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>KRX confirmed the 20% Samsung and Hynix caps for Thursday. Hynix alone implies KRW 1.2tn of sell flow, with KODEX expected to fully replicate.</li>
<li>While TIGER remains uncertain due to replication issues and lack of desk confirmation, it represents only 20% of AUM. Expecting at least 90% total AUM movement for Thursday remains realistic.</li>
<li>For passive impact, Friday’s combined KRX/NXT DTV is likely the best proxy, given recent volume volatility and improving semiconductor liquidity.</li>
</ul>


KRX confirmed the 20% Samsung and Hynix caps for Thursday. Hynix alone implies KRW 1.2tn of sell flow, with KODEX expected to fully replicate.
While TIGER remains uncertain due to replication issues and lack of desk confirmation, it represents only 20% of AUM. Expecting at least 90% total AUM movement for Thursday remains realistic.
For passive impact, Friday’s combined KRX/NXT DTV is likely the best proxy, given recent volume volatility and improving semiconductor liquidity.


KRX Confirms 20% Samsung and Hynix Caps for Thursday’s Semis Rebalance

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

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<ul>
 <li>
<a href="https://smartkarma.com/entities/eugene-technology-co-ltd">Eugene Technology</a> is a key South Korean manufacturer of front-end semiconductor deposition equipment, specializing in single-wafer thermal processing solutions critical for advanced memory and logic devices.</li>
 <li>The company is poised to benefit from strong secular tailwinds in the semiconductor industry, driven by AI, high-performance computing, and automotive applications, with the global semiconductor equipment market forecast to see robust growth through 2027.</li>
 <li>Despite strong top-line growth and a resilient business model, the company faces challenges related to profitability, as evidenced by a recent decline in net income, and trades at a premium valuation compared to peers, warranting a balanced view.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Eugene Technology is a key South Korean manufacturer of front-end semiconductor deposition equipment, specializing in single-wafer thermal processing solutions critical for advanced memory and logic devices.
  The company is poised to benefit from strong secular tailwinds in the semiconductor industry, driven by AI, high-performance computing, and automotive applications, with the global semiconductor equipment market forecast to see robust growth through 2027.
  Despite strong top-line growth and a resilient business model, the company faces challenges related to profitability, as evidenced by a recent decline in net income, and trades at a premium valuation compared to peers, warranting a balanced view.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Eugene Technology (084370 KS) - Mar 2026

<ul>
<li>KRX Semis is September’s key passive event, but TIGER’s unusual 6% Hynix underweight and sampling approach ahead of the rebalance has raised fresh tracking concerns.</li>
<li>Mirae’s sampling explanation is questionable, with TIGER effectively running an active tilt before reversing KRW 80bn of Hynix and Samsung trades last Wednesday. FSS review remains unclear.</li>
<li>Full replication is the base case. Pre position TES and TSE, then target spillover flows as Hynix and Samsung revert to the 20% cap, with Hynix driving KRW 1.2tn.</li>
</ul>


KRX Semis is September’s key passive event, but TIGER’s unusual 6% Hynix underweight and sampling approach ahead of the rebalance has raised fresh tracking concerns.
Mirae’s sampling explanation is questionable, with TIGER effectively running an active tilt before reversing KRW 80bn of Hynix and Samsung trades last Wednesday. FSS review remains unclear.
Full replication is the base case. Pre position TES and TSE, then target spillover flows as Hynix and Samsung revert to the 20% cap, with Hynix driving KRW 1.2tn.


On the Risk of TIGER (Or Even KODEX) Repeating Its Weird Practice Ahead of KRX Semis Sept Rebalance

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example <a href="https://www.smartkarma.com/entities/nanos-co-ltd" target="_blank" data-smartkarma-citation="entities:16796:1" rel="noopener">Nanos Co Ltd (151910 KS),</a>which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including <a href="https://www.smartkarma.com/entities/sang-a-frontec-co-ltd" target="_blank" data-smartkarma-citation="entities:20692:1" rel="noopener">Sang A Frontec (089980 KS)</a>, Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), <a href="https://www.smartkarma.com/entities/koreacenter-com-co-ltd" target="_blank" data-smartkarma-citation="entities:28329:1" rel="noopener">Koreacenter.com Co Ltd (290510 KS)</a>, and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions.

