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

Lotte Tour Development Co, Ltd. / Event-Driven

Those with a high level of unconverted CB balance would be among the early target groups by short sellers from May 3 in Korea.Among the Short 350 (KOSPI 200 and KOSDAQ 150), five names pop up as a heavy CB carrier with the conversion in progress.<table class="table table-striped">
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<td style="width: 210px;" data-sheets-value='{"1":2,"2":"Name"}'>Name</td>
<td style="text-align: right; width: 95px;" data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right; width: 126.667px;" data-sheets-value='{"1":2,"2":"CB balance (₩B)"}'>CB balance at FY2020 yearend (₩B)</td>
<td style="text-align: right; width: 113.333px;" data-sheets-value='{"1":2,"2":"Time to expiration (days)"}'>Time to expiration (days)</td>
<td style="text-align: right; width: 95.8333px;" data-sheets-value='{"1":2,"2":"Conversion"}'>Conversion</td>
</tr>
<tr>
<td style="width: 210px;" data-sheets-value='{"1":2,"2":"LG Display Co Ltd"}'>LG Display</td>
<td style="text-align: right; width: 95px;" data-sheets-value='{"1":2,"2":"034220"}'>034220</td>
<td style="text-align: right; width: 126.667px;" data-sheets-value='{"1":3,"3":813.4}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}'>813.4</td>
<td style="text-align: right; width: 113.333px;" data-sheets-value='{"1":3,"3":1209}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>1,209</td>
<td style="text-align: right; width: 95.8333px;" data-sheets-value='{"1":3,"3":19845}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}'>₩19,845</td>
</tr>
<tr>
<td style="width: 210px;" data-sheets-value='{"1":2,"2":"Hwaseung Enterprise Co Ltd"}'>Hwaseung Enterprise</td>
<td style="text-align: right; width: 95px;" data-sheets-value='{"1":2,"2":"241590"}'>241590</td>
<td style="text-align: right; width: 126.667px;" data-sheets-value='{"1":3,"3":150}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}'>150.0</td>
<td style="text-align: right; width: 113.333px;" data-sheets-value='{"1":3,"3":10529}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>10,529</td>
<td style="text-align: right; width: 95.8333px;" data-sheets-value='{"1":3,"3":17542}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}'>₩17,542</td>
</tr>
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<td style="width: 210px;" data-sheets-value='{"1":2,"2":"GS Engineering &amp; Construction Corp"}'>GS E&amp;C</td>
<td style="text-align: right; width: 95px;" data-sheets-value='{"1":2,"2":"006360"}'>006360</td>
<td style="text-align: right; width: 126.667px;" data-sheets-value='{"1":3,"3":77.8}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}'>77.8</td>
<td style="text-align: right; width: 113.333px;" data-sheets-value='{"1":3,"3":84}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>84</td>
<td style="text-align: right; width: 95.8333px;" data-sheets-value='{"1":3,"3":30239}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}'>₩30,239</td>
</tr>
<tr>
<td style="width: 210px;" data-sheets-value='{"1":2,"2":"KIWOOM Securities Co., Ltd."}'>KIWOOM Securities</td>
<td style="text-align: right; width: 95px;" data-sheets-value='{"1":2,"2":"039490"}'>039490</td>
<td style="text-align: right; width: 126.667px;" data-sheets-value='{"1":3,"3":127.1}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}'>127.1</td>
<td style="text-align: right; width: 113.333px;" data-sheets-value='{"1":3,"3":423}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>423</td>
<td style="text-align: right; width: 95.8333px;" data-sheets-value='{"1":3,"3":105247}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}'>₩105,247</td>
</tr>
<tr>
<td style="width: 210px;" data-sheets-value='{"1":2,"2":"Lotte Tour Development Co., Ltd."}'>Lotte Tour Dev</td>
<td style="text-align: right; width: 95px;" data-sheets-value='{"1":2,"2":"032350"}'>032350</td>
