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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

The review period 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> June rebalance ends on 30 April. The Korea Exchange (KRX) will announce the results of the June 2021 review of 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> in May with the changes becoming effective after the close of trading on 10 June.We currently see 15 inclusions and 15 exclusions from the index.The potential inclusions are Vaxcell Bio Therapeutics (323990 KS), <a href="https://www.smartkarma.com/entities/gemvax-kael-co-ltd" target="_blank" data-smartkarma-citation="entities:17026:1" rel="noopener">Gemvax &amp; Kael (082270 KS)</a>, <a href="https://www.smartkarma.com/entities/binex-co-ltd" target="_blank" data-smartkarma-citation="entities:1949:1" rel="noopener">Binex Co Ltd (053030 KS)</a>, <a href="https://www.smartkarma.com/entities/nanos-co-ltd" target="_blank" data-smartkarma-citation="entities:16796:1" rel="noopener">Nanos Co Ltd (151910 KS)</a>, <a href="https://www.smartkarma.com/entities/tesna-inc" target="_blank" data-smartkarma-citation="entities:8792:1" rel="noopener">Tesna Inc (131970 KS)</a>, <a href="https://www.smartkarma.com/entities/simmtech-co-ltd" target="_blank" data-smartkarma-citation="entities:28871:1" rel="noopener">SIMMTECH Co Ltd (222800 KS)</a>, Park Systems Corp (140860 KS), <a href="https://www.smartkarma.com/entities/sam-kang-m-t-co-ltd" target="_blank" data-smartkarma-citation="entities:7263:1" rel="noopener">Sam Kang M&amp;T (100090 KS)</a>, <a href="https://www.smartkarma.com/entities/hana-materials-inc" target="_blank" data-smartkarma-citation="entities:24088:1" rel="noopener">Hana Materials Inc (166090 KS)</a>, <a href="https://www.smartkarma.com/entities/tse-co-ltd" target="_blank" data-smartkarma-citation="entities:17821:1" rel="noopener">Tse Co Ltd (131290 KS)</a>, <a href="https://www.smartkarma.com/entities/unison-co-ltd-south-korea" target="_blank" data-smartkarma-citation="entities:18617:1" rel="noopener">Unison Co Ltd (018000 KS)</a>, AJu IB Investment (027360 KS), <a href="https://www.smartkarma.com/entities/woori-technology-inv-co-ltd" target="_blank" data-smartkarma-citation="entities:2853:1" rel="noopener">Woori Technology Inv (041190 KS)</a>, <a href="https://www.smartkarma.com/entities/icure-pharm-inc" target="_blank" data-smartkarma-citation="entities:27142:1" rel="noopener">Icure Pharm Inc (175250 KS)</a> and <a href="https://www.smartkarma.com/entities/sungwoo-hitech-co-ltd" target="_blank" data-smartkarma-citation="entities:3963:1" rel="noopener">Sungwoo Hitech (015750 KS)</a>. The potential exclusions are <a href="https://www.smartkarma.com/entities/hlscience-co-ltd" target="_blank" data-smartkarma-citation="entities:23629:1" rel="noopener">HLscience Co. (239610 KS)</a>, <a href="https://www.smartkarma.com/entities/easy-bio-inc" target="_blank" data-smartkarma-citation="entities:5778:1" rel="noopener">Easy Bio Inc (035810 KS)</a>, <a href="https://www.smartkarma.com/entities/vt-gmp-co-ltd" target="_blank" data-smartkarma-citation="entities:8056:1" rel="noopener">VT GMP Co Ltd (018290 KS)</a>, <a href="https://www.smartkarma.com/entities/stcube" target="_blank" data-smartkarma-citation="entities:4872:1" rel="noopener">STCube (052020 KS)</a>, <a href="https://www.smartkarma.com/entities/iriver-ltd" target="_blank" data-smartkarma-citation="entities:13005:1" rel="noopener">Iriver Ltd (060570 KS)</a>, <a href="https://www.smartkarma.com/entities/shinheung-sec" target="_blank" data-smartkarma-citation="entities:24426:1" rel="noopener">Shin Heung Energy &amp; Electronics Co (243840 KS)</a>, <a href="https://www.smartkarma.com/entities/saraminhr-co-ltd" target="_blank" data-smartkarma-citation="entities:8494:1" rel="noopener">SaraminHR (143240 KS)</a>, <a href="https://www.smartkarma.com/entities/vitzrocell-co-ltd" target="_blank" data-smartkarma-citation="entities:4885:1" rel="noopener">Vitzrocell (082920 KS)</a>, <a href="https://www.smartkarma.com/entities/sangsangin-co-ltd" target="_blank" data-smartkarma-citation="entities:10494:1" rel="noopener">Sangsangin Co., Ltd. (038540 KS)</a>, <a href="https://www.smartkarma.com/entities/advanced-process-systems-corporation" target="_blank" data-smartkarma-citation="entities:24087:1" rel="noopener">Advanced Process Systems (265520 KS)</a>, <a href="https://www.smartkarma.com/entities/ebest-investment-securitie" target="_blank" data-smartkarma-citation="entities:18895:1" rel="noopener">Ebest Investment &amp; Securitie (078020 KS)</a>, <a href="https://www.smartkarma.com/entities/spigen-korea-co-ltd" target="_blank" data-smartkarma-citation="entities:9852:1" rel="noopener">Spigen Korea (192440 KS)</a>, <a href="https://www.smartkarma.com/entities/daea-ti-co-ltd" target="_blank" data-smartkarma-citation="entities:1473:1" rel="noopener">Daea Ti Co Ltd (045390 KS)</a>, <a href="https://www.smartkarma.com/entities/korea-ratings-corp" target="_blank" data-smartkarma-citation="entities:20020:1" rel="noopener">Korea Ratings (034950 KS)</a> and <a href="https://www.smartkarma.com/entities/caregen-co-ltd" target="_blank" data-smartkarma-citation="entities:27337:1" rel="noopener">Caregen Co Ltd (214370 KS)</a>.Limited short selling in Korea resumes on 3 May. The expected deletions could drop ahead of the announcement of the changes since <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> constituents are short sell eligible. The stocks that are included in the index could outperform the deletions, but drop off post their inclusion in 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>.

