Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Major major local media including Maekyung Business Daily and Chosun Daily have reported that LS Cable &amp; System is pushing forward with an EB worth 400 billion won. </li>
<li>The target stock to be used in the EB is LS Cable's shares in its subsidiary LS Marine Solution. </li>
<li>LS Marine Solution is one of the largest marine engineering companies in Korea, specializing in the installation and maintenance of submarine cables, offshore wind infrastructure, and marine energy systems.</li>
</ul>


Major major local media including Maekyung Business Daily and Chosun Daily have reported that LS Cable &amp; System is pushing forward with an EB worth 400 billion won. 
The target stock to be used in the EB is LS Cable's shares in its subsidiary LS Marine Solution. 
LS Marine Solution is one of the largest marine engineering companies in Korea, specializing in the installation and maintenance of submarine cables, offshore wind infrastructure, and marine energy systems.


LS Cable - To Issue an EB Worth 400 Billion Won Using LS Marine Solution as Base Asset?

Index Rebalance

<ul>
<li>In this insight, we provide an early look at the potential additions and deletions to KOSDAQ150 rebalance in December 2025.</li>
<li>The 7 potential additions are up on average 164% YTD. The 8 potential deletion candidates are down on average 25.1% YTD. KOSDAQ is up 26% YTD.</li>
<li>The average market cap of the 7 potential additions is 1,515 billion won. The average market cap of the 8 potential deletion candidates is 275 billion won.</li>
</ul>


In this insight, we provide an early look at the potential additions and deletions to KOSDAQ150 rebalance in December 2025.
The 7 potential additions are up on average 164% YTD. The 8 potential deletion candidates are down on average 25.1% YTD. KOSDAQ is up 26% YTD.
The average market cap of the 7 potential additions is 1,515 billion won. The average market cap of the 8 potential deletion candidates is 275 billion won.


Potential Additions and Deletions to KOSDAQ150 in December 2025

Equity Capital Markets

LS Marine Solution / Equity Capital Markets

<ul>
<li>After the market close on 26 May, LS Marine Solution (060370 KS) announced that it plans to conduct a capital raise worth 278.3 billion won.</li>
<li>LS Marine Solution plans to issue 19.57 million new shares in this capital raise, which represents 60% of its outstanding shares. </li>
<li>Despite the company's strong sales and profit growth, LS Marine Solution's valuation multiples may be a bit too aggressive, especially with the major rights offering that will dilute existing shareholders. </li>
</ul>


After the market close on 26 May, LS Marine Solution (060370 KS) announced that it plans to conduct a capital raise worth 278.3 billion won.
LS Marine Solution plans to issue 19.57 million new shares in this capital raise, which represents 60% of its outstanding shares. 
Despite the company's strong sales and profit growth, LS Marine Solution's valuation multiples may be a bit too aggressive, especially with the major rights offering that will dilute existing shareholders. 


LS Marine Solution: Rights Offering Capital Raise of 278 Billion Won

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>This raise stands out with a near-60% issuance ratio—fat rights per share make pre-positioning before ex-date a compelling trade with solid pickup potential.</li>
<li>LS Cable holds 66.75% and has been steadily upping its stake—likely all-in on this raise, which adds serious anchor support and puts a strong floor under the rights.</li>
<li>Skip chasing rights—this setup favors buying shares pre–ex-rights, where the embedded rights value likely beats the ex-day drop, making it a clean trade.</li>
</ul>


This raise stands out with a near-60% issuance ratio—fat rights per share make pre-positioning before ex-date a compelling trade with solid pickup potential.
LS Cable holds 66.75% and has been steadily upping its stake—likely all-in on this raise, which adds serious anchor support and puts a strong floor under the rights.
Skip chasing rights—this setup favors buying shares pre–ex-rights, where the embedded rights value likely beats the ex-day drop, making it a clean trade.


LS Marine Solution’s Rights Deal Is Serving up a Pretty Rare Arbitrage Hunting Ground

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

<ul>
<li>There will be 16 changes for the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> at the next rebalance to be implemented at the close on 11 December.</li>
<li>Making use of their discretionary powers, the index committee has not added <a href="https://www.smartkarma.com/entities/wonik-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:6485:1" rel="noopener">Wonik Holdings Co., Ltd (030530 KS)</a>, <a href="https://www.smartkarma.com/entities/samhyun-co-ltd" target="_blank" data-smartkarma-citation="entities:40872:1" rel="noopener">Samhyun (437730 KS)</a> and <a href="https://www.smartkarma.com/entities/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> to the index.</li>
<li>The adds have outperformed the deletes and the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index</a> over the last 6 months and there has been a short-term move higher too. Watch out for short covering.</li>
</ul>


There will be 16 changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the next rebalance to be implemented at the close on 11 December.
Making use of their discretionary powers, the index committee has not added Wonik Holdings Co., Ltd (030530 KS), Samhyun (437730 KS) and Fadu (440110 KS) to the index.
The adds have outperformed the deletes and the KOSDAQ 150 Index over the last 6 months and there has been a short-term move higher too. Watch out for short covering.


KOSDAQ150 Index Rebalance: 16 Changes a Side; Fadu a Casualty Yet Again

South Korea

LS Marine Solution Co., Ltd. operates as a submarine communication cables and offshore plants construction and maintenance company. The Company provides submarine fiber optic cable installation, submarine power cable installation, and other related services. LS Marine Solution also offers offshore energy sources development and derrick assembly services.

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LS Marine Solution (060370 KS)

LS Cable - To Issue an EB Worth 400 Billion Won Using LS Marine Solution as Base Asset?

On 27 October, LS Cable announced it will issue an EB worth 200 billion won which will be convertible into 7.74 million shares of LS Marine...

Douglas Kim

Potential Additions and Deletions to KOSDAQ150 in December 2025

In this insight, we provide an early look at the potential additions and deletions to KOSDAQ150 rebalance in December 2025.

Douglas Kim

LS Marine Solution: Rights Offering Capital Raise of 278 Billion Won

Despite the company's strong sales and profit growth, LS Marine Solution's valuation multiples may be a bit too aggressive, especially with the...

Douglas Kim

LS Marine Solution’s Rights Deal Is Serving up a Pretty Rare Arbitrage Hunting Ground

This post covers LS Marine Solution’s rights deal, highlighting it as a rare and attractive setup for arb hunters looking to capture potential...

Sanghyun Park

KOSDAQ150 Index Rebalance: 16 Changes a Side; Fadu a Casualty Yet Again

There are 16 changes a side for the KOSDAQ150 in Dec. The index committee has decided not to add Fadu for yet another review. Short interest is...

Brian Freitas

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