Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in October and November 2025.</li>
<li>We provide a list of 26 companies in the Korean stock market that have announced share buyback programs in October and November 2025.</li>
<li>There were three companies with more than 300 billion won in market cap that announced share buybacks in the past two months with at least 1% of outstanding shares.</li>
</ul>


In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in October and November 2025.
We provide a list of 26 companies in the Korean stock market that have announced share buyback programs in October and November 2025.
There were three companies with more than 300 billion won in market cap that announced share buybacks in the past two months with at least 1% of outstanding shares.


Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (October and November 2025)

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>
<a href="https://www.smartkarma.com/entities/webzen-inc" target="_blank" data-smartkarma-citation="entities:12799:1" rel="noopener">Webzen Inc (069080 KS)</a> will replace <a href="https://www.smartkarma.com/entities/connectwave-co-ltd" target="_blank" data-smartkarma-citation="entities:7191:1" rel="noopener">Connectwave (119860 KS)</a> in 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> effective 16 August.</li>
<li>There is over 2 days of ADV to trade on both stocks though the flows are not very large.</li>
<li>The <a href="https://www.smartkarma.com/entities/connectwave-co-ltd" target="_blank" data-smartkarma-citation="entities:7191:1" rel="noopener">Connectwave (119860 KS)</a> delisting will also have an impact on the changes to the KRX New Deal Internet Index in September.</li>
</ul>



Webzen Inc (069080 KS) will replace Connectwave (119860 KS) in the KOSDAQ 150 Index (KOSDQ150 INDEX) effective 16 August.
There is over 2 days of ADV to trade on both stocks though the flows are not very large.
The Connectwave (119860 KS) delisting will also have an impact on the changes to the KRX New Deal Internet Index in September.


KOSDAQ150 Adhoc Index Rebalance: Webzen to Replace Connectwave

<ul>
<li>The review period for the September rebalance ends today, the changes will be announced in the first week of September and implemented at the close of trading on 12 September.</li>
<li>There is at least one change expected for each of the Secondary Battery, Bio, Internet, Game and BBIG indices. </li>
<li>The largest flows will be in <a href="https://www.smartkarma.com/entities/posco-future-m-co-ltd" target="_blank" data-smartkarma-citation="entities:12421:1" rel="noopener">Posco Future M</a>, <a href="https://www.smartkarma.com/entities/ecopro-bm-co-ltd" target="_blank" data-smartkarma-citation="entities:27873:1" rel="noopener">Ecopro BM</a>, <a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals</a>, <a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen</a>, <a href="https://www.smartkarma.com/entities/celltrion-inc-38a560c3-749f-4bd5-8671-c0df9cb659d7" target="_blank" data-smartkarma-citation="entities:26893:1" rel="noopener">Celltrion</a>, <a href="https://www.smartkarma.com/entities/skc-co-ltd" target="_blank" data-smartkarma-citation="entities:3970:1" rel="noopener">SKC Co</a>, <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp</a>, <a href="https://www.smartkarma.com/entities/douzone-bizon-co-ltd" target="_blank" data-smartkarma-citation="entities:20161:1" rel="noopener">Douzone Bizon</a>, <a href="https://www.smartkarma.com/entities/krafton-inc" target="_blank" data-smartkarma-citation="entities:28956:1" rel="noopener">Krafton</a> and <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics</a>.</li>
</ul>


The review period for the September rebalance ends today, the changes will be announced in the first week of September and implemented at the close of trading on 12 September.
There is at least one change expected for each of the Secondary Battery, Bio, Internet, Game and BBIG indices. 
The largest flows will be in Posco Future M, Ecopro BM, SK Biopharmaceuticals, Alteogen, Celltrion, SKC Co, Kakao Corp, Douzone Bizon, Krafton and Samsung Biologics.


KRX New Deal Index Rebalance Preview: Potential Changes as Review Period Ends Today

<ul>
<li>The review period for the September rebalance ends 31 July, the changes will be announced in the first week of September and implemented at the close of trading 12 September.</li>
<li>There are changes expected for each of the Secondary Battery, Bio, Internet, Game and BBIG indices. The <a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> listing should result in more changes.</li>
<li>The largest flows will be in <a href="https://www.smartkarma.com/entities/posco-future-m-co-ltd" target="_blank" data-smartkarma-citation="entities:12421:1" rel="noopener">Posco Future M</a>, <a href="https://www.smartkarma.com/entities/ecopro-bm-co-ltd" target="_blank" data-smartkarma-citation="entities:27873:1" rel="noopener">Ecopro BM</a>, <a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals</a>, <a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen</a>, <a href="https://www.smartkarma.com/entities/douzone-bizon-co-ltd" target="_blank" data-smartkarma-citation="entities:20161:1" rel="noopener">Douzone Bizon</a>, <a href="https://www.smartkarma.com/entities/skc-co-ltd" target="_blank" data-smartkarma-citation="entities:3970:1" rel="noopener">SKC Co</a> and <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp</a>.</li>
</ul>


