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

<ul>
<li>One third of the way through the review period for the June rebalance, we see 11 potential changes to the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a>. </li>
<li>One-Way turnover is estimated at 3.88% and the impact on the expected deletions is a lot higher than the impact on the expected inclusions.</li>
<li>The potential adds have outperformed the potential deletes over the last few months. With the potential adds not short sell eligible, there could be more to go here.</li>
</ul>


One third of the way through the review period for the June rebalance, we see 11 potential changes to the KOSDAQ 150 Index (KOSDQ150 INDEX). 
One-Way turnover is estimated at 3.88% and the impact on the expected deletions is a lot higher than the impact on the expected inclusions.
The potential adds have outperformed the potential deletes over the last few months. With the potential adds not short sell eligible, there could be more to go here.


KOSDAQ150 Index Rebalance Preview (Dec 2022): Changes Galore Early in the Review Period

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<ul>
<li>KRX is expected to announce the KOSDAQ150 rebalance in the next couple of weeks. </li>
<li>An alpha generating trading strategy would be to focus on companies with higher probability of getting deleted in the next round of KOSDAQ rebalance in December.  </li>
<li>These 15 companies are those among the bottom 30 market cap in KOSDAQ150 that are ranked number 16 to 30 in terms of combined market cap and trading value range. </li>
</ul>


KRX is expected to announce the KOSDAQ150 rebalance in the next couple of weeks. 
An alpha generating trading strategy would be to focus on companies with higher probability of getting deleted in the next round of KOSDAQ rebalance in December.  
These 15 companies are those among the bottom 30 market cap in KOSDAQ150 that are ranked number 16 to 30 in terms of combined market cap and trading value range. 


Alpha Generating Trading Strategy of KOSDAQ150 Deletions & Additions in June 2022

Equity Capital Markets

<div class="content-highlight">
<p><strong>Our base case valuation of Silicon2 Co is implied market cap of 436.5 billion won or 41,975 won per share, which is 54% higher than the high end of the IPO price range of 27,200 won per share. Given the attractive upside, we have a POSITIVE view of the Silicon2 Co IPO and we would subscribe to the IPO deal. </strong></p>
<p>Our base case valuation is based on 28.6x our estimated net profit of 15.3 billion won for the company in 2022. Our valuation multiple of 28.6x P/E is based on the average P/E valuation multiple of the peers in 2022. Our valuation sensitivity analysis suggests a low-high value of 30,222 won per share to 55,407 won per share.</p>
<p>Silicon2 Co has better metrics than its peers for operating margins, ROE, and sales growth. As such, one could make the case of higher valuation multiple for the company as compared to its peers. </p>
</div><div><p></p></div>


Our base case valuation of Silicon2 Co is implied market cap of 436.5 billion won or 41,975 won per share, which is 54% higher than the high end of the IPO price range of 27,200 won per share. Given the attractive upside, we have a POSITIVE view of the Silicon2 Co IPO and we would subscribe to the IPO deal. 
Our base case valuation is based on 28.6x our estimated net profit of 15.3 billion won for the company in 2022. Our valuation multiple of 28.6x P/E is based on the average P/E valuation multiple of the peers in 2022. Our valuation sensitivity analysis suggests a low-high value of 30,222 won per share to 55,407 won per share.
Silicon2 Co has better metrics than its peers for operating margins, ROE, and sales growth. As such, one could make the case of higher valuation multiple for the company as compared to its peers. 


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.

