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 upcoming semiannual review in December 2024.</li>
<li>We expect up to four ADDs and five DELs for the KOSPI 200 index during this index rebal event based on the latest available data. And we have a trade.</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 December 2024.
We expect up to four ADDs and five DELs for the KOSPI 200 index during this index rebal event based on the latest available data. And we have a trade.


Quiddity Leaderboard KOSPI 200 Dec 24: Up to 4 ADDs & 5 DELs Possible

David Blennerhassett

Event-Driven

<ul>
<li>CTBC's (likely) goal is to boost <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong (2888 TT)</a>'s shares, so as to make the <a href="https://www.smartkarma.com/entities/taishin-financial-holding" target="_blank" data-smartkarma-citation="entities:715:1" rel="noopener">Taishin Financial Holding (2887 TT)</a> merger unpalatable for Shin Kong shareholders. That smells of opportunity.</li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> is trading cheap to NAV and its implied stub. It may well get cheaper.</li>
<li>
<a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a>'s resulting supply/demand profile is mixed, but on balance, expect to see positive demand into the H1 earnings announcement. Watch for another buyback possibly announced then.</li>
</ul>


CTBC's (likely) goal is to boost Shin Kong (2888 TT)'s shares, so as to make the Taishin Financial Holding (2887 TT) merger unpalatable for Shin Kong shareholders. That smells of opportunity.

Jardine Matheson Holdings (JM SP) is trading cheap to NAV and its implied stub. It may well get cheaper.

Toyota Motor (7203 JP)'s resulting supply/demand profile is mixed, but on balance, expect to see positive demand into the H1 earnings announcement. Watch for another buyback possibly announced then.


Last Week in Event SPACE: Shin Kong/Taishin Financial, Jardine Matheson, Toyota Motors, Huafa Props

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>On 29 August, the Doosan Group announced that it is cancelling the merger between Doosan Robotics (454910 KS) and Doosan Bobcat Inc (241560 KS).</li>
<li>However, the plan to split Doosan Enerbility into a newco and then merge Doosan Bobcat with the newco will remain in place.</li>
<li>Doosan Group is still trying to complete the first two portions of reorganization (Split of Doosan Enerbility and Merger Swap Between Doosan Enerbility and Doosan Robotics), resulting in continued uncertainty.  </li>
</ul>


On 29 August, the Doosan Group announced that it is cancelling the merger between Doosan Robotics (454910 KS) and Doosan Bobcat Inc (241560 KS).
However, the plan to split Doosan Enerbility into a newco and then merge Doosan Bobcat with the newco will remain in place.
Doosan Group is still trying to complete the first two portions of reorganization (Split of Doosan Enerbility and Merger Swap Between Doosan Enerbility and Doosan Robotics), resulting in continued uncertainty.  


Doosan Group Cancels Plans to Merge Doosan Robotics and Doosan Bobcat

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.

<ul>
<li>Hyundai Rotem is right on the edge for Small Cap→Standard, so it is the only one having a real chance of being included in the November review.</li>
<li>Doosan Robotics’ float rate will rise to 40% after issuing 20,219,376 new shares, making it a top candidate for inclusion among Outside IMI and comfortably surpassing the cutoff.</li>
<li>With high trading volume volatility, it’s early to predict passive impact. Watch for momentum buildup like LS Electric and monitor the trading volume of Hyundai Rotem and Robotics closely.</li>
</ul>


Hyundai Rotem is right on the edge for Small Cap→Standard, so it is the only one having a real chance of being included in the November review.
Doosan Robotics’ float rate will rise to 40% after issuing 20,219,376 new shares, making it a top candidate for inclusion among Outside IMI and comfortably surpassing the cutoff.
With high trading volume volatility, it’s early to predict passive impact. Watch for momentum buildup like LS Electric and monitor the trading volume of Hyundai Rotem and Robotics closely.


Notable Developments in the November Review of the Global Index Korea Standard

<ul>
<li>Maekyung reported that Doosan Robotics and Bobcat will cancel their merger, but the merger between Robotics and Enerbility's spun-off company will proceed.</li>
<li>The merger's risks have been overblown in Robotics' stock, which might rebound. Bobcat's stock outlook is uncertain, with fading merger hopes potentially hurting short-term sentiment.</li>
<li>The Robotics-Enerbility merger might also be canceled under regulatory pressure, but this could hurt Enerbility's stock due to debt concerns; forcing the merger may increase costs.</li>
</ul>


Maekyung reported that Doosan Robotics and Bobcat will cancel their merger, but the merger between Robotics and Enerbility's spun-off company will proceed.
The merger's risks have been overblown in Robotics' stock, which might rebound. Bobcat's stock outlook is uncertain, with fading merger hopes potentially hurting short-term sentiment.
The Robotics-Enerbility merger might also be canceled under regulatory pressure, but this could hurt Enerbility's stock due to debt concerns; forcing the merger may increase costs.


Doosan Mergers: One Canceled, One Still Moving Forward

South Korea

Doosan Robotics Inc. develops and manufactures industrial equipment. The Company manufactures robots, linear actuation devices, automated production equipment, and other products. Doosan Robotics conducts businesses in South Korea.

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Doosan Robotics (454910 KS)

Quiddity Leaderboard KOSPI 200 Dec 24: Up to 4 ADDs & 5 DELs Possible

The Quiddity Leaderboard for the December 2024 KOSPI Rebal: We see 4 ADDs and 5 DELs. There are a couple more names which are quite close. We like...

Travis Lundy

Last Week in Event SPACE: Shin Kong/Taishin Financial, Jardine Matheson, Toyota Motors, Huafa Props

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Doosan Group Cancels Plans to Merge Doosan Robotics and Doosan Bobcat

Most minority investors have a Negative view of this entire Doosan Group reorganization. We would stay away from Doosan Robotics, Doosan...

Douglas Kim

Notable Developments in the November Review of the Global Index Korea Standard

This post highlights key developments regarding Hyundai Rotem and Doosan Robotics in the Global Index Korea Standard's November review.

Sanghyun Park

Doosan Mergers: One Canceled, One Still Moving Forward

This post explores the report from Maekyung that the merger between Doosan Robotics and Doosan Bobcat has been canceled, and examines the trading...

Sanghyun Park

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