<td style="text-align: right; width: 126.667px;" data-sheets-value='{"1":3,"3":71.04}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}'>71.0</td>
<td style="text-align: right; width: 113.333px;" data-sheets-value='{"1":3,"3":852}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>852</td>
<td style="text-align: right; width: 95.8333px;" data-sheets-value='{"1":3,"3":13850}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}'>₩13,850</td>
</tr>
<tr><td colspan="5" rowspan="1" style="width: 724.167px;" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table>All of them enjoy a substantial gain in price, ranging from 2.90% to 52.12%. We should see a strong incentive in conversion, potentially resulting in an active shorting inflow.CB balance (as of FY2020 yearend) * Delta (σ, 21 TD) should estimate potential shorting inflow, suggesting LG Display sitting at the top with ₩623.5B.As a % of MC, Hwaseung Ent leads the pack at 13.15%.<table class="table table-striped">
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<td style="width: 124.167px;" data-sheets-value='{"1":2,"2":"Name"}'>Name</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right; width: 76.6667px;" data-sheets-value='{"1":2,"2":"Price"}'>Price</td>
<td style="text-align: right; width: 96.6667px;" data-sheets-value='{"1":2,"2":"% to conversion"}'>Price gain from the conversion</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":2,"2":"Delta"}'>Delta (σ, 21 TD)</td>
<td style="text-align: right; width: 75.8333px;" data-sheets-value='{"1":2,"2":"CB balance*Delta (₩B)"}'>CB balance * Delta (₩B)</td>
<td style="text-align: right; width: 74.1667px;" data-sheets-value='{"1":2,"2":"% of MC"}'>% of MC</td>
</tr>
<tr>
<td style="width: 124.167px;" data-sheets-value='{"1":2,"2":"LG Display Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>LG Display</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":2,"2":"034220"}' data-sheets-formula='="034220"'>034220</td>
<td style="text-align: right; width: 76.6667px;" data-sheets-value='{"1":3,"3":24900}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}' data-sheets-formula='=googlefinance(R[0]C[-1], "price")'>₩24,900</td>
<td style="text-align: right; width: 96.6667px;" data-sheets-value='{"1":3,"3":0.254724111866969}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-1]-R[0]C[5])/R[0]C[5]">25.47%</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":3,"3":0.7665}' data-sheets-numberformat='{"1":2,"2":"#,##0.0000","3":1}'>0.7665</td>
<td style="text-align: right; width: 75.8333px;" data-sheets-value='{"1":3,"3":623.4711}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}' data-sheets-formula="=R[0]C[2]*R[0]C[-1]">623.5</td>
<td style="text-align: right; width: 74.1667px;" data-sheets-value='{"1":3,"3":0.06997736544260075}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/(googlefinance(R[0]C[-5], "marketcap")/1000000000)'>7.00%</td>
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<td style="width: 124.167px;" data-sheets-value='{"1":2,"2":"Hwaseung Enterprise Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Hwaseung Enterprise</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":2,"2":"241590"}' data-sheets-formula='="241590"'>241590</td>
<td style="text-align: right; width: 76.6667px;" data-sheets-value='{"1":3,"3":18000}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}' data-sheets-formula='=googlefinance(R[0]C[-1], "price")'>₩18,000</td>
<td style="text-align: right; width: 96.6667px;" data-sheets-value='{"1":3,"3":0.02610876752935811}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-1]-R[0]C[5])/R[0]C[5]">2.61%</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":3,"3":0.9556}' data-sheets-numberformat='{"1":2,"2":"#,##0.0000","3":1}'>0.9556</td>
<td style="text-align: right; width: 75.8333px;" data-sheets-value='{"1":3,"3":143.34}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}' data-sheets-formula="=R[0]C[2]*R[0]C[-1]">143.3</td>
