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

Index Rebalance

<ul>
<li>The review period for the March rebalance ends on 31 January, the changes will be announced first week of March and implemented at the close of trading on 13 March.</li>
<li>We forecast constituent changes for the Battery, Bio, Internet and BBIG indices. Plus there will be capping changes for all indices.</li>
<li>The largest flows are expected in <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI</a>, <a href="https://www.smartkarma.com/entities/sk-innovation-co-ltd" target="_blank" data-smartkarma-citation="entities:1268:1" rel="noopener">SK Innovation</a>, Samsung Epis Holdings, <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics</a>, <a href="https://www.smartkarma.com/entities/ablbio-inc" target="_blank" data-smartkarma-citation="entities:35621:1" rel="noopener">ABLBio</a>, <a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen</a> and <a href="https://www.smartkarma.com/entities/l-f-co-ltd" target="_blank" data-smartkarma-citation="entities:14300:1" rel="noopener">L&amp;F</a>.</li>
</ul>


The review period for the March rebalance ends on 31 January, the changes will be announced first week of March and implemented at the close of trading on 13 March.
We forecast constituent changes for the Battery, Bio, Internet and BBIG indices. Plus there will be capping changes for all indices.
The largest flows are expected in Samsung SDI, SK Innovation, Samsung Epis Holdings, Samsung Biologics, ABLBio, Alteogen and L&amp;F.


KRX New Deal Index Rebalance Preview: Chunky Flows in Some Stocks

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Nota's IPO price has been confirmed at 9,100 won, which is at the high end of the IPO price range. The demand ratio was 1,058 to 1.</li>
<li>Our base case valuation of Nota suggests target price of 11,948 won per share, which is 31% higher than the IPO price (9,100 won). </li>
<li>Nota Provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.</li>
</ul>


Nota's IPO price has been confirmed at 9,100 won, which is at the high end of the IPO price range. The demand ratio was 1,058 to 1.
Our base case valuation of Nota suggests target price of 11,948 won per share, which is 31% higher than the IPO price (9,100 won). 
Nota Provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.


<ul>
<li>Our base case valuation of Nota suggests target price of 11,948 won per share, which represents 31% higher than the high end of the IPO price range (9,100 won).</li>
<li>Nota's technology enables efficient operation of high-performance AI models. It has been able to develop one of the first commercially available generative AI-based intelligent video surveillance solution in Korea.</li>
<li>We estimate Nota to generate revenue of 13.8 billion won (up 65% YoY) in 2025 and 21.7 billion won (up 57% YoY) in 2026. </li>
</ul>


Our base case valuation of Nota suggests target price of 11,948 won per share, which represents 31% higher than the high end of the IPO price range (9,100 won).
Nota's technology enables efficient operation of high-performance AI models. It has been able to develop one of the first commercially available generative AI-based intelligent video surveillance solution in Korea.
We estimate Nota to generate revenue of 13.8 billion won (up 65% YoY) in 2025 and 21.7 billion won (up 57% YoY) in 2026. 


<ul>
<li>Nota is getting ready to complete its IPO on KOSDAQ in September. Nota specializes in lightweight and optimized artificial intelligence (AI) technology.</li>
<li>The IPO price range is from 7,600 won to 9,100 won. At this price range, the company's expected market cap is from 163 billion won to 196 billion won. </li>
<li>Nota provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.</li>
</ul>


Nota is getting ready to complete its IPO on KOSDAQ in September. Nota specializes in lightweight and optimized artificial intelligence (AI) technology.
The IPO price range is from 7,600 won to 9,100 won. At this price range, the company's expected market cap is from 163 billion won to 196 billion won. 
Nota provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.


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.

<ul>
<li>Real alpha? Tight basket means outsized passive flows. The play? SK Innovation, no contest.</li>
<li>Samsung SDI faces -0.54x ADTV outflows. Other movers: Netmarble 0.68x, Wemade Max 0.54x, NHN -0.46x ADTV.</li>
<li>Net-Net? SK Innovation is the trade. Long here, hedge short on Samsung SDI or the broader Battery space.</li>
</ul>


Real alpha? Tight basket means outsized passive flows. The play? SK Innovation, no contest.
Samsung SDI faces -0.54x ADTV outflows. Other movers: Netmarble 0.68x, Wemade Max 0.54x, NHN -0.46x ADTV.
Net-Net? SK Innovation is the trade. Long here, hedge short on Samsung SDI or the broader Battery space.


Got the BBIG Rebalancing Results: SK Innovation Is the Trade This Week

South Korea

Hancom Inc. specializes in developing, publishing, and marketing Korean word (Hangul) processing software.  The Company also produces office software, such as spreadsheet and presentation tools.  Haansoft also provides Internet portal services, including free homepage, free e-mail, free download, instant messaging, and chatting services.

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Hancom Inc (030520 KS)

KRX New Deal Index Rebalance Preview: Chunky Flows in Some Stocks

There will be multiple changes for the New Deal indices in March. The largest flows will be in Samsung SDI and SK Innovation.

Brian Freitas

Nota IPO Bookbuilding Analysis

Nota's IPO price has been confirmed at 9,100 won, which is at the high end of the IPO price range. The demand ratio was 1,058 to 1.

Douglas Kim

Nota IPO Valuation Analysis

Our base case valuation of Nota suggests target price of 11,948 won per share, which represents 31% higher than the high end of the IPO price range...

Douglas Kim

Nota IPO Preview

Nota is getting ready to complete its IPO on KOSDAQ in September. Nota provides technology that enables the efficient operation of high-performance...

Douglas Kim

Got the BBIG Rebalancing Results: SK Innovation Is the Trade This Week

This post provides insights into the latest BBIG rebalancing results, breaking down the key shifts and highlighting SK Innovation as the top trade...

Sanghyun Park

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