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May 12, 2014

Samsung Securities (Korea) www.samsungpop.com

 All material presented in this report, unless
specifically indicated otherwise, is under copyright
to Samsung Securities. None of the material, nor
its content, nor any copy of it, may be altered in
any form or by any means, transmitted, copied, or
distributed to any other party, without the prior
express written permission of Samsung Securities.
This memorandum is based upon information
available to the public. While we have taken all
reasonable care to ensure its reliability, we do not
guarantee that it is accurate or complete. This
memorandum is not intended to be an offer, or a
solicitation of any offer, to buy or sell the securities
mentioned herein. Samsung Securities shall not be
liable whatsoever for any loss, direct or
consequential, arising from any use of this
memorandum or its contents. Statements, if any,
relating to affiliates of Samsung Securities are also
based upon information available to the public and
do not necessarily represent the views of the
management of such affiliates.
 This report has been prepared without any
undue external influence or interference, and
accurately reflects the personal views of the
analyst(s) on the company(ies) herein.
 SAMSUNG MARKET STRATEGY
Global turn to outflow
North American and GEM funds see redemptions soar



































Overseas fund flows
(USDm)

1 week 4 –week
average
Ytd
GEM (658) 644 (11,753)
Asia ex J apan (8) (265) (13,277)
Latin America 55 127 (2,873)
EMEA (97) (128) (1,751)
EM subtotal (708) 379 (29,654)
Global 2,010 1,416 22,580
Asia Pacific (32) 1,072 11,269
Western Europe 1,210 1,408 37,476
North America (11,744) (4,100) 4,642
DM subtotal (8,556) (205) 75,967
Total (9,264) 174 46,313
Note: As of May 7
Source: EPFR, Samsung Securities
Domestic fund flows
(KRWb)

1 week 4-week
average
Ytd
Equity type 211 (90) (969)
Domestic-invested 206 (76) (438)
Overseas-invested 5 (15) (531)
Mixed type 152 (1) 590
Equity (2) (26) 386
Bond 155 25 204
Bond (21) 157 128
MMF 1,580 (405) 5,450
Note: As of May 8
Source: KFIA, Samsung Securities
Fund Flow
Weekly
DMs and EMs both turn to outflows: Funds worldwide turned to a net outflow
(USD9.26b) for the first time in six weeks over May 1-7, with: 1) USD8.56b exiting
developed markets [DMs] amid massive redemptions of North American funds, although
other areas saw inflows continue; and 2) USD0.71b leaving emerging markets [EMs]
amid increasing risk aversion and as GEM funds turned to a net outflow.
ETFs comprised USD10b of USD11.47b in North American redemptions amid rising
controversy over valuation peaks that had kept indices trading range-bound (thus eroding
expectations of further upside). It augurs ill in the near term that P/Es of 15x since 2005
(eg, over late 2006-1H07 and in 2H09) caused massive outflows, but we nevertheless
expect a return to net inflows in the medium term as earning stabilize—since stocks
favored early this year (despite valuation burdens) are among those forecast to benefit
from an accelerating economic recovery and corporate earnings growth.
Among EMs, only Latin America enjoyed a net inflow, with the overall exit of funds led by
GEM funds turning to a net outflow after five consecutive weeks of inflows (for the longest
such streak since Mar 2013) as investors locked in profits on EMs that had recently
outperformed DMs, but which now face persistent geopolitical risk and several political
events (eg, general and presidential elections). Still, it is positive that emerging Asia’s net
outflow has narrowed considerably in regional and country funds, despite massive
outflows continuing in Greater China.
Domestic-invested funds enjoy second week of inflows: Domestic-invested equity-
type funds (excluding ETFs) attracted KRW210b over May 2-8 for a second week of net
inflows, which we attribute to accumulation by retail investors finding valuations
attractive after recent corrections.
Foreigner investors selective in Asia…: Foreign investors were at variance in Asian
markets over May 5-9, net buying in India, Indonesia, and the Philippines, but net selling
in Taiwan, Thailand, and Korea, with the latter fueled by the sharp appreciation of the
won, which sent the Kospi tumbling.
…as their net selling offsets net buying by domestic institutional investors: Foreign
investors net sold KRW595.3b over May 5-9 as domestic institutional investors net
bought KRW147.5b, extending their respective runs for a second week as both groups net
bought in the F&B sector on expectations of won strengthening leading to cost savings.
Hwie Won Samuel Son
hwiewon.son @samsung.com
822 2020 7842
Seung Min You (Chief Strategist)
chartist.you@samsung.com
822 2020 7024