<td style="text-align: right; width: 74.1667px;" data-sheets-value='{"1":3,"3":0.13152657984811297}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/(googlefinance(R[0]C[-5], "marketcap")/1000000000)'>13.15%</td>
</tr>
<tr>
<td style="width: 124.167px;" data-sheets-value='{"1":2,"2":"GS Engineering &amp; Construction Corp"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>GS E&amp;C</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":2,"2":"006360"}' data-sheets-formula='="006360"'>006360</td>
<td style="text-align: right; width: 76.6667px;" data-sheets-value='{"1":3,"3":46000}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}' data-sheets-formula='=googlefinance(R[0]C[-1], "price")'>₩46,000</td>
<td style="text-align: right; width: 96.6667px;" data-sheets-value='{"1":3,"3":0.5212143258705645}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-1]-R[0]C[5])/R[0]C[5]">52.12%</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":3,"3":0.9874}' data-sheets-numberformat='{"1":2,"2":"#,##0.0000","3":1}'>0.9874</td>
<td style="text-align: right; width: 75.8333px;" data-sheets-value='{"1":3,"3":76.81972}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}' data-sheets-formula="=R[0]C[2]*R[0]C[-1]">76.8</td>
<td style="text-align: right; width: 74.1667px;" data-sheets-value='{"1":3,"3":0.01953417848061996}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/(googlefinance(R[0]C[-5], "marketcap")/1000000000)'>1.95%</td>
</tr>
<tr>
<td style="width: 124.167px;" data-sheets-value='{"1":2,"2":"KIWOOM Securities Co., Ltd."}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>KIWOOM Securities</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":2,"2":"039490"}' data-sheets-formula='="039490"'>039490</td>
<td style="text-align: right; width: 76.6667px;" data-sheets-value='{"1":3,"3":135000}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}' data-sheets-formula='=googlefinance(R[0]C[-1], "price")'>₩135,000</td>
<td style="text-align: right; width: 96.6667px;" data-sheets-value='{"1":3,"3":0.2826968939732249}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-1]-R[0]C[5])/R[0]C[5]">28.27%</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":3,"3":0.8001}' data-sheets-numberformat='{"1":2,"2":"#,##0.0000","3":1}'>0.8001</td>
<td style="text-align: right; width: 75.8333px;" data-sheets-value='{"1":3,"3":101.69271}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}' data-sheets-formula="=R[0]C[2]*R[0]C[-1]">101.7</td>
<td style="text-align: right; width: 74.1667px;" data-sheets-value='{"1":3,"3":0.02893417796460866}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/(googlefinance(R[0]C[-5], "marketcap")/1000000000)'>2.89%</td>
</tr>
<tr>
<td style="width: 124.167px;" data-sheets-value='{"1":2,"2":"Lotte Tour Development Co., Ltd."}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Lotte Tour Dev</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":2,"2":"032350"}' data-sheets-formula='="032350"'>032350</td>
<td style="text-align: right; width: 76.6667px;" data-sheets-value='{"1":3,"3":18100}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}' data-sheets-formula='=googlefinance(R[0]C[-1], "price")'>₩18,100</td>
<td style="text-align: right; width: 96.6667px;" data-sheets-value='{"1":3,"3":0.30685920577617326}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-1]-R[0]C[5])/R[0]C[5]">30.69%</td>
<td style="text-align: right; width: 75px;" data-sheets-value='{"1":3,"3":0.7877}' data-sheets-numberformat='{"1":2,"2":"#,##0.0000","3":1}'>0.7877</td>
<td style="text-align: right; width: 75.8333px;" data-sheets-value='{"1":3,"3":55.958208}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}' data-sheets-formula="=R[0]C[2]*R[0]C[-1]">56.0</td>
<td style="text-align: right; width: 74.1667px;" data-sheets-value='{"1":3,"3":0.04462769831973416}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/(googlefinance(R[0]C[-5], "marketcap")/1000000000)'>4.46%</td>
</tr>
<tr><td colspan="7" rowspan="1" style="width: 722.5px;" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table>