Hyundai Construction Equipment / Event-Driven

<h2>New benchmarks for domestic equity</h2><p>The National Pension Service has disclosed the following reform plan about the direct and consignment management benchmarks for domestic stocks.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/220/338/original/1.png?1627188167" class="editor-image img-responsive" data-smartkarma-image-id="220338"></figure></section><ul>
<li><strong>As for the direct management, the National Pension Plan plans to internally develop and use a new index called NPS-KR250 by adding additional 50 KOSPI stocks to the KOSPI 200 constituents.</strong></li>
<li><strong>Regarding the consignment management, the KOSPI + KOSDAQ 100 stocks are currently used as benchmarks. This benchmark is reorganized into KOSPI + KOSDAQ 150, with 50 KOSDAQ stocks added.</strong></li>
</ul><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 248.688px;" data-sheets-value='{"1":2,"2":"Benchmark"}'>Benchmark</td>
<td style="width: 170.792px;" data-sheets-value='{"1":2,"2":"Previous"}'>Previous</td>
<td style="width: 326.521px;" data-sheets-value='{"1":2,"2":"New"}'>New</td>
</tr>
<tr>
<td style="width: 248.688px;" data-sheets-value='{"1":2,"2":"Internal (direct) management"}' data-sheets-formula="='KOSPI 200 Mirroring'!R[0]C[0]"><strong>Direct management</strong></td>
<td style="width: 170.792px;" data-sheets-value='{"1":2,"2":"KOSPI 200"}'>KOSPI 200</td>
<td style="width: 326.521px;" data-sheets-value='{"1":2,"2":"KOSPI 200 + KOSPI 50"}'><div><div><strong>NPS-KR250 = KOSPI 200 + additional 50 KOSPI stocks</strong></div></div></td>
</tr>
<tr>
<td style="width: 248.688px;" data-sheets-value='{"1":2,"2":"Global Equity"}'><strong>Consignment management</strong></td>
<td style="width: 170.792px;" data-sheets-value='{"1":2,"2":"KOSPI + KOSDAQ 100"}'>KOSPI + KOSDAQ 100</td>
<td style="width: 326.521px;" data-sheets-value='{"1":2,"2":"KOSPI + KOSDAQ 150"}'><div><div><strong>KOSPI + KOSDAQ 100 + additional 50 KOSDAQ stocks</strong></div></div></td>
</tr>
<tr><td colspan="3" rowspan="1" style="width: 746px;" data-sheets-value='{"1":2,"2":"Source: NPS"}'>Source: NPS</td></tr>
</tbody>
</table><h2>NPS size in the local stock market</h2><p>As of the end of April 2021, the National Pension Service has ₩883.6T in assets under management, of which ₩178T is invested in domestic stocks. Considering that the market capitalization of the KOSPI and KOSDAQ markets is currently around ₩2,800T, the national pension account for 6% of the Korean stock market.</p><table class="table table-striped">
<colgroup>
<col width="150">
<col width="80">
</colgroup>
<tbody>
<tr><td colspan="2" style="width: 364px;" data-sheets-value='{"1":2,"2":"Asset allocation status"}'>Asset allocation status as of the end-April, 2021</td></tr>
<tr>
<td style="width: 364px;" data-sheets-value='{"1":2,"2":"Domestic Equity"}'><strong>Domestic Equity</strong></td>
<td style="text-align: right; width: 382px;" data-sheets-value='{"1":3,"3":178014.6}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'><strong>₩178.1T</strong></td>
</tr>
<tr>
<td style="width: 364px;" data-sheets-value='{"1":2,"2":"Global Equity"}'>Global Equity</td>
<td style="text-align: right; width: 382px;" data-sheets-value='{"1":3,"3":222407.5}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'>₩222.4T</td>
</tr>
<tr>
<td style="width: 364px;" data-sheets-value='{"1":2,"2":"Domestic fixed income"}'>Domestic fixed income</td>
<td style="text-align: right; width: 382px;" data-sheets-value='{"1":3,"3":340524.2}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'>₩340.5T</td>
</tr>
<tr>
<td style="width: 364px;" data-sheets-value='{"1":2,"2":"Global fixed income"}'>Global fixed income</td>
<td style="text-align: right; width: 382px;" data-sheets-value='{"1":3,"3":48826.4}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'>₩48.8T</td>
</tr>
<tr>
<td style="width: 364px;" data-sheets-value='{"1":2,"2":"Alternatives"}'>Alternatives</td>
<td style="text-align: right; width: 382px;" data-sheets-value='{"1":3,"3":92768.2}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'>₩92.8T</td>
</tr>
<tr><td colspan="2" style="width: 364px;">Source: NPS</td></tr>
</tbody>
</table><p>The proportion of local equity is 20.17%, down slightly from the end of last year, but still far exceeding the target of 16.80% this year.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/220/339/original/image_74411821721627188510268.png?1627188511" class="editor-image img-responsive" data-smartkarma-image-id="220339"></figure><h2>Direct vs. consignment for local equity</h2><p>As of the end of April this year, 52.03% of the funds invested in domestic stocks are direct management, then divided into active (19.43%) and passive (32.60%). The proportion of consignment management is 47.97%, and all of it is operated as active.</p><table class="table table-striped">
<colgroup>
<col width="200">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Direct vs. consignment for local equity"}'>Direct vs. consignment for local equity</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"2019 yearend"}'>2019 yearend</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Weight"}'>Weight</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"2020 yearend"}'>2020 yearend</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Weight"}'>Weight</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"April-end, 2021"}'><strong>April-end, 2021</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Weight"}'><strong>Weight</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Direct management"}'>Direct management</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":71.61210000000001}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩71.6T</td>
<td style="text-align: right;">55.15%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":93.37660000000001}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩93.4T</td>
<td style="text-align: right;">52.95%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":92.6208}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'><strong>₩92.6T</strong></td>
<td style="text-align: right;"><strong>52.03%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Active"}'>- Active</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":26.9769}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩27.0T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.20397795151753445}' data-sheets-formula="=R[0]C[-1]/R8C2">20.40%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":35.0249}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩35.0T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.19824502419133916}' data-sheets-formula="=R[0]C[-1]/R8C4">19.82%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":34.58823678}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'><strong>₩34.6T</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1943}'><strong>19.43%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Passive"}'>- Passive</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44.6352}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩44.6T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3374960303658113}' data-sheets-formula="=R[0]C[-1]/R8C2">33.75%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":58.351699999999994}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩58.4T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3302774362840654}' data-sheets-formula="=R[0]C[-1]/R8C4">33.03%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":58.032759600000006}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'><strong>₩58.0T</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.326}'><strong>32.60%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Consignment management"}'>Consignment management</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":60.6419}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩60.6T</td>
<td style="text-align: right;">45.85%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":83.2982}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩83.3T</td>
<td style="text-align: right;">47.15%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":85.3938}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'><strong>₩85.4T</strong></td>
<td style="text-align: right;"><strong>47.97%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Active"}'>- Active</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":60.6419}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩60.6T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.45852601811665433}' data-sheets-formula="=R[0]C[-1]/R8C2">45.85%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":83.2982}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩83.3T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.4714775395245955}' data-sheets-formula="=R[0]C[-1]/R8C4">47.15%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":85.3938}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'><strong>₩85.4T</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.4797011031679424}' data-sheets-formula="=R[0]C[-1]/R8C6"><strong>47.97%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Passive"}'>- Passive</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩0.0T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-formula="=R[0]C[-1]/R8C2">0.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩0.0T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-formula="=R[0]C[-1]/R8C4">0.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'><strong>₩0.0T</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-formula="=R[0]C[-1]/R8C6"><strong>0.00%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total domestic Equity"}'>Total domestic equity</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":132.254}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩132.3T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1}' data-sheets-formula="=sum(R[-5]C[0]:R[-1]C[0])">100.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":176.67479999999998}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩176.7T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1}' data-sheets-formula="=sum(R[-5]C[0]:R[-1]C[0])">100.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":178.0146}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'><strong>₩178.0T</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.0000011031679423}' data-sheets-formula="=sum(R[-5]C[0]:R[-1]C[0])"><strong>100.00%</strong></td>
</tr>
<tr><td colspan="7" rowspan="1" data-sheets-value='{"1":2,"2":"Source: NPS"}'>Source: NPS</td></tr>
</tbody>
</table><p>The passively operated funds (32.60% of the total funds allocated to the domestic equity) are about ₩58T, and the benchmark is KOSPI 200. But not all amounts mechanically track the KOSPI 200. NPS employs various enhanced passive strategies, such as dividends, active quant, and factor model-based, in addition to conventional passive operations. To this end, NPS has developed and used various indices on its own since two years ago.</p>