May 12, 2014
Fund Flow Weekly

2

Overseas fund flows
Overseas fund flows
(USDm) Net flows Assets
Last week 4-week average YTD Last week YTD change
Amount (% of AUM*) Amount (% of AUM*) Amount Amount Portion (%) Amount (in terms of %)
GEM (658) (0.2) 644 0.1 (11,753) 442,176 6.6 (108) (0.0)
Asia ex J apan (8) (0.0) (265) (0.1) (13,277) 294,512 4.4 (9,298) (3.1)
Latin America 55 0.1 127 0.3 (2,873) 38,328 0.6 (1,007) (2.6)
EMEA (97) (0.2) (128) (0.3) (1,751) 40,306 0.6 (3,323) (7.6)
EMs: subtotal (A) (708) (0.1) 379 0.0 (29,654) 815,321 12.1 (13,736) (1.7)
Global 2,010 0.2 1,416 0.1 22,580 1,320,949 19.6 122,776 10.2
Asia Pacific (32) (0.0) 1,072 0.4 11,269 256,716 3.8 5,423 2.2
Western Europe 1,210 0.1 1,408 0.1 37,476 980,445 14.5 140,714 16.8
North America (11,744) (0.3) (4,100) (0.1) 4,642 3,365,667 49.9 112,223 3.4
DMs: subtotal (B) (8,556) (0.1) (205) (0.0) 75,967 5,923,777 87.9 381,136 6.9
Total (A+B) (9,264) (0.1) 174 0.0 46,313 6,739,099 100.0 367,400 5.8
Note: * AUM at the beginning of the week; based on May 1-7
Source: EPFR, Samsung Securities

Cumulative net flows to major regional/country funds

Note: Based on past 52 weeks
Source: EPFR, Samsung Securities














 CONTENTS

Overseas fund flows p2
Foreign net flows into and out of Asia p4
Domestic fund flows p6
Weekly net flows and relative weightings
by major investors in Korea
p8

Appendix 1: Foreign ownership, by
sector; net flows and relative weightings
p10

Appendix 2: Domestic institutions'
ownership, by sector; net flows and
relative weightings
p14



DMs turn to net outflows on
significant North American
redemptions; other regions
maintain solid net inflows

EMs see sentiment deteriorate
(100)
(80)
(60)
(40)
(20)
0
20
40
60
80
100
May 13 J ul 13 Sep 13 Nov 13 J an 14 Mar 14
Total EMs US J apan Western Europe
(USDb)
May 12, 2014
Fund Flow Weekly

3

Weekly net flows to DMs as % of AUM*, by region Weekly net flows to EMs as % of AUM*, by region

Note: * AUM at the beginning of each week; over past 4 weeks
Source: EPFR, Samsung Securities
Note: * AUM at the beginning of each week; over past 4 weeks
Source: EPFR, Samsung Securities
Net flows to major EM funds
(USDm) Net flows

Assets
Last week 4-week average YTD

Last week YTD change
Amount As % of AUM* Amount As % of AUM* Amount

Amount AmountIn % terms
Asia ex Japan
China (269.9) (0.4) (120.6) (0.2) (2,519.2)

71,625 (7,160) (9.1)
India 7.3 0.0 6.7 0.0 (652.1)

24,041 1,275 5.6
Korea 180.8 1.0 (75.9) (0.4) (2,002.3)

18,776 (2,067) (9.9)
Taiwan (60.7) (0.8) (64.9) (0.9) (708.2)

7,423 (251) (3.3)
Thailand (15.3) (0.3) (16.8) (0.3) (142.7)

5,078 205 4.2
Indonesia (8.4) (0.4) (8.0) (0.3) (49.5)

2,230 379 20.5
Vietnam (15.0) (0.9) 0.1 (0.0) 71.1

1,691 221 15.1
Malaysia (3.3) (0.3) (1.6) (0.2) (89.4)

996 (60) (5.7)
Philippines (1.7) (0.3) 0.6 0.1 4.2

665 102 18.2
Latin America
Brazil (18.0) (0.2) 87.6 0.8 (590.3)

11,876 573 5.1
Mexico (64.8) (0.7) (50.1) (0.5) (1,574.7)

10,083 (1,772) (14.9)
Colombia (2.1) (0.1) 1.1 0.1 (6.0)

1,814 60 3.4
EMEA
Russia 9.1 0.1 (57.3) (0.6) (394.5)

8,953 (2,321) (20.6)
Turkey (2.9) (0.1) (27.7) (1.2) 165.5

2,401 458 23.6
South Africa (14.4) (0.7) (8.9) (0.4) (152.8)

2,194 (6) (0.3)
Note: * AUM at the beginning of the week; based on May 1-7 Source: EPFR, Samsung Securities

