Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

Korea District Heating / Equity Bottom-Up

<ul>
<li>There are three major reasons why we like Korea District Heating (071320 KS). First, the company has been sharply improving its shareholder return program (especially for dividends).</li>
<li>The BOD members of KDHC and other major Korean utility companies are increasingly likely to focus on improving shareholder value by raising prices.</li>
<li>Its valuations remain attractive. It is trading at P/E of 3.2x, P/B of 0.4x, and EV/EBITDA of 6.8x based on 2025 consensus estimates.</li>
</ul>


There are three major reasons why we like Korea District Heating (071320 KS). First, the company has been sharply improving its shareholder return program (especially for dividends).
The BOD members of KDHC and other major Korean utility companies are increasingly likely to focus on improving shareholder value by raising prices.
Its valuations remain attractive. It is trading at P/E of 3.2x, P/B of 0.4x, and EV/EBITDA of 6.8x based on 2025 consensus estimates.


Asian Dividend Gems: Korea District Heating Corp (KDHC)

Cross Asset Strategy

<ul>
<li>We provide the details of the 11 most recent companies in KOSPI that have announced their Corporate Value Up plans (June and July 2025), including their shareholder returns. </li>
<li>These 11 companies experienced a sharp underperformance (from one day prior to their corporate value up announcement to current) versus KOSPI in the past two months.</li>
<li>Among the 11 companies include Doosan Bobcat, Hana Financial, KCC Corp, Orion Corp, Hanmi Semiconductor, Hanwha Aerospace, Hanwha Systems, Kolmar Holdings, Mirae Asset Securities, and KDHC. </li>
</ul>


We provide the details of the 11 most recent companies in KOSPI that have announced their Corporate Value Up plans (June and July 2025), including their shareholder returns. 
These 11 companies experienced a sharp underperformance (from one day prior to their corporate value up announcement to current) versus KOSPI in the past two months.
Among the 11 companies include Doosan Bobcat, Hana Financial, KCC Corp, Orion Corp, Hanmi Semiconductor, Hanwha Aerospace, Hanwha Systems, Kolmar Holdings, Mirae Asset Securities, and KDHC. 


Korea Value Up Plans Announcements by Companies in KOSPI in June and July 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

Index Rebalance

HD Hyundai Marine Solution  / Index Rebalance

<ul>
<li>There will be 8 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 12 June.</li>
<li>The inclusion of <a href="https://www.smartkarma.com/entities/korea-district-heating-corp" target="_blank" data-smartkarma-citation="entities:8806:1" rel="noopener">Korea District Heating (071320 KS)</a> is a surprise and leads to an extra deletion - all the other adds are exactly in line with forecasts.</li>
<li>The list of adds has been stable for the last few months and the stocks have outperformed the deletes and 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> since the start of the review period.</li>
</ul>


There will be 8 additions and 8 deletions for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) at the next rebalance to be implemented at the close on 12 June.
The inclusion of Korea District Heating (071320 KS) is a surprise and leads to an extra deletion - all the other adds are exactly in line with forecasts.
The list of adds has been stable for the last few months and the stocks have outperformed the deletes and the KOSPI2 INDEX since the start of the review period.


KOSPI200 Index Rebalance: 8 Changes a Side with 2 Surprises

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Miwon Specialty Chemical / Index Rebalance

<ul>
<li>The June 2025 index review results for the KOSPI Indices were announced after the close on Tuesday 27th May 2024.</li>
<li>There will be eight ADDs and eight DELs for KOSPI 200 during the June 2025 index rebal event. Some have high impact but round-trip flow is about US$175mm.</li>
<li>We <em>were</em> expecting six ADDs and six DELs. All of those turned out to be correct but there were some surprises (more ADDs and DELs than we expected). Explained below.</li>
</ul>


The June 2025 index review results for the KOSPI Indices were announced after the close on Tuesday 27th May 2024.
There will be eight ADDs and eight DELs for KOSPI 200 during the June 2025 index rebal event. Some have high impact but round-trip flow is about US$175mm.
We were expecting six ADDs and six DELs. All of those turned out to be correct but there were some surprises (more ADDs and DELs than we expected). Explained below.


KOSPI200 Jun25 Rebal: A Whopping 8 ADDs 8 DELETEs, At Least 1 Surprise - Some High ADV Changes

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.

<ul>
<li>June rebal results are mostly in line, but Korea District Heating’s add and PI Advanced Materials’s drop surprised; Fadu missed KQ150 likely on KRX’s qual screen.</li>
<li>As for Value-up Index, KRX avoided bold calls like cutting Samsung Electronics or Hanwha Aerospace, favoring stability over surprises—though this may further blur the Value-up Index’s purpose and spark criticism.</li>
<li>June’s KRX rebalance flow looks muted amid macro noise and politics; expect punchier post-announcement trading but watch for momentum to fade about a week before June 13.</li>
</ul>


June rebal results are mostly in line, but Korea District Heating’s add and PI Advanced Materials’s drop surprised; Fadu missed KQ150 likely on KRX’s qual screen.
As for Value-up Index, KRX avoided bold calls like cutting Samsung Electronics or Hanwha Aerospace, favoring stability over surprises—though this may further blur the Value-up Index’s purpose and spark criticism.
June’s KRX rebalance flow looks muted amid macro noise and politics; expect punchier post-announcement trading but watch for momentum to fade about a week before June 13.


My Take on June KS200, KQ150 & Value-Up Index Rebal

South Korea

Korea District Heating Corp. provides district heating systems for apartments, and business and commercial buildings.  The Company also provides district cooling systems, community energy supply systems, and electricity generated from combined heat and power plants.

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Korea District Heating (071320 KS)

Asian Dividend Gems: Korea District Heating Corp (KDHC)

There are three major reasons why we like Korea District Heating (071320 KS). First, the company has been sharply improving its shareholder return...

Douglas Kim

Korea Value Up Plans Announcements by Companies in KOSPI in June and July 2025

We provide the details of the 11 most recent companies in KOSPI that have announced their Corporate Value Up plans (June and July 2025), including...

Douglas Kim

KOSPI200 Index Rebalance: 8 Changes a Side with 2 Surprises

There are 8 changes with most on expected lines. Cosmo AM&T will also be sold by the IT sector ETF. Shorts have increased in a few stocks since the...

Brian Freitas

KOSPI200 Jun25 Rebal: A Whopping 8 ADDs 8 DELETEs, At Least 1 Surprise - Some High ADV Changes

KOSPI announced its KOSPI 200 changes for the June 2025 rebalance today. 8 ADDs, 8 DELETEs. We expected 6, missed one because of a float difference...

Travis Lundy

My Take on June KS200, KQ150 & Value-Up Index Rebal

Here’s my take on June’s KS200, KQ150, and Value-up Index reshuffle — the key moves, who’s in or out, and what to watch.

Sanghyun Park

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