New benchmarks for domestic equityThe National Pension Service has disclosed the following reform plan about the direct and consignment management benchmarks for domestic stocks.
As for the direct management, the National Pension Plan plans to internally develop and use a new index called NPS-KR250 by adding additional 50 KOSPI stocks to the KOSPI 200 constituents.
Regarding the consignment management, the KOSPI + KOSDAQ 100 stocks are currently used as benchmarks. This benchmark is reorganized into KOSPI + KOSDAQ 150, with 50 KOSDAQ stocks added.








Benchmark
Previous
New


Direct management
KOSPI 200
NPS-KR250 = KOSPI 200 + additional 50 KOSPI stocks


Consignment management
KOSPI + KOSDAQ 100
KOSPI + KOSDAQ 100 + additional 50 KOSDAQ stocks

Source: NPS

NPS size in the local stock marketAs of the end of April 2021, the National Pension Service has ₩883.6T in assets under management, of which ₩178T is invested in domestic stocks. Considering that the market capitalization of the KOSPI and KOSDAQ markets is currently around ₩2,800T, the national pension account for 6% of the Korean stock market.





Asset allocation status as of the end-April, 2021

Domestic Equity
₩178.1T


Global Equity
₩222.4T


Domestic fixed income
₩340.5T


Global fixed income
₩48.8T


Alternatives
₩92.8T

Source: NPS

The proportion of local equity is 20.17%, down slightly from the end of last year, but still far exceeding the target of 16.80% this year.Direct vs. consignment for local equityAs of the end of April this year, 52.03% of the funds invested in domestic stocks are direct management, then divided into active (19.43%) and passive (32.60%). The proportion of consignment management is 47.97%, and all of it is operated as active.











