Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Bottom-Up

<ul>
  <li>
<a href="https://smartkarma.com/entities/isupetasys-co-ltd">Isupetasys</a> is a key enabler of the AI revolution, specializing in the production of high-value, ultra-multilayer printed circuit boards (PCBs) that are critical components for AI accelerators and high-speed networking equipment.</li>
  <li>The company holds a strong market position with an oligopolistic nature in the high-end PCB segment, serving major global technology firms. This technological moat, however, is juxtaposed with concerns over management's capital allocation decisions following a problematic rights issue in late 2024.</li>
  <li>Despite a premium valuation and negative free cash flow due to heavy investment in capacity expansion, the company is poised for significant growth, driven by the escalating demands of the AI and data center industries.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Isupetasys is a key enabler of the AI revolution, specializing in the production of high-value, ultra-multilayer printed circuit boards (PCBs) that are critical components for AI accelerators and high-speed networking equipment.
  The company holds a strong market position with an oligopolistic nature in the high-end PCB segment, serving major global technology firms. This technological moat, however, is juxtaposed with concerns over management's capital allocation decisions following a problematic rights issue in late 2024.
  Despite a premium valuation and negative free cash flow due to heavy investment in capacity expansion, the company is poised for significant growth, driven by the escalating demands of the AI and data center industries.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Isupetasys (007660 KS) - Aug 2026

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.

Index Rebalance

<ul>
<li>FnGuide MKF500 rebal: Fadu finally added, SK Square and ISU Petasys surprisingly reclassified into semis, driving notable passive flow impact into the KRW 15tn semis ETF complex.</li>
<li>TIGER Semis Top 10 is pure free float MCAP screen, all three already Top 10, so inclusion basically locked if rankings hold.</li>
<li>Other five depend on keyword scoring so lower visibility, but still high inclusion odds; expect stacked FnGuide passive flows from June 12 through July and October driving heavy positioning.</li>
</ul>


FnGuide MKF500 rebal: Fadu finally added, SK Square and ISU Petasys surprisingly reclassified into semis, driving notable passive flow impact into the KRW 15tn semis ETF complex.
TIGER Semis Top 10 is pure free float MCAP screen, all three already Top 10, so inclusion basically locked if rankings hold.
Other five depend on keyword scoring so lower visibility, but still high inclusion odds; expect stacked FnGuide passive flows from June 12 through July and October driving heavy positioning.


FnGuide MKF500 Rebal: Fadu Finally Added, Key Surprises Are SK Square & ISU Petasys Now Semis

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we discuss the price performance actions of 32 stocks that have been rebalanced in KOSPI200 in 2025.</li>
<li>Among the 16 additions to the KOSPI200 index in 2025, the average share price performances are up on average 19.5% (3 months performance prior to the announcement dates).</li>
<li>Among the 16 deletions to the KOSPI200 index in 2025, the average share price performances are down on average 13.5% (3 months performance prior to the announcement dates).</li>
</ul>


In this insight, we discuss the price performance actions of 32 stocks that have been rebalanced in KOSPI200 in 2025.
Among the 16 additions to the KOSPI200 index in 2025, the average share price performances are up on average 19.5% (3 months performance prior to the announcement dates).
Among the 16 deletions to the KOSPI200 index in 2025, the average share price performances are down on average 13.5% (3 months performance prior to the announcement dates).


KOSPI200 Index Rebalances - A Year in Review (2025)

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 7 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 11 December.</li>
<li>As expected, there are no adhoc inclusions as Samsung Epis Holdings is added to the index to offset the gap created by the <a href="https://www.smartkarma.com/entities/hd-hyundai-heavy-industries-co" target="_blank" data-smartkarma-citation="entities:33808:1" rel="noopener">Hyundai Heavy</a>/ <a href="https://www.smartkarma.com/entities/hd-hyundai-mipo" target="_blank" data-smartkarma-citation="entities:2755:1" rel="noopener">Hyundai Mipo</a> merger.</li>
<li>The adds have outperformed the deletes very handily while also outperforming 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> but by a much narrower margin.</li>
</ul>


There will be 7 additions and 8 deletions for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) at the next rebalance to be implemented at the close on 11 December.
As expected, there are no adhoc inclusions as Samsung Epis Holdings is added to the index to offset the gap created by the Hyundai Heavy/ Hyundai Mipo merger.
The adds have outperformed the deletes very handily while also outperforming the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) but by a much narrower margin.


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

Shenton Research

Shenton 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 Sep 25th. The aggregated short interest was USD18.7bn.</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 SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan Enerbility, HyundaiEng&amp;Const.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Sep 25th. The aggregated short interest was USD18.7bn.
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 SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan Enerbility, HyundaiEng&amp;Const.


KRX Short Interest Weekly (Sep 25th): SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan Enerbility

South Korea

IsuPetasys Co., Ltd. manufactures printed circuit boards (PCBs) specializing in high multilayer PCBs.  The Company exports its products to Cisco Systems, Brocade Communications Systems, and Sun Microsystems in the United States.

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Isupetasys (007660 KS)

Primer: Isupetasys (007660 KS) - Aug 2026

Isupetasys is a key enabler of the AI revolution, specializing in the production of high-value, ultra-multilayer printed circuit boards (PCBs)...

αSK Primers

FnGuide MKF500 Rebal: Fadu Finally Added, Key Surprises Are SK Square & ISU Petasys Now Semis

FnGuide MKF500 June rebalancing results are out: Fadu finally included, but key surprises are SK Square and ISU Petasys being reclassified into...

Sanghyun Park

KOSPI200 Index Rebalances - A Year in Review (2025)

Among the 16 additions to the KOSPI200 index in 2025, the average share price performances are up on average 19.5% (3 months performance prior to...

Douglas Kim

KOSPI200 Index Rebalance: Nearly Perfect

As expected, there are 7 changes a side (ignoring the merger, which was known). No ad hoc inclusions since the Hyundai merger offsets the Samsung...

Brian Freitas

KRX Short Interest Weekly (Sep 25th): SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan Enerbility

We analyzed KRX short interest report for the past week and highlighted short interest changes in SIMMTECH, HANWHA SYSTEMS, LG Electronics, Doosan...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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