The review period for the KOSDAQ 150 Index (KOSDQ150 INDEX) June rebalance ends on 30 April. The Korea Exchange (KRX) will announce the results of the June 2021 review of the KOSDAQ 150 Index (KOSDQ150 INDEX) in May with the changes becoming effective after the close of trading on 10 June.We currently see 15 inclusions and 15 exclusions from the index.The potential inclusions are Vaxcell Bio Therapeutics (323990 KS), Gemvax &amp; Kael (082270 KS), Binex Co Ltd (053030 KS), Nanos Co Ltd (151910 KS), Tesna Inc (131970 KS), SIMMTECH Co Ltd (222800 KS), Park Systems Corp (140860 KS), Sam Kang M&amp;T (100090 KS), Hana Materials Inc (166090 KS), Tse Co Ltd (131290 KS), Unison Co Ltd (018000 KS), AJu IB Investment (027360 KS), Woori Technology Inv (041190 KS), Icure Pharm Inc (175250 KS) and Sungwoo Hitech (015750 KS). The potential exclusions are HLscience Co. (239610 KS), Easy Bio Inc (035810 KS), VT GMP Co Ltd (018290 KS), STCube (052020 KS), Iriver Ltd (060570 KS), Shin Heung Energy &amp; Electronics Co (243840 KS), SaraminHR (143240 KS), Vitzrocell (082920 KS), Sangsangin Co., Ltd. (038540 KS), Advanced Process Systems (265520 KS), Ebest Investment &amp; Securitie (078020 KS), Spigen Korea (192440 KS), Daea Ti Co Ltd (045390 KS), Korea Ratings (034950 KS) and Caregen Co Ltd (214370 KS).Limited short selling in Korea resumes on 3 May. The expected deletions could drop ahead of the announcement of the changes since KOSDAQ 150 Index (KOSDQ150 INDEX) constituents are short sell eligible. The stocks that are included in the index could outperform the deletions, but drop off post their inclusion in the KOSDAQ 150 Index (KOSDQ150 INDEX). 

