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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<p>The short sell ban in Korea that was instated on 16 March 2020 is set to expire on 15 March.</p><p>However, with mayoral elections in Seoul and Busan around the corner, politicians are said to be leaning on the FSC to extend the short sell ban. Add to that the retail outrage - from petitions to the Blue House, bus tours, and posts on K-Streetbets of targeting stocks with high short interest.</p><p>There is a high likelihood that the short sell ban gets extended by three more months to tide the politicians over the mayoral elections.</p><p>In the event that the short sell ban expires, we highlight stocks that have seen the most short covering since the start of the short sell ban, stocks with high short interest as a percentage of market cap and free float, and high days of ADV to cover.</p><p>This will have implications for many strategies and will open the door to trade the ordinaries vs preferred shares, long/short and other related strategies.</p>

The short sell ban in Korea that was instated on 16 March 2020 is set to expire on 15 March.However, with mayoral elections in Seoul and Busan around the corner, politicians are said to be leaning on the FSC to extend the short sell ban. Add to that the retail outrage - from petitions to the Blue House, bus tours, and posts on K-Streetbets of targeting stocks with high short interest.There is a high likelihood that the short sell ban gets extended by three more months to tide the politicians over the mayoral elections.In the event that the short sell ban expires, we highlight stocks that have seen the most short covering since the start of the short sell ban, stocks with high short interest as a percentage of market cap and free float, and high days of ADV to cover.This will have implications for many strategies and will open the door to trade the ordinaries vs preferred shares, long/short and other related strategies.

Korea Short Sell Ban: Elections, Public Outrage, Bus Tours, Blue House Petitions, K-Streetbets

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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

<p>Everything seems to be clicking for Samsung Heavy lately.</p><p>The price is nearing a new 52W high as 1M gain amounts to 36%. It is currently 40% above the 20D EMA.</p><p>Even today, the shares are super actively trading at a 7x 30D DTV (nearly US$300M). </p><table class="table table-striped">
<colgroup>
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Item"}'>Item</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Value"}'>Value</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Name"}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}'>Name</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Samsung Heavy Industries Co.,Ltd"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>Samsung Heavy Industries Co., Ltd</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ticker"}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}'>Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"010140"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula='="010140"'>010140</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"MC (₩B)"}'>MC (₩B)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":4437.814898}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula='=googlefinance(R[-1]C[0], "marketcap")/1000000000'>4,437.8</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"TV/DTV (x)"}'>TV/DTV (x)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":7.081586919405633}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}' data-sheets-formula='=googlefinance(R[-7]C[0], "volume")/googlefinance(R[-7]C[0], "volumeavg")'>7.08</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"- DTV (₩B)"}'>- DTV (₩B)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":32.792907414285715}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula='=googlefinance(R[-8]C[0], "volumeavg")*average(index(googlefinance(R[-8]C[0], "price", today()-30, today()), 0,2))/1000000000'>32.8</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"TV (₩B)"}'>TV (₩B)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":288.64293488}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula='=googlefinance(R3C[0], "volume")*R[-6]C[1]/1000000000'>288.6</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - % of SO"}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}'>- % of SO</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.06563945396825396}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=googlefinance(R[-10]C[0], "volume")/googlefinance(R[-10]C[0], "shares")'>6.56%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"RSI (14)"}'>RSI (14)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":76.17947249921087}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}' data-sheets-formula="=R[480]C[7]">76.18</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"%K"}'>%K</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":81.30434782608695}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}' data-sheets-formula="=R[479]C[10]">81.30</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"%D"}'>%D</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":75.39881573448905}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}' data-sheets-formula="=R[478]C[11]">75.40</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"52WH"}'>52WH</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.06809078771695594}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R6C[1]-R[0]C[1])/R[0]C[1]">-6.81%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Date"}'>- Date</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":43845.64583333333}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}' data-sheets-formula='=index(googlefinance(R[-23]C[0], "price", today()-365, today()), (match(max(index(googlefinance(R[-23]C[0], "price", today()-365, today()), 0, 2)), index(googlefinance(R[-23]C[0], "price", today()-365, today()), 0, 2), 0)), 1)'>1/15/20</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"52WL"}'>52WL</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.2407704654895666}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R6C[1]-R[0]C[1])/R[0]C[1]">124.08%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Date"}'>- Date</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":43913.64583333333}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}' data-sheets-formula='=index(googlefinance(R[-25]C[0], "price", today()-365, today()), (match(min(index(googlefinance(R[-25]C[0], "price", today()-365, today()), 0, 2)), index(googlefinance(R[-25]C[0], "price", today()-365, today()), 0, 2), 0)), 1)'>3/23/20</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"20D SMA"}'>20D SMA</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.48890784982935154}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R6C3-R178C[15])/R178C[15]">48.89%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"20D EMA"}'>20D EMA</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3958087194948088}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R6C3-R178C[16])/R178C[16]">39.58%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1M Δ"}'>1M Δ</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3553398058252427}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=(googlefinance(R[-28]C2, "price")-index(googlefinance(R[-28]C2, "price", today()-30), 2,2))/index(googlefinance(R[-28]C2, "price", today()-30), 2,2)'>35.53%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1M SD"}'>1M SD</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.09740796096387769}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=stdev.s(index((googlefinance(R3C[0], "price", today()-30, today())), 0, 2))/average(index((googlefinance(R3C[0], "price", today()-30, today())), 0, 2))'>9.74%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"3M Δ"}'>3M Δ</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3371647509578544}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=(googlefinance(R[-30]C2, "price")-index(googlefinance(R[-30]C2, "price", today()-90), 2,2))/index(googlefinance(R[-30]C2, "price", today()-90), 2,2)'>33.72%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"3M SD"}'>3M SD</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.06832492657050346}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=stdev.s(index((googlefinance(R3C[0], "price", today()-90, today())), 0, 2))/average(index((googlefinance(R3C[0], "price", today()-90, today())), 0, 2))'>6.83%</td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: Google Finance"}'>Source: Google Finance</td></tr>
</tbody>
</table><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/173/552/original/chart.png?1606188554" class="editor-image img-responsive" data-smartkarma-image-id="173552"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/173/553/original/chart%20%281%29.png?1606188563" class="editor-image img-responsive" data-smartkarma-image-id="173553"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/173/554/original/chart%20%282%29.png?1606188572" class="editor-image img-responsive" data-smartkarma-image-id="173554"></figure></section>