Those with a high level of unconverted CB balance would be among the early target groups by short sellers from May 3 in Korea.Among the Short 350 (KOSPI 200 and KOSDAQ 150), five names pop up as a heavy CB carrier with the conversion in progress.









Name
Ticker
CB balance at FY2020 yearend (₩B)
Time to expiration (days)
Conversion


LG Display
034220
813.4
1,209
₩19,845


Hwaseung Enterprise
241590
150.0
10,529
₩17,542


GS E&amp;C
006360
77.8
84
₩30,239


KIWOOM Securities
039490
127.1
423
₩105,247


Lotte Tour Dev
032350
71.0
852
₩13,850

Source: DART

All of them enjoy a substantial gain in price, ranging from 2.90% to 52.12%. We should see a strong incentive in conversion, potentially resulting in an active shorting inflow.CB balance (as of FY2020 yearend) * Delta (σ, 21 TD) should estimate potential shorting inflow, suggesting LG Display sitting at the top with ₩623.5B.As a % of MC, Hwaseung Ent leads the pack at 13.15%.











Name
Ticker
Price
Price gain from the conversion
Delta (σ, 21 TD)
CB balance * Delta (₩B)
% of MC


LG Display
034220
₩24,900
25.47%
0.7665
623.5
7.00%


Hwaseung Enterprise
241590
₩18,000
2.61%
0.9556
143.3
13.15%


GS E&amp;C
006360
₩46,000
52.12%
0.9874
76.8
1.95%


KIWOOM Securities
039490
₩135,000
28.27%
0.8001
101.7
2.89%


Lotte Tour Dev
032350
₩18,100
30.69%
0.7877
56.0
4.46%

Source: DART



CB Balance X Delta (σ, 21 TD) Based Potential Shorting Inflow Among Korea Short 350

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<div class="content-highlight"><a href="https://www.news1.kr/articles/?4201835" target="_blank" rel="noopener">Korea Financial Services Commission (FSC)</a> announced after the market close today that there will be a PARTIAL end of the ban on short selling of stocks starting on May 3rd. This will not be applied on the entire market. Rather, this partial end of the ban on short selling of stocks will only apply for KOSPI 200 and KOSDAQ 150 included stocks (350 stocks in total) and will not apply for the remaining 2,037 stocks in the Korean stock market.</div>

Korea Financial Services Commission (FSC) announced after the market close today that there will be a PARTIAL end of the ban on short selling of stocks starting on May 3rd. This will not be applied on the entire market. Rather, this partial end of the ban on short selling of stocks will only apply for KOSPI 200 and KOSDAQ 150 included stocks (350 stocks in total) and will not apply for the remaining 2,037 stocks in the Korean stock market.

PARTIAL END of Ban on Short Selling of Stocks in Korea

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

The short sell ban in Korea that was instated on 16 March 2020 is set to expire on 15 March.However, with mayoral elections in Seoul and Busan around the corner, politicians are said to be leaning on the FSC to extend the short sell ban. Add to that the retail outrage - from petitions to the Blue House, bus tours, and posts on K-Streetbets of targeting stocks with high short interest.There is a high likelihood that the short sell ban gets extended by three more months to tide the politicians over the mayoral elections.In the event that the short sell ban expires, we highlight stocks that have seen the most short covering since the start of the short sell ban, stocks with high short interest as a percentage of market cap and free float, and high days of ADV to cover.This will have implications for many strategies and will open the door to trade the ordinaries vs preferred shares, long/short and other related strategies.

The short sell ban in Korea that was instated on 16 March 2020 is set to expire on 15 March.However, with mayoral elections in Seoul and Busan around the corner, politicians are said to be leaning on the FSC to extend the short sell ban. Add to that the retail outrage - from petitions to the Blue House, bus tours, and posts on K-Streetbets of targeting stocks with high short interest.There is a high likelihood that the short sell ban gets extended by three more months to tide the politicians over the mayoral elections.In the event that the short sell ban expires, we highlight stocks that have seen the most short covering since the start of the short sell ban, stocks with high short interest as a percentage of market cap and free float, and high days of ADV to cover.This will have implications for many strategies and will open the door to trade the ordinaries vs preferred shares, long/short and other related strategies.

Korea Short Sell Ban: Elections, Public Outrage, Bus Tours, Blue House Petitions, K-Streetbets

Review of Top 10 Issues Related to Korean stock market, economy, &amp; politics in May 2020<ul>
<li>Big interest in SK Biopharm IPO</li>
<li>Announcements of IPOs of Krafton, Big Hit Entertainment, &amp; Kakao Games</li>
<li>Fintech conference &amp; major outperformance of fintech-related "big tech" stocks</li>
<li>Korean Air's 1 trillion won rights issue</li>
<li>"Korean New Deal" or "Green Digital New Deal"</li>
<li>Final Bi-Annual Rebalance Announced for KOSPI200, KOSDAQ150, &amp; KRX300: KOSPI200 Changes</li>
<li>Underperformance of Samsung Electronics</li>
<li>COVID-19</li>
<li>Kim Jong-Un finally shows up publicly</li>
<li>Korean small-cap gem series (KG Inicis &amp; Hancom)</li>
</ul>

