Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Since we are currently at a point of two months toward the KOSPI 200 rebalancing, we should start building up positions on stocks with a higher probability among the candidates.</li>
<li>Six additions for position buildups: F&amp;F (383220 KS), Meritz Fire (000060 KS), SD Biosensor (137310 KS), Iljin Hysolus (271940 KS), Hanil Cement (300720 KS), &amp; K Car (381970 KS)
</li>
<li>Six deletions for position buildups: Nexen Tire (002350 KS), Cuckoo Holdings (192400 KS), S&amp;T Motiv (064960 KS), Sk Discovery (006120 KS), Bukwang Pharmaceutical (003000 KS), &amp; Poongsan Corp (103140 KS)
</li>
</ul>


Since we are currently at a point of two months toward the KOSPI 200 rebalancing, we should start building up positions on stocks with a higher probability among the candidates.
Six additions for position buildups: F&amp;F (383220 KS), Meritz Fire (000060 KS), SD Biosensor (137310 KS), Iljin Hysolus (271940 KS), Hanil Cement (300720 KS), &amp; K Car (381970 KS)

Six deletions for position buildups: Nexen Tire (002350 KS), Cuckoo Holdings (192400 KS), S&amp;T Motiv (064960 KS), Sk Discovery (006120 KS), Bukwang Pharmaceutical (003000 KS), &amp; Poongsan Corp (103140 KS)



KOSPI 200 Rebalancing D-60: Names for Position Buildups

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

HDC Hyundai Development Co-Engineering & Construction / Equity Bottom-Up

HDC Hyundai Development Co-Engineering & Construction (294870 KS)

HDC Hyundai Development Co-Engineering & Construction

<ul>
<li>On 28 January, the government (Ministry of Land, Infrastructure and Transport) announced that it has recommended the heaviest punishment of the cancellation of the construction license for HDC Hyundai Development.</li>
<li>Seoul city government said it will make a decision on the fate of HDC Hyundai Development within six months.</li>
<li>Rather than a complete, permanent cancellation of the company's business license, a more likely scenario is about 6 to 12 months of temporary business operation suspension, in our view. </li>
</ul>


On 28 January, the government (Ministry of Land, Infrastructure and Transport) announced that it has recommended the heaviest punishment of the cancellation of the construction license for HDC Hyundai Development.
Seoul city government said it will make a decision on the fate of HDC Hyundai Development within six months.
Rather than a complete, permanent cancellation of the company's business license, a more likely scenario is about 6 to 12 months of temporary business operation suspension, in our view. 


HDC Hyundai Development: Permanent Business License Cancellation or Temporary Business Suspension?

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

Hanil Cement Co Ltd/New / Index Rebalance

<ul>
<li>Over 3/4th of the way through the review period for the June rebalance, we see 7 potential changes to the KOSPI200 Index. Most are high probability changes.</li>
<li>Potential inclusions: F&amp;F (383220 KS), SD Biosensor (137310 KS), Meritz Fire &amp; Marine (000060 KS), Iljin Hysolus (271940 KS), K Car (381970 KS), Hanil Cement (300720 KS), Hana Tour (039130).</li>
<li>Potential deletions: Cuckoo Holdings (192400 KS), S&amp;T Motiv (064960 KS), Nexen Tire (002350 KS), Hyundai Home Shopping (057050 KS), Cuckoo Homesys (284740 KS), Sk Discovery (006120), Grand Korea Leisure (114090).</li>
</ul>


Over 3/4th of the way through the review period for the June rebalance, we see 7 potential changes to the KOSPI200 Index. Most are high probability changes.
Potential inclusions: F&amp;F (383220 KS), SD Biosensor (137310 KS), Meritz Fire &amp; Marine (000060 KS), Iljin Hysolus (271940 KS), K Car (381970 KS), Hanil Cement (300720 KS), Hana Tour (039130).
Potential deletions: Cuckoo Holdings (192400 KS), S&amp;T Motiv (064960 KS), Nexen Tire (002350 KS), Hyundai Home Shopping (057050 KS), Cuckoo Homesys (284740 KS), Sk Discovery (006120), Grand Korea Leisure (114090).