Weekly net flows to Korea-invested funds vs weekly foreign net buying on the Kospi

Source: EPFR, KRX, Samsung Securities
Most country-specific funds see
net outflows, but Korea turns to
inflows…
…while foreign investors remain
net sellers in the nation
(0.5)
0.0
0.5
1.0
1.5
2.0
Global Asia Pacific Western Europe North America
(% of AUM)
(1.0)
(0.5)
0.0
0.5
1.0
1.5
GEM Asia ex J apan Latin America EMEA
(% of AUM)
(5,000)
(4,000)
(3,000)
(2,000)
(1,000)
0
1,000
2,000
3,000
4,000
5,000
(1,000)
(800)
(600)
(400)
(200)
0
200
400
600
800
1,000
May 13 J ul 13 Sep 13 Nov 13 J an 14 Mar 14 May 14
Net flows to Korea-invested funds (LHS) Foreign net buying (RHS)
(USDm) (KRWb)
May 12, 2014
Fund Flow Weekly

4

Foreign net flows into and out of Asia
Foreign net flows into and out of Asia, by nation
(USDm) Korea Japan Taiwan Thailand India Indonesia Philippines
Weekl y net flows
Last week (668) n/a (349) (73) 180 95 52
2 weeks ago (503) n/a 299 102 322 (83) 77
3 weeks ago 524 1,918 770 167 247 156 137
4 weeks ago 410 1,894 744 101 42 140 33
Cumulative net flows
1 month 560 2,990 1,912 387 967 186 331
3 months 1,591 (10,828) 7,497 674 5,780 2,777 990
6 months (2,039) 22,075 6,291 (2,668) 8,992 2,373 607
Yearl y net flows
2014 (700) (21,225) 5,469 (158) 5,582 2,997 825
2013 4,862 154,550 9,184 (6,208) 19,986 (1,808) 630
2012 15,069 27,733 5,039 2,504 25,187 1,703 2,548
2011 (8,584) (331) (9,074) (167) (575) 2,950 1,329
2010 19,800 22,926 9,595 2,687 29,618 2,331 1,229
Note: Based on May 5-9
Source: Bloomberg, Samsung Securities

Korea: Cumulative foreign net flows vs the Kospi

Note: Based on past three years
Source: Bloomberg, Samsung Securities

 CONTENTS

Overseas fund flows p2
Foreign net flows into and out of Asia p4
Domestic fund flows p6
Weekly net flows and relative weightings
by major investors in Korea
p8

Appendix 1: Foreign ownership, by
sector; net flows and relative weightings
p10

Appendix 2: Domestic institutions'
ownership, by sector; net flows and
relative weightings
p14


Foreign investors exhibit mixed
preferences in most major Asian
markets
80
85
90
95
100
105
(15)
(10)
(5)
0
5
10
15
May 11 Nov 11 May 12 Nov 12 May 13 Nov 13 May 14
Cumulative net flows (RHS) Kospi (LHS)
(Indexed)
(USDb)
May 12, 2014
Fund Flow Weekly

5

Japan: Cumulative foreign net flows vs Nikkei 225 Taiwan: Cumulative foreign net flows vs TWSE


Thailand: Cumulative foreign net flows vs SET India: Cumulative foreign net flows vs BSE Sensex 30


Indonesia: Cumulative net flows vs JCI Philippines: Cumulative net flows vs PSEI

Note: Based on past three years
Source: Bloomberg, Samsung Securities
Note: Based on past three years
Source: Bloomberg, Samsung Securities


70
90
110
130
150
170
190
(100)
(50)
0
50
100
150
200
May 11 Nov 11 May 12 Nov 12 May 13 Nov 13 May 14
Cumulative net flows (RHS) Nikkei225 (LHS)
(Indexed) (USDb)
75
80
85
90
95
100
105
(20)
(15)
(10)
(5)
0
5
10
May 11 Nov 11 May 12 Nov 12 May 13 Nov 13 May 14
Cumulative net flows (RHS) TWSE (LHS)
(Indexed) (USDb)
85
95
105
115
125
135
145
155
165
(7)
(6)
(5)
(4)
(3)
(2)
(1)
0
1
2
3
May 11 Nov 11 May 12 Nov 12 May 13 Nov 13 May 14
Cumulative net flows (RHS) SET (LHS)
(Indexed) (USDb)
75
85
95
105
115
125
135
(10)
0
10
20
30
40
50
60
May 11 Nov 11 May 12 Nov 12 May 13 Nov 13 May 14
Cumulative net flows (RHS) BSE Sensex 30 (LHS)
(Indexed) (USDb)
90
95
100
105
110
115
120
125
130
135
140
(1)
0
1
2
3
4
5
6
May 11 Nov 11 May 12 Nov 12 May 13 Nov 13 May 14
Cumulative net flows (RHS) J CI (LHS)
(Indexed) (USDb)
90
100
110
120
130
140
150
160
170
180
0
1
2
3
4
5
6
May 11 Nov 11 May 12 Nov 12 May 13 Nov 13 May 14
Cumulative net flows (RHS) PSEI (LHS)
(Indexed) (USDb)
May 12, 2014
Fund Flow Weekly

