Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>There are some major surprises (both inclusions and exclusions) in the Korea Value Up index. </li>
<li>In particular, the telecom sector (SK Telecom and KT) and large cap holding companies (Samsung C&amp;T and LG Corp) are surprising exclusions in the index.</li>
<li>There are many surprising inclusions in the Korea Value Up Index. We provide 30 companies are surprising inclusions in the Korea Value Up Index (19 KOSDAQ and 11 KOSPI listed).</li>
</ul>


There are some major surprises (both inclusions and exclusions) in the Korea Value Up index. 
In particular, the telecom sector (SK Telecom and KT) and large cap holding companies (Samsung C&amp;T and LG Corp) are surprising exclusions in the index.
There are many surprising inclusions in the Korea Value Up Index. We provide 30 companies are surprising inclusions in the Korea Value Up Index (19 KOSDAQ and 11 KOSPI listed).


Korea Value Up Index - Surprising Inclusions and Exclusions

Index Rebalance

<ul>
<li>FnGuide announced that Mirae Asset TIGER Semiconductor TOP 10 ETF, which operates based on its FnGuide's own index, surpassed 3 trillion won in net assets.</li>
<li>In this insight, we discuss the impact of this change on FnGuide Semiconductor Top10 Index Rebalance in April 2026. </li>
<li>ISC Co Ltd (095340 KS) is a potential inclusion candidate (borderline) in the FnGuide Semiconductor Top10 Index Rebalance in April 2026.</li>
</ul>


FnGuide announced that Mirae Asset TIGER Semiconductor TOP 10 ETF, which operates based on its FnGuide's own index, surpassed 3 trillion won in net assets.
In this insight, we discuss the impact of this change on FnGuide Semiconductor Top10 Index Rebalance in April 2026. 
ISC Co Ltd (095340 KS) is a potential inclusion candidate (borderline) in the FnGuide Semiconductor Top10 Index Rebalance in April 2026.


TIGER Semiconductor TOP 10 ETF > 3 Trillion Won in AUM: Impact on FnGuide Index's Next Rebalance

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

Event-Driven

Korea Stock Exchange KOSPI 200 / Event-Driven

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

<ul>
<li>Korea banned all short selling in March 2020 and resumed short selling only on <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150</a> index constituents in May 2021.</li>
<li>News reports indicate that there could be another short sell ban as soon as the coming week. Indications are that the ban could last 6 months.</li>
<li>There are many implications of a total short sell ban including futures backwardation, market manipulation, and no emerging to developed market promotion.</li>
</ul>


Korea banned all short selling in March 2020 and resumed short selling only on KOSPI 200 and KOSDAQ 150 index constituents in May 2021.
News reports indicate that there could be another short sell ban as soon as the coming week. Indications are that the ban could last 6 months.
There are many implications of a total short sell ban including futures backwardation, market manipulation, and no emerging to developed market promotion.


Korea Short Sell Ban: Background, Manipulation, Holdings, Flows, Short Interest, Implications

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>On April 10 TIGER will rebalance the index: <a href="https://www.smartkarma.com/profiles/sanghyun-park" target="_blank" data-smartkarma-citation="accounts:354" rel="noopener">Sanghyun Park</a> reported they will stick to the rulebook, so the exclusion of <a href="https://www.smartkarma.com/entities/dongjin-semichem-co-ltd" target="_blank" data-smartkarma-citation="entities:19607:1" rel="noopener">Dongjin Semichem (005290 KS)</a> seems effectively locked.</li>
<li>
According to our model, the stock was heavily oversold at last week’s close, falling well below the P75 (48,300) support level. It rebounded this week and is rallying.
</li>
<li>With one week and two days to April 10, we will use our model to assess potential short-term paths this week, next week, and possible rally extension.</li>
</ul>


On April 10 TIGER will rebalance the index: Sanghyun Park reported they will stick to the rulebook, so the exclusion of Dongjin Semichem (005290 KS) seems effectively locked.

According to our model, the stock was heavily oversold at last week’s close, falling well below the P75 (48,300) support level. It rebounded this week and is rallying.

With one week and two days to April 10, we will use our model to assess potential short-term paths this week, next week, and possible rally extension.


Dongjin Semichem (005290 KS): Tactical Outlook Ahead of TIGER FnGuide Semis Top10 Index Exclusion

<ul>
<li>There is an interesting long-short trade that is setting up nicely amidst the Osstem Implant (048260 KS) employee embezzlement disaster.</li>
<li>Osstem Implant is currently included in the KOSDAQ150. Going forward, there is a strong possibility that Osstem Implant is excluded in KOSDAQ150 index.</li>
<li>Osstem Implant is currently involved in an employee embezzlement case worth 221 billion won. This employee stole the company's money and traded more than $1 billion in stocks. </li>
</ul>


There is an interesting long-short trade that is setting up nicely amidst the Osstem Implant (048260 KS) employee embezzlement disaster.
Osstem Implant is currently included in the KOSDAQ150. Going forward, there is a strong possibility that Osstem Implant is excluded in KOSDAQ150 index.
Osstem Implant is currently involved in an employee embezzlement case worth 221 billion won. This employee stole the company's money and traded more than $1 billion in stocks. 


Long-Short Trade of KOSPI200 & KOSDAQ150 Amid Osstem Implant Employee Embezzlement Disaster

South Korea

Dongjin Semichem Co., Ltd. produces fine chemicals for semiconductor and liquid crystal display (LCD) manufacturing.  The Company's products include photoresist materials and epoxy molding compounds.  In addition, Dongjin Semichem also produces chemical foaming agents for plastic and rubber applications.

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Dongjin Semichem (005290 KS)

Korea Value Up Index - Surprising Inclusions and Exclusions

There are many surprising inclusions and exclusions in the Korea Value Up Index. We provide 30 companies that are surprising inclusions and 10...

Douglas Kim

TIGER Semiconductor TOP 10 ETF > 3 Trillion Won in AUM: Impact on FnGuide Index's Next Rebalance

ISC Co Ltd (095340 KS) is a potential inclusion candidate (borderline) in the FnGuide Semiconductor Top10 Index Rebalance in April 2026.

Douglas Kim

Korea Short Sell Ban: Background, Manipulation, Holdings, Flows, Short Interest, Implications

Media reports indicate that there could be a temporary short sell ban in Korea. This could lead to futures backwardation, market manipulation and a...

Brian Freitas