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

Event-Driven

Korea Stock Exchange KOSPI 200 / Event-Driven

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

<ul>
<li>Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. </li>
<li>Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.</li>
<li>There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.</li>
</ul>


Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. 
Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.
There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.


Korea: Short Selling Is Back in March; Trade Ideas

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

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

Research Reinvented

Equity Bottom-Up

<ul>
 <li>Hansae is a major global apparel OEM/ODM manufacturer heavily reliant on key North American retailers, making it sensitive to US consumer demand and inventory cycles.</li>
 <li>Recent financial performance has been challenged by margin pressures from rising costs and unfavorable order mix, despite top-line growth. However, a recovery in orders is anticipated.</li>
 <li>The company is strategically diversifying its production footprint from Southeast Asia to Central America to leverage nearshoring trends and better serve its US customer base, a key long-term catalyst.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Hansae is a major global apparel OEM/ODM manufacturer heavily reliant on key North American retailers, making it sensitive to US consumer demand and inventory cycles.
  Recent financial performance has been challenged by margin pressures from rising costs and unfavorable order mix, despite top-line growth. However, a recovery in orders is anticipated.
  The company is strategically diversifying its production footprint from Southeast Asia to Central America to leverage nearshoring trends and better serve its US customer base, a key long-term catalyst.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Hansae Co Ltd (105630 KS) - Aug 2026

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>Korea Exchange plans to announce the first rebalance of the "Korea Value Up Index" next week on 27 May. The actual rebalance is expected to take place on 13 June.</li>
<li>Korea Exchange plans to reduce the constituents to 100 (from 105 currently) and change 30% of the included stocks in this index to better reflect the Value Up program incentives. </li>
<li>In this insight, we provide a list of 20 potential exclusion candidates and 20 inclusion candidates in the Value Up index rebalance. </li>
</ul>


Korea Exchange plans to announce the first rebalance of the "Korea Value Up Index" next week on 27 May. The actual rebalance is expected to take place on 13 June.
Korea Exchange plans to reduce the constituents to 100 (from 105 currently) and change 30% of the included stocks in this index to better reflect the Value Up program incentives. 
In this insight, we provide a list of 20 potential exclusion candidates and 20 inclusion candidates in the Value Up index rebalance. 


Korea Value Up Index Rebalance Announcement Next Week

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

<ul><li>Disappointing margins1Q26 review: Weak orders and an unfavorable margin environment Hansae posted below-consensus 1Q26 results, with revenue of W467</li><li>2bn (flat YoY) and operating profit of W10</li><li>5bn (-48% YoY), weighed down by weak OEM orders and higher costs in the fabric business</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Disappointing margins1Q26 review: Weak orders and an unfavorable margin environment Hansae posted below-consensus 1Q26 results, with revenue of W4672bn (flat YoY) and operating profit of W105bn (-48% YoY), weighed down by weak OEM orders and higher costs in the fabric businessContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hansae (105630 KS/Buy)Disappointing Margins

<ul><li>The worst has passedHigher ASP offsetting tariff pressures In the apparel OEM sector, tariff concerns had generated uncertainty around 3Q25 earnings, but overall results came in better than feared</li><li>At Hansae, volume declined due to softer demand, but a higher ASP (despite tariffs) allowed the company to defend its margins</li><li>In the quarter, USD-based order value was down 2% YoY, resulting in a high-single-digit percentage decline in volume, but ASP saw a mid-single-digit increase (estimates)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The worst has passedHigher ASP offsetting tariff pressures In the apparel OEM sector, tariff concerns had generated uncertainty around 3Q25 earnings, but overall results came in better than fearedAt Hansae, volume declined due to softer demand, but a higher ASP (despite tariffs) allowed the company to defend its marginsIn the quarter, USD-based order value was down 2% YoY, resulting in a high-single-digit percentage decline in volume, but ASP saw a mid-single-digit increase (estimates)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hansae (105630 KS/Buy)The Worst Has Passed

South Korea

Hansae Co., Ltd manufactures and exports apparels through Original Equipment Manufacturing methods.  The Company mainly distributes its garments to North America.

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Hansae Co Ltd (105630 KS)

Korea: Short Selling Is Back in March; Trade Ideas

Short selling in Korea commences from Monday. There will be a lot of interest in shorting stocks/sectors depending on how they have performed since...

Brian Freitas

Primer: Hansae Co Ltd (105630 KS) - Aug 2026

Hansae is a major global apparel OEM/ODM manufacturer heavily reliant on key North American retailers, making it sensitive to US consumer demand...

αSK Primers

Korea Value Up Index Rebalance Announcement Next Week

Korea Exchange plans to announce the first rebalance of the "Korea Value Up Index" next week on 27 May. The actual rebalance is expected to take...

Douglas Kim

Hansae (105630 KS/Buy)Disappointing Margins

Disappointing margins1Q26 review: Weak orders and an unfavorable margin environment Hansae posted below-consensus 1Q26 results, with revenue of W467

Mirae Asset Securities

Hansae (105630 KS/Buy)The Worst Has Passed

The worst has passedHigher ASP offsetting tariff pressures In the apparel OEM sector, tariff concerns had generated uncertainty around 3Q25...

Mirae Asset Securities

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