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>Enchem (348370 KS) is in a bit tricky situation. Applying the KRX's review period calculation criterion to Enchem satisfies the minimum listing requirement.</li>
<li>So, we should consider Enchem's addition odds quite high. Enchem's inclusion will pave the way for Sungwoo Hitech (015750 KS) to leave the Index.</li>
<li>We have ten adds/deletes, and WYSIWYG Studios (299900 KS) leads the adds for the passive impact, whereas JNTC Co Ltd (204270 KS) will suffer the most relative to ADTV.</li>
</ul>


Enchem (348370 KS) is in a bit tricky situation. Applying the KRX's review period calculation criterion to Enchem satisfies the minimum listing requirement.
So, we should consider Enchem's addition odds quite high. Enchem's inclusion will pave the way for Sungwoo Hitech (015750 KS) to leave the Index.
We have ten adds/deletes, and WYSIWYG Studios (299900 KS) leads the adds for the passive impact, whereas JNTC Co Ltd (204270 KS) will suffer the most relative to ADTV.


KOSDAQ 150 Rebalancing: Complete List of Candidates, Including Enchem

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>The review period for the September rebalance of the KRX New Deal indices started on 1 May and will run till 31 July. Implementation is on 8 September.</li>
<li>
<a href="https://www.smartkarma.com/entities/intellian-technologies-inc" target="_blank" data-smartkarma-citation="entities:34895:1" rel="noopener">Intellian Technologies (189300)</a> could replace <a href="https://www.smartkarma.com/entities/danal-co-ltd" target="_blank" data-smartkarma-citation="entities:19682:1" rel="noopener">Danal Co Ltd (064260)</a> in the Internet index, while <a href="https://www.smartkarma.com/entities/kmw-co-ltd" target="_blank" data-smartkarma-citation="entities:2834:1" rel="noopener">KMW Co Ltd (032500 KS)</a> could replace <a href="https://www.smartkarma.com/entities/afreecatv-co-ltd" target="_blank" data-smartkarma-citation="entities:20163:1" rel="noopener">AfreecaTV (067160 KS)</a> in the top 3 index stocks.</li>
<li>
<a href="https://www.smartkarma.com/entities/nexon-games-co-ltd" target="_blank" data-smartkarma-citation="entities:35967:1" rel="noopener">Nexon Games (225570 KS)</a> could replace <a href="https://www.smartkarma.com/entities/devsisters-co-ltd" target="_blank" data-smartkarma-citation="entities:14096:1" rel="noopener">Devsisters (194480 KS)</a> in the Game Index, though the flows are small on the stocks given the small benchmarked AUM.</li>
</ul>


The review period for the September rebalance of the KRX New Deal indices started on 1 May and will run till 31 July. Implementation is on 8 September.

Intellian Technologies (189300) could replace Danal Co Ltd (064260) in the Internet index, while KMW Co Ltd (032500 KS) could replace AfreecaTV (067160 KS) in the top 3 index stocks.

Nexon Games (225570 KS) could replace Devsisters (194480 KS) in the Game Index, though the flows are small on the stocks given the small benchmarked AUM.


KRX New Deal Index Rebalance Preview: Buying on KMW; Selling on AfreecaTV

<ul>
<li>The review period for the June rebalance of the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index</a> ended on Friday. We see 14 potential changes to the index - most are high probability. </li>
<li>The impact of passive trading is higher on the deletions than on the additions. Short interest on the potential adds is zero/negligible and a lot larger on the potential deletions.</li>
<li>Short interest on a couple of potential deletion exceeds the estimated passive selling, while there are others where short interest is three-quarters of the estimated passive selling.</li>
</ul>


The review period for the June rebalance of the KOSDAQ 150 Index ended on Friday. We see 14 potential changes to the index - most are high probability. 
The impact of passive trading is higher on the deletions than on the additions. Short interest on the potential adds is zero/negligible and a lot larger on the potential deletions.
Short interest on a couple of potential deletion exceeds the estimated passive selling, while there are others where short interest is three-quarters of the estimated passive selling.


