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

Mirae Asset Tiger Tour Leisure ETF / Event-Driven

Mirae Asset Tiger Tour Leisure ETF (228800 KS)

<ul>
<li>Next Thursday, the rebalancing trading of the WISE Secondary Cell Index will occur. The current AUM is ₩0.24T, and the AUM has slightly increased in the last two weeks.</li>
<li>Five names (2 Longs &amp; 3 Shorts) are screened: <strong>Hana Tour Service, Lotte Tour Development, Asiana Airlines, Paradise Co Ltd, &amp; Hanjin KAL Corp</strong>.</li>
<li>All the short targets are available for short-selling. The Long targets have also not seen much volatility recently, so it looks fine to put them all in a Long/Short basket.</li>
</ul>


Next Thursday, the rebalancing trading of the WISE Secondary Cell Index will occur. The current AUM is ₩0.24T, and the AUM has slightly increased in the last two weeks.
Five names (2 Longs &amp; 3 Shorts) are screened: Hana Tour Service, Lotte Tour Development, Asiana Airlines, Paradise Co Ltd, &amp; Hanjin KAL Corp.
All the short targets are available for short-selling. The Long targets have also not seen much volatility recently, so it looks fine to put them all in a Long/Short basket.


WISE Tour Leisure Rebalancing (TIGER ETF): Long/Short Tradable Names

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

Hanil Cement Co Ltd/New / Index Rebalance

<ul>
<li>Over 3/4th of the way through the review period for the June rebalance, we see 7 potential changes to the KOSPI200 Index. Most are high probability changes.</li>
<li>Potential inclusions: F&amp;F (383220 KS), SD Biosensor (137310 KS), Meritz Fire &amp; Marine (000060 KS), Iljin Hysolus (271940 KS), K Car (381970 KS), Hanil Cement (300720 KS), Hana Tour (039130).</li>
<li>Potential deletions: Cuckoo Holdings (192400 KS), S&amp;T Motiv (064960 KS), Nexen Tire (002350 KS), Hyundai Home Shopping (057050 KS), Cuckoo Homesys (284740 KS), Sk Discovery (006120), Grand Korea Leisure (114090).</li>
</ul>


Over 3/4th of the way through the review period for the June rebalance, we see 7 potential changes to the KOSPI200 Index. Most are high probability changes.
Potential inclusions: F&amp;F (383220 KS), SD Biosensor (137310 KS), Meritz Fire &amp; Marine (000060 KS), Iljin Hysolus (271940 KS), K Car (381970 KS), Hanil Cement (300720 KS), Hana Tour (039130).
Potential deletions: Cuckoo Holdings (192400 KS), S&amp;T Motiv (064960 KS), Nexen Tire (002350 KS), Hyundai Home Shopping (057050 KS), Cuckoo Homesys (284740 KS), Sk Discovery (006120), Grand Korea Leisure (114090).


KOSPI200 June Index Rebalance Preview: 7 Changes as Adds Outperform Deletes

<ul>
<li>WISE Tour is another fast-growing theme index in Korea with an AUM of ₩0.23T. The next rebalancing will be on April 15. So, the rebalancing trading is on April 14.</li>
<li>Although the flow size of this ETF rebalancing is not substantial, it seems clear that the flow/price (direction) correlation is at a level we should pay attention to.</li>
<li>Those expected to receive a meaningful flow impact at this point are: (LONG) Hana Tour, GKL, &amp; Yong Pyong Resort / (SHORT) Hanjin KAL, Ananti, &amp; SK Rent A Car</li>
</ul>


WISE Tour is another fast-growing theme index in Korea with an AUM of ₩0.23T. The next rebalancing will be on April 15. So, the rebalancing trading is on April 14.
Although the flow size of this ETF rebalancing is not substantial, it seems clear that the flow/price (direction) correlation is at a level we should pay attention to.
Those expected to receive a meaningful flow impact at this point are: (LONG) Hana Tour, GKL, &amp; Yong Pyong Resort / (SHORT) Hanjin KAL, Ananti, &amp; SK Rent A Car


