Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The December 2024 index review results for the KOSPI Indices were announced after the close on Thursday 21st November 2024.</li>
<li>There will be four ADDs and five DELs for KOSPI 200 during the December 2024 index rebal event. </li>
<li>We predicted 8 out of 9 changes correctly. We missed one of the DELs and we expected a couple extra changes which did not materialize.</li>
</ul>


The December 2024 index review results for the KOSPI Indices were announced after the close on Thursday 21st November 2024.
There will be four ADDs and five DELs for KOSPI 200 during the December 2024 index rebal event. 
We predicted 8 out of 9 changes correctly. We missed one of the DELs and we expected a couple extra changes which did not materialize.


KOSPI200 Dec24 Rebal: 4 ADDs, 5 DELs, Big ADV on Small Stocks

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>In this insight, we discuss stocks that are highlighted in the local media as potential inclusion and exclusion candidates in the KOSPI 200 rebalance in December 2024.</li>
<li>Stocks that are expected to be included in the KOSPI 200 index include Hyosung Heavy Industries, APR, Miwon Commercial, and OCI.</li>
<li>Stocks that have been discussed as the most likely exclusion candidates in the KOSPI 200 rebalance include Lotte Tour Development, MS Industrial, Young Poong, GC Holdings, and KG Donbu Steel. </li>
</ul>


In this insight, we discuss stocks that are highlighted in the local media as potential inclusion and exclusion candidates in the KOSPI 200 rebalance in December 2024.
Stocks that are expected to be included in the KOSPI 200 index include Hyosung Heavy Industries, APR, Miwon Commercial, and OCI.
Stocks that have been discussed as the most likely exclusion candidates in the KOSPI 200 rebalance include Lotte Tour Development, MS Industrial, Young Poong, GC Holdings, and KG Donbu Steel. 


KOSPI 200 Rebalance in December 2024 Highlighted by Locals

Equity Bottom-Up

<ul>
<li>In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 4Q 2024.</li>
<li>Volatility has been high in the Korean stock market in the past several weeks resulting in some interesting widening of some gaps among numerous holdcos and opcos in Korea. </li>
<li>Of the 38 pair trades, 19 of them involved holdcos outperforming opcos in the past six months and the other 19 opcos outperforming holdcos in the same period. </li>
</ul>


In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 4Q 2024.
Volatility has been high in the Korean stock market in the past several weeks resulting in some interesting widening of some gaps among numerous holdcos and opcos in Korea. 
Of the 38 pair trades, 19 of them involved holdcos outperforming opcos in the past six months and the other 19 opcos outperforming holdcos in the same period. 


Korean Holdcos Vs Opcos Gap Trading Opportunities in 4Q 2024

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 momentum for getting ahead on positions with KOSPI 200 rebalancing is holding steady. With around 60% of the screening period behind us, it’s time to start preparing our positions.</li>
<li>The current rebalancing's screened changes have a relatively lower price volatility, suggesting a stronger chance for more aggressive position build-up now compared to previous rebalancings.</li>
<li>Trading volumes vary greatly among these changes, affecting their passive impact sizes. Consider using different weights in basket trading instead of equal weights.</li>
</ul>


The momentum for getting ahead on positions with KOSPI 200 rebalancing is holding steady. With around 60% of the screening period behind us, it’s time to start preparing our positions.
The current rebalancing's screened changes have a relatively lower price volatility, suggesting a stronger chance for more aggressive position build-up now compared to previous rebalancings.
Trading volumes vary greatly among these changes, affecting their passive impact sizes. Consider using different weights in basket trading instead of equal weights.


KOSPI 200 December Rebalancing: Key Points to Watch for in Proactive Position Build-Up

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Aug 2nd which has an aggregated short interest worth USD5.4bn.</li>
<li>We tabulate league table 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 Sk Hynix, Korea Aerospace, Posco.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 2nd which has an aggregated short interest worth USD5.4bn.
We tabulate league table 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 Sk Hynix, Korea Aerospace, Posco.


KRX Short Interest Weekly (Aug 2nd): Sk Hynix, Korea Aerospace, Posco

South Korea

Hyosung Corporation specializes in general trading businesses.  The Company also produces nylon yarns and other synthetic and chemical products such as PET films, PET bottles and polypropylene resins.  In addition, Hyosung contracts electrical construction and information systems and manufactures industrial machinery.

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Hyosung Corporation (004800 KS)

KOSPI200 Dec24 Rebal: 4 ADDs, 5 DELs, Big ADV on Small Stocks

The KOSPI 200 December 2024 rebal has been announced. We got 8/9 right. One was borderline. One false positive is an issue we are checking, but the...

Travis Lundy

KOSPI 200 Rebalance in December 2024 Highlighted by Locals

In this insight, we discuss stocks that are highlighted in the local media as potential inclusion and exclusion candidates in the KOSPI 200...

Douglas Kim

Korean Holdcos Vs Opcos Gap Trading Opportunities in 4Q 2024

In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

KOSPI 200 December Rebalancing: Key Points to Watch for in Proactive Position Build-Up

This post previews the KOSPI 200 December rebalancing and discusses key points for proactive position build-up, now that 60% of the screening...

Sanghyun Park

KRX Short Interest Weekly (Aug 2nd): Sk Hynix, Korea Aerospace, Posco

We analyzed KRX short interest report for the past week and highlighted short interest changes in Sk Hynix, Korea Aerospace, Posco.

Ke Yan, CFA, FRM

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