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

<ul>
<li>The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February. We're gone through 80% of the trading days.</li>
<li>We currently forecast 42 stocks migrating between the size segments. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap, 1 to SmallCap.</li>
<li>The upward migrations have outperformed the downward migrations by a lot over the last few months. The recent market volatility has led to a narrowing of that gap.</li>
</ul>


The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February. We're gone through 80% of the trading days.
We currently forecast 42 stocks migrating between the size segments. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap, 1 to SmallCap.
The upward migrations have outperformed the downward migrations by a lot over the last few months. The recent market volatility has led to a narrowing of that gap.


KOSPI Size Indices: Market Volatility Narrows Spread (A Bit)

<ul>
<li>The review period for the March rebalance ends on 31 January, the changes will be announced first week of March and implemented at the close of trading on 13 March.</li>
<li>We forecast constituent changes for the Battery, Bio, Internet and BBIG indices. Plus there will be capping changes for all indices.</li>
<li>The largest flows are expected in <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI</a>, <a href="https://www.smartkarma.com/entities/sk-innovation-co-ltd" target="_blank" data-smartkarma-citation="entities:1268:1" rel="noopener">SK Innovation</a>, Samsung Epis Holdings, <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics</a>, <a href="https://www.smartkarma.com/entities/ablbio-inc" target="_blank" data-smartkarma-citation="entities:35621:1" rel="noopener">ABLBio</a>, <a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen</a> and <a href="https://www.smartkarma.com/entities/l-f-co-ltd" target="_blank" data-smartkarma-citation="entities:14300:1" rel="noopener">L&amp;F</a>.</li>
</ul>


The review period for the March rebalance ends on 31 January, the changes will be announced first week of March and implemented at the close of trading on 13 March.
We forecast constituent changes for the Battery, Bio, Internet and BBIG indices. Plus there will be capping changes for all indices.
The largest flows are expected in Samsung SDI, SK Innovation, Samsung Epis Holdings, Samsung Biologics, ABLBio, Alteogen and L&amp;F.


KRX New Deal Index Rebalance Preview: Chunky Flows in Some Stocks

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

Equity Bottom-Up

<ul><li>Vampir (released on Aug. 26) appears to be off to a very strong start, remaining the topgrossing title in both major app stores as of Sep. 7.</li><li>Daily revenue was around W3bn upon launch and is currently running in the W2bn range. Because Android revenue data for Aug. 26-31 were not fully captured due to a reporting error, we estimated revenue during this period by applying the average Android/iOS ratio observed from Sep. 1 onward.</li><li>We raised our 3Q25 average daily revenue estimate for Vampir to W1.5bn (from W0.5bn) and lifted our 3Q25 operating profit forecast by 21% to W85bn (vs. consensus of W81bn).</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.

Vampir (released on Aug. 26) appears to be off to a very strong start, remaining the topgrossing title in both major app stores as of Sep. 7.Daily revenue was around W3bn upon launch and is currently running in the W2bn range. Because Android revenue data for Aug. 26-31 were not fully captured due to a reporting error, we estimated revenue during this period by applying the average Android/iOS ratio observed from Sep. 1 onward.We raised our 3Q25 average daily revenue estimate for Vampir to W1.5bn (from W0.5bn) and lifted our 3Q25 operating profit forecast by 21% to W85bn (vs. consensus of W81bn).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.

<ul><li>Vampir (released on Aug. 26) appears to be off to a very strong start, remaining the topgrossing title in both major app stores as of Sep. 7.</li><li>Daily revenue was around W3bn upon launch and is currently running in the W2bn range.</li><li>Because Android revenue data for Aug. 26-31 were not fully captured due to a reporting error, we estimated revenue during this period by applying the average Android/iOS ratio observed from Sep. 1 onward. </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.

Vampir (released on Aug. 26) appears to be off to a very strong start, remaining the topgrossing title in both major app stores as of Sep. 7.Daily revenue was around W3bn upon launch and is currently running in the W2bn range.Because Android revenue data for Aug. 26-31 were not fully captured due to a reporting error, we estimated revenue during this period by applying the average Android/iOS ratio observed from Sep. 1 onward. 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.

<ul><li>Earnings momentum to continue in 2H252Q25 review: OP beats consensus For 2Q25, Netmarble reported revenue of W718bn (-8% YoY; in line with the consensus) and operating profit of W101bn (-9% YoY; above the consensus of W81bn)</li><li>Despite weaker revenue from existing titles, revenue grew 15% QoQ on a full-quarter contribution from RF Online and the launch of Seven Knights Re:Birth</li><li>We estimate Seven Knights Re:Birth generated average daily revenue of around W2bn during the quarter</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.

Earnings momentum to continue in 2H252Q25 review: OP beats consensus For 2Q25, Netmarble reported revenue of W718bn (-8% YoY; in line with the consensus) and operating profit of W101bn (-9% YoY; above the consensus of W81bn)Despite weaker revenue from existing titles, revenue grew 15% QoQ on a full-quarter contribution from RF Online and the launch of Seven Knights Re:BirthWe estimate Seven Knights Re:Birth generated average daily revenue of around W2bn during the quarterContent 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.

Netmarble (251270 KS/Buy)Earnings Momentum to Continue in 2H25

South Korea

Netmarble Corporation develops and publishes mobile games. The Company develops and publishes casual games, action, sports games, strategy, simulation games, and social casino games. Netmarble offers services worldwide.

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Netmarble (251270 KS)

KOSPI Size Indices: Market Volatility Narrows Spread (A Bit)

There could be 42 migrations across categories in March, plus new listings being added. The recent market volatility has narrowed the...

Brian Freitas

KRX New Deal Index Rebalance Preview: Chunky Flows in Some Stocks

There will be multiple changes for the New Deal indices in March. The largest flows will be in Samsung SDI and SK Innovation.

Brian Freitas