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

<p>Amore G is now at a -2.23σ on a 20D MA relative to its major subsidiary, Amore P.</p><p>It is a 2M low and also a 2-yr low.</p><p>In fact, it is virtually at a historic low. </p><table class="table table-striped">
<colgroup>
<col width="140">
<col width="70">
<col width="70">
<col width="70">
<col width="70">
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"% of sigma"}'>% of sigma</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Today"}'>Today</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"T-1"}'>T-1</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"T-2"}'>T-2</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"T-3"}'>T-3</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"T-4"}'>T-4</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"T-5"}'>T-5</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Amore G"}'>Amore G</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-2.233672373317701}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=importrange(R9C1, "2!I2")'><strong>-223.37%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-1.5482241709598867}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=importrange(R9C1, "2!I3")'>-154.82%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-1.195277974328186}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=importrange(R9C1, "2!I4")'>-119.53%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2360685150394095}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=importrange(R9C1, "2!I5")'>23.61%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.9598659936653405}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=importrange(R9C1, "2!I6")'>95.99%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.1379503406354312}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=importrange(R9C1, "2!I7")'>113.80%</td>
</tr>
<tr><td colspan="7" data-sheets-value='{"1":2,"2":"Celltrion"}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>Source: KRX</td></tr>
</tbody>
</table><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/196/028/original/chart+%282%29.png?1616348888" class="editor-image img-responsive" data-smartkarma-image-id="196028"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/196/029/original/chart.png?1616349056" class="editor-image img-responsive" data-smartkarma-image-id="196029"></figure></section><p>Holdco NAV discount now sits at 34.3%, still a historical peak level.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"NAV (₩B)"}' data-sheets-note="Sang Hyun Park: Cases when a company's net cash position and the value of its publically traded interests are worth more than its market cap create the opportunity of a stub trade, in which investors can take a view that the company's core business will rise by shorting the minority stakes whilst going long the underlying. Such an opportunity has arisen in the wake of the Alibaba listing which has seen early investing company Yahoo trade at a discount to the value of its stake in Alibaba.">NAV (₩B)</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of listed holdings"}'>Value of listed holdings</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":5350.125102254677}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula="=SUM(R[36]C[2]:R[39]C[2])">5,350.1</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - % of holdco market cap"}'>- % of Holdco market cap</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.0464982413988084}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[-1]C[0]/((R[-12]C[0]*R[-15]C[0])/1000000000)">104.65%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of unlisted holdings"}'>Value of unlisted holdings</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1585.995}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula="=SUM(R[38]C[2]:R[45]C[2])">1,586.0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stub value"}'>Stub value</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-1823.7129422546768}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula="=(R[-14]C[0]*R[-17]C[0]/1000000000)-R[-3]C[0]-R[-1]C[0]">-1,823.7</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stub value per share"}'>Stub value per share</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-22116.82263972691}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula="=R[-1]C[0]*1000000000/R[-18]C[0]">-₩22,117</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of operating assets"}'>Value of operating assets</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":135}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula="=SUM(R[64]C[2]:R[65]C[2])">135.0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"GAV"}'>GAV</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":7071.120102254677}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula="=R[-6]C[0]+R[-4]C[0]+R[-1]C[0]">7,071.1</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"GAV per share"}'>GAV per share</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":91942.05008636798}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula="=R[-1]C[0]/R[-11]C[0]*1000000000">₩91,942</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Discount to GAV (excl. treasury shares)"}'>Discount to GAV (excl. treasury shares)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.325662197636894}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[-1]C[0]-R[-19]C[0])/R[-1]C[0]">32.57%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Holdco net cash/debt (deconsolidated)"}'>Holdco net cash/debt (de-consolidated)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":327.2}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula="=R[62]C[2]">327.2</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of pref shares"}'>Value of pref shares</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":140.1519975}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula="=R[-20]C[0]*R[-17]C[0]/1000000000">140.2</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"NAV"}'>NAV</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":7258.168104754676}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula="=R[-5]C[0]+R[-2]C[0]-R[-1]C[0]">7,258.2</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"NAV per share (excl. treasury shares)"}'>NAV per share (excl. treasury shares)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":94374.13673823046}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula="=R[-1]C[0]/R[-16]C[0]*1000000000">₩94,374</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Discount to NAV"}'>Discount to NAV</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3430403483109782}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[-1]C[0]-R[-24]C[0])/R[-1]C[0]">34.30%</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX &amp; DART","6":1}'>Source: KRX &amp; DART</td></tr>
</tbody>
</table>