Everything seems to be clicking for Samsung Heavy lately.The price is nearing a new 52W high as 1M gain amounts to 36%. It is currently 40% above the 20D EMA.Even today, the shares are super actively trading at a 7x 30D DTV (nearly US$300M). 






Item
Value


Name
Samsung Heavy Industries Co., Ltd


Ticker
010140


MC (₩B)
4,437.8


TV/DTV (x)
7.08


- DTV (₩B)
32.8


TV (₩B)
288.6


- % of SO
6.56%


RSI (14)
76.18


%K
81.30


%D
75.40


52WH
-6.81%


- Date
1/15/20


52WL
124.08%


- Date
3/23/20


20D SMA
48.89%


20D EMA
39.58%


1M Δ
35.53%


1M SD
9.74%


3M Δ
33.72%


3M SD
6.83%

Source: Google Finance



Samsung C&T Holdco Conversion Ratio Calculations: Why Samsung Heavy in the Picture?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<p><a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (A) (19 HK)</a> has <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1008/2020100800907.pdf" target="_blank" rel="noopener">announced</a> it intends to list its wholly-owned <a href="https://www.swireblueocean.com/en/activities/what-we-do/" target="_blank" rel="noopener">Swire Blue Ocean A/S</a> (to be renamed Cadeler A/S) on the Oslo Stock Exchange.</p>
<p>Cadeler’s principal business is the "<em>installation of wind turbines and foundations for offshore windfarms and the provision of operation and maintenance services, accommodation, met mast installation and removal and decommissioning services to the offshore windfarm industry in northern European waters</em>".</p>
<p>Swire intends to remain a significant shareholder in Cadeler following completion of the proposed spin-off.</p>
<p>What would be the market cap for Cadeler? It currently operates two windfarm installation vessels. My back of the napkin calculations suggests a market cap upwards of US$250mn. This is not a material transaction.</p>
<p>As always, more below the fold.</p>

Swire Pacific (A) (19 HK) has announced it intends to list its wholly-owned Swire Blue Ocean A/S (to be renamed Cadeler A/S) on the Oslo Stock Exchange.
Cadeler’s principal business is the "installation of wind turbines and foundations for offshore windfarms and the provision of operation and maintenance services, accommodation, met mast installation and removal and decommissioning services to the offshore windfarm industry in northern European waters".
Swire intends to remain a significant shareholder in Cadeler following completion of the proposed spin-off.
What would be the market cap for Cadeler? It currently operates two windfarm installation vessels. My back of the napkin calculations suggests a market cap upwards of US$250mn. This is not a material transaction.
As always, more below the fold.

