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>Kakao's Kim Beom-su has been arrested over alleged stock price manipulation in the SM Entertainment buyout, marking a new peak in the company's legal troubles.</li>
<li>Kakao Corp’s stock might drop due to the absence of a key figure. KakaoBank could also struggle from uncertainty about its largest shareholder and weakened business ties.</li>
<li>Kakao’s potential sale of SM Entertainment shares could initially hurt the stock price, but potential bidding interest might boost it.</li>
</ul>


Kakao's Kim Beom-su has been arrested over alleged stock price manipulation in the SM Entertainment buyout, marking a new peak in the company's legal troubles.
Kakao Corp’s stock might drop due to the absence of a key figure. KakaoBank could also struggle from uncertainty about its largest shareholder and weakened business ties.
Kakao’s potential sale of SM Entertainment shares could initially hurt the stock price, but potential bidding interest might boost it.


Kakao's Kim Beom-Su Arrested: Analyzing Its Impact on Related Companies

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Samsung Electronics   / Equity Capital Markets

<ul>
<li>In this note, we will take a look at broker performance for Korea IPOs and placements in 2023.</li>
<li>The following dataset includes all Korean IPOs and placements above US$100m, <strong>which amounted to a total of seven deals.</strong> Given the small number of deals, we’ll keep the note short.</li>
<li>The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.</li>
</ul>


In this note, we will take a look at broker performance for Korea IPOs and placements in 2023.
The following dataset includes all Korean IPOs and placements above US$100m, which amounted to a total of seven deals. Given the small number of deals, we’ll keep the note short.
The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.


Aequitas Korea IPOs + Placements Broker Performance 2023

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>The local media have started to provide some concrete figures of the amount of losses related to HSCEI related ELS products sold by major Korean banks and securities firms.</li>
<li>If HSCEI continues to remain at about 5,450 to the end of March 2024, the total losses could rise to nearly 1.6 trillion won, impacting more than 45,000 investors. </li>
<li>Concerns about HSCEI index related ELS losses have negatively impacted both the major Korean banks and securities companies in Korea in the past 1-2 months. </li>
</ul>


The local media have started to provide some concrete figures of the amount of losses related to HSCEI related ELS products sold by major Korean banks and securities firms.
If HSCEI continues to remain at about 5,450 to the end of March 2024, the total losses could rise to nearly 1.6 trillion won, impacting more than 45,000 investors. 
Concerns about HSCEI index related ELS losses have negatively impacted both the major Korean banks and securities companies in Korea in the past 1-2 months. 


An Update on HSCEI Index Related ELS Losses for Korean Financials + BOK's Pivot in 2024

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

China Galaxy Securities (H) / Index Rebalance

<ul>
<li>The WisdomTree Emerging Markets SmallCap Dividend Index is a fundamentally weighted index that measures the performance of small cap stocks within Emerging Markets.</li>
<li>The October rebalance will result in a one-way turnover of ~45% and in a one-way trade of US$1.24bn. There are ~300 stocks with over 1 day of ADV to trade.</li>
<li>With only 4 trading days to implementation, there could be large moves on stocks with large flows and impact over the next few days.</li>
</ul>


The WisdomTree Emerging Markets SmallCap Dividend Index is a fundamentally weighted index that measures the performance of small cap stocks within Emerging Markets.
The October rebalance will result in a one-way turnover of ~45% and in a one-way trade of US$1.24bn. There are ~300 stocks with over 1 day of ADV to trade.
With only 4 trading days to implementation, there could be large moves on stocks with large flows and impact over the next few days.


WisdomTree Emerging Markets SmallCap Dividend Index Rebalance: 45% Turnover & US$2.5bn to Trade

<ul>
<li>On 10 October, Kiwoom Securities announced shareholder friendly policies. This could lead to Kiwoom Securities outperforming other major Korean securities companies in the next several months. </li>
<li>First, the company will return more than 30% of its net profit to the shareholders in the next three years through dividends and share buybacks/cancellations of treasury shares.</li>
<li>In addition, Kiwoom Securities plans to cancel all 1.4 million treasury shares it currently holds, representing 5.3% of outstanding shares.</li>
</ul>


On 10 October, Kiwoom Securities announced shareholder friendly policies. This could lead to Kiwoom Securities outperforming other major Korean securities companies in the next several months. 
First, the company will return more than 30% of its net profit to the shareholders in the next three years through dividends and share buybacks/cancellations of treasury shares.
In addition, Kiwoom Securities plans to cancel all 1.4 million treasury shares it currently holds, representing 5.3% of outstanding shares.


Kiwoom Securities: Announces Material Improvement in Shareholder Return Policies

South Korea

Korea Investment Holdings Co., Ltd. is a financial holding company. The Company operates and controls its financial subsidiaries such as Korea Investment & Securities, Korea Investment Partners, and Korea Investment Mutual Savings Bank.

Korea Investment Holdings Co, Ltd. (071050 KS)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Korea Investment Holdings Co, Ltd. (071050 KS)

Aequitas Korea IPOs + Placements Broker Performance 2023

In this note, we will take a look at broker performance for Korea IPOs and placements in 2023, which amounted to a total of seven deals. Given the...

Ethan Aw

WisdomTree Emerging Markets SmallCap Dividend Index Rebalance: 45% Turnover & US$2.5bn to Trade

There are 364 adds/325 deletes for the WisdomTree Emerging Markets SmallCap Dividend Index. One-way turnover is 45% resulting in a one-way trade of...

Brian Freitas

Kiwoom Securities: Announces Material Improvement in Shareholder Return Policies

Kiwoom Securities announced shareholder-friendly policies, including returning over 30% of net profit to shareholders and cancelling all treasury...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kakao's Kim Beom-Su Arrested: Analyzing Its Impact on Related Companies

Kakao Chairman Kim Beom-su has been arrested for alleged stock price manipulation in last year’s SM Entertainment buyout. This post examines the...

Sanghyun Park

Aequitas Korea IPOs + Placements Broker Performance 2023

In this note, we will take a look at broker performance for Korea IPOs and placements in 2023, which amounted to a total of seven deals. Given the...

Ethan Aw

An Update on HSCEI Index Related ELS Losses for Korean Financials + BOK's Pivot in 2024

If HSCEI continues to remain at about 5,450 to the end of March 2024, the total losses could rise to nearly 1.6 trillion won, impacting more than...

Douglas Kim

WisdomTree Emerging Markets SmallCap Dividend Index Rebalance: 45% Turnover & US$2.5bn to Trade

There are 364 adds/325 deletes for the WisdomTree Emerging Markets SmallCap Dividend Index. One-way turnover is 45% resulting in a one-way trade of...

Brian Freitas

Kiwoom Securities: Announces Material Improvement in Shareholder Return Policies

​Kiwoom Securities announced shareholder-friendly policies, including returning over 30% of net profit to shareholders and cancelling all treasury...

Douglas Kim

Kiwoom Securities announced shareholder-friendly policies, including returning over 30% of net profit to shareholders and cancelling all treasury...