Amore G is now at a -2.23σ on a 20D MA relative to its major subsidiary, Amore P.It is a 2M low and also a 2-yr low.In fact, it is virtually at a historic low. 











% of sigma
Today
T-1
T-2
T-3
T-4
T-5


Amore G
-223.37%
-154.82%
-119.53%
23.61%
95.99%
113.80%

Source: KRX

Holdco NAV discount now sits at 34.3%, still a historical peak level.





NAV (₩B)

Value of listed holdings
5,350.1


- % of Holdco market cap
104.65%


Value of unlisted holdings
1,586.0


Stub value
-1,823.7


Stub value per share
-₩22,117


Value of operating assets
135.0


GAV
7,071.1


GAV per share
₩91,942


Discount to GAV (excl. treasury shares)
32.57%


Holdco net cash/debt (de-consolidated)
327.2


Value of pref shares
140.2


NAV
7,258.2


NAV per share (excl. treasury shares)
₩94,374


Discount to NAV
34.30%

Source: KRX &amp; DART



Amore G Stub Trade: Three Reasons Why Now Is an Entry Point

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>Our base case valuation of Amorepacific Group suggests an implied price of 73,291 won per share, representing a 32% upside from current levels. The five main components of the valuation include a) investments in publicly listed companies of which the biggest portion is Amorepacific Group's 37.5% stake in Amorepacific Corp (common), b) investments in private companies, c) core business value, d) net cash, and e) holdco discount. </li>
<li>Amorepacific Group's Chairman Seo Kyung-Bae decided to put in a <strong>new, younger<a href="https://www.koreatimes.co.kr/www/tech/2020/11/694_299265.html" target="_blank" rel="noopener"> CEO</a> (Kim Seung-Hwan)</strong> (age 51) on 12 November, in efforts to shake up the management team and turnaround the company.</li>
<li>The gap between Amorepacific Corp and Amorepacfic Group's share prices has widened this year. Amorepacific Corp's share price is down by 6.3% YTD whereas Amorepacific Group's share price is down by 32.8% YTD.</li>
</ul>


Our base case valuation of Amorepacific Group suggests an implied price of 73,291 won per share, representing a 32% upside from current levels. The five main components of the valuation include a) investments in publicly listed companies of which the biggest portion is Amorepacific Group's 37.5% stake in Amorepacific Corp (common), b) investments in private companies, c) core business value, d) net cash, and e) holdco discount. 
Amorepacific Group's Chairman Seo Kyung-Bae decided to put in a new, younger CEO (Kim Seung-Hwan) (age 51) on 12 November, in efforts to shake up the management team and turnaround the company.
The gap between Amorepacific Corp and Amorepacfic Group's share prices has widened this year. Amorepacific Corp's share price is down by 6.3% YTD whereas Amorepacific Group's share price is down by 32.8% YTD.