6

Domestic fund flows
Domestic fund flows
(KRWb) Net flows Assets
Last week 4-week average YTD Last week YTD change
Amount As % of AUM* Amount As % of AUM* Amount Amount Portion (%) Amount In % terms
Equity-type 211 0.3 (90) (0.1) (969) 74,320 31.1 (5,736) (7.2)
Domestic-invested 206 0.3 (76) (0.1) (438) 59,075 24.8 (4,228) (6.7)
Overseas-invested 5 0.0 (15) (0.1) (531) 15,245 6.4 (1,508) (9.0)
Mixed-type 152 0.5 (1) (0.0) 590 33,505 14.0 746 2.3
Equity (2) (0.0) (26) (0.2) 386 10,236 4.3 414 4.2
Bond 155 0.7 25 0.1 204 23,268 9.7 332 1.4
Bond-type (21) (0.0) 157 0.3 128 57,646 24.2 1,531 2.7
MMF 1,580 2.2 (405) (0.5) 5,450 73,205 30.7 6,115 9.1
Total BCs 1,923 0.8 (339) (0.1) 5,198 238,675 100.0 2,655 1.1
Note: * AUM at the beginning of the week; excludes ETFs; based on May 2-8
Source: KFIA, Samsung Securities

Weekly net flows to domestic-invested equity funds* vs net buying by local
institutions**

Note: * Excludes ETFs; ** excludes program arbitrage; based on past 52 weeks
Source: KFIA, KRX, Samsung Securities



 CONTENTS

Overseas fund flows p2
Foreign net flows into and out of Asia p4
Domestic fund flows p6
Weekly net flows and relative weightings
by major investors in Korea
p8

Appendix 1: Foreign ownership, by
sector; net flows and relative weightings
p10

Appendix 2: Domestic institutions'
ownership, by sector; net flows and
relative weightings
p14



Domestic-invested equity funds
enjoy another weekly net inflow
as domestic institutions net buy
(excluding program arbitrage)
(3,000)
(2,500)
(2,000)
(1,500)
(1,000)
(500)
0
500
1,000
1,500
2,000
(1,500)
(1,000)
(500)
0
500
1,000
May 13 J ul 13 Sep 13 Nov 13 J an 14 Mar 14 May 14
Net flows to domestic-invested equity funds (LHS)
Real net buying by local institutions (RHS)
(KRWb) (KRWb)
May 12, 2014
Fund Flow Weekly

7

Weekly net flows to domestic-invested equity funds* vs the Kospi

Note: * Excludes ETFs; based on past 52 weeks
Source: KFIA, KRX, Samsung Securities

Net flows to domestic-invested equity funds: ETFs vs non-ETFs

Note: Based on past 52 weeks
Source: KFIA, Samsung Securities

…net buying ETFs and non-ETFs
Investors bargain hunt as Kospi
falls…
1,800
1,850
1,900
1,950
2,000
2,050
2,100 (1,500)
(1,000)
(500)
0
500
1,000
May 13 J ul 13 Sep 13 Nov 13 J an 14 Mar 14 May 14
Net flows to domestic-invested equity funds (LHS) Kospi (RHS)
(KRWb) (axis-inverted, pts)
(1,500)
(1,000)
(500)
0
500
1,000
1,500
May 13 J ul 13 Sep 13 Nov 13 Dec 13 Feb 14 Apr 14
ETFs non-ETFs
(KRWb)
May 12, 2014
Fund Flow Weekly

8

Weekly net flows and relative weightings

Foreign investor weekly net flows vs relative weightings

Note: Based on May 5-9
* Based on free-float market capitalization
Source: WiseFn, Samsung Securities estimates

Domestic institutional weekly net flows vs relative weightings

Note: Based on May 5-9
*Based on free-float market capitalization
Source: WiseFn, Samsung Securities estimates














Foreign investors net sell
KRW595b on the Kospi, mainly in
the software and autos sectors…
 CONTENTS

