Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Index Rebalance

HD Hyundai Marine Solution  / Index Rebalance

<ul>
<li>In this insight, we highlight stocks that have been highlighted by locals as potential inclusion/exclusion candidates in KOSPI200 and major global index rebalance in 4Q25.</li>
<li>The five potential inclusion candidates include Paradise, Asia Holdings, LG CNS, APR, and HD Hyundai Marine Solution. </li>
<li>The five potential exclusion candidates include TCC Steel, KG Mobility, Dentium, Orion Corp, and LG H&amp;H. </li>
</ul>


In this insight, we highlight stocks that have been highlighted by locals as potential inclusion/exclusion candidates in KOSPI200 and major global index rebalance in 4Q25.
The five potential inclusion candidates include Paradise, Asia Holdings, LG CNS, APR, and HD Hyundai Marine Solution. 
The five potential exclusion candidates include TCC Steel, KG Mobility, Dentium, Orion Corp, and LG H&amp;H. 


KOSPI200 and Major Global Index Rebalance in 4Q25 Highlighted by Locals

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>There will be 8 additions and 8 deletions for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX)</a> at the next rebalance to be implemented at the close on 12 June.</li>
<li>The inclusion of <a href="https://www.smartkarma.com/entities/korea-district-heating-corp" target="_blank" data-smartkarma-citation="entities:8806:1" rel="noopener">Korea District Heating (071320 KS)</a> is a surprise and leads to an extra deletion - all the other adds are exactly in line with forecasts.</li>
<li>The list of adds has been stable for the last few months and the stocks have outperformed the deletes and the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI2 INDEX</a> since the start of the review period.</li>
</ul>


There will be 8 additions and 8 deletions for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) at the next rebalance to be implemented at the close on 12 June.
The inclusion of Korea District Heating (071320 KS) is a surprise and leads to an extra deletion - all the other adds are exactly in line with forecasts.
The list of adds has been stable for the last few months and the stocks have outperformed the deletes and the KOSPI2 INDEX since the start of the review period.


KOSPI200 Index Rebalance: 8 Changes a Side with 2 Surprises

Event-Driven

HD Hyundai Marine Solution  / Event-Driven

<ul>
<li>After the market close today, it was announced that KKR is selling 3.81 million shares (8.5% of outstanding shares) of HD Hyundai Marine Solution in a block deal sale.</li>
<li>The expected block deal sale price is 145,000 won to 148,000 won per share, which represent 7.96% to 9.83% discount to the closing price of 160,800 won on 22 May.</li>
<li>Once this block deal is completed, KKR's remaining stake in HD Hyundai Marine Solution will be reduced to 11% (4.94 million shares).</li>
</ul>


After the market close today, it was announced that KKR is selling 3.81 million shares (8.5% of outstanding shares) of HD Hyundai Marine Solution in a block deal sale.
The expected block deal sale price is 145,000 won to 148,000 won per share, which represent 7.96% to 9.83% discount to the closing price of 160,800 won on 22 May.
Once this block deal is completed, KKR's remaining stake in HD Hyundai Marine Solution will be reduced to 11% (4.94 million shares).


HD Hyundai Marine Solution Block Deal Sale of 8.5% of Outstanding Shares

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

HD Hyundai Marine Solution  / Equity Capital Markets

<ul>
<li>KKR is looking to raise around US$410m via selling some of its stake in <a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a>.</li>
<li>KKR had come out of its IPO linked lockup in Nov 2024 and had  tried to launch a deal in Dec 2024 and finally undertook a deal in Feb 2025.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework</li>
</ul>


KKR is looking to raise around US$410m via selling some of its stake in HD Hyundai Marine Solution (443060 KS).
KKR had come out of its IPO linked lockup in Nov 2024 and had  tried to launch a deal in Dec 2024 and finally undertook a deal in Feb 2025.
In this note, we will talk about the placement and run the deal through our ECM framework


HD Hyundai Marine Placement - Very Well Flagged, Overhang Easing but Last Deal Didn’t Do Well

<ul>
<li>On 19 February, KKR sold 2 million shares (4.49%) stake in HD Hyundai Marine Solution at 147,500 won (9.3% discount to the previous day's closing price), representing 295 billion won.</li>
<li>Therefore, we would argue that these major shipbuilding shares in Korea (such as HD Hyundai Heavy Industries and Hanwha Ocean) could face more difficult headwinds in the coming months. </li>
<li>KKR's timing of its block deal sale of HD Hyundai Marine Solution also reflects its attempt to partially sell its shares while the stock price is still at lofty levels. </li>
</ul>


On 19 February, KKR sold 2 million shares (4.49%) stake in HD Hyundai Marine Solution at 147,500 won (9.3% discount to the previous day's closing price), representing 295 billion won.
Therefore, we would argue that these major shipbuilding shares in Korea (such as HD Hyundai Heavy Industries and Hanwha Ocean) could face more difficult headwinds in the coming months. 
KKR's timing of its block deal sale of HD Hyundai Marine Solution also reflects its attempt to partially sell its shares while the stock price is still at lofty levels. 


Recent Block Deal Sale on HD Hyundai Marine Solution and Headwinds on Korean Shipbuilding Sector

South Korea

HD Hyundai Marine Solution Co., Ltd. operates as a engineering service company. The Company provides maintenance and other related services. HD Hyundai Marine Solution also offers ecological friendly solution development, smart solution utilizing information and communications technology, and power plant services.

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HD Hyundai Marine Solution (443060 KS)

KOSPI200 and Major Global Index Rebalance in 4Q25 Highlighted by Locals

In this insight, we highlight stocks that have been highlighted by locals as potential inclusion/exclusion candidates in KOSPI200 and major global...

Douglas Kim

KOSPI200 Index Rebalance: 8 Changes a Side with 2 Surprises

There are 8 changes with most on expected lines. Cosmo AM&T will also be sold by the IT sector ETF. Shorts have increased in a few stocks since the...

Brian Freitas

HD Hyundai Marine Solution Block Deal Sale of 8.5% of Outstanding Shares

After the market close today, it was announced that KKR is selling 3.81 million shares (8.5% of outstanding shares) of HD Hyundai Marine Solution...

Douglas Kim

HD Hyundai Marine Placement - Very Well Flagged, Overhang Easing but Last Deal Didn’t Do Well

KKR is looking to raise around US$410m via selling some of its stake in HD Hyundai Marine Solution (443060 KS). In this note, we talk about the...

Sumeet Singh

Recent Block Deal Sale on HD Hyundai Marine Solution and Headwinds on Korean Shipbuilding Sector

KKR's timing of its block deal sale of HD Hyundai Marine Solution reflects its attempt to partially sell its shares while the stock price is still...

Douglas Kim

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