Amorepacific Group: A New CEO & SoTP Valuation Discount

Amorepacific Corporation / Equity Bottom-Up

<div class="content-highlight">
<p><strong>Amorepacific Corp is our 2021 high conviction idea in Korea. It is a turnaround play as the top company in the Korean cosmetics sector after a 'once in a century' pandemic.</strong></p>
<h3><strong>Key catalysts are as follows:</strong></h3>
<ul>
<li>An inverse relationship between cosmetics consumption and wearing masks &amp; COVID-19 cases</li>
<li>Improving data on overseas online sales of luxury cosmetics segment </li>
<li>A big restructuring</li>
</ul>
<h3><strong>Valuation</strong></h3>
<p>If we apply a 3.6x P/B multiple (25% lower than the 5-year historical average) on Amorepacific using an estimated book value of 4.7 trillion won (at end of 2021), this would suggest an implied market cap of 17 trillion won, or 291,000 won per share (representing a 48% upside to current levels over a one year view). Given this attractive upside, we have a positive view of Amorepacific Corp.</p>
</div>


Amorepacific Corp is our 2021 high conviction idea in Korea. It is a turnaround play as the top company in the Korean cosmetics sector after a 'once in a century' pandemic.
Key catalysts are as follows:

An inverse relationship between cosmetics consumption and wearing masks &amp; COVID-19 cases
Improving data on overseas online sales of luxury cosmetics segment 
A big restructuring

Valuation
If we apply a 3.6x P/B multiple (25% lower than the 5-year historical average) on Amorepacific using an estimated book value of 4.7 trillion won (at end of 2021), this would suggest an implied market cap of 17 trillion won, or 291,000 won per share (representing a 48% upside to current levels over a one year view). Given this attractive upside, we have a positive view of Amorepacific Corp.


