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

Event-Driven

Korea Stock Exchange KOSPI 200 / Event-Driven

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

<ul>
<li>Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. </li>
<li>Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.</li>
<li>There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.</li>
</ul>


Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. 
Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.
There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.


Korea: Short Selling Is Back in March; Trade Ideas

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.

Research Reinvented

Equity Bottom-Up

ITM Semiconductor Co Ltd / Equity Bottom-Up

<ul>
 <li>ITM Semiconductor is a key player in the secondary battery protection circuit market, with its proprietary Protection Module Package (PMP) technology offering a key competitive advantage in miniaturization for mobile devices.</li>
 <li>The company is undergoing a significant strategic shift, focusing on core profitable businesses including e-cigarettes, battery protection circuits for a key global smartphone manufacturer, and sensors, while divesting from underperforming segments.</li>
 <li>Financial performance has been volatile, with recent quarters showing a return to operating profitability after periods of losses. Future growth is contingent on successful diversification into new markets like robotics, ESS, and defense, and deepening its relationship with key customers.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  ITM Semiconductor is a key player in the secondary battery protection circuit market, with its proprietary Protection Module Package (PMP) technology offering a key competitive advantage in miniaturization for mobile devices.
  The company is undergoing a significant strategic shift, focusing on core profitable businesses including e-cigarettes, battery protection circuits for a key global smartphone manufacturer, and sensors, while divesting from underperforming segments.
  Financial performance has been volatile, with recent quarters showing a return to operating profitability after periods of losses. Future growth is contingent on successful diversification into new markets like robotics, ESS, and defense, and deepening its relationship with key customers.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: ITM Semiconductor Co Ltd (084850 KS) - Apr 2026

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example <a href="https://www.smartkarma.com/entities/nanos-co-ltd" target="_blank" data-smartkarma-citation="entities:16796:1" rel="noopener">Nanos Co Ltd (151910 KS),</a>which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including <a href="https://www.smartkarma.com/entities/sang-a-frontec-co-ltd" target="_blank" data-smartkarma-citation="entities:20692:1" rel="noopener">Sang A Frontec (089980 KS)</a>, Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), <a href="https://www.smartkarma.com/entities/koreacenter-com-co-ltd" target="_blank" data-smartkarma-citation="entities:28329:1" rel="noopener">Koreacenter.com Co Ltd (290510 KS)</a>, and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions.

The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example Nanos Co Ltd (151910 KS),which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including Sang A Frontec (089980 KS), Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), Koreacenter.com Co Ltd (290510 KS), and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions. 

KOSDAQ150 and KRX300 Indices Rebalances (Overlapping Additions & Deletions)

In this insight, we provide additional insights regarding the upcoming KOSPI 200 and KOSDAQ 150 rebalancing. According to the KRX, it plans to announce the KOSPI 200 and KOSDAQ 150 rebalanced stocks at the end of May and the changed KOSPI 200 and KOSDAQ 150 indices will be effective starting 12 June.We have broken down the potential inclusions into KOSPI 200 KOSDAQ 150 into 3 major categories including the following:<ul>
<li>Share price performances YTD</li>
<li>Market Cap</li>
<li>Operating Profit Growth Momentum</li>
</ul><div class="content-highlight">
Combining all of these three factors, the top five companies in our list including Zinus, Hwa Sung Enterprises, F&amp;F, Cuckoo Homesys, POSCO Chemtech, and Cuckoo Homesys are the ones that not only are potential inclusions in KOSPI 200 but also those that can potentially outperform the market after being included in KOSPI 200. 
Combining all of these three factors, the top five companies in our list including ITM Semiconductor, Cowintech, Daou Data Corp, Ebest Investment &amp; Securities, and Neowiz Games are the ones that not only are potential inclusions in KOSDAQ 150 but also those that can potentially outperform the market after being included in KOSDAQ 150.  
</div>

In this insight, we provide additional insights regarding the upcoming KOSPI 200 and KOSDAQ 150 rebalancing. According to the KRX, it plans to announce the KOSPI 200 and KOSDAQ 150 rebalanced stocks at the end of May and the changed KOSPI 200 and KOSDAQ 150 indices will be effective starting 12 June.We have broken down the potential inclusions into KOSPI 200 KOSDAQ 150 into 3 major categories including the following:
Share price performances YTD
Market Cap
Operating Profit Growth Momentum

Combining all of these three factors, the top five companies in our list including Zinus, Hwa Sung Enterprises, F&amp;F, Cuckoo Homesys, POSCO Chemtech, and Cuckoo Homesys are the ones that not only are potential inclusions in KOSPI 200 but also those that can potentially outperform the market after being included in KOSPI 200. 
Combining all of these three factors, the top five companies in our list including ITM Semiconductor, Cowintech, Daou Data Corp, Ebest Investment &amp; Securities, and Neowiz Games are the ones that not only are potential inclusions in KOSDAQ 150 but also those that can potentially outperform the market after being included in KOSDAQ 150.  


KOSPI 200 & KOSDAQ 150 Rebalancing in June Update

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 Dec 12th. The aggregated short interest was USD12.1bn.</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 SANIL ELECTRIC, Hanwha Vision, kakaopay, Samsung F&amp;M Insurance, Alteogen.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Dec 12th. The aggregated short interest was USD12.1bn.
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 SANIL ELECTRIC, Hanwha Vision, kakaopay, Samsung F&amp;M Insurance, Alteogen.


KRX Short Interest Weekly (Dec 12th): SANIL ELECTRIC, Hanwha Vision, Kakaopay, Samsung F&M Insurance

South Korea

ITM Semiconductor Co.,Ltd manufactures and sells semiconductor devices. The Company focused on the production of POC (Protection One Chip) and PMP (Protection Module Package). ITM Semiconductor also researches and develops new technologies.

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ITM Semiconductor Co Ltd (084850 KS)

Korea: Short Selling Is Back in March; Trade Ideas

Short selling in Korea commences from Monday. There will be a lot of interest in shorting stocks/sectors depending on how they have performed since...

Brian Freitas

Primer: ITM Semiconductor Co Ltd (084850 KS) - Apr 2026

ITM Semiconductor is a key player in the secondary battery protection circuit market, with its proprietary Protection Module Package (PMP)...

αSK Primers

KOSDAQ150 and KRX300 Indices Rebalances (Overlapping Additions & Deletions)

We highlight the KOSDAQ150 and KRX300 indices rebalances. There are some interesting new names, especially among those that are over lapping in...

Douglas Kim

KOSPI 200 & KOSDAQ 150 Rebalancing in June Update

In this insight, we provide additional insights regarding the upcoming KOSPI 200 and KOSDAQ 150 rebalancing. According to the KRX, it plans to...

Douglas Kim

KRX Short Interest Weekly (Dec 12th): SANIL ELECTRIC, Hanwha Vision, Kakaopay, Samsung F&M Insurance

We analyzed KRX short interest report for the past week and highlighted short interest changes in SANIL ELECTRIC, Hanwha Vision, kakaopay, Samsung...

Ke Yan, CFA, FRM

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