Overseas fund flows p2
Foreign net flows into and out of Asia p4
Domestic fund flows p6
Weekly net flows and relative weightings
by major investors in Korea
p8

Appendix 1: Foreign ownership, by
sector; net flows and relative weightings
p10

Appendix 2: Domestic institutions'
ownership, by sector; net flows and
relative weightings
p14



…as domestic institutional
investors net buy KRW147b
(0.4)
(0.2)
0.0
0.2
0.4
0.6
0.8
1.0
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(KRWb) (%pts)
May 12, 2014
Fund Flow Weekly

9

MSCI Korea: Top-10 stocks net bought in last week (in terms of amount), by investor type
Code Name Market cap Weekl y net buying Code Name Market cap Weekl y net buying
Amount (% of mkt cap) Amount (% of mkt cap)
Foreign Local institution
A015760 Kepco 26,545 84.4 0.3 A005380 Hyundai Motor 50,994 60.6 0.1
A000810 Samsung Fire & Marine 12,365 43.2 0.3 A035420 Naver 22,777 47.7 0.2
A000660 SK Hynix 29,225 34.1 0.1 A011210 Hyundai Wia 4,503 34.0 0.8
A033780 KT&G 12,068 17.5 0.1 A034730 SK C&C 7,675 30.0 0.4
A001800 Orion 4,959 10.3 0.2 A005930 Samsung Electronics 196,645 24.1 0.0
A005490 Posco 26,766 9.1 0.0 A097950 CJ CheilJ edang 4,205 22.9 0.5
A023530 Lotte Shopping 10,014 7.7 0.1 A000830 Samsung C&T 10,388 22.8 0.2
A055550 Shinhan Financial Group 21,671 7.6 0.0 A017670 SK Telecom 17,804 19.9 0.1
A030200 KT 8,421 7.1 0.1 A086790 Hana Financial Group 10,494 17.0 0.2
A138930 BS Financial Group 3,017 6.8 0.2 A161390 Hankook Tire 7,210 16.8 0.2
MSCI Korea: Top-10 stocks net bought in last week (in terms of % of market cap), by investor type
Code Name Market cap Weekl y net buying Code Name Market cap Weekl y net buying
Amount (% of mkt cap) Amount (% of mkt cap)
Foreign Local institution
A000810 Samsung Fire & Marine 12,365 43.2 0.3 A011210 Hyundai Wia 4,503 34.0 0.8
A015760 Kepco 26,545 84.4 0.3 A097950 CJ CheilJ edang 4,205 22.9 0.5
A006360 GS E&C 1,818 5.0 0.3 A009830 Hanwha Chemical 2,818 12.9 0.5
A000080 Hite J inro 1,704 4.3 0.3 A010620 Hyundai Mipo Dockyard 2,920 12.8 0.4
A138930 BS Financial Group 3,017 6.8 0.2 A034730 SK C&C 7,675 30.0 0.4
A001800 Orion 4,959 10.3 0.2 A012450 Samsung Techwin 3,129 8.6 0.3
A028050 Samsung Engineering 3,064 5.2 0.2 A009150 Samsung Electro-Mechanics 4,990 12.6 0.3
A003490 Korean Air 1,936 3.2 0.2 A042660 DSME 5,608 13.7 0.2
A012630 Hyundai Development Co 2,220 3.3 0.1 A161390 Hankook Tire 7,210 16.8 0.2
A033780 KT&G 12,068 17.5 0.1 A051900 LG Household & Health Care 7,317 16.2 0.2
Kospi 200: Top-10 stocks net bought in last week (in terms of amount), by investor type
Code Name Market cap Weekl y net buying Code Name Market cap Weekl y net buying
Amount (% of mkt cap) Amount (% of mkt cap)
Foreign Local institution
A015760 Kepco 26,545 84.4 0.3 A005380 Hyundai Motor 50,994 60.6 0.1
A000810 Samsung Fire & Marine 12,365 43.2 0.3 A035420 Naver 22,777 47.7 0.2
A000660 SK Hynix 29,225 34.1 0.1 A011210 Hyundai Wia 4,503 34.0 0.8
A033780 KT&G 12,068 17.5 0.1 A034730 SK C&C 7,675 30.0 0.4
A001800 Orion 4,959 10.3 0.2 A005930 Samsung Electronics 196,645 24.1 0.0
A005490 Posco 26,766 9.1 0.0 A097950 CJ CheilJ edang 4,205 22.9 0.5
A023530 Lotte Shopping 10,014 7.7 0.1 A000830 Samsung C&T 10,388 22.8 0.2
A055550 Shinhan Financial Group 21,671 7.6 0.0 A017670 SK Telecom 17,804 19.9 0.1
A030200 KT 8,421 7.1 0.1 A086790 Hana Financial Group 10,494 17.0 0.2
A002350 Nexen Tire 1,362 6.9 0.5 A051900 LG Household & Health Care 7,317 16.2 0.2
Kospi 200: Top 10 stocks net bought in last week (in terms of % of market cap), by investor type
Code Name Market cap Weekl y net buying Code Name Market cap Weekl y net buying
Amount (% of mkt cap) Amount (% of mkt cap)
Foreign Local institution
A001630 Chong Kun Dang Pharm 176 0.9 0.5 A097230 Hanjin Heavy Industries 877 6.6 0.8
A002350 Nexen Tire 1,362 6.9 0.5 A011210 Hyundai Wia 4,503 34.0 0.8
A000810 Samsung Fire & Marine 12,365 43.2 0.3 A044820 Cosmax BTI 188 1.1 0.6
A015760 Kepco 26,545 84.4 0.3 A097950 CJ CheilJ edang 4,205 22.9 0.5
A120110 Kolon Industries 1,699 5.2 0.3 A009830 Hanwha Chemical 2,818 12.9 0.5
A006360 GS E&C 1,818 5.0 0.3 A010620 Hyundai Mipo Dockyard 2,920 12.8 0.4
A007860 Hanilewha 773 2.0 0.3 A007690 Kukdo Chemical 304 1.3 0.4
A000080 Hite J inro 1,704 4.3 0.3 A008770 Hotel Shilla 3,360 13.4 0.4
A138930 BS Financial Group 3,017 6.8 0.2 A034730 SK C&C 7,675 30.0 0.4
A004370 Nong Shim 1,892 3.9 0.2 A004150 Hansol Paper 484 1.7 0.3
Note: Based on May 5-9
Source: KRX, Samsung Securities
May 12, 2014
Fund Flow Weekly