The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example Nanos Co Ltd (151910 KS),which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including Sang A Frontec (089980 KS), Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), Koreacenter.com Co Ltd (290510 KS), and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions. 

KOSDAQ150 and KRX300 Indices Rebalances (Overlapping Additions & Deletions)

In this insight, we provide additional insights regarding the upcoming KOSPI 200 and KOSDAQ 150 rebalancing. According to the KRX, it plans to announce the KOSPI 200 and KOSDAQ 150 rebalanced stocks at the end of May and the changed KOSPI 200 and KOSDAQ 150 indices will be effective starting 12 June.We have broken down the potential inclusions into KOSPI 200 KOSDAQ 150 into 3 major categories including the following:<ul>
<li>Share price performances YTD</li>
<li>Market Cap</li>
<li>Operating Profit Growth Momentum</li>
</ul><div class="content-highlight">
Combining all of these three factors, the top five companies in our list including Zinus, Hwa Sung Enterprises, F&amp;F, Cuckoo Homesys, POSCO Chemtech, and Cuckoo Homesys are the ones that not only are potential inclusions in KOSPI 200 but also those that can potentially outperform the market after being included in KOSPI 200. 
Combining all of these three factors, the top five companies in our list including ITM Semiconductor, Cowintech, Daou Data Corp, Ebest Investment &amp; Securities, and Neowiz Games are the ones that not only are potential inclusions in KOSDAQ 150 but also those that can potentially outperform the market after being included in KOSDAQ 150.  
</div>

In this insight, we provide additional insights regarding the upcoming KOSPI 200 and KOSDAQ 150 rebalancing. According to the KRX, it plans to announce the KOSPI 200 and KOSDAQ 150 rebalanced stocks at the end of May and the changed KOSPI 200 and KOSDAQ 150 indices will be effective starting 12 June.We have broken down the potential inclusions into KOSPI 200 KOSDAQ 150 into 3 major categories including the following:
Share price performances YTD
Market Cap
Operating Profit Growth Momentum

Combining all of these three factors, the top five companies in our list including Zinus, Hwa Sung Enterprises, F&amp;F, Cuckoo Homesys, POSCO Chemtech, and Cuckoo Homesys are the ones that not only are potential inclusions in KOSPI 200 but also those that can potentially outperform the market after being included in KOSPI 200. 
Combining all of these three factors, the top five companies in our list including ITM Semiconductor, Cowintech, Daou Data Corp, Ebest Investment &amp; Securities, and Neowiz Games are the ones that not only are potential inclusions in KOSDAQ 150 but also those that can potentially outperform the market after being included in KOSDAQ 150.  


KOSPI 200 & KOSDAQ 150 Rebalancing in June Update

South Korea

Eugene Technology Company Ltd. manufactures tools for wafer fabs.  The Company uses the wafer fabs to produce integrated circuits in volume.

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Eugene Technology (084370 KS)

KRX Confirms 20% Samsung and Hynix Caps for Thursday’s Semis Rebalance

I got confirmation from KRX that the 20% caps on Samsung and SK Hynix will apply in this Thursday’s KRX Semis rebalance.

Sanghyun Park

Primer: Eugene Technology (084370 KS) - Mar 2026

Eugene Technology is a key South Korean manufacturer of front-end semiconductor deposition equipment, specializing in single-wafer thermal...

αSK Primers

On the Risk of TIGER (Or Even KODEX) Repeating Its Weird Practice Ahead of KRX Semis Sept Rebalance

The KRX Semis rebalance results came out exactly as I predicted: TES and TSE were added, while 16 names were removed. I expect meaningful price...

Sanghyun Park

KOSDAQ150 and KRX300 Indices Rebalances (Overlapping Additions & Deletions)

We highlight the KOSDAQ150 and KRX300 indices rebalances. There are some interesting new names, especially among those that are over lapping in...

Douglas Kim

KOSPI 200 & KOSDAQ 150 Rebalancing in June Update

In this insight, we provide additional insights regarding the upcoming KOSPI 200 and KOSDAQ 150 rebalancing. According to the KRX, it plans to...

Douglas Kim

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