Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Index Rebalance

<ul>
<li><em><strong>On 22 May, the Korea Exchange announced its regular bi-annual constituent rebalance changes in KOSPI 200 and KOSDAQ 150 indices, effective 12 June 2026.   </strong></em></li>
<li>In KOSPI 200 index, four stocks were added and four were removed. Four stocks that are newly added include Hyundai Construction Equipment, d'Alba Global, OCI Co, and DB Hitek. </li>
<li>There were 16 new inclusions and 16 exclusions in the KOSDAQ 150 index rebalance changes. </li>
</ul>


On 22 May, the Korea Exchange announced its regular bi-annual constituent rebalance changes in KOSPI 200 and KOSDAQ 150 indices, effective 12 June 2026.   
In KOSPI 200 index, four stocks were added and four were removed. Four stocks that are newly added include Hyundai Construction Equipment, d'Alba Global, OCI Co, and DB Hitek. 
There were 16 new inclusions and 16 exclusions in the KOSDAQ 150 index rebalance changes. 


KOSPI 200 and KOSDAQ 150 Indices Rebalance Announcements for June 2026

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX). </li>
<li>In this insight, we have presented our expectations for ADDs and DELs for the upcoming semiannual review in June 2026.</li>
<li>With approximately 95% of the reference period now complete, up to 4 ADDs and 4 DELs are expected in the June 2026 rebalance.</li>
</ul>


KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX). 
In this insight, we have presented our expectations for ADDs and DELs for the upcoming semiannual review in June 2026.
With approximately 95% of the reference period now complete, up to 4 ADDs and 4 DELs are expected in the June 2026 rebalance.


[Quiddity Index] KOSPI 200 Leaderboard for Jun26: Final Predictions; 4 ADDs, 4 DELs

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

Hyundai Construction Equipment / Index Rebalance

Hyundai Construction Equipment (267270 KS)

<ul>
<li>With over 90% of the review period complete, there could be 4 constituent changes 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>  in June.</li>
<li>The changes are driven mainly by the direct deletions with balancing adds to maintain the number of index constituents at 200.</li>
<li>The forecast adds have outperformed the forecast deletes over the last few months, but the gap has narrowed in the last few weeks. Positioning will pick-up in the near term.</li>
</ul>


With over 90% of the review period complete, there could be 4 constituent changes for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX)  in June.
The changes are driven mainly by the direct deletions with balancing adds to maintain the number of index constituents at 200.
The forecast adds have outperformed the forecast deletes over the last few months, but the gap has narrowed in the last few weeks. Positioning will pick-up in the near term.


KOSPI200 Index Rebalance Preview: Positioning Expected to Pick Up

Equity Bottom-Up

<ul>
<li>OCI Holdings' share price rose by 24.9% to 235,000 won on 15 April, which was mainly due to news about the company's new solar polysilicon supply contract with SpaceX.</li>
<li>The industry estimates the scale of this contract to be around 1 trillion won and that it is a multi-year supply contract spanning 3 to 5 years.</li>
<li>A near-term overshooting of 20%-30% is possible following a deal with SpaceX. However, my NAV analysis of OCI Holdings suggests 23% lower downside risk from current levels (6-12 month view).</li>
</ul>


OCI Holdings' share price rose by 24.9% to 235,000 won on 15 April, which was mainly due to news about the company's new solar polysilicon supply contract with SpaceX.
The industry estimates the scale of this contract to be around 1 trillion won and that it is a multi-year supply contract spanning 3 to 5 years.
A near-term overshooting of 20%-30% is possible following a deal with SpaceX. However, my NAV analysis of OCI Holdings suggests 23% lower downside risk from current levels (6-12 month view).


OCI Holdings: Beneficiary of a Polysilicon Contract to SpaceX but NAV Analysis Suggests Fully Valued

<ul>
<li>The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February. We're gone through 80% of the trading days.</li>
<li>We currently forecast 42 stocks migrating between the size segments. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap, 1 to SmallCap.</li>
<li>The upward migrations have outperformed the downward migrations by a lot over the last few months. The recent market volatility has led to a narrowing of that gap.</li>
</ul>


The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February. We're gone through 80% of the trading days.
We currently forecast 42 stocks migrating between the size segments. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap, 1 to SmallCap.
The upward migrations have outperformed the downward migrations by a lot over the last few months. The recent market volatility has led to a narrowing of that gap.


KOSPI Size Indices: Market Volatility Narrows Spread (A Bit)

South Korea

OCI Company Ltd. produces and sells chemical products. The Company manufactures basic chemicals, petrochemicals, carbon materials, rechargeable battery materials, and other products. OCI markets its products worldwide.

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OCI Co (456040 KS)

KOSPI 200 and KOSDAQ 150 Indices Rebalance Announcements for June 2026

On 22 May, the Korea Exchange announced its regular bi-annual constituent rebalance changes in KOSPI 200 and KOSDAQ 150 indices, effective 12 June...

Douglas Kim

[Quiddity Index] KOSPI 200 Leaderboard for Jun26: Final Predictions; 4 ADDs, 4 DELs

We still see 4 ADDs and 4 DELs for the June 2026 KOSPI rebal but one of the ADDs has changed. The pairs trades recommended at end-March are up on...

Travis Lundy

KOSPI200 Index Rebalance Preview: Positioning Expected to Pick Up

The 4 forecast adds have outperformed the forecast deletes and there has been a big move in the stocks over the last month. With the review period...

Brian Freitas

OCI Holdings: Beneficiary of a Polysilicon Contract to SpaceX but NAV Analysis Suggests Fully Valued

OCI Holdings' share price rose by 24.9% to 235,000 won on 15 April, which was mainly due to news about the company's new solar polysilicon supply...

Douglas Kim

KOSPI Size Indices: Market Volatility Narrows Spread (A Bit)

There could be 42 migrations across categories in March, plus new listings being added. The recent market volatility has narrowed the...

Brian Freitas

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