10

Appendix 1: Foreign ownership, by sector;
net flows and relative weightings
1


Energy: Cumulative net flows and relative weighting Chemicals: Cumulative net flows and relative weighting


Steel: Cumulative net flows and relative weighting Shipbuilding: Cumulative net flows and relative weighting

Note: Dotted lines represent 52-week average relative weightings
Source: WiseFn, Samsung Securities estimates
Note: Dotted lines represent 52-week average relative weightings
Source: WiseFn, Samsung Securities estimates



1
Sector weightings in portfolios under foreign ownership compared with Kospi weightings
 CONTENTS

Overseas fund flows p2
Foreign net flows into and out of Asia p4
Domestic fund flows p6
Weekly net flows and relative weights
by major investors in Korea
p8

Appendix 1: Foreign ownership, by
sector; net flows and relative
weightings
p10


Appendix 2: Domestic institutions'
ownership, by sector; net flows and
relative weightings
p14




0.0
0.1
0.2
0.3
0.4
0.5
0.6
(900)
(800)
(700)
(600)
(500)
(400)
(300)
(200)
(100)
0
100
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
(1.9)
(1.8)
(1.7)
(1.6)
(1.5)
(400)
(200)
0
200
400
600
800
1,000
1,200
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
(0.6)
(0.5)
(0.4)
(0.3)
(0.2)
(0.1)
0.0
(200)
0
200
400
600
800
1,000
1,200
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
(1.6)
(1.5)
(1.4)
(1.3)
(1.2)
(1.1)
(400)
(200)
0
200
400
600
800
1,000
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
May 12, 2014
Fund Flow Weekly

11

Construction: Cumulative net flows and relative weighting Transportation: Cumulative net flows and relative weighting


Machinery: Cumulative net flows and relative weighting Autos: Cumulative net flows and relative weighting


Retail: Cumulative net flows and relative weighting F&B: Cumulative net flows and relative weighting

Note: Dotted lines represent 52-week average relative weightings
Source: WiseFn, Samsung Securities estimates
Note: Dotted lines represent 52-week average relative weightings
Source: WiseFn, Samsung Securities estimates


(1.6)
(1.5)
(1.4)
(1.3)
(1.2)
(1.1)
(1,000)
(800)
(600)
(400)
(200)
0
200
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
(0.7)
(0.6)
(0.5)
(0.4)
(150)
(100)
(50)
0
50
100
150
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
(0.7)
(0.6)
(0.5)
(0.4)
(0.3)
(600)
(500)
(400)
(300)
(200)
(100)
0
100
200
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
1.8
2.0
2.2
2.4
2.6
2.8
3.0
3.2
(500)
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(%pts) (KRWb)
0.0
0.1
0.2
0.3
(700)
(600)
(500)
(400)
(300)
(200)
(100)
0
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
(0.6)
(0.5)
(0.4)
(0.3)
(0.2)
(0.1)
0.0
0.1
(800)
(600)
(400)
(200)
0
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(%pts) (KRWb)
May 12, 2014
Fund Flow Weekly

