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>To MID migrants: <a href="https://www.smartkarma.com/entities/amorepacific-group" target="_blank" data-smartkarma-citation="entities:12179:1" rel="noopener">Amorepacific Group (002790 KS)</a>, <a href="https://www.smartkarma.com/entities/e-mart-inc" target="_blank" data-smartkarma-citation="entities:6993:1" rel="noopener">E Mart (139480 KS)</a>, <a href="https://www.smartkarma.com/entities/iljin-materials-co-ltd" target="_blank" data-smartkarma-citation="entities:7709:1" rel="noopener">Iljin Materials (020150 KS)</a>, <a href="https://www.smartkarma.com/entities/hanjin-kal-corp" target="_blank" data-smartkarma-citation="entities:19086:1" rel="noopener">Hanjin KAL (180640 KS)</a>, <a href="https://www.smartkarma.com/entities/oci-co-ltd" target="_blank" data-smartkarma-citation="entities:1904:1" rel="noopener">OCI (010060 KS)</a>, <a href="https://www.smartkarma.com/entities/lx-semicon-co-ltd" target="_blank" data-smartkarma-citation="entities:20670:1" rel="noopener">LX Semicon (108320 KS)</a>, and <a href="https://www.smartkarma.com/entities/socar-inc" target="_blank" data-smartkarma-citation="entities:29693:1" rel="noopener">SOCAR (403550 KS)</a>
</li>
<li>To LARGE migrants: <a href="https://www.smartkarma.com/entities/hyundai-rotem-company" target="_blank" data-smartkarma-citation="entities:1554:1" rel="noopener">Hyundai Rotem (064350 KS)</a>, <a href="https://www.smartkarma.com/entities/hotel-shilla-co-ltd" target="_blank" data-smartkarma-citation="entities:107:1" rel="noopener">Hotel Shilla (008770 KS)</a>, <a href="https://www.smartkarma.com/entities/gs-retail-co-ltd" target="_blank" data-smartkarma-citation="entities:3867:1" rel="noopener">GS Retail (007070 KS)</a>, <a href="https://www.smartkarma.com/entities/cs-wind-corp" target="_blank" data-smartkarma-citation="entities:4883:1" rel="noopener">CS Wind (112610 KS)</a>, and <a href="https://www.smartkarma.com/entities/posco-international-corporation" target="_blank" data-smartkarma-citation="entities:5954:1" rel="noopener">Posco International (047050 KS)</a> </li>
<li>This time, the degree of predictability is high as the MC gap widened from an early point. So, we should consider building our position in phases from early next month.</li>
</ul>


To MID migrants: Amorepacific Group (002790 KS), E Mart (139480 KS), Iljin Materials (020150 KS), Hanjin KAL (180640 KS), OCI (010060 KS), LX Semicon (108320 KS), and SOCAR (403550 KS)

To LARGE migrants: Hyundai Rotem (064350 KS), Hotel Shilla (008770 KS), GS Retail (007070 KS), CS Wind (112610 KS), and Posco International (047050 KS) 
This time, the degree of predictability is high as the MC gap widened from an early point. So, we should consider building our position in phases from early next month.


KOSPI Size Index: Early Preview at One Fourth into Screening Period

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>It was announced today that Hong Jung-Guk (eldest son) received a 10.5% stake in BGF Co. (10 million shares) from his father Hong Suk-Jo. </li>
<li>Hong Jung-Hyeok's (second son) stake in BGF also increased from 0.03% to 10.5%.</li>
<li>We like a pair trade between BGF Co (go long) and BGF Retail (go short). The combination of price momentum and valuation favor BGF vs BGF Retail. </li>
</ul>


It was announced today that Hong Jung-Guk (eldest son) received a 10.5% stake in BGF Co. (10 million shares) from his father Hong Suk-Jo. 
Hong Jung-Hyeok's (second son) stake in BGF also increased from 0.03% to 10.5%.
We like a pair trade between BGF Co (go long) and BGF Retail (go short). The combination of price momentum and valuation favor BGF vs BGF Retail. 


