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.

Event-Driven

<ul>
<li>I recommend focusing on the ceiling regression play. In this regard, SK Innovation has the most notable regression spread, and we should use Samsung SDI as a hedge against it.</li>
<li>As for constituent change, SungEel HiTech is firmly positioned with a market cap of ₩1.34T and a float rate of 50%. And it belongs to the Waste batteries keyword.</li>
<li>But, it is unclear whether SungEel will be in the top 25 in scoring. We should patiently wait until confirmation as it's still a worthy candidate requiring our attention.</li>
</ul>


I recommend focusing on the ceiling regression play. In this regard, SK Innovation has the most notable regression spread, and we should use Samsung SDI as a hedge against it.
As for constituent change, SungEel HiTech is firmly positioned with a market cap of ₩1.34T and a float rate of 50%. And it belongs to the Waste batteries keyword.
But, it is unclear whether SungEel will be in the top 25 in scoring. We should patiently wait until confirmation as it's still a worthy candidate requiring our attention.


KODEX FnGuide Battery ETF Rebalancing Checkup

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

Index Rebalance

<ul>
<li>There are 12 inclusions and 12 exclusions for the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> at the June rebalance to be implemented at the close on 9 June.</li>
<li>Most of the inclusions were expected, but there are quite a few surprises among the deletions. The impact on the deletions will be higher than that on the inclusions.</li>
<li>The adds have outperformed the deletes and there has been another leg up in the last couple of weeks. Expect the trend to continue till implementation week.</li>
</ul>


There are 12 inclusions and 12 exclusions for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the June rebalance to be implemented at the close on 9 June.
Most of the inclusions were expected, but there are quite a few surprises among the deletions. The impact on the deletions will be higher than that on the inclusions.
The adds have outperformed the deletes and there has been another leg up in the last couple of weeks. Expect the trend to continue till implementation week.


KOSDAQ150 Index Rebalance Preview: A Dozen Changes in June

<ul>
<li>Enchem (348370 KS) is in a bit tricky situation. Applying the KRX's review period calculation criterion to Enchem satisfies the minimum listing requirement.</li>
<li>So, we should consider Enchem's addition odds quite high. Enchem's inclusion will pave the way for Sungwoo Hitech (015750 KS) to leave the Index.</li>
<li>We have ten adds/deletes, and WYSIWYG Studios (299900 KS) leads the adds for the passive impact, whereas JNTC Co Ltd (204270 KS) will suffer the most relative to ADTV.</li>
</ul>


Enchem (348370 KS) is in a bit tricky situation. Applying the KRX's review period calculation criterion to Enchem satisfies the minimum listing requirement.
So, we should consider Enchem's addition odds quite high. Enchem's inclusion will pave the way for Sungwoo Hitech (015750 KS) to leave the Index.
We have ten adds/deletes, and WYSIWYG Studios (299900 KS) leads the adds for the passive impact, whereas JNTC Co Ltd (204270 KS) will suffer the most relative to ADTV.


KOSDAQ 150 Rebalancing: Complete List of Candidates, Including Enchem

<ul>
<li>In the KOSPI, Kakao Pay and SK IET deserve our attention. Their prices are 20-25% above the offering prices, and the release size is 10x ADTV. Both are short-selling available.</li>
<li>On the KOSDAQ, Enchem, Dear U, 4by4, and Poongwon Precision are worth paying attention to. They will face a sizable release with the share prices sitting above their offering prices.</li>
<li>However, none of these KOSDAQ names are available for short-selling. So, we should consider underweighting existing positions rather than building up new positions.</li>
</ul>


In the KOSPI, Kakao Pay and SK IET deserve our attention. Their prices are 20-25% above the offering prices, and the release size is 10x ADTV. Both are short-selling available.
On the KOSDAQ, Enchem, Dear U, 4by4, and Poongwon Precision are worth paying attention to. They will face a sizable release with the share prices sitting above their offering prices.
However, none of these KOSDAQ names are available for short-selling. So, we should consider underweighting existing positions rather than building up new positions.


KOSPI/KOSDAQ Lockup Releases: Kakao Pay, SKIET, Enchem, Dear U, 4by4, & Poongwon Precision

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>In this insight, we discuss end of the mandatory lock-up periods for 40 stocks in Korea in May 2022, among which 4 are in KOSPI and 36 are in KOSDAQ.</li>
<li>These 40 stocks on average could be subject to further selling pressures in May and could underperform relative to the market. </li>
<li>Among these 40 stocks, the following stocks such as Kakao Pay, Enchem, DearU, and 4by4 could face further selling pressures in the coming weeks.</li>
</ul>


In this insight, we discuss end of the mandatory lock-up periods for 40 stocks in Korea in May 2022, among which 4 are in KOSPI and 36 are in KOSDAQ.
These 40 stocks on average could be subject to further selling pressures in May and could underperform relative to the market. 
Among these 40 stocks, the following stocks such as Kakao Pay, Enchem, DearU, and 4by4 could face further selling pressures in the coming weeks.


End of Mandatory Lock-Up Periods for 40 Companies in Korea in May 2022

South Korea

ENCHEM Co.,Ltd. produces and sells electrolyte and functional additives. The Company develops, manufactures and markets lithium rechargeable batteries electrolytes, polymer batteries electrolytes, high functionality additives, and other products. ENCHEM markets its products primarily throughout Korea with limited overseas.

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Enchem (348370 KS)

KODEX FnGuide Battery ETF Rebalancing Checkup

This post previews the KODEX FnGuide Secondary Battery ETF rebalancing in September. It is Korea's largest-AUM local battery ETF.

Sanghyun Park

KOSDAQ150 Index Rebalance Preview: A Dozen Changes in June

There are 12 adds/deletes for the KOSDAQ150 in June. Most of the inclusions were expected while there appears to be discretion used in choosing the...

Brian Freitas

KOSDAQ 150 Rebalancing: Complete List of Candidates, Including Enchem

This post has a complete list of ten adds and deletes, including Enchem and Sungwoo Hitech, in the upcoming KOSDAQ rebalancing in June.

Sanghyun Park

KOSPI/KOSDAQ Lockup Releases: Kakao Pay, SKIET, Enchem, Dear U, 4by4, & Poongwon Precision

This post compiles all the KOSPI/KOSDAQ lockup releases in May based on the data released by the KSD. Kakao Pay, SKIET, Enchem, Dear U, 4by4, &...

Sanghyun Park

End of Mandatory Lock-Up Periods for 40 Companies in Korea in May 2022

In this insight, we discuss end of the mandatory lock-up periods for 40 stocks in Korea in May 2022. These stocks could be subject to further...

Douglas Kim

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