2021 High Conviction in Korea: Amorepacific Corp - Turnaround After 'Once in a Century' Pandemic

<p>The Amore duo made a 1.5σ move downwardly.</p><p>They are now at -2.5σ on a 20D MA, the lowest sigma since mid-March.</p><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-value='{"1":2,"2":"% of sigma"}'>% of sigma</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Today"}'>Today</td>
<td style="text-align: right;" data-sheets-formula="=Data!R[0]C[6]" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":-2.429581591306318}'>-242.96%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"T-1"}'>T-1</td>
<td style="text-align: right;" data-sheets-formula="=Data!R[0]C[6]" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":-0.9108015534530095}'>-91.08%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"T-2"}'>T-2</td>
<td style="text-align: right;" data-sheets-formula="=Data!R[0]C[6]" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":-0.7066876752829078}'>-70.67%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"T-3"}'>T-3</td>
<td style="text-align: right;" data-sheets-formula="=Data!R[0]C[6]" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":-1.7200972716651508}'>-172.01%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"T-4"}'>T-4</td>
<td style="text-align: right;" data-sheets-formula="=Data!R[0]C[6]" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":-1.541532078833072}'>-154.15%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"T-5"}'>T-5</td>
<td style="text-align: right;" data-sheets-formula="=Data!R[0]C[6]" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":-2.0935650379435686}'>-209.36%</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX"}'><em>Source: KRX</em></td></tr>
</tbody>
</table><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/163/517/original/chart.png?1601940494" class="editor-image img-responsive" data-smartkarma-image-id="163517"></figure><p></p><p>The price ratio is 0.29172, again the 120D low, and pretty much at the bottom on the 1-yr and 2-yr horizons.</p><table class="table table-striped">
<colgroup>
<col width="300">
<col width="150">
<col width="150">
</colgroup>
<tbody>
<tr><td colspan="3" rowspan="1" data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-value='{"1":2,"2":"Price ratio"}'>Price ratio</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Today"}'>Today</td>
<td style="text-align: right;" data-sheets-formula="=Data!R[-9]C[1]" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":3,"3":0.2917159763313609}'>0.29172</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":2,"2":"-"}'>-</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"20D MA"}'>20D MA</td>
<td style="text-align: right;" data-sheets-formula="=Data!R[-10]C[2]" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":3,"3":0.30027125224527756}'>0.30027</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":2,"2":"-"}'>-</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"σ"}'>σ</td>
<td style="text-align: right;" data-sheets-formula="=Data!R[-11]C[5]" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":3,"3":0.0035212959896179924}'>0.00352</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":2,"2":"-"}'>-</td>
</tr>
<tr>
<td data-sheets-formula='="+1 σ"' data-sheets-value='{"1":2,"2":"+1 σ"}'>+1 σ</td>
<td style="text-align: right;" data-sheets-formula="=Data!R[-12]C[3]" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":3,"3":0.30379254823489554}'>0.30379</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":2,"2":"-"}'>-</td>
</tr>
<tr>
<td data-sheets-formula='="-1 σ"' data-sheets-value='{"1":2,"2":"-1 σ"}'>-1 σ</td>
<td style="text-align: right;" data-sheets-formula="=Data!R[-13]C[4]" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":3,"3":0.2967499562556596}'>0.29675</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":2,"2":"-"}'>-</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D mean"}'>120D mean</td>
<td style="text-align: right;" data-sheets-formula="=average(Data!R2C3:R100C3)" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":3,"3":0.31677247244474827}'>0.31677</td>
<td style="text-align: right;" data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":-0.07909934824831635}'>-7.91%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D median"}'>120D median</td>
<td style="text-align: right;" data-sheets-formula="=MEDIAN(Data!R2C3:R100C3)" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":3,"3":0.31954674220963175}'>0.31955</td>
<td style="text-align: right;" data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":-0.08709450669352482}'>-8.71%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D high"}'>120D high</td>
<td style="text-align: right;" data-sheets-formula="=MAX(Data!R2C3:R100C3)" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":3,"3":0.35460122699386504}'>0.35460</td>
<td style="text-align: right;" data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":-0.17734075878872266}'>-17.73%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D low"}'>120D low</td>
<td style="text-align: right;" data-sheets-formula="=MIN(Data!R2C3:R100C3)" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":3,"3":0.2917159763313609}'>0.29172</td>
<td style="text-align: right;" data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":0}'>0.00%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y mean"}'>1Y mean</td>
<td style="text-align: right;" data-sheets-formula="=average(Data!R2C3:R248C3)" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":3,"3":0.3586212800433788}'>0.35862</td>
<td style="text-align: right;" data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":-0.18656255898680915}'>-18.66%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y median"}'>1Y median</td>
<td style="text-align: right;" data-sheets-formula="=MEDIAN(Data!R2C3:R248C3)" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":3,"3":0.3383233532934132}'>0.33832</td>
<td style="text-align: right;" data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":-0.13775985756925177}'>-13.78%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y high"}'>1Y high</td>
<td style="text-align: right;" data-sheets-formula="=MAX(Data!R2C3:R248C3)" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":3,"3":0.49379310344827587}'>0.49379</td>
<td style="text-align: right;" data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":-0.40923440547419926}'>-40.92%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y low"}'>1Y low</td>
<td style="text-align: right;" data-sheets-formula="=MIN(Data!R2C3:R248C3)" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":3,"3":0.27456140350877195}'>0.27456</td>
<td style="text-align: right;" data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":0.06247991379473301}'>6.25%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y mean"}'>2Y mean</td>
<td style="text-align: right;" data-sheets-formula="=average(Data!R2C3:R476C3)" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":3,"3":0.3702846260858406}'>0.37028</td>
<td style="text-align: right;" data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":-0.2121844770737677}'>-21.22%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y median"}'>2Y median</td>
<td style="text-align: right;" data-sheets-formula="=MEDIAN(Data!R2C3:R476C3)" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":3,"3":0.36861702127659574}'>0.36862</td>
<td style="text-align: right;" data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":-0.2086204393896702}'>-20.86%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y high"}'>2Y high</td>
<td style="text-align: right;" data-sheets-formula="=MAX(Data!R2C3:R476C3)" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":3,"3":0.49379310344827587}'>0.49379</td>
<td style="text-align: right;" data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":-0.40923440547419926}'>-40.92%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y low"}'>2Y low</td>
<td style="text-align: right;" data-sheets-formula="=MIN(Data!R2C3:R476C3)" data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-value='{"1":3,"3":0.27456140350877195}'>0.27456</td>
<td style="text-align: right;" data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":0.06247991379473301}'>6.25%</td>
</tr>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX"}'><em>Source: KRX</em></td></tr>
</tbody>
</table><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/163/514/original/chart%20%281%29.png?1601939903" class="editor-image img-responsive" data-smartkarma-image-id="163514"></figure>

The Amore duo made a 1.5σ move downwardly.They are now at -2.5σ on a 20D MA, the lowest sigma since mid-March.