KOSDAQ150 Index Rebalance Preview: 14 Potential Changes in June

<ul>
<li>The KOSDAQ 150 rebalancing in June will have nine adds and deletes, respectively.</li>
<li>Additions: <a href="https://www.smartkarma.com/entities/vidente-co-ltd" target="_blank" data-smartkarma-citation="entities:10357:1" rel="noopener">Vidente (121800)</a>, <a href="https://www.smartkarma.com/entities/golfzon-co-ltd" target="_blank" data-smartkarma-citation="entities:35645:1" rel="noopener">GOLFZON (215000)</a>, <a href="https://www.smartkarma.com/entities/hana-micron-inc" target="_blank" data-smartkarma-citation="entities:1464:1" rel="noopener">Hana Micron (067310)</a>, <a href="https://www.smartkarma.com/entities/danal-co-ltd" target="_blank" data-smartkarma-citation="entities:19682:1" rel="noopener">Danal (064260)</a>, <a href="https://www.smartkarma.com/entities/intellian-technologies-inc" target="_blank" data-smartkarma-citation="entities:34895:1" rel="noopener">Intellian Technologies (189300)</a>, <a href="https://www.smartkarma.com/entities/advanced-nano-products-co-lt" target="_blank" data-smartkarma-citation="entities:20170:1" rel="noopener">Advanced Nano (121600)</a>, Neoimmunetech (950220), NKMax (182400), &amp; WYSIWYG (299900) 
</li>
<li>Deletions: <a href="https://www.smartkarma.com/entities/toptec-co-ltd" target="_blank" data-smartkarma-citation="entities:7332:1" rel="noopener">Toptec (108230)</a>, <a href="https://www.smartkarma.com/entities/danawa-co-ltd" target="_blank" data-smartkarma-citation="entities:7191:1" rel="noopener">Danawa (119860)</a>, <a href="https://www.smartkarma.com/entities/optoelectronics-solutions-co" target="_blank" data-smartkarma-citation="entities:2098:1" rel="noopener">Optoelectronics Solutions (138080)</a>, <a href="https://www.smartkarma.com/entities/unison-co-ltd-south-korea" target="_blank" data-smartkarma-citation="entities:18617:1" rel="noopener">Unison (018000)</a>, <a href="https://www.smartkarma.com/entities/daea-ti-co-ltd" target="_blank" data-smartkarma-citation="entities:1473:1" rel="noopener">Daea Ti (045390)</a>, <a href="https://www.smartkarma.com/entities/advanced-process-systems-corporation" target="_blank" data-smartkarma-citation="entities:24087:1" rel="noopener">AP Systems (265520)</a>, <a href="https://www.smartkarma.com/entities/seojin-system-co-ltd" target="_blank" data-smartkarma-citation="entities:24032:1" rel="noopener">Seojin System (178320)</a>, <a href="https://www.smartkarma.com/entities/wonik-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:6485:1" rel="noopener">Wonik Holdings (030530)</a>, &amp; <a href="https://www.smartkarma.com/entities/rsupport-co-ltd" target="_blank" data-smartkarma-citation="entities:14783:1" rel="noopener">Rsupport (131370)</a> </li>
</ul>


The KOSDAQ 150 rebalancing in June will have nine adds and deletes, respectively.
Additions: Vidente (121800), GOLFZON (215000), Hana Micron (067310), Danal (064260), Intellian Technologies (189300), Advanced Nano (121600), Neoimmunetech (950220), NKMax (182400), &amp; WYSIWYG (299900) 

Deletions: Toptec (108230), Danawa (119860), Optoelectronics Solutions (138080), Unison (018000), Daea Ti (045390), AP Systems (265520), Seojin System (178320), Wonik Holdings (030530), &amp; Rsupport (131370) 


KOSDAQ 150 Rebalancing: Changes & Passive Impacts

<ul>
<li>Here are the tradable stocks for Long/Short position buildups for the KOSDAQ 150 rebalancing in June.</li>
<li>LONG (Additions): Dear U (376300 KS), Vidente (121800 KS), GOLFZON (215000 KS), Hana Micron (067310 KS), Danal (064260 KS), &amp; Intellian Technologies (189300 KS) 
</li>
<li>SHORT (Deletions): Daea Ti (045390 KS), Advanced Process Systems (265520 KS), Unison (018000 KS), Danawa (119860 KS), OE Solutions (138080 KS), &amp; Toptec (108230 KS) 
</li>
</ul>


Here are the tradable stocks for Long/Short position buildups for the KOSDAQ 150 rebalancing in June.
LONG (Additions): Dear U (376300 KS), Vidente (121800 KS), GOLFZON (215000 KS), Hana Micron (067310 KS), Danal (064260 KS), &amp; Intellian Technologies (189300 KS) 

SHORT (Deletions): Daea Ti (045390 KS), Advanced Process Systems (265520 KS), Unison (018000 KS), Danawa (119860 KS), OE Solutions (138080 KS), &amp; Toptec (108230 KS) 



KOSDAQ 150 Rebalancing in June: Safely Tradable Names for Position Buildups at This Point

South Korea

Danal Co., Ltd. specializes in developing and providing cellular mobile telephone services.  The Company's products include ring tones, games, color graphics, instant messenger and entertainment, and mobile payments through Internet and mobile devices.

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Danal Co Ltd (064260 KS)

KOSDAQ 150 Rebalancing: Complete List of Candidates, Including Enchem

This post has a complete list of ten adds and deletes, including Enchem and Sungwoo Hitech, in the upcoming KOSDAQ rebalancing in June.

Sanghyun Park

KRX New Deal Index Rebalance Preview: Buying on KMW; Selling on AfreecaTV

The September rebalance of the KRX New Deal Indices could see buying on KMW & selling on AfreecaTV. There will be other changes too but the impact...

Brian Freitas

KOSDAQ150 Index Rebalance Preview: 14 Potential Changes in June

We forecast 14 potential changes to the KOSDAQ150 Index in June - most are high probability. Short interest on few potential deletions exceeds the...

Brian Freitas

KOSDAQ 150 Rebalancing: Changes & Passive Impacts

This post offers the changes (9 additions and deletions, respectively) and their passive impacts (x ADTV) in the KOSDAQ 150 rebalancing in June.

Sanghyun Park

KOSDAQ 150 Rebalancing in June: Safely Tradable Names for Position Buildups at This Point

This post screens the tradable stocks for Long/Short position buildups for the KOSDAQ 150 rebalancing, which will occur on the second Thursday in...

Sanghyun Park

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