12

Pharmaceuticals: Cumulative net flows and relative weighting Banking: Cumulative net flows and relative weighting


Insurance: Cumulative net flows and relative weighting Securities: Cumulative net flows and relative weighting


Semiconductors: Cumulative net flows and relative weighting Electronics: Cumulative net flows and relative weighting

Note: Dotted lines represent 52-week average relative weightings
Source: WiseFn, Samsung Securities estimates
Note: Dotted lines represent 52-week average relative weightings
Source: WiseFn, Samsung Securities estimates


(0.9)
(0.8)
(0.7)
(0.6)
(400)
(350)
(300)
(250)
(200)
(150)
(100)
(50)
0
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
1.1
1.2
1.3
1.4
1.5
1.6
1.7
(1,200)
(1,000)
(800)
(600)
(400)
(200)
0
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
(0.6)
(0.5)
(0.4)
(0.3)
(400)
(300)
(200)
(100)
0
100
200
300
400
500
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(%pts) (KRWb)
(0.8)
(0.7)
(0.6)
(0.5)
(150)
(100)
(50)
0
50
100
150
200
250
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
7.4
7.6
7.8
8.0
8.2
8.4
8.6
8.8
9.0
9.2
(4,000)
(2,000)
0
2,000
4,000
6,000
8,000
10,000
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(%pts) (KRWb)
(0.9)
(0.8)
(0.7)
(0.6)
(0.5)
(0.4)
(800)
(700)
(600)
(500)
(400)
(300)
(200)
(100)
0
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
May 12, 2014
Fund Flow Weekly

13

Software: Cumulative net flows and relative weighting Display: Cumulative net flows and relative weighting


IT hardware: Cumulative net flows and relative weighting Telecom: Cumulative net flows and relative weighting


Utilities: Cumulative net flows and relative weighting


Note: Dotted lines represent 52-week average relative weightings
Source: WiseFn, Samsung Securities estimates



(0.1)
0.0
0.1
0.2
0.3
0.4
0.5
(600)
(400)
(200)
0
200
400
600
800
1,000
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
(0.8)
(0.7)
(0.6)
(0.5)
(0.4)
(0.3)
(200)
(150)
(100)
(50)
0
50
100
150
200
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
(0.9)
(0.8)
(0.7)
(0.6)
(300)
(250)
(200)
(150)
(100)
(50)
0
50
100
150
200
250
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
0.1
0.2
0.3
0.4
(300)
(200)
(100)
0
100
200
300
400
500
600
700
800
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
(0.7)
(0.6)
(0.5)
(0.4)
(600)
(400)
(200)
0
200
400
600
800
1,000
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(%pts) (KRWb)
May 12, 2014
Fund Flow Weekly

14

Appendix 2: Domestic institutions’ ownership,
by sector; net flows and relative weightings
2


Energy: Cumulative net flows and relative weighting Chemicals: Cumulative net flows and relative weighting


Steel: Cumulative net flows and relative weighting Shipbuilding: Cumulative net flows and relative weighting

Note: Dotted lines represent 52-week average relative weightings
Source: WiseFn, Samsung Securities estimates
Note: Dotted lines represent 52-week average relative weightings
Source: WiseFn, Samsung Securities estimates



2
Sector weightings in portfolios held by domestic institutions are compared with Kospi weightings
 CONTENTS

Overseas fund flows p2
Foreign net flows into and out of Asia p4
Domestic fund flows p6
Weekly net flows and relative weights
by major investors in Korea
p8

Appendix 1: Foreign ownership, by
sector; net flows and relative
weightings
p10


Appendix 2: Domestic institutions'
ownership, by sector; net flows and
relative weightings
p14



(0.5)
(0.4)
(0.3)
(0.2)
(100)
0
100
200
300
400
500
600
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
(0.2)
(0.1)
0.0
0.1
0.2
0.3
0.4
(100)
0
100
200
300
400
500
600
700
800
900
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
(0.6)
(0.5)
(0.4)
(0.3)
(0.2)
(0.1)
0.0
(700)
(600)
(500)
(400)
(300)
(200)
(100)
0
100
200
300
400
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
0.9
1.1
1.3
1.5
1.7
1.9
2.1
(1,000)
(800)
(600)
(400)
(200)
0
200
400
600
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
May 12, 2014
Fund Flow Weekly