% of sigma

Today
-242.96%


T-1
-91.08%


T-2
-70.67%


T-3
-172.01%


T-4
-154.15%


T-5
-209.36%

Source: KRX

The price ratio is 0.29172, again the 120D low, and pretty much at the bottom on the 1-yr and 2-yr horizons.






Price ratio

Today
0.29172
-


20D MA
0.30027
-


σ
0.00352
-


+1 σ
0.30379
-


-1 σ
0.29675
-


120D mean
0.31677
-7.91%


120D median
0.31955
-8.71%


120D high
0.35460
-17.73%


120D low
0.29172
0.00%


1Y mean
0.35862
-18.66%


1Y median
0.33832
-13.78%


1Y high
0.49379
-40.92%


1Y low
0.27456
6.25%


2Y mean
0.37028
-21.22%


2Y median
0.36862
-20.86%


2Y high
0.49379
-40.92%


2Y low
0.27456
6.25%

Source: KRX



Amore Stub At -2.5σ & Wang Yi's Cancelled Visit: Entry Point for Range Trading

<p>Amore holding company is now at -2.1σ on a 20D MA relative to Amorepacific.</p><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"% of sigma"}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>% of sigma</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Today"}'>Today</td>
<td colspan="2" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":-2.0935650379435686}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[0]C[6]">-209.36%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"T-1"}'>T-1</td>
<td colspan="2" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":-1.189723840254671}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[0]C[6]">-118.97%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"T-2"}'>T-2</td>
<td colspan="2" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":-0.432176134420178}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[0]C[6]">-43.22%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"T-3"}'>T-3</td>
<td colspan="2" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":-1.219149193133675}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[0]C[6]">-121.91%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"T-4"}'>T-4</td>
<td colspan="2" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":0.261794857719485}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[0]C[6]">26.18%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"T-5"}'>T-5</td>
<td colspan="2" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":-1.2072576106460915}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[0]C[6]">-120.73%</td>
</tr>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX"}'><em>Source: KRX</em></td></tr>
</tbody>
</table><p>The price ratio currently sits at 0.296, a new 120D low, and pretty close to the 2Y low.</p><p>It is 6.8% down from the 120D mean and 16.4% down from the 120D high.</p><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"Price ratio"}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>Price ratio</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Today"}'>Today</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2963076923076923}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=Data!R[-9]C[1]">0.29631</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}'>-</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"20D MA"}'>20D MA</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.30229664561059055}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=Data!R[-10]C[2]">0.30230</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}'>-</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"σ"}'>σ</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0028606483172746106}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=Data!R[-11]C[5]">0.00286</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}'>-</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"+1 σ"}' data-sheets-formula='="+1 σ"'>+1 σ</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.30515729392786517}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=Data!R[-12]C[3]">0.30516</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}'>-</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"-1 σ"}' data-sheets-formula='="-1 σ"'>-1 σ</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.29943599729331594}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=Data!R[-13]C[4]">0.29944</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}'>-</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D mean"}'>120D mean</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3178130338953685}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=average(Data!R2C3:R100C3)">0.31781</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.06766664451765769}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]">-6.77%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D median"}'>120D median</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.31954674220963175}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MEDIAN(Data!R2C3:R100C3)">0.31955</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.07272504091653029}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]">-7.27%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D high"}'>120D high</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.35460122699386504}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MAX(Data!R2C3:R100C3)">0.35460</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.1643918019696566}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]">-16.44%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D low"}'>120D low</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2963076923076923}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MIN(Data!R2C3:R100C3)">0.29631</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]">0.00%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y mean"}'>1Y mean</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.36200240542223466}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=average(Data!R2C3:R248C3)">0.36200</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.1814759021778237}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]">-18.15%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y median"}'>1Y median</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3412790697674419}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MEDIAN(Data!R2C3:R248C3)">0.34128</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.1317730310575285}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]">-13.18%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y high"}'>1Y high</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.49379310344827587}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MAX(Data!R2C3:R248C3)">0.49379</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.39993553932101417}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]">-39.99%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y low"}'>1Y low</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.27456140350877195}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MIN(Data!R2C3:R248C3)">0.27456</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.07920373556156303}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]">7.92%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y mean"}'>2Y mean</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3713260609712572}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=average(Data!R2C3:R476C3)">0.37133</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.2020282887426308}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]">-20.20%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y median"}'>2Y median</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3689655172413793}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MEDIAN(Data!R2C3:R476C3)">0.36897</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.1969230769230769}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]">-19.69%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y high"}'>2Y high</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.49379310344827587}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MAX(Data!R2C3:R476C3)">0.49379</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.39993553932101417}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]">-39.99%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y low"}'>2Y low</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.27456140350877195}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=MIN(Data!R2C3:R476C3)">0.27456</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.07920373556156303}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R11C[-1]-R[0]C[-1])/R[0]C[-1]">7.92%</td>
</tr>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX"}'><em>Source: KRX</em></td></tr>
</tbody>
</table><p>The downward trend for the holding company, which began about a year ago, still seems alive.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/161/057/original/chart%20%282%29.png?1600897928" class="editor-image img-responsive" data-smartkarma-image-id="161057"></figure>