KOSDAQ150 Index Rebalance Preview: 15 Potential Changes; Big Impact on Deletions

The Korea Exchange (KRX) will announce the results of the December 2020 review of the KOSDAQ150 Index in the second half of November. The constituent changes will be effective from the open on 11 December 2020 and the rebalancing trades will need to be done at the closing auction on 10 December 2020.The review covers the period from 1 May to 31 October. We have gone through 120 trading days and there are only 3 days remaining in the review period. Since the data is averaged, there is a very small possibility of the names changing over the next few days.At the current time, we see 16 potential inclusions and exclusions with a one-way turnover of 6.94%. This includes the fast entry inclusion of <a href="https://www.smartkarma.com/entities/kakao-games-corp" target="_blank" data-smartkarma-citation="entities:26730:1" rel="noopener">Kakao Games (293490 KS)</a>.The expected inclusions have outperformed the expected deletions since the start of the review period but have given up a significant part of the gains over the last couple of months. With short selling still banned, there could be another period of outperformance prior to the announcement with continuation leading up to implementation date.

The Korea Exchange (KRX) will announce the results of the December 2020 review of the KOSDAQ150 Index in the second half of November. The constituent changes will be effective from the open on 11 December 2020 and the rebalancing trades will need to be done at the closing auction on 10 December 2020.The review covers the period from 1 May to 31 October. We have gone through 120 trading days and there are only 3 days remaining in the review period. Since the data is averaged, there is a very small possibility of the names changing over the next few days.At the current time, we see 16 potential inclusions and exclusions with a one-way turnover of 6.94%. This includes the fast entry inclusion of Kakao Games (293490 KS).The expected inclusions have outperformed the expected deletions since the start of the review period but have given up a significant part of the gains over the last couple of months. With short selling still banned, there could be another period of outperformance prior to the announcement with continuation leading up to implementation date.

KOSDAQ150 Index Rebalance Preview: Reversion Sets Up an Attractive Entry Point

Daejoo Electronic Materials / Index Rebalance

The Korea Exchange (KRX) will announce the results of the December 2020 review of the KOSDAQ150 Index in November. The constituent changes will be effective from 11 December 2020 and the rebalancing trades will need to be done at the closing auction on 10 December 2020.The review period for the December rebalance runs from 1 May to 31 October. At the current time, we see 15 stocks being added to and deleted from the index. This is up from the 11 names we saw being included/ excluded at the end of June. With the index methodology using a 6 month average, the list should be a lot more stable going forward.The expected inclusions have outperformed the expected exclusions, and the KOSDAQ150 index, by a wide margin over the last 4 months. With the short sell ban extended to 15 March 2021, the expected inclusions could continue to run up as investors chase momentum.

The Korea Exchange (KRX) will announce the results of the December 2020 review of the KOSDAQ150 Index in November. The constituent changes will be effective from 11 December 2020 and the rebalancing trades will need to be done at the closing auction on 10 December 2020.The review period for the December rebalance runs from 1 May to 31 October. At the current time, we see 15 stocks being added to and deleted from the index. This is up from the 11 names we saw being included/ excluded at the end of June. With the index methodology using a 6 month average, the list should be a lot more stable going forward.The expected inclusions have outperformed the expected exclusions, and the KOSDAQ150 index, by a wide margin over the last 4 months. With the short sell ban extended to 15 March 2021, the expected inclusions could continue to run up as investors chase momentum.

