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

<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

<ul>
<li>With the review period for the December rebalance complete, we highlight 17 potential 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>. </li>
<li>The estimated impact on the potential inclusions ranges from 0.1-3.2 days of ADV while the impact on the potential deletions varies from 0.7-11.2 days of ADV.</li>
<li>The forecast adds have outperformed the forecast deletes over the last 6 months with a big move higher in the last couple of months. Trim positions into strength.</li>
</ul>


With the review period for the December rebalance complete, we highlight 17 potential changes for the KOSDAQ 150 Index (KOSDQ150 INDEX). 
The estimated impact on the potential inclusions ranges from 0.1-3.2 days of ADV while the impact on the potential deletions varies from 0.7-11.2 days of ADV.
The forecast adds have outperformed the forecast deletes over the last 6 months with a big move higher in the last couple of months. Trim positions into strength.


KOSDAQ150 Index Rebalance Preview: Large Number of Changes Likely in December; Huge Outperformance

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Samhyun reported excellent IPO bookbuilding results. Samhyun's IPO price has been determined at 30,000 won per share, which is 20% higher than the high end of the IPO price range.</li>
<li>A total of 2,168 institutional investors participated in this IPO book building. The demand ratio was 649 to 1. Samhyun will start trading on 21 March 2024. </li>
<li>Our base case valuation of Samhyun is implied market cap of 396 billion won or target price of 37,402 won, which is 25% higher than the IPO price.</li>
</ul>


Samhyun reported excellent IPO bookbuilding results. Samhyun's IPO price has been determined at 30,000 won per share, which is 20% higher than the high end of the IPO price range.
A total of 2,168 institutional investors participated in this IPO book building. The demand ratio was 649 to 1. Samhyun will start trading on 21 March 2024. 
Our base case valuation of Samhyun is implied market cap of 396 billion won or target price of 37,402 won, which is 25% higher than the IPO price.


Samhyun IPO Bookbuilding Results Analysis

<ul>
<li>Our base case valuation of Samhyun is target price of 28,106 won, which is 25% higher than the mid-point of the IPO price range (22,500 won).</li>
<li>Given the moderate upside, we have a Positive view of Samhyun IPO. Our base case valuation is based on P/E of 34.6x net profit of 8.6 billion won in 2023.</li>
<li>Samhyun developed one of the world's first CVVD (Continuously Variable Valve Duration) technology for automobile engines, which improves fuel efficiency by controlling the engine's valve opening time.</li>
</ul>


Our base case valuation of Samhyun is target price of 28,106 won, which is 25% higher than the mid-point of the IPO price range (22,500 won).
Given the moderate upside, we have a Positive view of Samhyun IPO. Our base case valuation is based on P/E of 34.6x net profit of 8.6 billion won in 2023.
Samhyun developed one of the world's first CVVD (Continuously Variable Valve Duration) technology for automobile engines, which improves fuel efficiency by controlling the engine's valve opening time.


<ul>
<li>Samhyun is getting ready to complete its IPO on the KOSDAQ exchange in March. The IPO total offering amount is 40 billion won to 50 billion won. </li>
<li>The company generated sales of 99.8 billion won (up 45.5% YoY) and operating profit of 9.8 billion won (up 250% YoY) in 2023.</li>
<li>Samhyun developed one of the world's first CVVD (Continuously Variable Valve Duration) technology for automobile engines, which improves fuel efficiency by controlling the engine's valve opening time. </li>
</ul>


Samhyun is getting ready to complete its IPO on the KOSDAQ exchange in March. The IPO total offering amount is 40 billion won to 50 billion won. 
The company generated sales of 99.8 billion won (up 45.5% YoY) and operating profit of 9.8 billion won (up 250% YoY) in 2023.
Samhyun developed one of the world's first CVVD (Continuously Variable Valve Duration) technology for automobile engines, which improves fuel efficiency by controlling the engine's valve opening time. 


South Korea

Samhyun Co,Ltd. operates machinery part production businesses. The Company produces high-voltage electric compressors, motors, coolers, and other products. Samhyun conducts businesses in South Korea.

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Samhyun (437730 KS)

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

KOSDAQ150 Index Rebalance Preview: Large Number of Changes Likely in December; Huge Outperformance

There could be 17 changes for the KOSDAQ150 Index in Dec. Use of discretion could lead to fewer changes. The forecast adds have hugely outperformed...

Brian Freitas

Samhyun IPO Bookbuilding Results Analysis

Samhyun reported excellent IPO bookbuilding results. Samhyun's IPO price has been determined at 30,000 won per share, which is 20% higher than the...

Douglas Kim

Samhyun IPO Valuation Analysis

Our base case valuation of Samhyun is target price of 28,106 won, which is 25% higher than the mid-point of the IPO price range (22,500 won).

Douglas Kim

Samhyun IPO Preview

Samhyun is getting ready to complete its IPO on the KOSDAQ exchange in March. Samhyun developed one of the world's first CVVD technology for...

Douglas Kim

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