WISE Tour Leisure (TIGER ETF) Rebalancing Preview

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>We discuss the potential additions and deletions in the upcoming June 2022 KOSPI200 rebalance. The outbreak of war in Ukraine has impacted the potential additions/deletion candidates. </li>
<li>These top 10 potential inclusions are up on average 10.8% YTD, outperforming KOSPI which is down 9.1% YTD.</li>
<li>Among the potential inclusions, Ildong Pharm, Meritz F&amp;M Insurance, Hana Tour, Dongwon Systems, and Lotte Rental have been materially outperforming the market in the past three months. </li>
</ul>


We discuss the potential additions and deletions in the upcoming June 2022 KOSPI200 rebalance. The outbreak of war in Ukraine has impacted the potential additions/deletion candidates. 
These top 10 potential inclusions are up on average 10.8% YTD, outperforming KOSPI which is down 9.1% YTD.
Among the potential inclusions, Ildong Pharm, Meritz F&amp;M Insurance, Hana Tour, Dongwon Systems, and Lotte Rental have been materially outperforming the market in the past three months. 


KOSPI 200 Rebalance in June 2022 Amid Portfolio Changes Post Outbreak of War in Ukraine

Equity Bottom-Up

<ul>
<li>In this insight, we discuss two major issues impacting the Korean hotels, travel, duty free shops, cosmetics, leisure, &amp; casino related companies.</li>
<li>First is that the South Korean government announced that it will drop quarantine requirement for international arrivals from 21 March.</li>
<li>Second is the potential ramifications of Yoon Suk-Yeol (newly elected South Korean President) who has a relatively hard line stance on North Korea. </li>
</ul>


In this insight, we discuss two major issues impacting the Korean hotels, travel, duty free shops, cosmetics, leisure, &amp; casino related companies.
First is that the South Korean government announced that it will drop quarantine requirement for international arrivals from 21 March.
Second is the potential ramifications of Yoon Suk-Yeol (newly elected South Korean President) who has a relatively hard line stance on North Korea. 


Korea Drops Quarantine Requirements Vs. Yoon Suk-Yeol's Hard Line Stance on North Korea

South Korea

Hana Tour Service Inc. wholesales a variety of travel related services.  The Company provides outbound, inbound and domestic travel packages and cooperates with credit card companies and Internet shopping malls to market its services. Hana Tour Service also works as general sales agency (GSA) of overseas cruise and rail passes.

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Hana Tour Service (039130 KS)

WISE Tour Leisure Rebalancing (TIGER ETF): Long/Short Tradable Names

This post recommends Long/Short tradable names for the rebalancing trading event of the WISE Tour Leisure Index (TIGER ETF) next Thursday.

Sanghyun Park

KOSPI200 June Index Rebalance Preview: 7 Changes as Adds Outperform Deletes

With just over a month to go in the review period, we see 7 potential changes to the KOSPI200 Index. Most changes are high probability and the...

Brian Freitas

WISE Tour Leisure (TIGER ETF) Rebalancing Preview

This post previews the upcoming rebalancing of the WISE Tour Leisure (TIGER ETF), effective April 15. The screening at this point delivers 3 LONG...

Sanghyun Park

KOSPI 200 Rebalance in June 2022 Amid Portfolio Changes Post Outbreak of War in Ukraine

We discuss the potential additions and deletions in the upcoming June 2022 KOSPI200 rebalance. The outbreak of war in Ukraine has impacted the...

Douglas Kim

Korea Drops Quarantine Requirements Vs. Yoon Suk-Yeol's Hard Line Stance on North Korea

The South Korean government announced that it will drop quarantine requirement for international arrivals from 21 March which should boost travel,...

Douglas Kim

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