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>MTD screening results with 5 trading days left point to 2 names going out and 2 names coming in: Gemvax and Wonik IPS replace Dongjin Semichem and Jusung Engineering.</li>
<li>Unlike last April’s tariff-distorted +1.3% rebalance, this time we expect cleaner, more meaningful price action.</li>
<li>No pre-positioning seen, so I’ll target ETF rebalance day (Oct 10) and maybe take an anticipatory position a day earlier.</li>
</ul>


MTD screening results with 5 trading days left point to 2 names going out and 2 names coming in: Gemvax and Wonik IPS replace Dongjin Semichem and Jusung Engineering.
Unlike last April’s tariff-distorted +1.3% rebalance, this time we expect cleaner, more meaningful price action.
No pre-positioning seen, so I’ll target ETF rebalance day (Oct 10) and maybe take an anticipatory position a day earlier.


Korea Semicon ETF Rebal October Play: 2 In, 2 Out Long-Short Setup

Index Rebalance

<ul>
<li>KRX dropped its September sector rejig post-close: only Semis (₩0.96T), Autos (₩0.51T), and Healthcare (₩0.31T) matter. Lineup below.</li>
<li>AUM-Wise, Semis was key. September TMI reshuffle saw light additions, heavy deletions; otherwise, results largely matched earlier forecasts.</li>
<li>TMI reshuffle flew under the radar with little pre-positioning; ETF rebalances next Thursday could trigger notable price moves — consider long/short baskets on high-impact names.</li>
</ul>


KRX dropped its September sector rejig post-close: only Semis (₩0.96T), Autos (₩0.51T), and Healthcare (₩0.31T) matter. Lineup below.
AUM-Wise, Semis was key. September TMI reshuffle saw light additions, heavy deletions; otherwise, results largely matched earlier forecasts.
TMI reshuffle flew under the radar with little pre-positioning; ETF rebalances next Thursday could trigger notable price moves — consider long/short baskets on high-impact names.


KRX September Sector Index Review Finalized: Passive Impact Read

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>On 29 August, Gemvax &amp; Kael (082270 KS) (Gemvax) announced a rights offering capital raise of 249 billion won.</li>
<li>Gemvax will issue 6.7 million new shares in this rights offering, representing 16% of its outstanding shares. </li>
<li>The expected rights offering price is 37,100 won which is 13.4% lower than current price. We are negative on this rights offering. </li>
</ul>


On 29 August, Gemvax &amp; Kael (082270 KS) (Gemvax) announced a rights offering capital raise of 249 billion won.
Gemvax will issue 6.7 million new shares in this rights offering, representing 16% of its outstanding shares. 
The expected rights offering price is 37,100 won which is 13.4% lower than current price. We are negative on this rights offering. 


Gemvax & Kael - Rights Offering of 249 Billion Won

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 October rebalance starting in two weeks, we forecast 2 changes for the FnGuide Semiconductor Top10 Index at the upcoming rebalance.</li>
<li>Based on the passive assets tracking the index, there will be between 1.5-4.7x ADV to trade in the forecast changes.</li>
<li>On average, the forecast adds have outperformed the forecast deletes by a wide margin over the last 3 months and could reverse some of the changes from the April rebalance.</li>
</ul>


With the averaging period for the October rebalance starting in two weeks, we forecast 2 changes for the FnGuide Semiconductor Top10 Index at the upcoming rebalance.
Based on the passive assets tracking the index, there will be between 1.5-4.7x ADV to trade in the forecast changes.
On average, the forecast adds have outperformed the forecast deletes by a wide margin over the last 3 months and could reverse some of the changes from the April rebalance.


FnGuide Semiconductor Top10 Index Rebalance Preview: Two Changes Likely in September

<ul>
<li>67 semi names screen into TMI Large-Mid; with stable churn, they’re a solid base for the Sept rebalance. Filter by ADTV and mkt cap to get likely basket.</li>
<li>Last year’s Sept rebalance saw wild moves, especially in the week prior, driven by low visibility from the non-public BMI universe, which amped up uncertainty and volatility.</li>
<li>This year’s TMI-based rebalance may see more front-loading and smoother flows, but with low market awareness and no playbook yet, chunky moves are still on the table.</li>
</ul>


67 semi names screen into TMI Large-Mid; with stable churn, they’re a solid base for the Sept rebalance. Filter by ADTV and mkt cap to get likely basket.
Last year’s Sept rebalance saw wild moves, especially in the week prior, driven by low visibility from the non-public BMI universe, which amped up uncertainty and volatility.
This year’s TMI-based rebalance may see more front-loading and smoother flows, but with low market awareness and no playbook yet, chunky moves are still on the table.


KRX Semicon Index Sep Rebalance — Watch Closely

South Korea

Gemvax & Kael Co., Ltd. manufactures chemical air filters used in semiconductor manufacturing process as well as equipments for general air purification system. The Company also produces Gas Srubber Resin, Coating Resin, and filters. Gemvax & Kael operates Environment System Field which includes media used for masks.

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Gemvax & Kael (082270 KS)

Korea Semicon ETF Rebal October Play: 2 In, 2 Out Long-Short Setup

This post walks through Korea’s October semicon ETF rebalance play, highlighting a 2 In, 2 Out rotation that sets up a compelling long-short trade.

Sanghyun Park

KRX September Sector Index Review Finalized: Passive Impact Read

This post covers the KRX September sector index review, providing a passive impact read on the names likely to see the biggest price moves.

Sanghyun Park

Gemvax & Kael - Rights Offering of 249 Billion Won

On 29 August, Gemvax & Kael (082270 KS) announced a rights offering capital raise of 249 billion won. The expected rights offering price is 37,100...

Douglas Kim

FnGuide Semiconductor Top10 Index Rebalance Preview: Two Changes Likely in September

There could be 2 changes in Oct. The forecast adds have outperformed the forecast deletes by a wide margin over the last 3 months and could reverse...

Brian Freitas

KRX Semicon Index Sep Rebalance — Watch Closely

We should closely monitor the KRX Semicon Index rebalance this September, as it represents a significant event with substantial flow implications.

Sanghyun Park

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