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>The recent matched order operation's ringleader called in local major broadcasting companies for an interview and claimed the sell orders through SG on Monday were not from their CFD accounts.</li>
<li>The trigger is Kiwoom Securities' Chairman Kim, who created a continuous and rapid decline in stock prices and led to a vicious cycle of endless margin calls and covering orders.</li>
<li>Rather than fishing for a bottom for the eight stocks from this point on, it seems necessary to actively design positions aimed at Kiwoom Securities' legal risk-induced stock price decline.</li>
</ul>


The recent matched order operation's ringleader called in local major broadcasting companies for an interview and claimed the sell orders through SG on Monday were not from their CFD accounts.
The trigger is Kiwoom Securities' Chairman Kim, who created a continuous and rapid decline in stock prices and led to a vicious cycle of endless margin calls and covering orders.
Rather than fishing for a bottom for the eight stocks from this point on, it seems necessary to actively design positions aimed at Kiwoom Securities' legal risk-induced stock price decline.


We Should Aim at Kiwoom Securities' Potential Legal Risk-Induced Stock Price Decline

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>We discuss the increasing likelihood of formation of another Internet bank, challenger banks, and other measures to foster competition and increase social contribution on the Korean banking sector in 2023.  </li>
<li>The Korean banks underperformed in the past week due to President Yoon pointing out "banks and telcos need to share the increasing living costs."</li>
<li>We believe Kakao Bank is likely to underperform the market in the next several months as investors fear about greater competitive pressure, especially on the existing Internet banks.</li>
</ul>


We discuss the increasing likelihood of formation of another Internet bank, challenger banks, and other measures to foster competition and increase social contribution on the Korean banking sector in 2023.  
The Korean banks underperformed in the past week due to President Yoon pointing out "banks and telcos need to share the increasing living costs."
We believe Kakao Bank is likely to underperform the market in the next several months as investors fear about greater competitive pressure, especially on the existing Internet banks.


President Yoon Calls for Greater Competition and Social Contribution by the Korean Banks

<ul>
<li>In this insight, we discuss a list of 60 stocks in Korea where NPS recently added or reduced 1% or more stake (27 adds and 33 reduce). </li>
<li>Among the stocks NPS increased its stake, many of them are clear beneficiaries of the end of zero COVID policies in China including Hotel Shilla, Amorepacific Corp, and GKL. </li>
<li>Among the top market cap stocks where the NPS decreased its stake by 1% or more, they include Lg Innotek, Hyundai E&amp;C, Hyundai Mipo, and Posco International. </li>
</ul>


In this insight, we discuss a list of 60 stocks in Korea where NPS recently added or reduced 1% or more stake (27 adds and 33 reduce). 
Among the stocks NPS increased its stake, many of them are clear beneficiaries of the end of zero COVID policies in China including Hotel Shilla, Amorepacific Corp, and GKL. 
Among the top market cap stocks where the NPS decreased its stake by 1% or more, they include Lg Innotek, Hyundai E&amp;C, Hyundai Mipo, and Posco International. 


APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/one-store-4672b817-5076-408e-bcad-1a3e48b03c2a" target="_blank" data-smartkarma-citation="entities:35800:1" rel="noopener">ONE Store (ONE KS)</a> is looking to raise up to US$228m in its upcoming Korean IPO.</li>
<li>One Store is a mobile app market platform, formed by a cooperation between South Korea’s three telecom carriers, together with Naver Corp, an internet firm in South Korea.</li>
<li>By cutting its commission take rate to attract developers, the firm has managed to turnaround its transaction volume in FY18, leading it to record consecutive quarters of growth.</li>
</ul>



ONE Store (ONE KS) is looking to raise up to US$228m in its upcoming Korean IPO.
One Store is a mobile app market platform, formed by a cooperation between South Korea’s three telecom carriers, together with Naver Corp, an internet firm in South Korea.
By cutting its commission take rate to attract developers, the firm has managed to turnaround its transaction volume in FY18, leading it to record consecutive quarters of growth.


One Store Pre-IPO - Track Record Has Been Strong, Questions Surround Its Choice of Peers

<p>Starting this year, KRX will rebalance the KOSPI size index series (LargeCap, MidCap, and SmallCap) twice a year. Until last year, it was done once a year in March (the option expiration date). <span>However, from this year, the rebalancing is done twice a year, in March and September.</span></p><div class="content-highlight"><ul>
<li><strong>The screening method is simple and clear. It is based on the 3-month average daily market cap.</strong></li>
<li><strong>LargeCap includes 1st to 100th, and MidCap takes 101st to 300th.</strong></li>
<li><strong>The screening base date is the last trading day of February and August. So, this September rebalancing review period is June 1 to August 31.</strong></li>
</ul></div><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/227/642/original/Screen+Shot+2021-09-02+at+10.06.47+PM.png?1630634901" class="editor-image img-responsive" data-smartkarma-image-id="227642"></figure></section>

Starting this year, KRX will rebalance the KOSPI size index series (LargeCap, MidCap, and SmallCap) twice a year. Until last year, it was done once a year in March (the option expiration date). However, from this year, the rebalancing is done twice a year, in March and September.
The screening method is simple and clear. It is based on the 3-month average daily market cap.
LargeCap includes 1st to 100th, and MidCap takes 101st to 300th.
The screening base date is the last trading day of February and August. So, this September rebalancing review period is June 1 to August 31.


KOSPI LargeCap & MidCap Rebalancing Preview on September 9

South Korea

KIWOOM Securities Co., Ltd. is an online financial institution.  The Company offers equity and fixed income securities brokerage, dealing, and underwriting services.  Kiwoom Securities provides its services to individual investors.

Price Gauge
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Kiwoom Securities (039490 KS)

We Should Aim at Kiwoom Securities' Potential Legal Risk-Induced Stock Price Decline

This post investigates the new development of the recent matched order fraud incident and the potential trading opportunities on Kiwoom Securities.

Sanghyun Park

What Is NPS Buying & Selling?

In this insight, we discuss a list of 60 stocks in Korea where NPS recently added or reduced 1% or more stake (27 adds and 33 reduce).

Douglas Kim

One Store Pre-IPO - Track Record Has Been Strong, Questions Surround Its Choice of Peers

ONE Store (ONE KS) is looking to raise up to US$228m in its Korean IPO. One Store is a mobile app market platform, formed by a cooperation between...

Clarence Chu

KOSPI LargeCap & MidCap Rebalancing Preview on September 9

This post previews KOSPI Size Index Series rebalancing that is again scheduled for September 9, the same day as the KRX BBIG index.

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

We Should Aim at Kiwoom Securities' Potential Legal Risk-Induced Stock Price Decline

This post investigates the new development of the recent matched order fraud incident and the potential trading opportunities on Kiwoom Securities.

Sanghyun Park

President Yoon Calls for Greater Competition and Social Contribution by the Korean Banks

We discuss the increasing likelihood of formation of another Internet bank, challenger banks, and other measures to foster competition and increase...

Douglas Kim

What Is NPS Buying & Selling?

In this insight, we discuss a list of 60 stocks in Korea where NPS recently added or reduced 1% or more stake (27 adds and 33 reduce).

Douglas Kim

One Store Pre-IPO - Track Record Has Been Strong, Questions Surround Its Choice of Peers

ONE Store (ONE KS) is looking to raise up to US$228m in its Korean IPO. One Store is a mobile app market platform, formed by a cooperation between...

Clarence Chu

KOSPI LargeCap & MidCap Rebalancing Preview on September 9

This post previews KOSPI Size Index Series rebalancing that is again scheduled for September 9, the same day as the KRX BBIG index.

Sanghyun Park