677}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R36C[-1]-R[0]C[-1])/R[0]C[-1]">10.00%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y today"}'>2Y today</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.0720501218238787}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=RP!R[453]C[2]">1.07205</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>-</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y mean"}'>2Y mean</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.0101590754706078}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=AVERAGE(RP!R2C4:R494C4)">1.01016</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.06126861388087557}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R41C[-1]-R[0]C[-1])/R[0]C[-1]">6.13%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y median"}'>2Y median</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.000856941223914}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MEDIAN(RP!R2C4:R494C4)">1.00086</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.07113222446447229}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R41C[-1]-R[0]C[-1])/R[0]C[-1]">7.11%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y high"}'>2Y high</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.1354710862907595}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MAX(RP!R2C4:R494C4)">1.13547</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.05585431917430671}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R41C[-1]-R[0]C[-1])/R[0]C[-1]">-5.59%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y low"}'>2Y low</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.954452787031973}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MIN(RP!R2C4:R494C4)">0.95445</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.12320916905444201}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R41C[-1]-R[0]C[-1])/R[0]C[-1]">12.32%</td>
</tr>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table>

Samsung ordinary made a runaway move last Friday and yesterday. The price soared by 8.69%.But 1P didn't quite catch up, resulting in a -3σ move. The duo is now at -0.55σ on a 20D MA.





% of sigma

Today
-55.00%


T-1
69.28%


T-2
256.32%


T-3
258.06%


T-4
282.63%


T-5
292.04%

Source: KRX

The 1P discount hit the historic low at 6.07% last Thursday. Now, it sits at 11.31%.






Pref discount

Today
11.31%


120D mean
12.60%


120D median
12.95%


120D high
15.53%


120D low
6.07%


1Y mean
14.44%


1Y median
14.30%


1Y high
19.72%


1Y low
6.07%


2Y mean
16.43%


2Y median
17.20%


2Y high
21.04%


2Y low
6.07%

Source: KRX

Still, 1P is outperforming the ordinary share by nearly 3% in a 120D horizon.






RP ratio

120D today
1.02818
-


120D mean
1.01211
1.59%


120D median
1.00779
2.02%


120D high
1.08901
-5.59%


120D low
0.97930
4.99%


1Y today
1.08045
-


1Y mean
1.04651
3.24%


1Y median
1.04576
3.32%


1Y high
1.14437
-5.59%


1Y low
0.98222
10.00%


2Y today
1.07205
-


2Y mean
1.01016
6.13%


2Y median
1.00086
7.11%


2Y high
1.13547
-5.59%


2Y low
0.95445
12.32%

Source: KRX



Samsung C/1P Price Action: Currency Factor Vs. Tax-Triggering Shareholder Return

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

<p><a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> has broken above 61k resistance. Our recent insight touted shorting as an underperform pair with long Kospi with an absolute stop above 60k. The relative stance continues to struggle as does MACD new price high non confirmations. We hold a bullish (buy dips) stance for the Kopsi.</p><p>SEC breakout places a bull stance in absolute terms and will benefit from rotation out of China tech.</p><p>SEC key pivot lies at 61k and if we slip back below this level fresh buy support lies at 58k. Bull projections come in at 67,100 and 68,900. 61k support must hold to provide fuel for an immediate rise to noted projections.</p>

Samsung Electronics (005930 KS) has broken above 61k resistance. Our recent insight touted shorting as an underperform pair with long Kospi with an absolute stop above 60k. The relative stance continues to struggle as does MACD new price high non confirmations. We hold a bullish (buy dips) stance for the Kopsi.SEC breakout places a bull stance in absolute terms and will benefit from rotation out of China tech.SEC key pivot lies at 61k and if we slip back below this level fresh buy support lies at 58k. Bull projections come in at 67,100 and 68,900. 61k support must hold to provide fuel for an immediate rise to noted projections.

