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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

The Korea Exchange (KRX) will announce the results of the December 2021 review of 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> in November. The constituent changes will be effective after the close of trading on 9 December.At the current time we see 12 potential changes to the index in December.The potential inclusions are <a href="https://www.smartkarma.com/entities/eubiologics-co-ltd" target="_blank" data-smartkarma-citation="entities:23739:1" rel="noopener">Eubiologics (206650 KS)</a>, <a href="https://www.smartkarma.com/entities/nanos-co-ltd" target="_blank" data-smartkarma-citation="entities:16796:1" rel="noopener">Nanos Co Ltd (151910 KS)</a>, <a href="https://www.smartkarma.com/entities/huons-co-ltd" target="_blank" data-smartkarma-citation="entities:16275:1" rel="noopener">Huons Co Ltd (084110 KS)</a>, <a href="https://www.smartkarma.com/entities/access-bio-inc-kdr" target="_blank" data-smartkarma-citation="entities:5729:1" rel="noopener">Access Bio Inc (950130 KS)</a>, Cellid (299660 KS), <a href="https://www.smartkarma.com/entities/kona-i-co-ltd" target="_blank" data-smartkarma-citation="entities:19695:1" rel="noopener">Kona I Co Ltd (052400 KS)</a>, <a href="https://www.smartkarma.com/entities/wonik-qnc-corp" target="_blank" data-smartkarma-citation="entities:6828:1" rel="noopener">Wonik Qnc Corp (074600 KS)</a>, <a href="https://www.smartkarma.com/entities/dk-d-i-co-ltd" target="_blank" data-smartkarma-citation="entities:9948:1" rel="noopener">Dk D&amp;I Co Ltd (033310 KS)</a>, <a href="https://www.smartkarma.com/entities/komico-ltd" target="_blank" data-smartkarma-citation="entities:24033:1" rel="noopener">KoMiCo Ltd. (183300 KS)</a>, PSK Inc (319660 KS), <a href="https://www.smartkarma.com/entities/aptc-co-ltd" target="_blank" data-smartkarma-citation="entities:27355:1" rel="noopener">APTC Co Ltd (089970 KS)</a> and <a href="https://www.smartkarma.com/entities/tk-chemical-corp" target="_blank" data-smartkarma-citation="entities:13428:1" rel="noopener">Tk Chemical (104480 KS)</a>.The potential deletions are <a href="https://www.smartkarma.com/entities/daea-ti-co-ltd" target="_blank" data-smartkarma-citation="entities:1473:1" rel="noopener">Daea Ti Co Ltd (045390 KS)</a>, <a href="https://www.smartkarma.com/entities/advanced-process-systems-corporation" target="_blank" data-smartkarma-citation="entities:24087:1" rel="noopener">Advanced Process Systems (265520 KS)</a>, <a href="https://www.smartkarma.com/entities/telcon-inc" target="_blank" data-smartkarma-citation="entities:15231:1" rel="noopener">Telcon Inc (200230 KS)</a>, <a href="https://www.smartkarma.com/entities/winix-inc" target="_blank" data-smartkarma-citation="entities:19972:1" rel="noopener">Winix Inc (044340 KS)</a>, <a href="https://www.smartkarma.com/entities/icure-pharm-inc" target="_blank" data-smartkarma-citation="entities:27142:1" rel="noopener">Icure Pharm Inc (175250 KS)</a>, <a href="https://www.smartkarma.com/entities/ubiquoss-inc" target="_blank" data-smartkarma-citation="entities:14341:1" rel="noopener">Ubiquoss Holding (078070 KS)</a>, <a href="https://www.smartkarma.com/entities/danawa-co-ltd" target="_blank" data-smartkarma-citation="entities:7191:1" rel="noopener">Danawa Co Ltd (119860 KS)</a>, <a href="https://www.smartkarma.com/entities/wisol-co-ltd" target="_blank" data-smartkarma-citation="entities:14463:1" rel="noopener">Wisol Co Ltd (122990 KS)</a>, <a href="https://www.smartkarma.com/entities/spigen-korea-co-ltd" target="_blank" data-smartkarma-citation="entities:9852:1" rel="noopener">Spigen Korea (192440 KS)</a>, <a href="https://www.smartkarma.com/entities/dongkuk-structures-constru" target="_blank" data-smartkarma-citation="entities:20412:1" rel="noopener">Dongkuk Structures &amp; Constru (100130 KS)</a>, <a href="https://www.smartkarma.com/entities/g-treebnt-co-ltd" target="_blank" data-smartkarma-citation="entities:1933:1" rel="noopener">G Treebnt (115450 KS)</a> and <a href="https://www.smartkarma.com/entities/lemon-co-ltd" target="_blank" data-smartkarma-citation="entities:28841:1" rel="noopener">Lemon Co Ltd (294140 KQ)</a>.There are a few potential inclusions that will have over 2 days of ADV to buy from passive funds, while the impact on the potential deletions is a lot higher.Short interest on the stocks is minimal though it has been increasing on a few of the potential deletions.