15

Construction: Cumulative net flows and relative weighting Transportation: Cumulative net flows and relative weighting

Machinery: Cumulative net flows and relative weighting Auto: Cumulative net flows and relative weighting


Retail: Cumulative net flows and relative weighting F&B: Cumulative net flows and relative weighting

Note: Dotted lines represent 52-week average relative weightings
Source: WiseFn, Samsung Securities estimates
Note: Dotted lines represent 52-week average relative weightings
Source: WiseFn, Samsung Securities estimates



0.5
0.6
0.7
0.8
0.9
1.0
1.1
1.2
1.3
(200)
0
200
400
600
800
1,000
1,200
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(%pts) (KRWb)
0.4
0.5
0.6
0.7
0.8
0.9
1.0
1.1
1.2
(350)
(300)
(250)
(200)
(150)
(100)
(50)
0
50
100
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
(0.5)
(0.4)
(0.3)
(0.2)
(0.1)
0.0
(100)
0
100
200
300
400
500
600
700
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
(1.9)
(1.8)
(1.7)
(1.6)
(1.5)
(1.4)
(1.3)
(1.2)
(1.1)
(500)
0
500
1,000
1,500
2,000
2,500
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
0.7
0.8
0.9
1.0
1.1
1.2
0
100
200
300
400
500
600
700
800
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
0.0
0.1
0.2
0.3
(150)
(100)
(50)
0
50
100
150
200
250
300
350
400
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
May 12, 2014
Fund Flow Weekly

16

Pharmaceuticals: Cumulative net flows and relative weighting Banking: Cumulative net flows and relative weighting


Insurance: Cumulative net flows and relative weighting Securities: Cumulative net flows and relative weighting


Semiconductors: Cumulative net flows and relative weighting Electronics: Cumulative net flows and relative weighting

Note: Dotted lines represent 52-week average relative weightings
Source: WiseFn, Samsung Securities estimates
Note: Dotted lines represent 52-week average relative weightings
Source: WiseFn, Samsung Securities estimates


0.8
0.9
1.0
1.1
1.2
1.3
1.4
(50)
0
50
100
150
200
250
300
350
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
(4.3)
(4.2)
(4.1)
(4.0)
(3.9)
(3.8)
(3.7)
(500)
0
500
1,000
1,500
2,000
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
(1.4)
(1.3)
(1.2)
(1.1)
(1.0)
(0.9)
(0.8)
(0.7)
0
200
400
600
800
1,000
1,200
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
0.7
0.8
0.9
1.0
1.1
1.2
1.3
(350)
(300)
(250)
(200)
(150)
(100)
(50)
0
50
100
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
(9.2)
(8.7)
(8.2)
(7.7)
(7.2)
(5,000)
(4,000)
(3,000)
(2,000)
(1,000)
0
1,000
2,000
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
0.1
0.3
0.5
0.7
0.9
1.1
1.3
(600)
(500)
(400)
(300)
(200)
(100)
0
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
May 12, 2014
Fund Flow Weekly

17

Software: Cumulative net flows and relative weighting Display: Cumulative net flows and relative weighting


IT hardware: Cumulative net flows and relative weighting Telecom: Cumulative net flows and relative weighting


Utilities: Cumulative net flows and relative weighting


Note: Dotted lines represent 52-week average relative weightings
Source: WiseFn, Samsung Securities estimates







(0.5)
(0.4)
(0.3)
(0.2)
(0.1)
0.0
0.1
0.2
0.3
(700)
(600)
(500)
(400)
(300)
(200)
(100)
0
100
200
300
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(%pts) (KRWb)
(0.2)
(0.1)
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
(500)
(400)
(300)
(200)
(100)
0
100
200
300
400
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
1.9
(600)
(500)
(400)
(300)
(200)
(100)
0
100
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
(0.5)
(0.4)
(0.3)
(0.2)
(0.1)
0.0
0.1
(1,000)
(800)
(600)
(400)
(200)
0
200
400
600
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
0.0
0.1
0.2
0.3
0.4
(400)
(300)
(200)
(100)
0
100
200
300
400
500
600
May 13 Aug 13 Nov 13 Feb 14 May 14
Cumulative net flows (LHS) Relative weighting (RHS)
(KRWb) (%pts)
May 12, 2014
Fund Flow Weekly

18

Global Disclosures & Disclaimers
General
This research report is for information purposes only. It is not and should not be construed as an offer or solicitation of an offer to purchase or sell any
securities or other financial instruments or to participate in any trading strategy. This report does not provide individually tailored investment advice. This
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investors. The recipient of this report must make its own independent decisions regarding any securities or financial instruments mentioned herein and
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