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/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/yihai-int-l-holding-ltd" target="_blank" data-smartkarma-citation="entities:22803:1" rel="noopener">Yihai Int’L Holding (1579 HK)</a>, <a href="https://www.smartkarma.com/entities/haier-electronics-group-co" target="_blank" data-smartkarma-citation="entities:4877:1" rel="noopener">Haier Electronics Group Co (1169 HK)</a> and <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> while there was short covering on <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/netease" target="_blank" data-smartkarma-citation="entities:29030:1" rel="noopener">NetEase (9999 HK)</a>. Shorts increased in Industrials, Consumer Discretionary and Real Estate stocks and decreased in Financial names.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/square-enix-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15003:1" rel="noopener">Square Enix Holdings (9684 JP)</a>, <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" data-smartkarma-citation="entities:3700:1" rel="noopener">Anritsu Corp (6754 JP)</a>, <a href="https://www.smartkarma.com/entities/casio-computer-co-ltd" target="_blank" data-smartkarma-citation="entities:18338:1" rel="noopener">Casio Computer (6952 JP)</a> and <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a>, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 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> and <a href="https://www.smartkarma.com/entities/ana-holdings-inc" target="_blank" data-smartkarma-citation="entities:5308:1" rel="noopener">Ana Holdings (9202 JP)</a>. Sectorally, shorts increased on Communication Services, Health Care and Information Technology, while shorts were covered on Consumer Discretionary and Financials.</p></div><div><p>In Korea, the biggest increase in shorts was on <a href="https://www.smartkarma.com/entities/netmarble-corporation" target="_blank" data-smartkarma-citation="entities:22839:1" rel="noopener">Netmarble Corporation (251270 KS)</a>, while shorts were covered on <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/sk-innovation-co-ltd" target="_blank" data-smartkarma-citation="entities:1268:1" rel="noopener">SK Innovation (096770 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> and <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a>. News <a href="https://www.businesskorea.co.kr/news/articleView.html?idxno=54911" target="_blank" rel="noopener">reports</a> have indicated that the FSC will lift the temporary short sell ban on 15 March 2021 and will apply to all stocks irrespective of market cap. Earlier reports had indicated that the short sell ban would stay in place for small cap stocks.</p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" data-smartkarma-citation="entities:6704:1" rel="noopener">Au Optronics (2409 TT)</a>, <a href="https://www.smartkarma.com/entities/innolux-corp" target="_blank" data-smartkarma-citation="entities:4509:1" rel="noopener">Innolux Corp (3481 TT)</a>, <a href="https://www.smartkarma.com/entities/acer-inc" target="_blank" data-smartkarma-citation="entities:15726:1" rel="noopener">Acer Inc (2353 TT)</a> and <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>  while shorts were covered on <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a>, <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 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> and <a href="https://www.smartkarma.com/entities/walsin-technology-corp" target="_blank" data-smartkarma-citation="entities:11084:1" rel="noopener">Walsin Technology (2492 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 Alibaba Group (9988 HK), Yihai Int’L Holding (1579 HK), Haier Electronics Group Co (1169 HK) and HKEX (388 HK) while there was short covering on Tencent Holdings (700 HK), Ping An Insurance (H) (2318 HK), Meituan (3690 HK) and NetEase (9999 HK). Shorts increased in Industrials, Consumer Discretionary and Real Estate stocks and decreased in Financial names.In Japan, stocks that saw the most shorts were Square Enix Holdings (9684 JP), Anritsu Corp (6754 JP), Casio Computer (6952 JP) and Tsuruha Holdings (3391 JP) while shorts decreased on M3 Inc (2413 JP), Canon Inc (7751 JP), Rakuten Inc (4755 JP) and Ana Holdings (9202 JP). Sectorally, shorts increased on Communication Services, Health Care and Information Technology, while shorts were covered on Consumer Discretionary and Financials.In Korea, the biggest increase in shorts was on Netmarble Corporation (251270 KS), while shorts were covered on Samsung Electronics (005930 KS), SK Innovation (096770 KS), Hyundai Motor Co (005380 KS) and Celltrion Inc (068270 KS). News reports have indicated that the FSC will lift the temporary short sell ban on 15 March 2021 and will apply to all stocks irrespective of market cap. Earlier reports had indicated that the short sell ban would stay in place for small cap stocks.Stocks in Taiwan that saw the highest increase in shorts were Au Optronics (2409 TT), Innolux Corp (3481 TT), Acer Inc (2353 TT) and TSMC (2330 TT)  while shorts were covered on Novatek Microelectronics Corp (3034 TT), Yageo Corporation (2327 TT), Largan Precision (3008 TT) and Walsin Technology (2492 TT).

Asia Short Interest Weekly: Shorts Continue to Rise in HK, Japan & Taiwan; Korea Ban to Be Lifted

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.

Samsung Electronics Pref Shares (005935 KS)

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Samsung Electronics Pref Shares (005935 KS)

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