Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Dec 19th. The aggregated short interest was USD11.6bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in HD HYUNDAI HEAVY INDUSTRIES, Samsung Electronics, NAVER, L&amp;F, Hanwha Ocean.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Dec 19th. The aggregated short interest was USD11.6bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in HD HYUNDAI HEAVY INDUSTRIES, Samsung Electronics, NAVER, L&amp;F, Hanwha Ocean.


KRX Short Interest Weekly (Dec 19th): HD HYUNDAI HEAVY INDUSTRIES, Samsung Electronics, NAVER, L&F

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

HD Hyundai Marine Solution  / Index Rebalance

<ul>
<li>There will be 8 additions and 8 deletions for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX)</a> at the next rebalance to be implemented at the close on 12 June.</li>
<li>The inclusion of <a href="https://www.smartkarma.com/entities/korea-district-heating-corp" target="_blank" data-smartkarma-citation="entities:8806:1" rel="noopener">Korea District Heating (071320 KS)</a> is a surprise and leads to an extra deletion - all the other adds are exactly in line with forecasts.</li>
<li>The list of adds has been stable for the last few months and the stocks have outperformed the deletes and the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI2 INDEX</a> since the start of the review period.</li>
</ul>


There will be 8 additions and 8 deletions for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) at the next rebalance to be implemented at the close on 12 June.
The inclusion of Korea District Heating (071320 KS) is a surprise and leads to an extra deletion - all the other adds are exactly in line with forecasts.
The list of adds has been stable for the last few months and the stocks have outperformed the deletes and the KOSPI2 INDEX since the start of the review period.


KOSPI200 Index Rebalance: 8 Changes a Side with 2 Surprises

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Miwon Specialty Chemical / Index Rebalance

<ul>
<li>The June 2025 index review results for the KOSPI Indices were announced after the close on Tuesday 27th May 2024.</li>
<li>There will be eight ADDs and eight DELs for KOSPI 200 during the June 2025 index rebal event. Some have high impact but round-trip flow is about US$175mm.</li>
<li>We <em>were</em> expecting six ADDs and six DELs. All of those turned out to be correct but there were some surprises (more ADDs and DELs than we expected). Explained below.</li>
</ul>


The June 2025 index review results for the KOSPI Indices were announced after the close on Tuesday 27th May 2024.
There will be eight ADDs and eight DELs for KOSPI 200 during the June 2025 index rebal event. Some have high impact but round-trip flow is about US$175mm.
We were expecting six ADDs and six DELs. All of those turned out to be correct but there were some surprises (more ADDs and DELs than we expected). Explained below.


KOSPI200 Jun25 Rebal: A Whopping 8 ADDs 8 DELETEs, At Least 1 Surprise - Some High ADV Changes

<ul>
<li>With the review period complete, there could be 7 changes for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX)</a> in June.</li>
<li>The impact on the potential inclusions ranges from 1.6-22 days of ADV while the impact on the potential deletions varies from 3.6-16.5 days of ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/han-kuk-carbon-co-ltd" target="_blank" data-smartkarma-citation="entities:17241:1" rel="noopener">Han Kuk Carbon (017960 KS)</a> appeared as a forecast add in the week starting 22 March and the stock is up 38% since then.</li>
</ul>


With the review period complete, there could be 7 changes for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) in June.
The impact on the potential inclusions ranges from 1.6-22 days of ADV while the impact on the potential deletions varies from 3.6-16.5 days of ADV.

Han Kuk Carbon (017960 KS) appeared as a forecast add in the week starting 22 March and the stock is up 38% since then.


KOSPI200 Index Rebalance Preview: 7 Changes a Side for June

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Apr 25th which has an aggregated holding worth USD480.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD322mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Shift Up, Leeno Industrial, SK Hynix, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Apr 25th which has an aggregated holding worth USD480.8bn.
We estimate that foreign flows to be inflows of USD322mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Shift Up, Leeno Industrial, SK Hynix, Samsung Electronics.


KRX Foreign Holding Weekly (Apr 25th): Shift Up, Leeno Industrial, SK Hynix, Samsung Electronics

South Korea

Young Poong Corporation produces and markets non-ferrous metals, such as zinc ingots, sulfate, and cadmium.  The Company also generates income from leasing buildings.

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Young Poong (000670 KS)

KRX Short Interest Weekly (Dec 19th): HD HYUNDAI HEAVY INDUSTRIES, Samsung Electronics, NAVER, L&F

We analyzed KRX short interest report for the past week and highlighted short interest changes in HD HYUNDAI HEAVY INDUSTRIES, Samsung Electronics,...

Ke Yan, CFA, FRM

KOSPI200 Index Rebalance: 8 Changes a Side with 2 Surprises

There are 8 changes with most on expected lines. Cosmo AM&T will also be sold by the IT sector ETF. Shorts have increased in a few stocks since the...

Brian Freitas

KOSPI200 Jun25 Rebal: A Whopping 8 ADDs 8 DELETEs, At Least 1 Surprise - Some High ADV Changes

KOSPI announced its KOSPI 200 changes for the June 2025 rebalance today. 8 ADDs, 8 DELETEs. We expected 6, missed one because of a float difference...

Travis Lundy

KOSPI200 Index Rebalance Preview: 7 Changes a Side for June

There could be 7 changes for the KOSPI200 in June. Potential impact ranges from 1.6-22 days of ADV. HDC Holdings has jumped the most while Hankuk...

Brian Freitas

KRX Foreign Holding Weekly (Apr 25th): Shift Up, Leeno Industrial, SK Hynix, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Shift Up, Leeno Industrial, SK Hynix, Samsung...

Ke Yan, CFA, FRM

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