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.

Index Rebalance

<ul>
<li>TIGER signaled via local channels yesterday they’ll stick to methodology and proceed with the April 10 rebalance, effectively locking in the adds/drops.</li>
<li>March screening: 44 MKF500 semi names ranked by avg daily mcap for top 10. ISC in / Dongjin out is locked; no red flags for ISC.</li>
<li>Passive flow estimates: ETF &gt;KRW 8tn AUM. ISC/Dongjin show super chunky flows; Hynix 25% cap reset drives smaller-cap inflows. These under-owned names may see sharp moves.</li>
</ul>


TIGER signaled via local channels yesterday they’ll stick to methodology and proceed with the April 10 rebalance, effectively locking in the adds/drops.
March screening: 44 MKF500 semi names ranked by avg daily mcap for top 10. ISC in / Dongjin out is locked; no red flags for ISC.
Passive flow estimates: ETF &gt;KRW 8tn AUM. ISC/Dongjin show super chunky flows; Hynix 25% cap reset drives smaller-cap inflows. These under-owned names may see sharp moves.


TIGER Confirmed It Will Run the April 10 FnGuide Top 10 Semis Rebalance Strictly by the Book

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

<ul>
<li>With the averaging period for the April rebalance almost complete, we forecast 1 change for the FnGuide Semiconductor Top10 Index at the upcoming rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/mirae-asset-tiger-fn-semiconductor-top-10-etf" target="_blank" data-smartkarma-citation="entities:36845:1" rel="noopener">Mirae Asset TIGER Fn Semiconductor Top 10 (396500 KS)</a>'s AUM has topped US$5.5bn and the ETF will need to trade a VERY significant portion of float for the add/delete.</li>
<li>The forecast add has outperformed the forecast delete by 50% over the last month but positioning does not appear to be stretched in the stocks.</li>
</ul>


With the averaging period for the April rebalance almost complete, we forecast 1 change for the FnGuide Semiconductor Top10 Index at the upcoming rebalance.

Mirae Asset TIGER Fn Semiconductor Top 10 (396500 KS)'s AUM has topped US$5.5bn and the ETF will need to trade a VERY significant portion of float for the add/delete.
The forecast add has outperformed the forecast delete by 50% over the last month but positioning does not appear to be stretched in the stocks.


FnGuide Semiconductor Top10 Index Rebalance Preview: VERY Significant Impact for the Changes

<ul>
<li>With the averaging period for the April rebalance starting in one week, we forecast 1 change for the FnGuide Semiconductor Top10 Index at the upcoming rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/mirae-asset-tiger-fn-semiconductor-top-10-etf" target="_blank" data-smartkarma-citation="entities:36845:1" rel="noopener">Mirae Asset TIGER Fn Semiconductor Top 10 ETF (396500 KS)</a>'s AUM has soared over the last few months to top US$4bn and that increases the flow and impact. </li>
<li>Based on the passive assets tracking the index, there will be between 3.4-4x ADV to trade in the forecast changes. Plus, a big impact due to the funding trade.</li>
</ul>


With the averaging period for the April rebalance starting in one week, we forecast 1 change for the FnGuide Semiconductor Top10 Index at the upcoming rebalance.

Mirae Asset TIGER Fn Semiconductor Top 10 ETF (396500 KS)'s AUM has soared over the last few months to top US$4bn and that increases the flow and impact. 
Based on the passive assets tracking the index, there will be between 3.4-4x ADV to trade in the forecast changes. Plus, a big impact due to the funding trade.


FnGuide Semiconductor Top10 Index Rebalance Preview: Soaring AUM Increases Flow & Impact

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Dec 26th. The aggregated short interest was USD11.8bn.</li>
<li>We tabulate league tables 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 NAVER, Samsung H.I., Hanwha Ocean, Doosan Enerbility, HDKSOE.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Dec 26th. The aggregated short interest was USD11.8bn.
We tabulate league tables 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 NAVER, Samsung H.I., Hanwha Ocean, Doosan Enerbility, HDKSOE.