Direct vs. consignment for local equity
2019 yearend
Weight
2020 yearend
Weight
April-end, 2021
Weight


Direct management
₩71.6T
55.15%
₩93.4T
52.95%
₩92.6T
52.03%


- Active
₩27.0T
20.40%
₩35.0T
19.82%
₩34.6T
19.43%


- Passive
₩44.6T
33.75%
₩58.4T
33.03%
₩58.0T
32.60%


Consignment management
₩60.6T
45.85%
₩83.3T
47.15%
₩85.4T
47.97%


- Active
₩60.6T
45.85%
₩83.3T
47.15%
₩85.4T
47.97%


- Passive
₩0.0T
0.00%
₩0.0T
0.00%
₩0.0T
0.00%


Total domestic equity
₩132.3T
100.00%
₩176.7T
100.00%
₩178.0T
100.00%

Source: NPS

The passively operated funds (32.60% of the total funds allocated to the domestic equity) are about ₩58T, and the benchmark is KOSPI 200. But not all amounts mechanically track the KOSPI 200. NPS employs various enhanced passive strategies, such as dividends, active quant, and factor model-based, in addition to conventional passive operations. To this end, NPS has developed and used various indices on its own since two years ago.

NPS New Benchmarks for Local Stocks: NPS-KR250 (Direct) & KOSPI+KOSDAQ 150 (Consignment)

Equity Bottom-Up

<p><strong>On 8 December, <a href="https://www.smartkarma.com/entities/cafe24-corp" target="_blank" data-smartkarma-citation="entities:25912:1" rel="noopener">Cafe24 Corp (042000 KS)</a> (Korea's Shopify) announced that it will integrate the new products uploaded to online stores in real time for Facebook users world-wide.</strong> This is a major event for Cafe24, one that could significantly increase its sales and profits. Thousands of SMEs and large companies in Korea are likely to use more services and products from Cafe24 due to this partnership program with Facebook. </p><p>In our base case valuation, we use an estimated EBITDA of 48 billion won in 2021 and apply an EV/EBITDA multiple of 19x (an average of EV/EBITDA multiples in 2020 and 2021) to derive an implied EV of 912 billion won and implied market cap of 959 billion won. This results in an implied price of 101,697 won per share, which represents a 50% upside from current levels. Given the strong upside, we have a positive view of Cafe24 at current valuation levels. </p>

On 8 December, Cafe24 Corp (042000 KS) (Korea's Shopify) announced that it will integrate the new products uploaded to online stores in real time for Facebook users world-wide. This is a major event for Cafe24, one that could significantly increase its sales and profits. Thousands of SMEs and large companies in Korea are likely to use more services and products from Cafe24 due to this partnership program with Facebook. In our base case valuation, we use an estimated EBITDA of 48 billion won in 2021 and apply an EV/EBITDA multiple of 19x (an average of EV/EBITDA multiples in 2020 and 2021) to derive an implied EV of 912 billion won and implied market cap of 959 billion won. This results in an implied price of 101,697 won per share, which represents a 50% upside from current levels. Given the strong upside, we have a positive view of Cafe24 at current valuation levels. 

Cafe24 (Korea's Shopify) Integrates Facebook Shops In Real-Time

South Korea

Cafe24 Corp. provides electronic commerce services. The Company offers web hosting, server hosting, e-commerce hosting, e-commerce marketing consulting, and other web services. Cafe24 provides services worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Cafe24 Corp (042000 KS)

KOSDAQ150 Index Rebalance Preview (Dec 2022): Changes Galore Early in the Review Period

One third of the way through the review period, we see 11 potential changes. The potential adds have outperformed the potential deletes and there...

Brian Freitas

Alpha Generating Trading Strategy of KOSDAQ150 Deletions & Additions in June 2022

An alpha generating trading strategy would be to focus on companies with higher probability of getting deleted in the next round of KOSDAQ...

Douglas Kim

Silicon2 Co IPO Valuation Analysis

Our base case valuation of Silicon2 Co is implied market cap of 436.5 billion won or 41,975 won per share, which is 54% higher than the high end of...

Douglas Kim

NPS New Benchmarks for Local Stocks: NPS-KR250 (Direct) & KOSPI+KOSDAQ 150 (Consignment)

The NPS has disclosed the reform plan about the direct and consignment management benchmarks for domestic stocks. This post details the new...

Sanghyun Park

Cafe24 (Korea's Shopify) Integrates Facebook Shops In Real-Time

On 8 December, Cafe24 Corp (042000 KS) (Korea's Shopify) announced that it will integrate the new products uploaded to online stores in real time...

Douglas Kim

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