Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>In this insight, we review the major equity indices in Korea in 2024 including KOSPI 200 and Korea Value Up Index. </li>
<li>Some alpha generating performances continue in terms of adding stocks to be included in the KOSPI 200 and reducing stocks that could be excluded.</li>
<li>Korea Value Up Index has been heavily promoted by the Korean Exchange this year. Korea Exchange plans to make special changes to the Korea Value-Up Index constituents on 20 December. </li>
</ul>


In this insight, we review the major equity indices in Korea in 2024 including KOSPI 200 and Korea Value Up Index. 
Some alpha generating performances continue in terms of adding stocks to be included in the KOSPI 200 and reducing stocks that could be excluded.
Korea Value Up Index has been heavily promoted by the Korean Exchange this year. Korea Exchange plans to make special changes to the Korea Value-Up Index constituents on 20 December. 


A Review of Major Equity Indices in Korea 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

Hyosung Heavy Industries Corp / Index Rebalance

<ul>
<li>There will be 4 additions and 5 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 December.</li>
<li>The 4 adds are exactly in line with our forecast but a couple of the deletions are surprises. Those two names were close deletes though.</li>
<li>The are some large shorts on a few deletes and there could be covering over the next few weeks as borrows are recalled and as the stocks drop.</li>
</ul>


There will be 4 additions and 5 deletions for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) at the next rebalance to be implemented at the close on 12 December.
The 4 adds are exactly in line with our forecast but a couple of the deletions are surprises. Those two names were close deletes though.
The are some large shorts on a few deletes and there could be covering over the next few weeks as borrows are recalled and as the stocks drop.


KOSPI200 Index Rebalance: Adds in Line; Couple of Deletes Are Surprises

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Dec 6th which has an aggregated short interest worth USD3.8bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Lg Energy Solution, Samsung Electronics, KB Financial.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Dec 6th which has an aggregated short interest worth USD3.8bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Lg Energy Solution, Samsung Electronics, KB Financial.


KRX Short Interest Weekly (Dec 6th): Lg Energy Solution, Samsung Electronics, KB Financial

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Nov 29th which has an aggregated short interest worth USD4.2bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Korea Zinc, JYP, SK Hynix.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Nov 29th which has an aggregated short interest worth USD4.2bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Korea Zinc, JYP, SK Hynix.


KRX Short Interest Weekly (Nov 29th):Korea Zinc, JYP, SK Hynix

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Nov 22nd which has an aggregated short interest worth USD4.2bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Hanwha Aerospace (012450 KS), Posco (004590 KS).</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Nov 22nd which has an aggregated short interest worth USD4.2bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Hanwha Aerospace (012450 KS), Posco (004590 KS).


KRX Short Interest Weekly (Nov 22nd): Hanwha Aerospace, Posco

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)

A Review of Major Equity Indices in Korea in 2024

We review the major equity indices in Korea in 2024 including KOSPI 200 and Korea Value Up Index. KRX plans to make special changes to the Korea...

Douglas Kim

KOSPI200 Index Rebalance: Adds in Line; Couple of Deletes Are Surprises

The KOSPI200 December rebalance will be implemented at the close today. Since announcement, the adds are up 4.3% on average while the deletes are...

Brian Freitas

KRX Short Interest Weekly (Dec 6th): Lg Energy Solution, Samsung Electronics, KB Financial

We analyzed KRX short interest report for the past week and highlighted short interest changes in Lg Energy Solution, Samsung Electronics, KB...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Nov 29th):Korea Zinc, JYP, SK Hynix

We analyzed KRX short interest report for the past week and highlighted short interest changes in Korea Zinc, JYP, SK Hynix.

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Nov 22nd): Hanwha Aerospace, Posco

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Aerospace, Posco.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)