KRX Short Interest Weekly (Dec 26th): NAVER, Samsung H.I., Hanwha Ocean, Doosan Enerbility, HDKSOE

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>AI-Driven KOSPI concentration necessitates a balanced, diversified portfolio (AI/Tech + Defensives) with a tactical hedge.</li>
<li>KOSPI's 84% YTD gain is narrowly led by Samsung and SK Hynix (45% of gains), raising concentration risk tied to the volatile global AI capex cycle.</li>
<li>The strategy is built by blending high-beta AI-linked technology exposure with lower-beta insurance and industrial stocks for ballast and stability.</li>
</ul>


AI-Driven KOSPI concentration necessitates a balanced, diversified portfolio (AI/Tech + Defensives) with a tactical hedge.
KOSPI's 84% YTD gain is narrowly led by Samsung and SK Hynix (45% of gains), raising concentration risk tied to the volatile global AI capex cycle.
The strategy is built by blending high-beta AI-linked technology exposure with lower-beta insurance and industrial stocks for ballast and stability.


Samsung, SK Hynix, Samsung F&M, Meritz: The Balanced AI-Momentum Korea Portfolio, and KOSPI Options

South Korea

EO Technics Co., Ltd. is a laser-based equipment supplier. The Company develops laser technology and applications used for marking, drilling, trimming and cutting.

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Eo Technics (039030 KS)

TIGER Confirmed It Will Run the April 10 FnGuide Top 10 Semis Rebalance Strictly by the Book

TIGER has confirmed that it will carry out the April 10 FnGuide Top 10 Semis rebalance strictly according to the standard methodology.

Sanghyun Park

FnGuide Semiconductor Top10 Index Rebalance Preview: VERY Significant Impact for the Changes

ISC could replace Dongjin Semi in the FnGuide Semi Top10 Index. AUM exceeds US$5.6bn and the ETF will need to trade a VERY significant % of float...

Brian Freitas

FnGuide Semiconductor Top10 Index Rebalance Preview: Soaring AUM Increases Flow & Impact

ETF AUM has crossed US$4bn and that increases flow and impact for the one set of forecast changes in April. Capping outflows for Hynix and Sammy...

Brian Freitas

KRX Short Interest Weekly (Dec 26th): NAVER, Samsung H.I., Hanwha Ocean, Doosan Enerbility, HDKSOE

We analyzed KRX short interest report for the past week and highlighted short interest changes in NAVER, Samsung H.I., Hanwha Ocean, Doosan...

Ke Yan, CFA, FRM

Samsung, SK Hynix, Samsung F&M, Meritz: The Balanced AI-Momentum Korea Portfolio, and KOSPI Options

Investors in KOSPI should consider balancing their portfolios with a mix of AI/Tech and defensive stocks to mitigate concentration risk from...

Jay Cameron

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TIGER Confirmed It Will Run the April 10 FnGuide Top 10 Semis Rebalance Strictly by the Book

TIGER has confirmed that it will carry out the April 10 FnGuide Top 10 Semis rebalance strictly according to the standard methodology.

Sanghyun Park

FnGuide Semiconductor Top10 Index Rebalance Preview: VERY Significant Impact for the Changes

ISC could replace Dongjin Semi in the FnGuide Semi Top10 Index. AUM exceeds US$5.6bn and the ETF will need to trade a VERY significant % of float...

Brian Freitas

FnGuide Semiconductor Top10 Index Rebalance Preview: Soaring AUM Increases Flow & Impact

ETF AUM has crossed US$4bn and that increases flow and impact for the one set of forecast changes in April. Capping outflows for Hynix and Sammy...

Brian Freitas

KRX Short Interest Weekly (Dec 26th): NAVER, Samsung H.I., Hanwha Ocean, Doosan Enerbility, HDKSOE

We analyzed KRX short interest report for the past week and highlighted short interest changes in NAVER, Samsung H.I., Hanwha Ocean, Doosan...

Ke Yan, CFA, FRM

Samsung, SK Hynix, Samsung F&M, Meritz: The Balanced AI-Momentum Korea Portfolio, and KOSPI Options

​Investors in KOSPI should consider balancing their portfolios with a mix of AI/Tech and defensive stocks to mitigate concentration risk from...

Jay Cameron

Investors in KOSPI should consider balancing their portfolios with a mix of AI/Tech and defensive stocks to mitigate concentration risk from...