Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Event-Driven

<ul>
<li>KRX unveiled the rebalancing results of the CSI KRX China-Korea indices for Korean constituents yesterday.</li>
<li>There is still insufficient evidence data to estimate specific passive impact. The previous rebalancing in June showed no clear correlation between constituent changes and price impact.</li>
<li>Although it may be risky to trade on this rebalancing, monitoring the correlation of their passive impact at this point, one year after the release, seems worthwhile.</li>
</ul>

Brian Freitas

Pan-Asia Index Rebalances/Events/Delta One

The Korea Exchange (KRX) will announce the results of the June 2020 review of the KOSPI 200 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.In this Insight we look at the KOSPI 200 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.At the current time, we see ten stocks being added to and deleted from the index with another three stocks as very close adds and deletes.

Douglas Kim

Korea/Asia, New Economy, IPOs, Events

Equity Bottom-Up

<div class="content-highlight">In this insight, we discuss three key catalysts for Posco<a href="https://www.smartkarma.com/entities/posco" target="_blank" data-smartkarma-citation="entities:208:1" rel="noopener"> (005490 KS)</a>, including the much higher revaluation of the company's lithium assets in Argentina, the ongoing share buyback, and recent steel price hikes. </div>

Periscope Analytics

<ul>
<li>The review period for the upcoming rebalance of the MSCI, <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225</a>, <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY</a>, <a href="https://www.smartkarma.com/entities/nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">SSE STAR50</a> and KRX New Deal Indices ends on 31 January.</li>
<li>The IDX30, LQ45, IDX80, <a href="https://www.smartkarma.com/entities/global-x-uranium-etf" target="_blank" data-smartkarma-citation="entities:32107:1" rel="noopener">Global X Uranium ETF (URA US)</a> rebalances will be implemented on 31 January while the <a href="https://www.smartkarma.com/entities/philippines-stock-exchange-psei-index" target="_blank" data-smartkarma-citation="entities:22912:1" rel="noopener">PSEi Index (PCOMP INDEX)</a> rebalance will be implemented on 3 February.</li>
<li>There were inflows to Asian country ETFs and <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets" target="_blank" data-smartkarma-citation="entities:438:1" rel="noopener">iShares MSCI Emerging Markets (EEM)</a>, and outflows from <a href="https://www.smartkarma.com/entities/ishares-edge-msci-min-vol-emerging-markets-etf" target="_blank" data-smartkarma-citation="entities:725:1" rel="noopener">IShares MSCI Min Vol EM ETF (EEMV)</a> and <a href="https://www.smartkarma.com/entities/ishares-msci-pacific-ex-japan-6177f39f-e299-49f1-a36a-bd39636b8bb5" target="_blank" data-smartkarma-citation="entities:32704:1" rel="noopener">iShares MSCI Pacific ex Japan (EPP)</a>. </li>
</ul>

<ul>
<li>The review period for the March rebalance ends on 31 January, the changes will be announced towards end February and implemented at the close of trading on 9 March.</li>
<li>We forecast one add/delete for the Game Index, and a couple of adds/deletes for the BBIG Index. There will be a lot of capping changes.</li>
<li>The largest inflows are expected on <a href="https://www.smartkarma.com/entities/posco-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:12421:1" rel="noopener">Posco Chemical (003670 KS)</a> and <a href="https://www.smartkarma.com/entities/douzone-bizon-co-ltd" target="_blank" data-smartkarma-citation="entities:20161:1" rel="noopener">Douzone Bizon (012510 KS)</a>; the largest outflows are expected on <a href="https://www.smartkarma.com/entities/sk-innovation-co-ltd" target="_blank" data-smartkarma-citation="entities:1268:1" rel="noopener">SK Innovation (096770 KS)</a> and <a href="https://www.smartkarma.com/entities/kmw-co-ltd" target="_blank" data-smartkarma-citation="entities:2834:1" rel="noopener">KMW (032500 KS)</a>.</li>
</ul>

South Korea

POSCO CHEMTECH COMPANY LTD. manufactures and markets refractory  material.  The Company's products include basic refractory, monolithic refractory, and furnace refractory. POSCO CHEMTECH COMPANY also provides maintenance services for furnaces.

ADTV (USDm)	0.00
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
P/B	0.00
EV/EBITDA	0.00
EV/Sales	0.00
Dividend (Yield)	0.00

Posco Chemical Co Ltd - 003670 KS

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