Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<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 next semiannual review in December 2025.</li>
<li>We expect up to 4 ADDs and 4 DELs in the KOSPI 200 index during the December 2025 index rebal event based on the latest available data.</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 next semiannual review in December 2025.
We expect up to 4 ADDs and 4 DELs in the KOSPI 200 index during the December 2025 index rebal event based on the latest available data.


[Quiddity Index Jun25] KOSPI 200 Leaderboard for Dec25 Rebal: 4 In/Out But Too Early to Bet

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

Korea Stock Exchange KOSPI 200 / Equity Derivatives

<ul>
<li>In just three weeks, on June 3rd, South Korea will hold an early presidential election.</li>
<li>The <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200 INDEX</a> on Tuesday closed at 347.17,  <strong>entering deeply overbought territory based on our time and price quantitative models</strong>. </li>
<li>Whether the index rallies into the election and then declines, or starts selling off ahead of the vote,<strong> our tactical stance is unchanged: we recommend short exposure or appropriate hedging.</strong>
</li>
</ul>


In just three weeks, on June 3rd, South Korea will hold an early presidential election.
The KOSPI 200 INDEX on Tuesday closed at 347.17,  entering deeply overbought territory based on our time and price quantitative models. 
Whether the index rallies into the election and then declines, or starts selling off ahead of the vote, our tactical stance is unchanged: we recommend short exposure or appropriate hedging.



KOSPI 200 Tactical Outlook: Waiting for the June Elections

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Sep 20th which has an aggregated short interest worth USD5.0bn.</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 highlight short interest changes in Samsung Electronics, KB Financial, Shinhan Group, Posco.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Sep 20th which has an aggregated short interest worth USD5.0bn.
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 highlight short interest changes in Samsung Electronics, KB Financial, Shinhan Group, Posco.


KRX Short Interest Weekly (Sep 20th): Samsung Electronics, KB Financial, Shinhan Group, Posco

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>NPS is concerned that aggressive value-up measures by bank holding companies and ongoing cancellations might quickly use up their room up to the 10% ownership limit.</li>
<li>With their stake already at mid-8%, they may not buy as much as the index suggests, creating new trading opportunities in the four major bank holding companies.</li>
<li>Woori Financial has more room for buying, so as the year ends, NPS's skewed-buying could give it a better price impact than other bank holding companies.</li>
</ul>


NPS is concerned that aggressive value-up measures by bank holding companies and ongoing cancellations might quickly use up their room up to the 10% ownership limit.
With their stake already at mid-8%, they may not buy as much as the index suggests, creating new trading opportunities in the four major bank holding companies.
Woori Financial has more room for buying, so as the year ends, NPS's skewed-buying could give it a better price impact than other bank holding companies.


Value-Up Flow Trading Opportunities Arising from NPS's 10% Ownership Ceiling on Banks

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>On 16 May, it was reported that the Korean financial regulators have approved DGB Daegu Bank to become the 7th commercial bank in Korea. </li>
<li>DGB Daegu Bank is the core entity of DGB Financial Group (139130 KS) which currently has a market cap of 1.4 trillion won (US$1.0 billion).</li>
<li>This change will allow the company to expand in the more lucrative metropolitan Seoul and other regions in Korea. We have a positive view of DGB Financial Group (139130 KS).</li>
</ul>


On 16 May, it was reported that the Korean financial regulators have approved DGB Daegu Bank to become the 7th commercial bank in Korea. 
DGB Daegu Bank is the core entity of DGB Financial Group (139130 KS) which currently has a market cap of 1.4 trillion won (US$1.0 billion).
This change will allow the company to expand in the more lucrative metropolitan Seoul and other regions in Korea. We have a positive view of DGB Financial Group (139130 KS).


South Korea

DGB Financial Group Inc., a financial holding company, provides a full range of consumer and commercial banking-related financial services.  The Company operates and controls its financial subsidiaries such as Daegu Bank, Daegu Credit Information, and DBG Capital.

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DGB Financial Group (139130 KS)

[Quiddity Index Jun25] KOSPI 200 Leaderboard for Dec25 Rebal: 4 In/Out But Too Early to Bet

The KOSPI rebal for June is done. The big short did well on the last leg, the longs just meh. Now we go to Dec25 rebal, 25% of the data is in....

Travis Lundy

KOSPI 200 Tactical Outlook: Waiting for the June Elections

The KOSPI 200 INDEX is in overbought territory ahead of SK's early presidential election on June 3rd, this insight discusses tactical...

Nico Rosti

KRX Short Interest Weekly (Sep 20th): Samsung Electronics, KB Financial, Shinhan Group, Posco

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, KB Financial, Shinhan Group,...

Ke Yan, CFA, FRM

Value-Up Flow Trading Opportunities Arising from NPS's 10% Ownership Ceiling on Banks

This post explores the flow trading opportunities likely to emerge from NPS's 10% stake ceiling on local banks, which are key targets in the value...

Sanghyun Park

Asian Dividend Gems: DGB Financial Group

On 16 May, it was reported that FSC has approved DGB Daegu Bank to become the 7th commercial bank in Korea. This change will allow DGB to expand in...

Douglas Kim

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