Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<ul>
<li>In this insight, we discuss the end of the mandatory lock-up periods for 43 stocks in Korea in March 2022. </li>
<li>Among these 43 stocks, 5 stocks are in KOSPI and 38 stocks are in KOSDAQ.</li>
<li>These 43 stocks could be subject to further selling pressures in March and could on average underperform relative to the market. </li>
</ul>


In this insight, we discuss the end of the mandatory lock-up periods for 43 stocks in Korea in March 2022. 
Among these 43 stocks, 5 stocks are in KOSPI and 38 stocks are in KOSDAQ.
These 43 stocks could be subject to further selling pressures in March and could on average underperform relative to the market. 


End of Mandatory Lock-Up Periods for 43 Stocks in Korea in March 2022

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Mar 6th. The aggregated short interest was USD13.9bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in S-Oil, Celltrion, Alteogen, ECOPROBM, Samyang Food.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Mar 6th. The aggregated short interest was USD13.9bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in S-Oil, Celltrion, Alteogen, ECOPROBM, Samyang Food.


KRX Short Interest Weekly (Mar 6th): S-Oil, Celltrion, Alteogen, ECOPROBM, Samyang Food

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 of the KOSPI Size Indices commenced on 1 December and will end on 28 February. We're gone through 80% of the trading days.</li>
<li>We currently forecast 42 stocks migrating between the size segments. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap, 1 to SmallCap.</li>
<li>The upward migrations have outperformed the downward migrations by a lot over the last few months. The recent market volatility has led to a narrowing of that gap.</li>
</ul>


The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February. We're gone through 80% of the trading days.
We currently forecast 42 stocks migrating between the size segments. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap, 1 to SmallCap.
The upward migrations have outperformed the downward migrations by a lot over the last few months. The recent market volatility has led to a narrowing of that gap.


KOSPI Size Indices: Market Volatility Narrows Spread (A Bit)

<ul>
<li>The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February.</li>
<li>A third of the way through the averaging period, we forecast 37 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 2 to MidCap, 2 to SmallCap.</li>
<li>The upward migrations have outperformed the downward migrations by a lot over the last few months. The gap between the small and mid-cap migrations has continued to widen.</li>
</ul>


The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February.
A third of the way through the averaging period, we forecast 37 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 2 to MidCap, 2 to SmallCap.
The upward migrations have outperformed the downward migrations by a lot over the last few months. The gap between the small and mid-cap migrations has continued to widen.


KOSPI Size Indices: Small-To-Mid Migrations Running Up

<ul>
<li>The review period for the March rebalance of the KOSPI Size Indices will commence on 1 December and will end on 28 February.</li>
<li>Nearing the start of the averaging period, we forecast 34 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 2 to MidCap and 2 to SmallCap.</li>
<li>The upward migrations have outperformed the downward migrations by a lot over the last 3 months. The gap in returns versus 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> is a lot smaller.</li>
</ul>


The review period for the March rebalance of the KOSPI Size Indices will commence on 1 December and will end on 28 February.
Nearing the start of the averaging period, we forecast 34 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 2 to MidCap and 2 to SmallCap.
The upward migrations have outperformed the downward migrations by a lot over the last 3 months. The gap in returns versus the KOSPI2 INDEX is a lot smaller.


KOSPI Size Indices: Lots of Change as Averaging Starts

South Korea

Iljin Hysolus Co Ltd operates environmental problem solving businesses. The Company provides hydrogen solutions, CNG solutions, diesel solutions and other services. Iljin Hysolus conducts businesses in South Korea.

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Iljin Hysolus (271940 KS)

End of Mandatory Lock-Up Periods for 43 Stocks in Korea in March 2022

In this insight, we discuss the end of the mandatory lock-up periods for 43 stocks in Korea in March 2022. These 43 stocks could be subject to...

Douglas Kim

KRX Short Interest Weekly (Mar 6th): S-Oil, Celltrion, Alteogen, ECOPROBM, Samyang Food

We analyzed KRX short interest report for the past week and highlighted short interest changes in S-Oil, Celltrion, Alteogen, ECOPROBM, Samyang Food.

Ke Yan, CFA, FRM

KOSPI Size Indices: Market Volatility Narrows Spread (A Bit)

There could be 42 migrations across categories in March, plus new listings being added. The recent market volatility has narrowed the...

Brian Freitas

KOSPI Size Indices: Small-To-Mid Migrations Running Up

There could be 37 migrations across categories in March, plus new listings being added. The small-to-mid cap migrations have continued to move...

Brian Freitas

KOSPI Size Indices: Lots of Change as Averaging Starts

There could be 34 migrations for the KOSPI Size Indices in March. Among new listings, there could be 1 LargeCap add, 2 MidCap adds and 2 SmallCap...

Brian Freitas

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