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>The KOSPI 200 June Review will have a total of 13 float rate changes: 11 increases and 2 reductions.</li>
<li>
<a href="https://www.smartkarma.com/entities/kakaobank-corp" target="_blank" data-smartkarma-citation="entities:33501:1" rel="noopener">Kakao Bank (323410)</a> will experience the biggest change, followed by <a href="https://www.smartkarma.com/entities/hmm-co-ltd" target="_blank" data-smartkarma-citation="entities:13494:1" rel="noopener">HMM (011200)</a> and <a href="https://www.smartkarma.com/entities/krafton-inc" target="_blank" data-smartkarma-citation="entities:28956:1" rel="noopener"> Krafton Inc (259960)</a>. The float rate of <a href="https://www.smartkarma.com/entities/hdc-hyundai-development-co-engineering-construction" target="_blank" data-smartkarma-citation="entities:27397:1" rel="noopener">HDC Hyundai Development (294870)</a> and <a href="https://www.smartkarma.com/entities/doosan-infracore-co-ltd" target="_blank" data-smartkarma-citation="entities:3982:1" rel="noopener">Doosan Infracore (042670)</a> will decrease.</li>
<li>
Kakao Bank and <a href="https://www.smartkarma.com/entities/kakao-pay-corp" target="_blank" data-smartkarma-citation="entities:29675:1" rel="noopener">Kakao Pay (377300)</a> have the most significant passive impact. And <a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550)</a>, <a href="https://www.smartkarma.com/entities/woori-financial-group-inc" target="_blank" data-smartkarma-citation="entities:27995:1" rel="noopener">Woori Financial Group (316140)</a>, and <a href="https://www.smartkarma.com/entities/krafton-inc" target="_blank" data-smartkarma-citation="entities:28956:1" rel="noopener"> Krafton Inc (259960)</a> are also worth noting.</li>
</ul>


The KOSPI 200 June Review will have a total of 13 float rate changes: 11 increases and 2 reductions.

Kakao Bank (323410) will experience the biggest change, followed by HMM (011200) and  Krafton Inc (259960). The float rate of HDC Hyundai Development (294870) and Doosan Infracore (042670) will decrease.

Kakao Bank and Kakao Pay (377300) have the most significant passive impact. And LG Corp (003550), Woori Financial Group (316140), and  Krafton Inc (259960) are also worth noting.


KOSPI 200 Constituents with a Float Rate Change: 11 Increases & 2 Reductions

Index Rebalance

<ul>
<li>Nine constituents will likely face an increase in the float rate: five stocks for the sale of the majority shareholder's shares and four names for the IPO lockup release.</li>
<li>Kakao Bank (6.35x), LG Corp (003550 KS) (2.62x), Krafton (2.09x), and Woori Financial Group (316140 KS) (1.74x) are expected to have the most significant impact.</li>
<li>In general, float rate changes show price movement by passive flow similar to new changes (adds/deletes). So, we need to consider gradually building up positions two months before the rebalancing.</li>
</ul>


Nine constituents will likely face an increase in the float rate: five stocks for the sale of the majority shareholder's shares and four names for the IPO lockup release.
Kakao Bank (6.35x), LG Corp (003550 KS) (2.62x), Krafton (2.09x), and Woori Financial Group (316140 KS) (1.74x) are expected to have the most significant impact.
In general, float rate changes show price movement by passive flow similar to new changes (adds/deletes). So, we need to consider gradually building up positions two months before the rebalancing.


KOSPI 200 Index Rebalancing: Constituents Subject to Float Rate Increase

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Quantitative Analysis

<ul>
<li>In this insight, we provide the data analysis regarding most shorted stocks and short selling ratios for stocks in KOSPI. </li>
<li>Among these 20 most shorted stocks in KOSPI, the % changes in the short amount on a one week and one month basis were -0.2% and 6.4%, respectively.</li>
<li>Among these 20 most shorted stocks in KOSPI, three stocks with the biggest decline in shorts on a one month basis included Krafton, Kumho Petro Chemical, and Samsung Heavy Industries. </li>
</ul>


In this insight, we provide the data analysis regarding most shorted stocks and short selling ratios for stocks in KOSPI. 
Among these 20 most shorted stocks in KOSPI, the % changes in the short amount on a one week and one month basis were -0.2% and 6.4%, respectively.
Among these 20 most shorted stocks in KOSPI, three stocks with the biggest decline in shorts on a one month basis included Krafton, Kumho Petro Chemical, and Samsung Heavy Industries. 


Korea Short Selling Data Analysis: Celltrion, Amorepacific, Hotel Shilla, & Hanssem

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<ul>
<li>It has been an interesting year and short interest has varied a lot across countries, sectors and stocks. We look at changes in Hong Kong, Japan, Korea and Taiwan.</li>
<li>Shorts have soared in Korea following the resumption of short selling, while short interest has increased in the other countries too.</li>
<li>Ping An Insurance and BYD had the biggest short covering, while China Merchants Bank saw the largest increase in shorts over the year.</li>
</ul>


It has been an interesting year and short interest has varied a lot across countries, sectors and stocks. We look at changes in Hong Kong, Japan, Korea and Taiwan.
Shorts have soared in Korea following the resumption of short selling, while short interest has increased in the other countries too.
Ping An Insurance and BYD had the biggest short covering, while China Merchants Bank saw the largest increase in shorts over the year.


Equity Bottom-Up

<div class="content-highlight">
In this insight, we discuss about the increasing signs that the crisis involving the global supply chains may be thawing out. This insight is broken down into the following three parts:
 I. Five Major Reasons Causing Global Supply Chain Problems
II. Global Supply Chain Crisis - Signs of Thawing Out?
III. Long/Short Ideas Under the Thesis of the Global Supply Chain Crisis Showing Signs of Thawing Out [Long Orion Corp &amp; Short HMM]
</div>


In this insight, we discuss about the increasing signs that the crisis involving the global supply chains may be thawing out. This insight is broken down into the following three parts:
 I. Five Major Reasons Causing Global Supply Chain Problems
II. Global Supply Chain Crisis - Signs of Thawing Out?
III. Long/Short Ideas Under the Thesis of the Global Supply Chain Crisis Showing Signs of Thawing Out [Long Orion Corp &amp; Short HMM]


Global Supply Chain Crisis - Signs of Thawing Out?

South Korea

HMM Co., Ltd. provides marine transportation services.  The Company commands different types of vessels including full container vessels, oil tankers, car carriers, LNG carriers, bulk carriers, and tramps.

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HMM Co., Ltd. (011200 KS)

KOSPI 200 Constituents with a Float Rate Change: 11 Increases & 2 Reductions

This post summarizes all the KOSPI 200 constituents, which will likely change their respective float rate in the June Review.

Sanghyun Park

KOSPI 200 Index Rebalancing: Constituents Subject to Float Rate Increase

This post investigates those among the KOSPI 200 constituents, which will face an increase in the float rate, thereby attracting a meaningful level...

Sanghyun Park

Korea Short Selling Data Analysis: Celltrion, Amorepacific, Hotel Shilla, & Hanssem

Among these 20 most shorted stocks in KOSPI, the % changes in the short amount on a one week and one month basis were -0.2% and 6.4%, respectively.

Douglas Kim

Asia: The Year in Shorts

There have been large increases and decreases in short interest on stocks across HK, Japan, Korea and Taiwan over the year. We look at the biggest...

Brian Freitas

Global Supply Chain Crisis - Signs of Thawing Out?

In this insight, we discuss about the increasing signs that the crisis involving the global supply chains may be thawing out.

Douglas Kim

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