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

<ul>
  <li>JYP Entertainment is a major player in the global K-Pop industry, demonstrating a strong track record of revenue and profit growth driven by its successful artist portfolio, including global acts like Stray Kids and TWICE.</li>
  <li>The company's 'Globalization by Localization' strategy, with new groups targeting specific international markets (e.g., VCHA in the U.S., NEXZ in Japan), is a key pillar for future growth, aiming to create sustainable, localized revenue streams.</li>
  <li>While financially resilient with high profitability margins, the company faces risks tied to its high dependence on a few key artists, intense industry competition, and the inherent uncertainty of producing consistent hits.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  JYP Entertainment is a major player in the global K-Pop industry, demonstrating a strong track record of revenue and profit growth driven by its successful artist portfolio, including global acts like Stray Kids and TWICE.
  The company's 'Globalization by Localization' strategy, with new groups targeting specific international markets (e.g., VCHA in the U.S., NEXZ in Japan), is a key pillar for future growth, aiming to create sustainable, localized revenue streams.
  While financially resilient with high profitability margins, the company faces risks tied to its high dependence on a few key artists, intense industry competition, and the inherent uncertainty of producing consistent hits.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Jyp Entertainment (035900 KS) - Aug 2026

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.</li>
<li>In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.</li>
<li>The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.</li>
</ul>


Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.
In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.
The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.


Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

<ul>
<li>In the past several days, Korea's National Assembly passed an amendment to the Capital Markets Act, codifying a bipartisan compromise known as the "50%+1" rule for tender offers.</li>
<li>I do not like the new 50%+1 tender offer system in Korea, although it is slightly better than the existing tender offer system in Korea.</li>
<li>What about the remaining 49.99% of the minority shareholders? Clearly, these remaining minority shareholders are not treated fairly. </li>
</ul>


In the past several days, Korea's National Assembly passed an amendment to the Capital Markets Act, codifying a bipartisan compromise known as the "50%+1" rule for tender offers.
I do not like the new 50%+1 tender offer system in Korea, although it is slightly better than the existing tender offer system in Korea.
What about the remaining 49.99% of the minority shareholders? Clearly, these remaining minority shareholders are not treated fairly. 


Korea To Introduce 50%+1 Mandatory Tender Offer Rule: Taking 1 Step Back on Reducing Korea Discount

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 foreign holdings of KRX stocks as of Aug 14th. The aggregated holding was USD1,641.7bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,253mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, SKSQUARE, Samsung Elec (PREF), Celltrion.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 14th. The aggregated holding was USD1,641.7bn.
We estimate that foreign flows to be inflows of USD2,253mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, SKSQUARE, Samsung Elec (PREF), Celltrion.


KRX Foreign Holding Weekly (Aug 14th): SK Hynix, Samsung Electronics, SKSQUARE, Samsung Elec (PREF)

South Korea

JYP Entertainment Corp plans, produces, promotes, and markets Korean singers both in Korean and overseas market. The Company's also engages in licensing, merchandizing, and artist management business including the commercial flim contracts of the artists.

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Jyp Entertainment (035900 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: Jyp Entertainment (035900 KS) - Aug 2026

JYP Entertainment is a major player in the global K-Pop industry, demonstrating a strong track record of revenue and profit growth driven by its...

αSK Primers

Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the...

Douglas Kim

Korea To Introduce 50%+1 Mandatory Tender Offer Rule: Taking 1 Step Back on Reducing Korea Discount

In the past several days, Korea's National Assembly passed an amendment to the Capital Markets Act, codifying a bipartisan compromise known as the...

Douglas Kim

KRX Foreign Holding Weekly (Aug 14th): SK Hynix, Samsung Electronics, SKSQUARE, Samsung Elec (PREF)

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, SKSQUARE, Samsung...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)