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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

With the heightened volatility and amendment of the short sell rules in Korea, there have been significant movements in the discounts on the preferred shares versus the ordinary shares.In this Insight, we take a look at some of the preferred shares that have diverged from the ordinary shares over the last few days and weeks and formulate trades based on information from short sale positions and short sale volumes.

With the heightened volatility and amendment of the short sell rules in Korea, there have been significant movements in the discounts on the preferred shares versus the ordinary shares.In this Insight, we take a look at some of the preferred shares that have diverged from the ordinary shares over the last few days and weeks and formulate trades based on information from short sale positions and short sale volumes.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<div class="content-highlight"><a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd-56fbe460-3e52-45a8-ad22-f3fcba52df02" target="_blank" data-smartkarma-citation="entities:28851:1" rel="noopener">Samsung SDI Co Ltd (006405 KS)</a> shares have been soaring this year (up 92% YTD), versus KOSPI which is up only 1% YTD. Samsung SDI Pref has been one of the top-performing stocks in KOSPI this year. We believe it is time to take profits on this name and take it out of our model portfolio. </div>One of the main reasons why Samsung SDI Pref shares have done so well this year is because of the surging share price of <a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> which has had a big positive impact on EV related Korean companies such as <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung Sdi (006400 KS)</a> and <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a> whose share prices are up 45% and 30%, respectively.In the past 40 days, the consensus sales and operating profit estimates of Samsung SDI have been coming down (sales estimate in 2020 down 3.1% and operating profit estimate down 10.1%). Therefore, Samsung SDI's surging share price YTD has occurred despite the lower consensus earnings estimates.

Samsung SDI Co Ltd (006405 KS) shares have been soaring this year (up 92% YTD), versus KOSPI which is up only 1% YTD. Samsung SDI Pref has been one of the top-performing stocks in KOSPI this year. We believe it is time to take profits on this name and take it out of our model portfolio. One of the main reasons why Samsung SDI Pref shares have done so well this year is because of the surging share price of Tesla Motors (TSLA US) which has had a big positive impact on EV related Korean companies such as Samsung Sdi (006400 KS) and LG Chem Ltd (051910 KS) whose share prices are up 45% and 30%, respectively.In the past 40 days, the consensus sales and operating profit estimates of Samsung SDI have been coming down (sales estimate in 2020 down 3.1% and operating profit estimate down 10.1%). Therefore, Samsung SDI's surging share price YTD has occurred despite the lower consensus earnings estimates. 

Take Profits on Samsung SDI Pref (Up 92% YTD)

