Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Miwon Specialty Chemical / 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 upcoming semiannual review in June 2025.</li>
<li>
<strong>We expect six ADDs and six DELs for the KOSPI 200 index during the June 2025 index rebal</strong> 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 upcoming semiannual review in June 2025.

We expect six ADDs and six DELs for the KOSPI 200 index during the June 2025 index rebal event based on the latest available data.


[Quiddity Index Feb25] KOSPI 200 Leaderboard Jun25: We See 6 Changes Possible

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

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

<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 2025.</li>
<li>We expect six ADDs and six DELs for the KOSPI 200 index during this 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 upcoming semiannual review in June 2025.
We expect six ADDs and six DELs for the KOSPI 200 index during this index rebal event based on the latest available data.


[Quiddity Index Jan25] KOSPI 200 Leaderboard Jun25: Up to 6 Changes Possible

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>According to our NAV valuation analysis, it suggests NAV per share of 25,624 won for DN Automotive which is 35% higher than current price.</li>
<li>We assumed DN Automotive's estimated post IPO stake of DN Solutions (72.2% stake) would be worth about 4 trillion won. </li>
<li>We used a very large holdco discount rate of 70%. DN Automotive is not a pure holdco company but a quasi holding company.</li>
</ul>


According to our NAV valuation analysis, it suggests NAV per share of 25,624 won for DN Automotive which is 35% higher than current price.
We assumed DN Automotive's estimated post IPO stake of DN Solutions (72.2% stake) would be worth about 4 trillion won. 
We used a very large holdco discount rate of 70%. DN Automotive is not a pure holdco company but a quasi holding company.


Equity Capital Markets

<ul>
<li>DN Solutions is planning to complete its IPO in Korea in 2025. The expected value of DN Solutions is estimated to be about 5 trillion won to 6 trillion won.</li>
<li>DN Solutions' revenue and operating profit increased at CAGR of 19.9% and 62.2%, respectively from 2020 to 2023.</li>
<li>Currently, the largest shareholder of DN Solutions is GMT Holdings which has a 90.32% stake. DN Automotive (007340 KS) owns a 100% stake in GMT Holdings.</li>
</ul>


DN Solutions is planning to complete its IPO in Korea in 2025. The expected value of DN Solutions is estimated to be about 5 trillion won to 6 trillion won.
DN Solutions' revenue and operating profit increased at CAGR of 19.9% and 62.2%, respectively from 2020 to 2023.
Currently, the largest shareholder of DN Solutions is GMT Holdings which has a 90.32% stake. DN Automotive (007340 KS) owns a 100% stake in GMT Holdings.


South Korea

DN Automotive Corporation manufactures and distributes automobile parts. The Company produces automobile tires, tubes, recycled tires, flaps, automobile vibration proof parts, automobile batteries, and other related products. DN Automotive markets its products worldwide.

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DN Automotive (007340 KS)

[Quiddity Index Feb25] KOSPI 200 Leaderboard Jun25: We See 6 Changes Possible

We see 6 changes for the KOSPI 200 in June 2025. We still have a short while to go until these changes are cemented but, some have significant...

Travis Lundy

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

[Quiddity Index Jan25] KOSPI 200 Leaderboard Jun25: Up to 6 Changes Possible

The KOSPI 200 June 2025 index rebal is a fair ways off but we still believe there are 6 ADDs and 6 DELETEs. And we still like Dongwon Industries...

Travis Lundy

DN Automotive NAV Valuation Analysis

According to our NAV valuation analysis, it suggests NAV per share of 25,624 won for DN Automotive which is 35% higher than current price.

Douglas Kim

Initial Thoughts on the DN Solutions IPO

DN Solutions is planning to complete its IPO in Korea in 2025. The expected value of DN Solutions is estimated to be about 5 trillion won to 6...

Douglas Kim

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