Amore holding company is now at -2.1σ on a 20D MA relative to Amorepacific.






% of sigma

Today
-209.36%


T-1
-118.97%


T-2
-43.22%


T-3
-121.91%


T-4
26.18%


T-5
-120.73%

Source: KRX

The price ratio currently sits at 0.296, a new 120D low, and pretty close to the 2Y low.It is 6.8% down from the 120D mean and 16.4% down from the 120D high.






Price ratio

Today
0.29631
-


20D MA
0.30230
-


σ
0.00286
-


+1 σ
0.30516
-


-1 σ
0.29944
-


120D mean
0.31781
-6.77%


120D median
0.31955
-7.27%


120D high
0.35460
-16.44%


120D low
0.29631
0.00%


1Y mean
0.36200
-18.15%


1Y median
0.34128
-13.18%


1Y high
0.49379
-39.99%


1Y low
0.27456
7.92%


2Y mean
0.37133
-20.20%


2Y median
0.36897
-19.69%


2Y high
0.49379
-39.99%


2Y low
0.27456
7.92%

Source: KRX

The downward trend for the holding company, which began about a year ago, still seems alive.

Amore Stub At -2.1σ: Expect Reversion for Three Reasons

South Korea

AMOREPACIFIC Holdings Corp. produces cosmetics. The Company manufactures skin care products, makeup, shampoo, and other products. AMOREPACIFIC Holdings conducts businesses in South Korea.

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

Amorepacific Holdings (002790 KS)

Amore G Stub Trade: Three Reasons Why Now Is an Entry Point

This post reasons why we are at an entry point for an Amore stub trade, which is at a -2.3σ on a 20D MA relative to Amore P.

Sanghyun Park

Amorepacific Group: A New CEO & SoTP Valuation Discount

Our base case valuation of Amorepacific Group suggests an implied price of 73,291 won per share, representing a 32% upside from current levels. The...

Douglas Kim

2021 High Conviction in Korea: Amorepacific Corp - Turnaround After 'Once in a Century' Pandemic

Amorepacific Corp is our 2021 high conviction idea in Korea. It is a turnaround play as the top company in the Korean cosmetics sector after a...

Douglas Kim

Amore Stub At -2.5σ & Wang Yi's Cancelled Visit: Entry Point for Range Trading

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Sanghyun Park

Amore Stub At -2.1σ: Expect Reversion for Three Reasons

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Sanghyun Park

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