Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

Event-Driven

<ul>
<li>
<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> was rather stingy with their capital returns after a stellar 2021</li>
<li>The longer term capital commitment plan of its 2 largest holdings gives a higher indication that M&amp;A should be coming</li>
<li>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> and <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> account for nearly 30% of KOSPI weight.  Talk about big fish small puddle</li>
</ul>



Samsung Electronics (005930 KS) was rather stingy with their capital returns after a stellar 2021
The longer term capital commitment plan of its 2 largest holdings gives a higher indication that M&amp;A should be coming

LG Energy Solution (373220 KS) and Samsung Electronics (005930 KS) account for nearly 30% of KOSPI weight.  Talk about big fish small puddle


Will Samsung Get EV Envy from LG Energy Solution Listing?

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.

<ul>
<li>
The rebalancing cycle of the KODEX Secondary Battery ETF was changed from semi-annual to quarterly. Also, the rebalancing trading takes place for three trading days instead of one trading day.</li>
<li>
This passive impact will be different from the previous rebalancing. LG Energy and SK Innovation will likely experience a significant passive outflow. Then, most small-cap constituents will receive an inflow. </li>
<li>
Among the top weighting stocks, Samsung SDI and SKIET deserve attention. Sangsin Energy, E&amp;D, and TSI will face exclusion, while C&amp;I, Sang-A Frontec, and Enchem will likely join the ETF.</li>
</ul>



The rebalancing cycle of the KODEX Secondary Battery ETF was changed from semi-annual to quarterly. Also, the rebalancing trading takes place for three trading days instead of one trading day.

This passive impact will be different from the previous rebalancing. LG Energy and SK Innovation will likely experience a significant passive outflow. Then, most small-cap constituents will receive an inflow. 

Among the top weighting stocks, Samsung SDI and SKIET deserve attention. Sangsin Energy, E&amp;D, and TSI will face exclusion, while C&amp;I, Sang-A Frontec, and Enchem will likely join the ETF.


KODEX Battery ETF Rebalancing Cycle Changed to Quarterly: Preview for March Rebalancing

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Quantitative Analysis

<ul>
<li>In this insight, we discuss the dividends announcements which have been made by some of the largest Korean companies (25) in the past two days.</li>
<li>The average percentage difference in the actual versus the consensus estimate DPS in 2021 is 37.4% for these 25 companies.</li>
<li>Kia Motors now has a very nice dividend yield of 3.8%. DPS increased at an impressive rate of 200% YoY in 2021. </li>
</ul>


In this insight, we discuss the dividends announcements which have been made by some of the largest Korean companies (25) in the past two days.
The average percentage difference in the actual versus the consensus estimate DPS in 2021 is 37.4% for these 25 companies.
Kia Motors now has a very nice dividend yield of 3.8%. DPS increased at an impressive rate of 200% YoY in 2021. 


Key Highlights of 25 Major Korean Companies Making Dividends Announcements for 2021

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

<ul>
<li>Kakao Bank's six month IPO lock-up will end on 6th Feb 2022. </li>
<li>It will result in freeing up another US$2.5bn+ worth of shares held by a number of pre-IPO and local IPO investors.</li>
<li>In this note, we will talk about the upcoming lock-up expiry.</li>
</ul>


Kakao Bank's six month IPO lock-up will end on 6th Feb 2022. 
It will result in freeing up another US$2.5bn+ worth of shares held by a number of pre-IPO and local IPO investors.
In this note, we will talk about the upcoming lock-up expiry.


Kakao Bank Six-Month Lock-Up - Over US$2.5bn Stock Release Will Only Add to the Recent Rout

LG Energy Solution / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (LGENERGY KS)</a> (LGES) is looking to raise up to US$10.8bn in its upcoming South Korea IPO.</li>
<li>LGES is the EV battery unit of LG Chem. It was spun off in December last year. The company is a major supplier to customers including Tesla and General Motors.</li>
<li>In this note, we discuss our blue sky and bear assumptions and take a look at how peers have traded since our previous note.</li>
</ul>



LG Energy Solution (LGENERGY KS) (LGES) is looking to raise up to US$10.8bn in its upcoming South Korea IPO.
LGES is the EV battery unit of LG Chem. It was spun off in December last year. The company is a major supplier to customers including Tesla and General Motors.
In this note, we discuss our blue sky and bear assumptions and take a look at how peers have traded since our previous note.


LG Energy IPO -  Peer Updates + Bull/Bear Scenarios

South Korea

Samsung SDI Co., Ltd. specializes in developing Lithium Ion Battery (LIB) technology.  The Company also manufactures cathode ray tubes (CRTs) for televisions and computer monitors.  Samsung SDI also produces liquid crystal display (LCD) components and rechargeable batteries for cellular phones , personal digital assistants (PDAs), Energy Storage Systems and solar panels.

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Samsung SDI (006400 KS)

Will Samsung Get EV Envy from LG Energy Solution Listing?

Does LG Energy Solution listing force Samsung Electronics to make a M&A decision sooner versus later? Lot of ego at stake and Samsung did say at...

Ken S. Kim

KODEX Battery ETF Rebalancing Cycle Changed to Quarterly: Preview for March Rebalancing

The rebalancing cycle of the KODEX Secondary Battery ETF was changed from semi-annual to quarterly. This post previews the upcoming rebalancing...

Sanghyun Park

Key Highlights of 25 Major Korean Companies Making Dividends Announcements for 2021

In this insight, we discuss the dividends announcements which have been made by some of the largest Korean companies (25) in the past two days.

Douglas Kim

Kakao Bank Six-Month Lock-Up - Over US$2.5bn Stock Release Will Only Add to the Recent Rout

Kakao Bank's six month IPO lock-up will end on 6th Feb 2022, releasing over US$2.5bn worth of shares. In this note, we will look at the lock-up...

Sumeet Singh

LG Energy IPO - Peer Updates + Bull/Bear Scenarios

LGES bookbuild is underway. In this note, we discuss our blue sky and bear assumptions and take a look at how peers have traded since our previous...

Sumeet Singh

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