KOSDAQ150 Index Rebalance Preview: Strong Momentum Driving Gains

The Korea Exchange (KRX) will announce the results of the December 2020 review of the KOSDAQ150 Index in November. The constituent changes will be effective from 11 December 2020 and the rebalancing trades will need to be done at the closing auction on 10 December 2020.
<div>
At the current time, we see 11 stocks being added to and deleted from the KOSDAQ150 index.
</div>
<div>
<table class="table table-striped">
<colgroup> <col> <col> <col> <col> <col> <col> </colgroup>
<tbody>
<tr>
<td colspan="3" style="text-align: center; width: 269pt;">Expected Inclusions</td>
<td colspan="3" style="text-align: center; width: 279pt;">Expected Exclusions</td>
</tr>
<tr>
<td>Code</td>
<td>Name</td>
<td>Probability</td>
<td>Code</td>
<td>Name</td>
<td>Probability</td>
</tr>
<tr>
<td>235980.KQ</td>
<td>MedPacto Inc</td>
<td>High</td>
<td>041830.KQ</td>
<td>InBody Co Ltd</td>
<td>High</td>
</tr>
<tr>
<td>204270.KQ</td>
<td>JNTC Co Ltd</td>
<td>High</td>
<td>049950.KQ</td>
<td>MeereCompany Inc</td>
<td>High</td>
</tr>
<tr>
<td>092190.KQ</td>
<td>Seoul Viosys Co Ltd</td>
<td>High</td>
<td>023160.KQ</td>
<td>TK Corp</td>
<td>High</td>
</tr>
<tr>
<td>101490.KQ</td>
<td>S&amp;S Tech Corp</td>
<td>High</td>
<td>014620.KQ</td>
<td>Sung Kwang Bend Co Ltd</td>
<td>High</td>
</tr>
<tr>
<td>294140.KQ</td>
<td>Lemon Co Ltd</td>
<td>High</td>
<td>047310.KQ</td>
<td>Power Logics</td>
<td>Medium</td>
</tr>
<tr>
<td>290650.KQ</td>
<td>L&amp;C Bio Co Ltd</td>
<td>Medium</td>
<td>015750.KQ</td>
<td>Sungwoo Hitech Co Ltd</td>
<td>Medium</td>
</tr>
<tr>
<td>034950.KQ</td>
<td>Korea Ratings Corp</td>
<td>Medium</td>
<td>080160.KQ</td>
<td>Modetour Network Inc</td>
<td>Medium</td>
</tr>
<tr>
<td>136480.KQ</td>
<td>Harim Co Ltd</td>
<td>Medium</td>
<td>051500.KQ</td>
<td>CJ Freshway Corp</td>
<td>Medium</td>
</tr>
<tr>
<td>151910.KQ</td>
<td>Nanos Co Ltd</td>
<td>Low</td>
<td>089600.KQ</td>
<td>Nasmedia Co Ltd</td>
<td>Low</td>
</tr>
<tr>
<td>131970.KQ</td>
<td>Tesna Inc</td>
<td>Low</td>
<td>036930.KQ</td>
<td>Jusung Engineering Co Ltd</td>
<td>Low</td>
</tr>
<tr>
<td>222080.KQ</td>
<td>Creative &amp; Innovative System Corp</td>
<td>Low</td>
<td>041190.KQ</td>
<td>Woori Technology Investment Co Ltd</td>
<td>Low</td>
</tr>
</tbody>
</table>
<a href="https://www.smartkarma.com/entities/jntc-co-ltd" target="_blank" data-smartkarma-citation="entities:28825:1" rel="noopener">JNTC Co Ltd (204270 KS)</a>, <a href="https://www.smartkarma.com/entities/lemon-co-ltd" target="_blank" data-smartkarma-citation="entities:28841:1" rel="noopener">Lemon (294140 KQ)</a>, MedPacto and Seoul Viosys have all listed in the last 6 months and are eligible for inclusion in this review.
There are another 5 stocks that are very close adds or close deletes.
In this Insight we look at the KOSDAQ 150 index methodology, the historical performance of inclusions vs exclusions, at potential candidates for inclusion/exclusion in this review and some of the details around the names.
</div>

The Korea Exchange (KRX) will announce the results of the December 2020 review of the KOSDAQ150 Index in November. The constituent changes will be effective from 11 December 2020 and the rebalancing trades will need to be done at the closing auction on 10 December 2020.

At the current time, we see 11 stocks being added to and deleted from the KOSDAQ150 index.