KOSPI200 June Index Rebalance Preview: 7 Changes as Adds Outperform Deletes

<ul>
<li>KOSPI 200's June rebalancing review period is six months, from November 1 to April 30. So, we are now over 70% of the review period.</li>
<li>The addition result is similar to the screening results last month. However, one stock was newly screened. Hana Tour Service sits at the filtering borderline within the Consumer Discretionary Sector.</li>
<li>As for deletions, Bukwang Pharmaceutical is screened in the healthcare sector instead of Yungjin Pharmaceutical. S&amp;T Motiv in the Consumer Discretionary Sector is additionally listed as a deletion candidate.</li>
</ul>


KOSPI 200's June rebalancing review period is six months, from November 1 to April 30. So, we are now over 70% of the review period.
The addition result is similar to the screening results last month. However, one stock was newly screened. Hana Tour Service sits at the filtering borderline within the Consumer Discretionary Sector.
As for deletions, Bukwang Pharmaceutical is screened in the healthcare sector instead of Yungjin Pharmaceutical. S&amp;T Motiv in the Consumer Discretionary Sector is additionally listed as a deletion candidate.


KOSPI 200 Rebalancing Screening: Few Noticeable Changes in the Race

<ul>
<li>The screening results based on the average market cap for the screening period until the last closing price have seven additions/deletions.</li>
<li>LG Energy will make Fast Entry. The one to make room for LG Energy should be Dongwon F&amp;B, an additional deletion to the seven deletions through the preliminary filtering.</li>
<li>F&amp;F Holdings may fail to meet the minimum float rate. If it doesn't make KOSPI 200 this time, Hyundai Marine &amp; Fire Insurance will get to stay in the Index.</li>
</ul>


The screening results based on the average market cap for the screening period until the last closing price have seven additions/deletions.
LG Energy will make Fast Entry. The one to make room for LG Energy should be Dongwon F&amp;B, an additional deletion to the seven deletions through the preliminary filtering.
F&amp;F Holdings may fail to meet the minimum float rate. If it doesn't make KOSPI 200 this time, Hyundai Marine &amp; Fire Insurance will get to stay in the Index.


KOSPI 200 Rebalancing Screening: Prediction Likelihood, Special Issues, & Passive Impacts

South Korea

Hanil Cement co.,Ltd. operates as a cement manufacturing company. The Company produces and sells cement, special cement, ready mixed concrete products, high solidity admixture, and other products. Hanil Cement markets its products throughout Korea.

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Hanil Cement Co Ltd/New (300720 KS)

KOSPI 200 Rebalancing D-60: Names for Position Buildups

This post suggests six additions and six deletions that we should consider for position buildups as we are two months away from the KOSPI 200...

Sanghyun Park

HDC Hyundai Development: Permanent Business License Cancellation or Temporary Business Suspension?

On 28 January, the Ministry of Land, Infrastructure and Transport announced that it has recommended the heaviest punishment of the cancellation of...

Douglas Kim

KOSPI200 June Index Rebalance Preview: 7 Changes as Adds Outperform Deletes

With just over a month to go in the review period, we see 7 potential changes to the KOSPI200 Index. Most changes are high probability and the...

Brian Freitas

KOSPI 200 Rebalancing Screening: Few Noticeable Changes in the Race

This post offers the latest update on the KOSPI 200 rebalancing screening. There are a few noticeable changes: Hana Tour (addition) and Bukwang...

Sanghyun Park

KOSPI 200 Rebalancing Screening: Prediction Likelihood, Special Issues, & Passive Impacts

This post has the screening results of the KOSPI 200 rebalancing, with a focus on prediction likelihood, special considerations, and passive impacts.

Sanghyun Park

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52-week Range

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