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

HD Hyundai Marine Solution  / Index Rebalance

<ul>
<li>Halfway through the review period, there could be 6 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 KOSPI200 (KOSPI2 INDEX)</a> in June. The <a href="https://www.smartkarma.com/entities/lg-cns-co-ltd" target="_blank" data-smartkarma-citation="entities:35945:1" rel="noopener">LG CNS (LGCNSZ KS)</a> listing could increase that number.</li>
<li>The impact on the potential inclusions ranges from 2.1-26 days of ADV while the impact on the potential deletions varies from 5-11 days of ADV.</li>
<li>The forecast adds have outperformed the forecast deletes over the last few months and the performance gap is near its widest point.</li>
</ul>


Halfway through the review period, there could be 6 changes for the Korea Stock Exchange KOSPI200 (KOSPI2 INDEX) in June. The LG CNS (LGCNSZ KS) listing could increase that number.
The impact on the potential inclusions ranges from 2.1-26 days of ADV while the impact on the potential deletions varies from 5-11 days of ADV.
The forecast adds have outperformed the forecast deletes over the last few months and the performance gap is near its widest point.


KOSPI200 Index Rebalance Preview: 6 Potential Changes in June; LG CNS Listing Could Increase That

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Daesang is one of the leading F&amp;B companies in Korea. It is especially well known for its sauces, kimchi, and miwon (MSG) food ingredients. </li>
<li>Daesang has relatively attractive valuation multiples. It is trading at P/E of 5.6x, P/B of 0.46x, and EV/EBIT of 6.4x in 2025. Daesang consistently generates positive net profit.</li>
<li>Daesang Holdings (084690 KS) is the largest shareholder of Daesang Corp with a 39.3% stake. Two sisters (Lim Sang-Min and Lim Se-Ryeong) are the two largest shareholders of Daesang Holdings.</li>
</ul>


Daesang is one of the leading F&amp;B companies in Korea. It is especially well known for its sauces, kimchi, and miwon (MSG) food ingredients. 
Daesang has relatively attractive valuation multiples. It is trading at P/E of 5.6x, P/B of 0.46x, and EV/EBIT of 6.4x in 2025. Daesang consistently generates positive net profit.
Daesang Holdings (084690 KS) is the largest shareholder of Daesang Corp with a 39.3% stake. Two sisters (Lim Sang-Min and Lim Se-Ryeong) are the two largest shareholders of Daesang Holdings.


Korea Small Cap Gem #31: Daesang - A Consistently Profitable F&B Company Run by the Lim Sisters

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

<ul>
<li>This December’s KOSPI 200 shuffle will highlight stocks likely to see strong passive flows from changes in float rates.</li>
<li>Ecopro Materials sees BRV offloading shares, weakening its major shareholder status. Korea Zinc might mirror the Hankook &amp; Company scenario, bundling both families' stakes and treasury for non-float rate calculations.</li>
<li>The passive impacts may be small compared to constituent changes, but less dilution from proactive positioning means the price impact could be more noticeable as the effective date approaches.</li>
</ul>


This December’s KOSPI 200 shuffle will highlight stocks likely to see strong passive flows from changes in float rates.
Ecopro Materials sees BRV offloading shares, weakening its major shareholder status. Korea Zinc might mirror the Hankook &amp; Company scenario, bundling both families' stakes and treasury for non-float rate calculations.
The passive impacts may be small compared to constituent changes, but less dilution from proactive positioning means the price impact could be more noticeable as the effective date approaches.


KRX Float Rates for KOSPI 200 Constituents as of Today: Watch the Float Change Stocks

Equity Capital Markets

<ul>
<li>The Born Korea reported excellent book building results. It priced its IPO at 34,000 won, which is 21% higher than the high end of the IPO price range.</li>
<li>A total of 2,216 institutions participated in the IPO demand forecast and the competition rate was 734 to 1.</li>
<li>According to our valuation analysis, it suggests a base case implied price of 40,230 won, which is 18% higher than the IPO price. </li>
</ul>


The Born Korea reported excellent book building results. It priced its IPO at 34,000 won, which is 21% higher than the high end of the IPO price range.
A total of 2,216 institutions participated in the IPO demand forecast and the competition rate was 734 to 1.
According to our valuation analysis, it suggests a base case implied price of 40,230 won, which is 18% higher than the IPO price. 


The Born Korea IPO Book Building Results Analysis

<ul>
<li> According to our valuation analysis, it suggests an implied price of 34,365 won, which is 27% higher than the high end of the IPO price range. </li>
<li>We estimate The Born Korea to generate sales of 467.7 billion won (up 13.1% YoY) and operating profit of 31.4 billion won (up 22.8% YoY) in 2024.</li>
<li>We believe a premium to comps' valuation is appropriate for The Born Korea mainly due to its higher sales growth, higher ROE, stronger balance sheet, and higher profit margins. </li>
</ul>


 According to our valuation analysis, it suggests an implied price of 34,365 won, which is 27% higher than the high end of the IPO price range. 
We estimate The Born Korea to generate sales of 467.7 billion won (up 13.1% YoY) and operating profit of 31.4 billion won (up 22.8% YoY) in 2024.
We believe a premium to comps' valuation is appropriate for The Born Korea mainly due to its higher sales growth, higher ROE, stronger balance sheet, and higher profit margins. 


South Korea

Daesang Corporation manufactures food seasonings, fermentations, sweeteners, starches, coffee, fodder, and bulk pharmaceutical ingredients.  The Company also constructs commercial buildings, infrastructures, and environmental facilities.

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

Daesang Corporation (001680 KS)

KOSPI200 Index Rebalance Preview: 6 Potential Changes in June; LG CNS Listing Could Increase That

There could be 6 changes for the KOSPI200 in June. The LG CNS listing tomorrow could increase that number. The forecast adds have outperformed the...

Brian Freitas

Korea Small Cap Gem #31: Daesang - A Consistently Profitable F&B Company Run by the Lim Sisters

Daesang is one of the leading F&B companies in Korea. It is especially well known for its sauces, kimchi, and miwon (MSG) food ingredients.

Douglas Kim

KRX Float Rates for KOSPI 200 Constituents as of Today: Watch the Float Change Stocks

KOSPI 200 December Rebalancing: Constituent changes are as predicted, but it's important to pay attention to the stocks with float changes.

Sanghyun Park

The Born Korea IPO Book Building Results Analysis

The Born Korea reported excellent book building results. It priced its IPO at 34,000 won, which is 21% higher than the high end of the IPO price...

Douglas Kim

The Born Korea IPO Valuation Analysis

According to our valuation analysis, it suggests an implied price of 34,365 won, which is 27% higher than the high end of the IPO price range.

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)