Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Thematic (Sector/Industry)

<p>SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a biosimilar maker either. It makes new biomedical products. A majority of Korea's pharmaceutical makers are still generic drug makers. The likes of Celltrion and Samsung Bioepis have emerged as a biosimilar maker. But they are still a few. Biomedical makers are even rarer. Hanmi Pharmaceutical is one of these rare breeds. Now, another biomedical maker…</p>

SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a biosimilar maker either. It makes new biomedical products. A majority of Korea's pharmaceutical makers are still generic drug makers. The likes of Celltrion and Samsung Bioepis have emerged as a biosimilar maker. But they are still a few. Biomedical makers are even rarer. Hanmi Pharmaceutical is one of these rare breeds. Now, another biomedical maker…

SillaJen's December IPO: Valuation, Growth Expectation and IPO Timing

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Index Rebalance

<ul>
<li>Korea Value-Up Index outperformed KOSPI, KOSPI200, and KOSDAQ in the past year, resulting in further interest in the index. </li>
<li>The announcement of the Korea Value-Up Index rebalance for this year to be announced in the last week of May and the rebalance date is expected around mid-June 2026.</li>
<li>In this insight, we provided a list of top 10 potential inclusions and top 10 exclusions in the Korea Value Up index rebalance in June 2026. </li>
</ul>


Korea Value-Up Index outperformed KOSPI, KOSPI200, and KOSDAQ in the past year, resulting in further interest in the index. 
The announcement of the Korea Value-Up Index rebalance for this year to be announced in the last week of May and the rebalance date is expected around mid-June 2026.
In this insight, we provided a list of top 10 potential inclusions and top 10 exclusions in the Korea Value Up index rebalance in June 2026. 


Korea Value-Up Index: Rebalancing in 2026 and Outperformance Vs KOSPI

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

<ul>
<li>The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February. We're gone through 80% of the trading days.</li>
<li>We currently forecast 42 stocks migrating between the size segments. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap, 1 to SmallCap.</li>
<li>The upward migrations have outperformed the downward migrations by a lot over the last few months. The recent market volatility has led to a narrowing of that gap.</li>
</ul>


The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February. We're gone through 80% of the trading days.
We currently forecast 42 stocks migrating between the size segments. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap, 1 to SmallCap.
The upward migrations have outperformed the downward migrations by a lot over the last few months. The recent market volatility has led to a narrowing of that gap.


KOSPI Size Indices: Market Volatility Narrows Spread (A Bit)

<ul>
<li>The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February.</li>
<li>A third of the way through the averaging period, we forecast 37 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 2 to MidCap, 2 to SmallCap.</li>
<li>The upward migrations have outperformed the downward migrations by a lot over the last few months. The gap between the small and mid-cap migrations has continued to widen.</li>
</ul>


The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February.
A third of the way through the averaging period, we forecast 37 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 2 to MidCap, 2 to SmallCap.
The upward migrations have outperformed the downward migrations by a lot over the last few months. The gap between the small and mid-cap migrations has continued to widen.


KOSPI Size Indices: Small-To-Mid Migrations Running Up

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 Nov 28th. The aggregated short interest was USD11.5bn.</li>
<li>We tabulate league tables 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 highlight short interest changes in Hanwha Ocean, SK Hynix, kakaopay, NAVER, HD HYUNDAI HEAVY INDUSTRIES.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Nov 28th. The aggregated short interest was USD11.5bn.
We tabulate league tables 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 highlight short interest changes in Hanwha Ocean, SK Hynix, kakaopay, NAVER, HD HYUNDAI HEAVY INDUSTRIES.


KRX Short Interest Weekly (Nov 28th): Hanwha Ocean, SK Hynix, Kakaopay, NAVER

South Korea

Dentium Co., Ltd. manufactures dental instruments and materials.  The Company's products include dental implant kits and lab tool kits.

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Dentium (145720 KS)

SillaJen's December IPO: Valuation, Growth Expectation and IPO Timing

SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a...

Sanghyun Park

Korea Value-Up Index: Rebalancing in 2026 and Outperformance Vs KOSPI

Korea Value-Up Index outperformed KOSPI, KOSPI200, and KOSDAQ in the past year, resulting in further interest in the index.

Douglas Kim

KOSPI Size Indices: Market Volatility Narrows Spread (A Bit)

There could be 42 migrations across categories in March, plus new listings being added. The recent market volatility has narrowed the...

Brian Freitas

KOSPI Size Indices: Small-To-Mid Migrations Running Up

There could be 37 migrations across categories in March, plus new listings being added. The small-to-mid cap migrations have continued to move...

Brian Freitas

KRX Short Interest Weekly (Nov 28th): Hanwha Ocean, SK Hynix, Kakaopay, NAVER

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Ocean, SK Hynix, kakaopay, NAVER, HD...

Ke Yan, CFA, FRM

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