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>There will be 16 changes for the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> at the next rebalance to be implemented at the close on 11 December.</li>
<li>Making use of their discretionary powers, the index committee has not added <a href="https://www.smartkarma.com/entities/wonik-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:6485:1" rel="noopener">Wonik Holdings Co., Ltd (030530 KS)</a>, <a href="https://www.smartkarma.com/entities/samhyun-co-ltd" target="_blank" data-smartkarma-citation="entities:40872:1" rel="noopener">Samhyun (437730 KS)</a> and <a href="https://www.smartkarma.com/entities/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> to the index.</li>
<li>The adds have outperformed the deletes and the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index</a> over the last 6 months and there has been a short-term move higher too. Watch out for short covering.</li>
</ul>


There will be 16 changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the next rebalance to be implemented at the close on 11 December.
Making use of their discretionary powers, the index committee has not added Wonik Holdings Co., Ltd (030530 KS), Samhyun (437730 KS) and Fadu (440110 KS) to the index.
The adds have outperformed the deletes and the KOSDAQ 150 Index over the last 6 months and there has been a short-term move higher too. Watch out for short covering.


KOSDAQ150 Index Rebalance: 16 Changes a Side; Fadu a Casualty Yet Again

<ul>
<li>With the review period for the December rebalance complete, we highlight 17 potential changes for the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a>. </li>
<li>The estimated impact on the potential inclusions ranges from 0.1-3.2 days of ADV while the impact on the potential deletions varies from 0.7-11.2 days of ADV.</li>
<li>The forecast adds have outperformed the forecast deletes over the last 6 months with a big move higher in the last couple of months. Trim positions into strength.</li>
</ul>


With the review period for the December rebalance complete, we highlight 17 potential changes for the KOSDAQ 150 Index (KOSDQ150 INDEX). 
The estimated impact on the potential inclusions ranges from 0.1-3.2 days of ADV while the impact on the potential deletions varies from 0.7-11.2 days of ADV.
The forecast adds have outperformed the forecast deletes over the last 6 months with a big move higher in the last couple of months. Trim positions into strength.


KOSDAQ150 Index Rebalance Preview: Large Number of Changes Likely in December; Huge Outperformance

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hlb-therapeutics-co-ltd" target="_blank" data-smartkarma-citation="entities:1933:1" rel="noopener">HLB Therapeutics (115450 KS)</a> will replace <a href="https://www.smartkarma.com/entities/jeisys-medical-inc" target="_blank" data-smartkarma-citation="entities:36766:1" rel="noopener">Jeisys Medical (287410 KS)</a> in the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> next week.</li>
<li>Passive trackers will need to buy 1.8 days of ADV in <a href="https://www.smartkarma.com/entities/hlb-therapeutics-co-ltd" target="_blank" data-smartkarma-citation="entities:1933:1" rel="noopener">HLB Therapeutics (115450 KS)</a> and sell over 4 days of ADV in <a href="https://www.smartkarma.com/entities/jeisys-medical-inc" target="_blank" data-smartkarma-citation="entities:36766:1" rel="noopener">Jeisys Medical (287410 KS)</a>. </li>
<li>Recent ad hoc inclusions to the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> have jumped post announcement of index inclusion but have sold off after the inclusion.</li>
</ul>



HLB Therapeutics (115450 KS) will replace Jeisys Medical (287410 KS) in the KOSDAQ 150 Index (KOSDQ150 INDEX) next week.
Passive trackers will need to buy 1.8 days of ADV in HLB Therapeutics (115450 KS) and sell over 4 days of ADV in Jeisys Medical (287410 KS). 
Recent ad hoc inclusions to the KOSDAQ 150 Index (KOSDQ150 INDEX) have jumped post announcement of index inclusion but have sold off after the inclusion.


KOSDAQ150 Index Adhoc Rebalance: HLB Therapeutics Replaces Jeisys Medical

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>Jeisys Medical’s getting booted from the KOSDAQ 150, and HLB Therapeutics is stepping in as the new addition. This change will officially hit the book on Wednesday, September 25.</li>
<li>HLB Therapeutics, with a ₩0.70T market cap and 87% float, is set for a 0.51% weight in KOSDAQ 150, triggering over 2 million shares in passive buying: 3.26x 30-day ADTV.</li>
<li>With today’s after-hours volume spike in HLB Therapeutics, we’re likely to see some price action from early movers spilling into Monday’s open, similar to what we saw with Webzen.</li>
</ul>


Jeisys Medical’s getting booted from the KOSDAQ 150, and HLB Therapeutics is stepping in as the new addition. This change will officially hit the book on Wednesday, September 25.
HLB Therapeutics, with a ₩0.70T market cap and 87% float, is set for a 0.51% weight in KOSDAQ 150, triggering over 2 million shares in passive buying: 3.26x 30-day ADTV.
With today’s after-hours volume spike in HLB Therapeutics, we’re likely to see some price action from early movers spilling into Monday’s open, similar to what we saw with Webzen.


Will New KOSDAQ 150 Member HLB Therapeutics Show Webzen-Like Price Moves?

<ul>
<li>The KRX officially unveiled the results of the December rebalancing for KOSDAQ 150. We have a total of 15 additions and 15 deletions from the regular rebalancing.</li>
<li>The following trade-suitable stocks among the additions are Bioneer Corp, TK Chemical, AptaBio Therapeutics, Cellid, and Ecopro HN.</li>
<li>Among the deletions, these are worthy of our attention: SK Materials, Crystal Genomics, G-TreeBNT, and Icure Pharmaceutical
</li>
</ul>


The KRX officially unveiled the results of the December rebalancing for KOSDAQ 150. We have a total of 15 additions and 15 deletions from the regular rebalancing.
The following trade-suitable stocks among the additions are Bioneer Corp, TK Chemical, AptaBio Therapeutics, Cellid, and Ecopro HN.
Among the deletions, these are worthy of our attention: SK Materials, Crystal Genomics, G-TreeBNT, and Icure Pharmaceutical



15 Adds & 15 Deletes in KOSDAQ 150 Rebalancing: Passive Impact & Trade Approaches

South Korea

HLB Therapeutics Co.,Ltd. operates pharmaceutical development businesses. The Company develops gene medicines, cell medicines, and other medical products. HLB Therapeutics conducts businesses in South Korea.

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HLB Therapeutics (115450 KS)

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Will New KOSDAQ 150 Member HLB Therapeutics Show Webzen-Like Price Moves?

This post covers the KOSDAQ 150 ad-hoc change, where HLB Therapeutics replaces Jeisys Medical, and explores whether HLB Therapeutics will...

Sanghyun Park

15 Adds & 15 Deletes in KOSDAQ 150 Rebalancing: Passive Impact & Trade Approaches

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