The Korea Exchange (KRX) will announce the results of the December 2021 review of the KOSDAQ 150 Index (KOSDQ150 INDEX) in November. The constituent changes will be effective after the close of trading on 9 December.At the current time we see 12 potential changes to the index in December.The potential inclusions are Eubiologics (206650 KS), Nanos Co Ltd (151910 KS), Huons Co Ltd (084110 KS), Access Bio Inc (950130 KS), Cellid (299660 KS), Kona I Co Ltd (052400 KS), Wonik Qnc Corp (074600 KS), Dk D&amp;I Co Ltd (033310 KS), KoMiCo Ltd. (183300 KS), PSK Inc (319660 KS), APTC Co Ltd (089970 KS) and Tk Chemical (104480 KS).The potential deletions are Daea Ti Co Ltd (045390 KS), Advanced Process Systems (265520 KS), Telcon Inc (200230 KS), Winix Inc (044340 KS), Icure Pharm Inc (175250 KS), Ubiquoss Holding (078070 KS), Danawa Co Ltd (119860 KS), Wisol Co Ltd (122990 KS), Spigen Korea (192440 KS), Dongkuk Structures &amp; Constru (100130 KS), G Treebnt (115450 KS) and Lemon Co Ltd (294140 KQ).There are a few potential inclusions that will have over 2 days of ADV to buy from passive funds, while the impact on the potential deletions is a lot higher.Short interest on the stocks is minimal though it has been increasing on a few of the potential deletions.

KOSDAQ150 Index Rebalance Preview: Lots of Changes Early in the Review Period

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Equity Capital Markets

Applied Surface Technology / Equity Capital Markets

* In Part 2 (as below), I summarized the company's growth potential and appropriate valuation level.Who is ASTA again? The company is a biomass analytics equipment/solution provider at an entry-level price with high-level performance. So, if this company has truly proved to be a maker who can offer an entry-level price with high-level performance, then it would has a pretty good chance to become the next star of KRX fast-track IPO program (which does not really have a good track record so far). For me, I have a little hard time accepting their estimates on the sale of Maldi-Tof equipment in 2019. But my biggest concern is their estimates on the sale of diagnostic consultancy services based on a new method which accounts for nearly half of their total sales. I'm feeling that ASTA should be valued well below the indicative price range of ₩13,000-18,000. Of course, the company's value will soar if it really proves to be a game changer of an entry-price level with high-level performance based on its cloud database and Maldi-Tof method based diagnostic service. But the company still has several issues to be addressed before we are fully confident that its new approach will work out as expected.