BGF & BGF Retail Pair Trade: Two Sons of BGF Chairman Hong Receive a Combined 20.9% Stake in BGF

<ul>
<li>In this insight, we discuss a pair trade between GS Holdings (078930 KS) (go long) and GS Retail (007070 KS) (go short).</li>
<li>The main investment thesis of this pair trade is that investors will allocate greater portion of their capital to stocks with deep discount to their NAVs such as GS Holdings.</li>
<li>As the household disposable income continues to get pressured, this will likely force the Korean households to reduce consumer spending, which is likely to negatively impact GS Retail.</li>
</ul>


In this insight, we discuss a pair trade between GS Holdings (078930 KS) (go long) and GS Retail (007070 KS) (go short).
The main investment thesis of this pair trade is that investors will allocate greater portion of their capital to stocks with deep discount to their NAVs such as GS Holdings.
As the household disposable income continues to get pressured, this will likely force the Korean households to reduce consumer spending, which is likely to negatively impact GS Retail.


A Pair Trade Between GS Holdings & GS Retail

<ul>
<li>In this insight, we highlight the pricing gap divergence of the major Korean holdcos and opcos amid market carnage.</li>
<li>In general, more holdcos/quasi-holdcos have been outperforming the opcos in the past year, as compared to the previous years as more investors seek value-oriented, deep NAV discount stocks.</li>
<li>We highlight 26 pair trades that involve Korean holdcos and opcos.</li>
</ul>


In this insight, we highlight the pricing gap divergence of the major Korean holdcos and opcos amid market carnage.
In general, more holdcos/quasi-holdcos have been outperforming the opcos in the past year, as compared to the previous years as more investors seek value-oriented, deep NAV discount stocks.
We highlight 26 pair trades that involve Korean holdcos and opcos.


Korean Holdcos Vs Opcos Gap Spreads Opportunities Amid Market Carnage

Thematic (Sector/Industry)

<ul>
<li>In this insight, we discuss the top six stocks in Korea which could be the biggest movers due to the 2022 FIFA World Cup. </li>
<li>Due to the large impact of the World Cup this year, these six stocks could potentially outperform the market leading into the FIFA World Cup.</li>
<li>Among these six stocks, we particularly like AfreecaTV, HiteJinro, and BGF Retail in the next six months. </li>
</ul>


In this insight, we discuss the top six stocks in Korea which could be the biggest movers due to the 2022 FIFA World Cup. 
Due to the large impact of the World Cup this year, these six stocks could potentially outperform the market leading into the FIFA World Cup.
Among these six stocks, we particularly like AfreecaTV, HiteJinro, and BGF Retail in the next six months. 


2022 FIFA World Cup in Qatar: Top 6 Potential Winners in the Korean Stock Market

South Korea

GS Retail Co., Ltd. operates a chain of retail stores. The Company provides beauty and skincare products, candles, gifts, perfumes, ornaments, bathroom accessories, and other products. GS Retail serves its customers in the Republic of South Korea.

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GS Retail (007070 KS)

KOSPI Size Index: Early Preview at One Fourth into Screening Period

This post screens migrant candidates of the KOSPI Size Index Series, scheduled for rebalancing in March, as we are one-fourth into the screening...

Sanghyun Park

BGF & BGF Retail Pair Trade: Two Sons of BGF Chairman Hong Receive a Combined 20.9% Stake in BGF

Two sons of Chairman Hong received a combined 20.9% stake in BGF. We like a pair trade between BGF Co (go long) and BGF Retail (go short). Price...

Douglas Kim

A Pair Trade Between GS Holdings & GS Retail

In this insight, we discuss a pair trade between GS Holdings (078930 KS) (go long) and GS Retail (007070 KS) (go short).

Douglas Kim

Korean Holdcos Vs Opcos Gap Spreads Opportunities Amid Market Carnage

In this insight, we highlight the pricing gap divergence of the major Korean holdcos and opcos amid market carnage. We highlight 26 pair trades...

Douglas Kim

2022 FIFA World Cup in Qatar: Top 6 Potential Winners in the Korean Stock Market

In this insight, we discuss the top six stocks in Korea which could be the biggest movers due to the 2022 FIFA World Cup.

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)