Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<ul>
<li>This article discusses the potential inclusions and exclusions of KOSDAQ 150 rebalance in December 2022 (especially those that are highlighted by the locals). </li>
<li>The stocks that are potential inclusions in the KOSDAQ 150 index include Sungeel Hitech (365340 KS), HPSP (403870 KS), and CanriaBio. We highlighted 8 companies in the potential inclusion list.</li>
<li>The potential exclusions in the KOSDAQ 150 index include Cmg Pharmaceutical (058820 KS), AptaBio Therapeutics (293780 KS), and Eugene Corp (023410 KS). </li>
</ul>


This article discusses the potential inclusions and exclusions of KOSDAQ 150 rebalance in December 2022 (especially those that are highlighted by the locals). 
The stocks that are potential inclusions in the KOSDAQ 150 index include Sungeel Hitech (365340 KS), HPSP (403870 KS), and CanriaBio. We highlighted 8 companies in the potential inclusion list.
The potential exclusions in the KOSDAQ 150 index include Cmg Pharmaceutical (058820 KS), AptaBio Therapeutics (293780 KS), and Eugene Corp (023410 KS). 


KOSDAQ 150 Rebalance in December Highlighted by Locals

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>With 85% of the review period complete, we see 10 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> at the December rebalance.</li>
<li>There are a few stocks that are close adds/deletes on market cap and liquidity and could make it into the final list depending on price/volume over the next few weeks.</li>
<li>The potential adds have outperformed the potential deletes over the last month and pre-positioning could continue till the end of the review period.</li>
</ul>


With 85% of the review period complete, we see 10 potential changes to the KOSDAQ 150 Index (KOSDQ150 INDEX) at the December rebalance.
There are a few stocks that are close adds/deletes on market cap and liquidity and could make it into the final list depending on price/volume over the next few weeks.
The potential adds have outperformed the potential deletes over the last month and pre-positioning could continue till the end of the review period.


KOSDAQ150 Index Rebalance Preview: Moving in the Right Direction

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aptabio-therapeutics-inc" target="_blank" data-smartkarma-citation="entities:34894:1" rel="noopener">AptaBio Therapeutics (293780 KS)</a> announced positive topline data for European phase 2 clinical trial of its lead candidate, APX-115, which is being developed for the treatment of diabetic nephropathy.</li>
<li>Future progress of APX-115 in clinical trial will depend much on AptaBio’s capacity to enter a licensing deal for APX-115 with global pharmaceutical companies.</li>
<li>The company’s other pipeline drugs are also progressing, thereby keeping R&amp;D expenditures at elevated level. However, the company’s current cash balance is not sufficient fund its R&amp;D expenditures for long-term.</li>
</ul>



AptaBio Therapeutics (293780 KS) announced positive topline data for European phase 2 clinical trial of its lead candidate, APX-115, which is being developed for the treatment of diabetic nephropathy.
Future progress of APX-115 in clinical trial will depend much on AptaBio’s capacity to enter a licensing deal for APX-115 with global pharmaceutical companies.
The company’s other pipeline drugs are also progressing, thereby keeping R&amp;D expenditures at elevated level. However, the company’s current cash balance is not sufficient fund its R&amp;D expenditures for long-term.


AptaBio Therapeutics (293780 KS): Near-Term Cash Crunch Is Clouding Promising Prospects of Pipeline

<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

Event-Driven

<ul>
<li>We discuss end of the mandatory lock-up periods for 40 stocks in Korea in June 2022, among which 5 are in KOSPI and 35 are in KOSDAQ.</li>
<li>These 40 stocks on average could be subject to further selling pressures in June and could underperform relative to the market. </li>
<li>Among these 40 stocks, <a href="https://www.smartkarma.com/entities/hybe-co-ltd" target="_blank" data-smartkarma-citation="entities:28959:1" rel="noopener">HYBE (352820 KS) and </a><a href="https://www.smartkarma.com/entities/koreacenter-com-co-ltd" target="_blank" data-smartkarma-citation="entities:28329:1" rel="noopener">Koreacenter.com Co Ltd (290510 KS) </a>could face further selling pressures in the coming weeks.</li>
</ul>


We discuss end of the mandatory lock-up periods for 40 stocks in Korea in June 2022, among which 5 are in KOSPI and 35 are in KOSDAQ.
These 40 stocks on average could be subject to further selling pressures in June and could underperform relative to the market. 
Among these 40 stocks, HYBE (352820 KS) and Koreacenter.com Co Ltd (290510 KS) could face further selling pressures in the coming weeks.


End of Mandatory Lock-Up Periods for 40 Companies in Korea in June 2022

South Korea

Aptabio Therapeutics Inc. operates pharmaceutical production businesses. The Company produces anticancer drugs and other pharmaceutical products. Aptabio Therapeutics conducts businesses in Korea.

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AptaBio Therapeutics (293780 KS)

KOSDAQ 150 Rebalance in December Highlighted by Locals

This article discusses the potential inclusions and exclusions of KOSDAQ 150 rebalance in December 2022 (especially those that are highlighted by...

Douglas Kim

KOSDAQ150 Index Rebalance Preview: Moving in the Right Direction

There could be 10 changes to the KOSDAQ150 Index in December. There are a few stocks that are close adds/deletes. The potential adds have...

Brian Freitas