Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

This report has two parts. First, it discusses the impact of the "trial of the century" involving the Samsung Group heir Lee Jae-Yong as well as major policies enforced and the impact on various industry sectors in the first 110 days of Moon Jae-In as the President of South Korea. The local media has described the trials involving the three key individuals, including former President Park Geun-Hye, her confidant Choi Soon Shil, and the Samsung Group heir Lee Jae-Yong as the "trials of the…

This report has two parts. First, it discusses the impact of the "trial of the century" involving the Samsung Group heir Lee Jae-Yong as well as major policies enforced and the impact on various industry sectors in the first 110 days of Moon Jae-In as the President of South Korea. The local media has described the trials involving the three key individuals, including former President Park Geun-Hye, her confidant Choi Soon Shil, and the Samsung Group heir Lee Jae-Yong as the "trials of the…

The "Trial of the Century", First 110 Days of Moon Jae-In Presidency, and Waiting for Tofu

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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Event-Driven

<a href="https://www.smartkarma.com/entities/991" target="_blank" data-smartkarma-citation="entities:991:1">Celltrion Inc (068270 KS)</a> said in a regulatory filing that it will have EGM at 10 AM on Aug 29 to decide whether it will move to KOSPI.<div class="content-highlight">Below is the link of this regulatory filing in DART.<a href="http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20170821900093" target="_blank">http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20170821900093</a></div>Apparently, a majority of Celltrion shareholders will approve KOSPI move. So, it now seems that this is almost a done deal. Of course, KOSPI move itself won't make much difference in terms of short trade volume. But what is important is that there is a very high possibility that Celltrion will be included in KOSPI200.Yes, KOSPI200 inclusion is a big thing. So, any trading opportunity here? Alright, let's find it out.

Celltrion Inc (068270 KS) said in a regulatory filing that it will have EGM at 10 AM on Aug 29 to decide whether it will move to KOSPI.Below is the link of this regulatory filing in DART.http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20170821900093Apparently, a majority of Celltrion shareholders will approve KOSPI move. So, it now seems that this is almost a done deal. Of course, KOSPI move itself won't make much difference in terms of short trade volume. But what is important is that there is a very high possibility that Celltrion will be included in KOSPI200.Yes, KOSPI200 inclusion is a big thing. So, any trading opportunity here? Alright, let's find it out.

More Discussions on Impacts of Celltrion's KOSPI200 Inclusion

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

In the attached strategy document we expand upon themes and opportunities in materials, technology and financials as well as an overview of opportunities in EM, Europe, and Japan.Emerging Markets: Breaking out to all-time highs, EM is unfolding as global leadership. Take advantage of pullbacks.Europe: Two words: pullback opportunity. For the past three months, Europe peeled back from the global advance, as prices diverged from bullish headlines. We view this as a welcomed event. Long-term technicals do confirm the improving headlines, but timing matters. And the STOXX 600’s test of the 200-day MA represents a timely entry point.  Just note, Europe is not a relative leader. That status belongs to EM (above).Japan: Japan represents an overlooked opportunity. With EM leading, and Europe crowding headlines, Japan is steadily emerging from a two-year base pattern, setting the stage for another leg higher

In the attached strategy document we expand upon themes and opportunities in materials, technology and financials as well as an overview of opportunities in EM, Europe, and Japan.Emerging Markets: Breaking out to all-time highs, EM is unfolding as global leadership. Take advantage of pullbacks.Europe: Two words: pullback opportunity. For the past three months, Europe peeled back from the global advance, as prices diverged from bullish headlines. We view this as a welcomed event. Long-term technicals do confirm the improving headlines, but timing matters. And the STOXX 600’s test of the 200-day MA represents a timely entry point.  Just note, Europe is not a relative leader. That status belongs to EM (above).Japan: Japan represents an overlooked opportunity. With EM leading, and Europe crowding headlines, Japan is steadily emerging from a two-year base pattern, setting the stage for another leg higher

Global Equity Strategy: Overweight EM, Pullback Opportunities in Europe, Japan Poised to Breakout

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/208" target="_blank" data-smartkarma-citation="entities:208:1">POSCO (005490 KS)</a> is selling 7.7m shares of <a href="https://www.smartkarma.com/entities/718" target="_blank" data-smartkarma-citation="entities:718:1">KB Financial Group Inc (105560 KS)</a> for approximately US$377m. The deal represents 1.8% of KB Financial's total outstanding shares and POSCO is subjected to 90 days of lock-up period.The deal scores positively on our framework owing to its strong price and earnings momentum and good track record. In light of the rising interest rates environment, the bank's net interest income may finally see a reversal after years of decline and its ROE and ROA will…

POSCO (005490 KS) is selling 7.7m shares of KB Financial Group Inc (105560 KS) for approximately US$377m. The deal represents 1.8% of KB Financial's total outstanding shares and POSCO is subjected to 90 days of lock-up period.The deal scores positively on our framework owing to its strong price and earnings momentum and good track record. In light of the rising interest rates environment, the bank's net interest income may finally see a reversal after years of decline and its ROE and ROA will…

KB Financial Placement - An Expected Sale in a Favorable Macro Environment

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<h2>Overview</h2><ul><li>South Korea’s monetary intermediation industry grew by 7% in 2016, well above the average growth rate of 2% over 2011-2016. Growth was stimulated by the strong performance in investment banking and the growing adoption of online and mobile banking solutions throughout the industry.</li></ul>

OverviewSouth Korea’s monetary intermediation industry grew by 7% in 2016, well above the average growth rate of 2% over 2011-2016. Growth was stimulated by the strong performance in investment banking and the growing adoption of online and mobile banking solutions throughout the industry.

Industrial Capsule: Monetary Intermediation in South Korea

South Korea

Shinhan Financial Group Co., Ltd., a holding company, provides a full range of consumer and commercial banking-related financial services.  The company's main businesses include banking, securities brokerage, trust banking, and assets management to individuals, businesses, and other financial institutions.

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Shinhan Financial Group Adr (SHG US)

The "Trial of the Century", First 110 Days of Moon Jae-In Presidency, and Waiting for Tofu

This report has two parts. First, it discusses the impact of the "trial of the century" involving the Samsung Group heir Lee Jae-Yong as well as...

Douglas Kim

More Discussions on Impacts of Celltrion's KOSPI200 Inclusion

Celltrion Inc (068270 KS) said in a regulatory filing that it will have EGM at 10 AM on Aug 29 to decide whether it will move to KOSPI. Below is...

Sanghyun Park

Global Equity Strategy: Overweight EM, Pullback Opportunities in Europe, Japan Poised to Breakout

In the attached strategy document we expand upon themes and opportunities in materials, technology and financials as well as an overview of...

Vermilion Research

KB Financial Placement - An Expected Sale in a Favorable Macro Environment

POSCO (005490 KS) is selling 7.7m shares of KB Financial Group Inc (105560 KS) for approximately US$377m. The deal represents 1.8% of KB...

Zhen Zhou, Toh

Industrial Capsule: Monetary Intermediation in South Korea

OverviewSouth Korea’s monetary intermediation industry grew by 7% in 2016, well above the average growth rate of 2% over 2011-2016. Growth was...

Euromonitor International Ltd.

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