Swire Pacific: Oslo Spin-Off For Windfarm Installation Ops

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/meituan-dianping" target="_blank" rel="noopener" data-smartkarma-citation="entities:26970:1">Meituan Dianping (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:127:1">Geely Auto (175 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" rel="noopener" data-smartkarma-citation="entities:28434:1">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/haidilao-international-holding-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:27044:1">Haidilao (6862 HK)</a> and <a href="https://www.smartkarma.com/entities/budweiser-brewing-co-apac-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:28077:1">Budweiser Brewing Company APAC (1876 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:26:1">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/ind-comm-bk-of-china-h" target="_blank" rel="noopener" data-smartkarma-citation="entities:1119:1">ICBC (H) (1398 HK)</a>, <a href="https://www.smartkarma.com/entities/vitasoy-intl-holdings-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:2807:1">Vitasoy Intl Holdings (345 HK)</a> and <a href="https://www.smartkarma.com/entities/sun-hung-kai-properties-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:111:1">Sun Hung Kai Properties (16 HK)</a>. Shorts jumped on Consumer Discretionary and Health Care names while they covered positions in Communication Services, Financials and Information Technology. Short interest tripled on <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" rel="noopener" data-smartkarma-citation="entities:26970:1">Meituan Dianping (3690 HK)</a> during the week while shorts on <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:127:1">Geely Auto (175 HK)</a> almost doubled.</p></div><div><p>Japan saw an increase in shorts on <a href="https://www.smartkarma.com/entities/east-japan-railway-co" target="_blank" rel="noopener" data-smartkarma-citation="entities:14271:1">East Japan Railway Co (9020 JP)</a>, <a href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:11171:1">Mitsubishi Electric (6503 JP)</a> and <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-financial-group-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:217:1">Sumitomo Mitsui Financial Group (8316 JP)</a> and a reduction in shorts on <a href="https://www.smartkarma.com/entities/alps-alpine-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:12001:1">Alps Alpine (6770 JP)</a>, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:1:1">Canon Inc (7751 JP)</a> and <a href="https://www.smartkarma.com/entities/ihi-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:4819:1">IHI Corp (7013 JP)</a>. Sectorally, shorts increased in Industrials, Communication Services and Consumer Staples while shorts reduced in Real Estate, Information Technology and Materials.</p></div><div>
<p>Shorts in Korea decreased led by Information Technology, Health Care, Communication Services and Materials.</p>
<p>Shorts in Taiwan were covered in almost all sectors led by Consumer Discretionary, Financials, Materials and Industrials.</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 Meituan Dianping (3690 HK), Geely Auto (175 HK), Alibaba Group (9988 HK), Haidilao (6862 HK) and Budweiser Brewing Company APAC (1876 HK) while there was short covering on Tencent Holdings (700 HK), ICBC (H) (1398 HK), Vitasoy Intl Holdings (345 HK) and Sun Hung Kai Properties (16 HK). Shorts jumped on Consumer Discretionary and Health Care names while they covered positions in Communication Services, Financials and Information Technology. Short interest tripled on Meituan Dianping (3690 HK) during the week while shorts on Geely Auto (175 HK) almost doubled.Japan saw an increase in shorts on East Japan Railway Co (9020 JP), Mitsubishi Electric (6503 JP) and Sumitomo Mitsui Financial Group (8316 JP) and a reduction in shorts on Alps Alpine (6770 JP), Canon Inc (7751 JP) and IHI Corp (7013 JP). Sectorally, shorts increased in Industrials, Communication Services and Consumer Staples while shorts reduced in Real Estate, Information Technology and Materials.
Shorts in Korea decreased led by Information Technology, Health Care, Communication Services and Materials.
Shorts in Taiwan were covered in almost all sectors led by Consumer Discretionary, Financials, Materials and Industrials.


Asia Short Interest Weekly - Massive Short Increase on Meituan, Geely

<p>With Indonesia's <a href="https://www.bloomberg.com/news/articles/2020-03-02/short-selling-banned-in-indonesia-stocks-on-brink-of-bear-market" target="_blank" rel="noopener">ban on short selling</a> that started on Monday, there is chatter in Korea about a temporary ban on short selling and following the Hong Kong model of having a designated list of stocks that can be short sold.</p><p>In this Insight, we look at market movements in Korea and foreign participation, current short sell rules in Korea, criteria used in Hong Kong to come up with the Designated List of Short Sell Stocks and identify stocks in Korea that would be short sell eligible based on the same set of criteria.</p>

With Indonesia's ban on short selling that started on Monday, there is chatter in Korea about a temporary ban on short selling and following the Hong Kong model of having a designated list of stocks that can be short sold.In this Insight, we look at market movements in Korea and foreign participation, current short sell rules in Korea, criteria used in Hong Kong to come up with the Designated List of Short Sell Stocks and identify stocks in Korea that would be short sell eligible based on the same set of criteria.

South Korea

Samsung Heavy Industries Co., Ltd. manufactures crude oil tankers, container vessels, bulk carriers, cruisers, and passenger ferries.  The Company also produces steel and bridge structures, and material handling equipment.  In addition, Samsung Heavy Industries provides civil engineering, architectural, and plant construction services.

Price Gauge
52-week Range	0.00 - 0.00
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Samsung Heavy Industries (010140 KS)

Korea Short Sell Ban: Elections, Public Outrage, Bus Tours, Blue House Petitions, K-Streetbets

With the short sell ban in Korea scheduled to expire 15 March, we look at stocks that have seen the most short covering since the start of the ban,...

Brian Freitas

Samsung C&T Holdco Conversion Ratio Calculations: Why Samsung Heavy in the Picture?

This insight looks at Samsung C&T's holding company conversion situation, including the forceful conversion ratio calculations. Then, it examines...

Sanghyun Park

Swire Pacific: Oslo Spin-Off For Windfarm Installation Ops

Swire Pacific (A) (19 HK) has annoucndc igd Swire Pacific Offshore, a wholly-owned subsidiary of Swire Pacific Limited (“Swire Pacific”), is...

David Blennerhassett

Asia Short Interest Weekly - Massive Short Increase on Meituan, Geely

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong...

Brian Freitas

Korea - Potential Short Sell Ban

With Indonesia's ban on short selling that started on Monday, there is chatter in Korea about a temporary ban on short selling and following the...

Brian Freitas

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