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 70% of the review period complete, there could be 6 constituent changes for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX)</a> in June.</li>
<li>The changes are driven mainly by the deletions with balancing adds to maintain the number of index constituents at 200.</li>
<li>The forecast adds have outperformed the forecast deletes but both sets of changes have underperformed the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX)</a>. </li>
</ul>


With 70% of the review period complete, there could be 6 constituent changes for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) in June.
The changes are driven mainly by the deletions with balancing adds to maintain the number of index constituents at 200.
The forecast adds have outperformed the forecast deletes but both sets of changes have underperformed the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX). 


KOSPI200 Index Rebalance Preview: 6 Changes a Side for June

<ul>
<li>The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.</li>
<li>Nearing the end of the review period, we forecast 49 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.</li>
<li>There are a number of stocks that will have passive flow from global index trackers over the next few weeks, while some are potential changes to the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI2</a> in December.</li>
</ul>


The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.
Nearing the end of the review period, we forecast 49 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.
There are a number of stocks that will have passive flow from global index trackers over the next few weeks, while some are potential changes to the KOSPI2 in December.


KOSPI Size Indices: Passive Flows for Many Active Changes

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>On 6 August, the Korean government confirmed visa-free entry of group tourists from China to South Korea.</li>
<li>The new policy will allow the group tourists from China to visit South Korea on a visa-free basis from 29 September 2025 to end of June 2026.</li>
<li>We provide a list of top 20 companies in Korea that are key beneficiaries of the no visa policy for group tour visitors from China to South Korea.</li>
</ul>


On 6 August, the Korean government confirmed visa-free entry of group tourists from China to South Korea.
The new policy will allow the group tourists from China to visit South Korea on a visa-free basis from 29 September 2025 to end of June 2026.
We provide a list of top 20 companies in Korea that are key beneficiaries of the no visa policy for group tour visitors from China to South Korea.


Korean Government Confirms Visa-Free Entry of Group Tourists from China to South Korea

<ul>
<li>The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.</li>
<li>Nearing halfway in the review period, we forecast 53 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.</li>
<li>Two potential downward migrations could be deleted from a global index in August. The new listing that is a potential LargeCap add could be added to a globalindex in September.</li>
</ul>


The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.
Nearing halfway in the review period, we forecast 53 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.
Two potential downward migrations could be deleted from a global index in August. The new listing that is a potential LargeCap add could be added to a globalindex in September.


KOSPI Size Indices: Overlaps Between Active & Passive Flows

Event-Driven

<ul>
<li>D'Alba Global has been one of the best performing IPOs in Korea this year. Its share price has risen to 172,5000 won, an increase of 160% from it IPO price.</li>
<li>A total of 19% of outstanding shares of D'Alba Global could start to be sold starting 22 June. That is a lot of shares!</li>
<li>These are likely to put negative pressure on the shares of D'Alba Global. Therefore, we change our view on this company to Negative over the next 6-12 months.</li>
</ul>


D'Alba Global has been one of the best performing IPOs in Korea this year. Its share price has risen to 172,5000 won, an increase of 160% from it IPO price.
A total of 19% of outstanding shares of D'Alba Global could start to be sold starting 22 June. That is a lot of shares!
These are likely to put negative pressure on the shares of D'Alba Global. Therefore, we change our view on this company to Negative over the next 6-12 months.


D'Alba Global: Financial Investors Could Unload 19% of Shares Once Lockup Ends on 22 June

South Korea

d'Alba Global Co., Ltd. manufactures cosmetics. The Company produces and sells sprays, essences, toners, ampoules, sunscreens, facial masks, and other products. Dalba Global conducts businesses in South Korea.

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d'Alba Global (483650 KS)

KOSPI200 Index Rebalance Preview: 6 Changes a Side for June

There could be 6 constituent changes in June with passives needing to trade between 1.7-10.2x ADV in the stocks. The forecast adds have...

Brian Freitas

KOSPI Size Indices: Passive Flows for Many Active Changes

There could be 49 migrations for the KOSPI Size Indices in Sep. Among new listings, there could be 1 LargeCap add and 3 MidCap adds. There are...

Brian Freitas

Korean Government Confirms Visa-Free Entry of Group Tourists from China to South Korea

We provide a list of top 20 companies in Korea that are key beneficiaries of the no visa policy for group tour visitors from China to South Korea.

Douglas Kim

KOSPI Size Indices: Overlaps Between Active & Passive Flows

There could be 53 migrations for the KOSPI Size Indices in Sep. Among new listings, there could be 1 LargeCap add and 3 MidCap adds. There are 2...

Brian Freitas

D'Alba Global: Financial Investors Could Unload 19% of Shares Once Lockup Ends on 22 June

A total of 19% of outstanding shares of D'Alba Global could start to be sold starting 22 June. That is a lot of shares! Valuations have also become...

Douglas Kim

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)