The review period for the September rebalance ends 31 July, the changes will be announced in the first week of September and implemented at the close of trading 12 September.
There are changes expected for each of the Secondary Battery, Bio, Internet, Game and BBIG indices. The Shift Up (462870 KS) listing should result in more changes.
The largest flows will be in Posco Future M, Ecopro BM, SK Biopharmaceuticals, Alteogen, Douzone Bizon, SKC Co and Kakao Corp.


KRX New Deal Index Rebalance Preview: Lots of Change; Shift Up Listing Adds to It

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.

<ul>
<li>Two pairs of constituent changes marked in squares in INTERNET and GAME may offer meaningful trading opportunities: Seojin System IN / Ahnlab OUT and Com2us IN / Doubleugames OUT.</li>
<li>Along with TIGER ETF, stealth index funds follow these indices. So, constituent changes in INTERNET and GAME create a flow impact of 0.3~0.6x DTV, even not in the Top 3.</li>
<li>Also, INTERNET and GAME have less passive flow impact degradation risk due to momentum trading flows compared to BATTERY and BIO.</li>
</ul>


Two pairs of constituent changes marked in squares in INTERNET and GAME may offer meaningful trading opportunities: Seojin System IN / Ahnlab OUT and Com2us IN / Doubleugames OUT.
Along with TIGER ETF, stealth index funds follow these indices. So, constituent changes in INTERNET and GAME create a flow impact of 0.3~0.6x DTV, even not in the Top 3.
Also, INTERNET and GAME have less passive flow impact degradation risk due to momentum trading flows compared to BATTERY and BIO.


Overlooked Trading Angle in K-New Deal Rebalancing Event: Two LONG SHORT Pairs to Watch

South Korea

Ahnlab, Inc. designs and develops anti-virus solutions for network server systems, personal computers, and e-business data systems.  The Company also offers consulting service and develops Internet security applications.

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Ahnlab Inc (053800 KS)

KOSDAQ150 Adhoc Index Rebalance: Webzen to Replace Connectwave

Webzen will replace Connectwave in the KOSDAQ150 Index effective 16 August. Passives need to trade over 2x ADV in both stocks. There are...

Brian Freitas

KRX New Deal Index Rebalance Preview: Potential Changes as Review Period Ends Today

We expect at least 1 change for each of the Secondary Battery, Bio, Internet, Game and BBIG indices. Flows are pretty big on some of the stocks and...

Brian Freitas

KRX New Deal Index Rebalance Preview: Lots of Change; Shift Up Listing Adds to It

There should be 1 change for each of the Battery, Bio and Game indices plus 2 changes for each of the Internet and BBIG indices. The Shift Up...

Brian Freitas

Overlooked Trading Angle in K-New Deal Rebalancing Event: Two LONG SHORT Pairs to Watch

This post uncovers the overlooked trading angle in the K-New Deal index rebalancing event and presents two pairs of LONG SHORT setups that we...

Sanghyun Park

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52-week Range

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Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (October and November 2025)

In this insight, we provide a list of 26 companies in the Korean stock market that have announced share buyback programs in October and November 2025.

Douglas Kim

KOSDAQ150 Adhoc Index Rebalance: Webzen to Replace Connectwave

Webzen will replace Connectwave in the KOSDAQ150 Index effective 16 August. Passives need to trade over 2x ADV in both stocks. There are...

Brian Freitas

KRX New Deal Index Rebalance Preview: Potential Changes as Review Period Ends Today

We expect at least 1 change for each of the Secondary Battery, Bio, Internet, Game and BBIG indices. Flows are pretty big on some of the stocks and...

Brian Freitas

KRX New Deal Index Rebalance Preview: Lots of Change; Shift Up Listing Adds to It

There should be 1 change for each of the Battery, Bio and Game indices plus 2 changes for each of the Internet and BBIG indices. The Shift Up...

Brian Freitas

Overlooked Trading Angle in K-New Deal Rebalancing Event: Two LONG SHORT Pairs to Watch

This post uncovers the overlooked trading angle in the K-New Deal index rebalancing event and presents two pairs of LONG SHORT setups that we...

Sanghyun Park