       


Expected Inclusions
Expected Exclusions


Code
Name
Probability
Code
Name
Probability


235980.KQ
MedPacto Inc
High
041830.KQ
InBody Co Ltd
High


204270.KQ
JNTC Co Ltd
High
049950.KQ
MeereCompany Inc
High


092190.KQ
Seoul Viosys Co Ltd
High
023160.KQ
TK Corp
High


101490.KQ
S&amp;S Tech Corp
High
014620.KQ
Sung Kwang Bend Co Ltd
High


294140.KQ
Lemon Co Ltd
High
047310.KQ
Power Logics
Medium


290650.KQ
L&amp;C Bio Co Ltd
Medium
015750.KQ
Sungwoo Hitech Co Ltd
Medium


034950.KQ
Korea Ratings Corp
Medium
080160.KQ
Modetour Network Inc
Medium


136480.KQ
Harim Co Ltd
Medium
051500.KQ
CJ Freshway Corp
Medium


151910.KQ
Nanos Co Ltd
Low
089600.KQ
Nasmedia Co Ltd
Low


131970.KQ
Tesna Inc
Low
036930.KQ
Jusung Engineering Co Ltd
Low


222080.KQ
Creative &amp; Innovative System Corp
Low
041190.KQ
Woori Technology Investment Co Ltd
Low



JNTC Co Ltd (204270 KS), Lemon (294140 KQ), MedPacto and Seoul Viosys have all listed in the last 6 months and are eligible for inclusion in this review.
There are another 5 stocks that are very close adds or close deletes.
In this Insight we look at the KOSDAQ 150 index methodology, the historical performance of inclusions vs exclusions, at potential candidates for inclusion/exclusion in this review and some of the details around the names.


KOSDAQ150 Index Rebalance Preview - Momentum Driving Changes

Event-Driven

The Korea Exchange (KRX) will announce the results of the June 2020 review of the KOSDAQ 150 index in May. The constituent changes will be effective from 12 June 2020 and the rebalancing trades will need to be done at the closing auction on 11 June 2020.There have been quite a few ad hoc changes since we published our last Insight and the list of potential inclusions and exclusions has consequently changed. Some of the ad hoc changes incorporated names from our list of inclusions and exclusions.We currently see 11 inclusions and exclusions in the KOSDAQ150 in the upcoming review and the high conviction inclusions continue to outperform the high conviction exclusions.

The Korea Exchange (KRX) will announce the results of the June 2020 review of the KOSDAQ 150 index in May. The constituent changes will be effective from 12 June 2020 and the rebalancing trades will need to be done at the closing auction on 11 June 2020.There have been quite a few ad hoc changes since we published our last Insight and the list of potential inclusions and exclusions has consequently changed. Some of the ad hoc changes incorporated names from our list of inclusions and exclusions.We currently see 11 inclusions and exclusions in the KOSDAQ150 in the upcoming review and the high conviction inclusions continue to outperform the high conviction exclusions.

KOSDAQ150 Rebalance Preview - Strong Performance Despite Market Volatility

South Korea

Nanos Co., Ltd. manufactures components for mobile phone cameras. The company's products include IR filter chips, camera modules, and wafers.

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Nanos Co Ltd (151910 KS)

KOSDAQ150 Index Rebalance Preview: 15 Potential Changes; Big Impact on Deletions

We see 15 potential changes to the KOSDAQ150 Index at the June review. With short selling resuming on 3 May, the inclusions could outperform the...

Brian Freitas

KOSDAQ150 Index Rebalance Preview: Reversion Sets Up an Attractive Entry Point

With 16 possible changes to the KOSDAQ150 in the Dec review with a one-way turnover of 7%, the recent underperformance of the inclusions vs the...

Brian Freitas

KOSDAQ150 Index Rebalance Preview: Strong Momentum Driving Gains

The Korea Exchange (KRX) will announce the results of the December 2020 review of the KOSDAQ150 Index in November. The constituent changes will be...

Brian Freitas

KOSDAQ150 Index Rebalance Preview - Momentum Driving Changes

The Korea Exchange (KRX) will announce the results of the December 2020 review of the KOSDAQ150 Index in November. The constituent changes will be...

Brian Freitas

KOSDAQ150 Rebalance Preview - Strong Performance Despite Market Volatility

The Korea Exchange (KRX) will announce the results of the June 2020 review of the KOSDAQ 150 index in May. The constituent changes will be...

Brian Freitas

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