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>Two SOL sector ETFs are unique in that they only include companies positioned upstream. This results in a group of smaller-sized constituents, which can have a greater flow impact.</li>
<li>Once the universe is established, constituent selection and weight adjustment are determined exclusively using full/float market capitalization. As a result, flow trading can be highly predictable.</li>
<li>Although they have lower AUM, the five Semiconductor constituents could still face a significant flow impact during this one-day flow event due to their much lower DTV.</li>
</ul>


Two SOL sector ETFs are unique in that they only include companies positioned upstream. This results in a group of smaller-sized constituents, which can have a greater flow impact.
Once the universe is established, constituent selection and weight adjustment are determined exclusively using full/float market capitalization. As a result, flow trading can be highly predictable.
Although they have lower AUM, the five Semiconductor constituents could still face a significant flow impact during this one-day flow event due to their much lower DTV.


Preemptive Flow Trading Opportunities with the Fastest-Growing Sector ETFs in Korea

<ul>
<li>The Korean local sector ETF with the fastest growing AUM is TIGER Fn Semiconductor Top 10 ETF, whose AUM has increased more than twice over the past two months.</li>
<li>HPSP (403870 KS) will replace Tokai Carbon Korea (064760 KS) by a comfortable margin in the upcoming review in October.</li>
<li>From a day trading perspective, this presents a significant Long-Short opportunity. Considering the relatively sizeable passive impact size, setting an entry point more aggressively may not be a bad idea.</li>
</ul>


The Korean local sector ETF with the fastest growing AUM is TIGER Fn Semiconductor Top 10 ETF, whose AUM has increased more than twice over the past two months.
HPSP (403870 KS) will replace Tokai Carbon Korea (064760 KS) by a comfortable margin in the upcoming review in October.
From a day trading perspective, this presents a significant Long-Short opportunity. Considering the relatively sizeable passive impact size, setting an entry point more aggressively may not be a bad idea.


A Long Short Trading Event Likely to Have a High Hit Rate: HPSP & TCK

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>We discuss end of the mandatory lock-up periods for 57 stocks in Korea in January 2023, among which 5 are in KOSPI and 52 are in KOSDAQ.</li>
<li>These 57 stocks on average could be subject to further selling pressures in December and could underperform relative to the market. </li>
<li>Among these 57 stocks, the top 5 market cap stocks include Sungeel Hitech, HPSP, CJ CGV, Sillajen, and Eoflow. </li>
</ul>


We discuss end of the mandatory lock-up periods for 57 stocks in Korea in January 2023, among which 5 are in KOSPI and 52 are in KOSDAQ.
These 57 stocks on average could be subject to further selling pressures in December and could underperform relative to the market. 
Among these 57 stocks, the top 5 market cap stocks include Sungeel Hitech, HPSP, CJ CGV, Sillajen, and Eoflow. 


End of Mandatory Lock-Up Periods for 57 Companies in Korea in January 2023

Equity Capital Markets

<ul>
<li>In this report, we review our IPO investment research in 2022, including the performance of our calls.</li>
<li>The accuracy rate of our calls on IPOs this year was 79% (15 calls right, 4 calls wrong), higher than our average accurate rate of 77% from 2017 to 2022.</li>
<li>In 2022, the 12 stocks (positive ratings) were up 50.1% on average from their IPO prices. The 7 stocks (negative ratings) were down 11.2% on average from their IPO prices. </li>
</ul>


In this report, we review our IPO investment research in 2022, including the performance of our calls.
The accuracy rate of our calls on IPOs this year was 79% (15 calls right, 4 calls wrong), higher than our average accurate rate of 77% from 2017 to 2022.
In 2022, the 12 stocks (positive ratings) were up 50.1% on average from their IPO prices. The 7 stocks (negative ratings) were down 11.2% on average from their IPO prices. 


<ul>
<li>KRX unveiled the rebalancing results of the CSI KRX China-Korea indices for Korean constituents yesterday.</li>
<li>There is still insufficient evidence data to estimate specific passive impact. The previous rebalancing in June showed no clear correlation between constituent changes and price impact.</li>
<li>Although it may be risky to trade on this rebalancing, monitoring the correlation of their passive impact at this point, one year after the release, seems worthwhile.</li>
</ul>


KRX unveiled the rebalancing results of the CSI KRX China-Korea indices for Korean constituents yesterday.
There is still insufficient evidence data to estimate specific passive impact. The previous rebalancing in June showed no clear correlation between constituent changes and price impact.
Although it may be risky to trade on this rebalancing, monitoring the correlation of their passive impact at this point, one year after the release, seems worthwhile.


CSI KRX China-Korea: Rebalancing Results from KRX & Flow Trading Considerations

South Korea

HPSP Co., Ltd operates as a manufacturing company. The Company manufactures semiconductor devices, systems and others. HPSP also provides related solution services.

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HPSP (403870 KS)

Preemptive Flow Trading Opportunities with the Fastest-Growing Sector ETFs in Korea

This post presents preemptive flow trading opportunities with the currently fastest-growing sector ETFs in Korea, both of which got listed late...

Sanghyun Park

A Long Short Trading Event Likely to Have a High Hit Rate: HPSP & TCK

This post examines the upcoming rebalancing of the TIGER Fn Semiconductor TOP 10 ETF and discovers a Long Short trading event likely to have a high...

Sanghyun Park

End of Mandatory Lock-Up Periods for 57 Companies in Korea in January 2023

We discuss end of the mandatory lock-up periods for 57 stocks in Korea in January 2023, among which 5 are in KOSPI and 52 are in KOSDAQ.

Douglas Kim

Recap of Our IPO Research in 2022

In this report, we review our IPO investment research in 2022, including the performance of our calls. The accuracy rate of our calls on IPOs this...

Douglas Kim

CSI KRX China-Korea: Rebalancing Results from KRX & Flow Trading Considerations

This post details the rebalancing results of the CSI KRX China-Korea indices (50, EV, and Semiconductor), effective December 12, and discusses...

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Preemptive Flow Trading Opportunities with the Fastest-Growing Sector ETFs in Korea

This post presents preemptive flow trading opportunities with the currently fastest-growing sector ETFs in Korea, both of which got listed late...

Sanghyun Park

A Long Short Trading Event Likely to Have a High Hit Rate: HPSP & TCK

This post examines the upcoming rebalancing of the TIGER Fn Semiconductor TOP 10 ETF and discovers a Long Short trading event likely to have a high...

Sanghyun Park

End of Mandatory Lock-Up Periods for 57 Companies in Korea in January 2023

We discuss end of the mandatory lock-up periods for 57 stocks in Korea in January 2023, among which 5 are in KOSPI and 52 are in KOSDAQ.

Douglas Kim

Recap of Our IPO Research in 2022

In this report, we review our IPO investment research in 2022, including the performance of our calls. The accuracy rate of our calls on IPOs this...

Douglas Kim

CSI KRX China-Korea: Rebalancing Results from KRX & Flow Trading Considerations

This post details the rebalancing results of the CSI KRX China-Korea indices (50, EV, and Semiconductor), effective December 12, and discusses...

Sanghyun Park

This post presents preemptive flow trading opportunities with the currently fastest-growing sector ETFs in Korea, both of which got listed late...