* In Part 2 (as below), I summarized the company's growth potential and appropriate valuation level.Who is ASTA again? The company is a biomass analytics equipment/solution provider at an entry-level price with high-level performance. So, if this company has truly proved to be a maker who can offer an entry-level price with high-level performance, then it would has a pretty good chance to become the next star of KRX fast-track IPO program (which does not really have a good track record so far). For me, I have a little hard time accepting their estimates on the sale of Maldi-Tof equipment in 2019. But my biggest concern is their estimates on the sale of diagnostic consultancy services based on a new method which accounts for nearly half of their total sales. I'm feeling that ASTA should be valued well below the indicative price range of ₩13,000-18,000. Of course, the company's value will soar if it really proves to be a game changer of an entry-price level with high-level performance based on its cloud database and Maldi-Tof method based diagnostic service. But the company still has several issues to be addressed before we are fully confident that its new approach will work out as expected.

ASTA IPO Part 2 - Growth Potential & Appropriate Valuation Level

ASTA (Applied Surface Technology) (established in 2006) submitted the IPO report. ASTA is a technology-based company that develops and manufactures analytical instruments, equipment for sample preparations, and supplies. In particular, ASTA focuses on the development of MALDI-TOF MS (Matrix Assisted Laser Desorption Ionization Time-of-Flight Mass Spectrometer), its applications and supplies including MALDI-plates, matrix spotter and microwave based sample digestion system. Recently, MALDI-TOF has been introduced and widely used in the medical field as a diagnostic technology. ASTA has been developing various MALDI-TOF based medical applications such as cancer diagnosis and micro-organism identification. The glycan pattern analysis of serum proteins by MALDI-TOF, which is a ASTA owned cutting-edge technology, has successfully applied to early diagnosis of ovarian cancer and expanding its applications to other cancers such as breast cancer. In addition, MALDI-TOF based micro-organism identification system has been launched by ASTA and expanding its usages to medical field, agricultural industry and food industry etc.* In Part 1 (as below), I summarized the overview of this IPO with the financials and valuation. In Part 2, I will analyze the company's growth potential and appropriate valuation level.

ASTA (Applied Surface Technology) (established in 2006) submitted the IPO report. ASTA is a technology-based company that develops and manufactures analytical instruments, equipment for sample preparations, and supplies. In particular, ASTA focuses on the development of MALDI-TOF MS (Matrix Assisted Laser Desorption Ionization Time-of-Flight Mass Spectrometer), its applications and supplies including MALDI-plates, matrix spotter and microwave based sample digestion system. Recently, MALDI-TOF has been introduced and widely used in the medical field as a diagnostic technology. ASTA has been developing various MALDI-TOF based medical applications such as cancer diagnosis and micro-organism identification. The glycan pattern analysis of serum proteins by MALDI-TOF, which is a ASTA owned cutting-edge technology, has successfully applied to early diagnosis of ovarian cancer and expanding its applications to other cancers such as breast cancer. In addition, MALDI-TOF based micro-organism identification system has been launched by ASTA and expanding its usages to medical field, agricultural industry and food industry etc.* In Part 1 (as below), I summarized the overview of this IPO with the financials and valuation. In Part 2, I will analyze the company's growth potential and appropriate valuation level.

ASTA IPO Part 1 - Schedule, Financials & Valuation

South Korea

Access Bio Inc. develops, manufactures, and markets in-vitro diagnostic (IVD) tests.  The Company develops rapid diagnostic test (RDT) for Malaria and Pregnancy.

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

Access Bio Inc (950130 KS)

KOSDAQ150 Index Rebalance Preview: Lots of Changes Early in the Review Period

A month into the review period for the KOSDAQ150 December rebalance, we can already see 12 potential changes. The potential inclusions should...

Brian Freitas

ASTA IPO Part 2 - Growth Potential & Appropriate Valuation Level

* In Part 2 (as below), I summarized the company's growth potential and appropriate valuation level.Who is ASTA again? The company is a biomass...

Sanghyun Park

ASTA IPO Part 1 - Schedule, Financials & Valuation

ASTA (Applied Surface Technology) (established in 2006) submitted the IPO report. ASTA is a technology-based company that develops and manufactures...

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)