Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Apr 5th which has an aggregated short interest worth USD6.9bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We estimate the week on week changes of short interest to be -6.9% and highlight short interest changes in Eo Technics.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Apr 5th which has an aggregated short interest worth USD6.9bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We estimate the week on week changes of short interest to be -6.9% and highlight short interest changes in Eo Technics.


KRX Short Interest Weekly (Apr 5th): Eo Technics

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Korea Stock Exchange KOSPI 200 / Index Rebalance

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

<ul>
<li>KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).</li>
<li>In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in June 2024.</li>
<li>There could be up to four changes in the KOSPI 200 index in the run up to the June 2024 index rebal event including an intra-review fast entry change.</li>
</ul>


KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in June 2024.
There could be up to four changes in the KOSPI 200 index in the run up to the June 2024 index rebal event including an intra-review fast entry change.


Quiddity Leaderboard KOSPI 200 Jun 24: L&F (066970) Likely To Miss Out on Fast Entry in March

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>Posco DX's KOSPI 200 fast entry effective date will likely coincide with the December regular rebalancing date.</li>
<li>We should focus on the ad-hoc change deletion as we can expect more pronounced price impact near the effective date due to lower chances of premature exposure than regular reviews.</li>
<li>The following three candidates are screened: K Car, Daesang Corporation, and Shinsegae International. They are all likely to exhibit a significant passive impact (x ADTV).</li>
</ul>


Posco DX's KOSPI 200 fast entry effective date will likely coincide with the December regular rebalancing date.
We should focus on the ad-hoc change deletion as we can expect more pronounced price impact near the effective date due to lower chances of premature exposure than regular reviews.
The following three candidates are screened: K Car, Daesang Corporation, and Shinsegae International. They are all likely to exhibit a significant passive impact (x ADTV).


Prime Target for Flow Trading Due to Low Pre-Exposure in December KOSPI 200 Rebalancing

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Korea Exchange is planning to change the criteria for rebalancing stocks in the KOSPI 200 index. </li>
<li>The purpose of this change is to prevent stocks that surge ahead of the actual KOSPI 200 inclusion but fall significantly after the inclusion announcement.</li>
<li>We think there is a 70-80%+ probability that POSCO DX and L&amp;F Co will be included in KOSPI 200 index in December 2023.</li>
</ul>


Korea Exchange is planning to change the criteria for rebalancing stocks in the KOSPI 200 index. 
The purpose of this change is to prevent stocks that surge ahead of the actual KOSPI 200 inclusion but fall significantly after the inclusion announcement.
We think there is a 70-80%+ probability that POSCO DX and L&amp;F Co will be included in KOSPI 200 index in December 2023.


KOSPI 200 Rebalance Candidates in December 2023 & Changes to the KOSPI 200 Rebalance Process

Equity Bottom-Up

<ul>
<li>In this insight, we provide gap trade opportunities among 30 small cap Korean preferred stocks with market cap of less than 100 billion won and more than 20 billion won.</li>
<li>Among these 30 companies, there are some in interesting gap trade opportunities, especially among those with relatively high dividend yields (more than 5%).</li>
<li>We have ranked these 30 stocks in terms of three criteria including market cap, pref/common share price ratio, and dividend yields. </li>
</ul>


In this insight, we provide gap trade opportunities among 30 small cap Korean preferred stocks with market cap of less than 100 billion won and more than 20 billion won.
Among these 30 companies, there are some in interesting gap trade opportunities, especially among those with relatively high dividend yields (more than 5%).
We have ranked these 30 stocks in terms of three criteria including market cap, pref/common share price ratio, and dividend yields. 


Gap Trades of Small Cap Korean Pref Vs Common Shares

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
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Daesang Corporation (001680 KS)

KRX Short Interest Weekly (Apr 5th): Eo Technics

We analyzed KRX short interest report for the past week. We estimate the short interests to be USD 6.9bn and highlighted short interest changes in...

Ke Yan, CFA, FRM

Quiddity Leaderboard KOSPI 200 Jun 24: L&F (066970) Likely To Miss Out on Fast Entry in March

The first Quiddity Leaderboard for KOSPI 200 following the Primer published yesterday. This will be a regular piece going forward. POSCO DX is...

Travis Lundy

Prime Target for Flow Trading Due to Low Pre-Exposure in December KOSPI 200 Rebalancing

This post explores the schedule for Posco DX's inclusion in the KOSPI 200 and how we should target the resulting deletion after its transfer...

Sanghyun Park

KOSPI 200 Rebalance Candidates in December 2023 & Changes to the KOSPI 200 Rebalance Process

We believe there is a 70-80%+ probability that POSCO DX and L&F Co will be included in KOSPI 200 index in December 2023.

Douglas Kim

Gap Trades of Small Cap Korean Pref Vs Common Shares

In this insight, we provide gap trade opportunities among 30 small cap Korean preferred stocks with market cap of less than 100 billion won and...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)