Review of Top 10 Issues Related to Korean stock market, economy, &amp; politics in May 2020
Big interest in SK Biopharm IPO
Announcements of IPOs of Krafton, Big Hit Entertainment, &amp; Kakao Games
Fintech conference &amp; major outperformance of fintech-related "big tech" stocks
Korean Air's 1 trillion won rights issue
"Korean New Deal" or "Green Digital New Deal"
Final Bi-Annual Rebalance Announced for KOSPI200, KOSDAQ150, &amp; KRX300: KOSPI200 Changes
Underperformance of Samsung Electronics
COVID-19
Kim Jong-Un finally shows up publicly
Korean small-cap gem series (KG Inicis &amp; Hancom)


Korea Stock Market Monthly Recap #48 (May 2020)

<ul>
<li>The Korea Exchange announced its bi-annual changes to KOSPI200 today. These changes are effective 12 June 2020. For the KOSPI200, there were 11 new additions including <a href="https://www.smartkarma.com/entities/hanjin-kal-corp" target="_blank" data-smartkarma-citation="entities:19086:1" rel="noopener">Hanjin KAL Corp (180640 KS)</a>, <a href="https://www.smartkarma.com/entities/asiana-airlines" target="_blank" data-smartkarma-citation="entities:1896:1" rel="noopener">Asiana Airlines (020560 KS)</a>, and <a href="https://www.smartkarma.com/entities/lotte-tour-development-co-ltd" target="_blank" data-smartkarma-citation="entities:5526:1" rel="noopener">Lotte Tour Development Co, Ltd. (032350 KS)</a>.  There were also 11 deletions including <a href="https://www.smartkarma.com/entities/namyang-dairy-products-co" target="_blank" data-smartkarma-citation="entities:16249:1" rel="noopener">Namyang Dairy Products Co (003920 KS)</a>, <a href="https://www.smartkarma.com/entities/ak-holdings-inc" target="_blank" data-smartkarma-citation="entities:3472:1" rel="noopener">Ak Holdings Inc (006840 KS)</a>, and <a href="https://www.smartkarma.com/entities/hyosung-heavy-industries-corp" target="_blank" data-smartkarma-citation="entities:27750:1" rel="noopener">Hyosung Heavy Industries Corp (298040 KS)</a>.  </li>
<li>Comparing the actual inclusions vs. our estimates for the KOSPI 200 Inclusion, five of the companies were included in both lists (Hajin Kal, POSCO Chem, F&amp;F, Asiana Airlines, &amp; HMM). </li>
<li>Comparing the actual exclusions vs. our estimates for the KOSPI 200 Exclusion, seven of the companies were included in both lists (Hyosung Heavy, Ssangyong Motor, Namyang Dairy, Hyundai Livart, Hankook Shell Oil, Tongyang, and AK Holdings). </li>
</ul>


The Korea Exchange announced its bi-annual changes to KOSPI200 today. These changes are effective 12 June 2020. For the KOSPI200, there were 11 new additions including Hanjin KAL Corp (180640 KS), Asiana Airlines (020560 KS), and Lotte Tour Development Co, Ltd. (032350 KS).  There were also 11 deletions including Namyang Dairy Products Co (003920 KS), Ak Holdings Inc (006840 KS), and Hyosung Heavy Industries Corp (298040 KS).  
Comparing the actual inclusions vs. our estimates for the KOSPI 200 Inclusion, five of the companies were included in both lists (Hajin Kal, POSCO Chem, F&amp;F, Asiana Airlines, &amp; HMM). 
Comparing the actual exclusions vs. our estimates for the KOSPI 200 Exclusion, seven of the companies were included in both lists (Hyosung Heavy, Ssangyong Motor, Namyang Dairy, Hyundai Livart, Hankook Shell Oil, Tongyang, and AK Holdings). 


Final Bi-Annual Rebalance Announced for KOSPI200, KOSDAQ150, & KRX300

South Korea

Lotte Tour Development Co., Ltd. provides various tour package service. The Company franchises travel agencies, offers home-based travel businesses, and provides leisure-travel information.  The Company also engages in property development and building management and operates duty-free shop business.

Lotte Tour Development Co, Ltd. (032350 KS)

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Lotte Tour Development Co, Ltd. (032350 KS)

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