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Korea has a total of 121 preferred shares trading in the public stock market. At the last close, 10 preferred shares are below -1.5σ relative to their respective ordinary shares on a 20-day moving average. Three of them are below -2.0σ, including Samsung SDI 1P. <table class="table table-striped">
<colgroup>
<col width="200">
<col width="200">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"Preferred shares"}'>Preferred share</td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"Ord"}'>Ordinary share</td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":2,"2":"Disparity to ordinary share"}'>Disparity to ordinary share</td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":2,"2":"Sigma on a 20-day moving average"}'>Sigma on a 20-day moving average</td>
</tr>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"Sungshin Cement Co Ltd 1P"}'>Sungshin Cement Co Ltd 1P</td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"Sungshin Cement Co Ltd"}'>Sungshin Cement Co Ltd</td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":3,"3":-0.3779527559055118}' data-sheets-numberformat='[null,3,"0.00%",1]'>-37.80%</td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":3,"3":-2.652932322814385}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-2.65</td>
</tr>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"Samsung SDI Co Ltd 1P"}'>Samsung SDI Co Ltd 1P</td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"Samsung SDI Co Ltd"}'>Samsung SDI Co Ltd</td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":3,"3":0.35769828926905134}' data-sheets-numberformat='[null,3,"0.00%",1]'>35.77%</td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":3,"3":-2.4869804295474376}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-2.49</td>
</tr>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"Kumkang Kind Co Ltd 1P"}'>Kumkang Kind Co Ltd 1P</td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"Kumkang Kind Co Ltd"}'>Kumkang Kind Co Ltd</td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":3,"3":-0.8367346938775511}' data-sheets-numberformat='[null,3,"0.00%",1]'>-83.67%</td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":3,"3":-2.2511038028914796}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-2.25</td>
</tr>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"Mirae Asset Securities Co Ltd 1P"}'>Mirae Asset Securities Co Ltd 1P</td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"Mirae Asset Securities Co Ltd"}'>Mirae Asset Securities Co Ltd</td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":3,"3":0.348}' data-sheets-numberformat='[null,3,"0.00%",1]'>34.80%</td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":3,"3":-1.8353464801840684}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-1.84</td>
</tr>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"Hyundai Engineering &amp; Construction Co. 1P"}'>Hyundai Engineering &amp; Construction Co. 1P</td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"Hyundai Engineering &amp; Construction Co."}'>Hyundai Engineering &amp; Construction Co.</td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":3,"3":-3.1254752851711025}' data-sheets-numberformat='[null,3,"0.00%",1]'>-312.55%</td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":3,"3":-1.7804411287688098}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-1.78</td>
</tr>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"SK Securities Co., Ltd 1P"}'>SK Securities Co., Ltd 1P</td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"SK Securities Co., Ltd"}'>SK Securities Co., Ltd</td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":3,"3":-4.303482587064677}' data-sheets-numberformat='[null,3,"0.00%",1]'>-430.35%</td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":3,"3":-1.778269782640592}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-1.78</td>
</tr>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"Hanyang Securities Co., Ltd. 1P"}'>Hanyang Securities Co., Ltd. 1P</td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"Hanyang Securities Co., Ltd."}'>Hanyang Securities Co., Ltd.</td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":3,"3":-0.5769230769230769}' data-sheets-numberformat='[null,3,"0.00%",1]'>-57.69%</td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":3,"3":-1.7597547389001398}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-1.76</td>
</tr>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"Doosan Corp 2PB"}'>Doosan Corp 2PB</td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"Doosan Corp"}'>Doosan Corp</td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":3,"3":-0.016107382550335572}' data-sheets-numberformat='[null,3,"0.00%",1]'>-1.61%</td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":3,"3":-1.6412907716398928}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-1.64</td>
</tr>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"Duksung Co Ltd 1P"}'>Duksung Co Ltd 1P</td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"Duksung Co Ltd"}'>Duksung Co Ltd</td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":3,"3":-0.6386554621848739}' data-sheets-numberformat='[null,3,"0.00%",1]'>-63.87%</td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":3,"3":-1.5966699157401607}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-1.60</td>
</tr>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"Daesang Corp 1P"}'>Daesang Corp 1P</td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"Daesang Corp"}'>Daesang Corp</td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":3,"3":0.24910394265232974}' data-sheets-numberformat='[null,3,"0.00%",1]'>24.91%</td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":3,"3":-1.5934323730589053}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-1.59</td>
</tr>
<tr><td colspan="4" style="width: 252.727px;">Source: KRX</td></tr>
</tbody>
</table>Among the largest cap preferred shares having a market cap of +₩500B, 3 names are below -1.0σ (or close) on a 20-day moving average. Samsung SDI 1P tops the list at -2.49σ, followed by LG Chem 1P with -1.26σ and Hyundai Motor 1P with -0.91σ.<table class="table table-striped">
<colgroup>
<col width="200">
<col width="70">
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Preferred share"}'>Preferred share</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Market cap"}'>Market cap</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Disparity to ordinary share"}'>Disparity to ordinary share</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Sigma on a 20-day moving average"}'>Sigma on a 20-day moving average</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Samsung Electronics Co Ltd 1P"}'>Samsung Electronics Co Ltd 1P</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":60070.7291}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'>₩60,070.7B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.08863920099875156}' data-sheets-numberformat='[null,3,"0.00%",1]'>8.86%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.17793857994805093}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>0.18</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Motor Co 2PB"}'>Hyundai Motor Co 2PB</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3995.1568845}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'>₩3,995.2B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5186813186813187}' data-sheets-numberformat='[null,3,"0.00%",1]'>51.87%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.569196648465938}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-0.57</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Chem Ltd 1P"}'>LG Chem Ltd 1P</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3137.0304}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'>₩3,137.0B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5436241610738255}' data-sheets-numberformat='[null,3,"0.00%",1]'>54.36%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-1.2600935362723429}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-1.26</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Motor Co 1P"}'>Hyundai Motor Co 1P</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2691.4136925}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'>₩2,691.4B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5142857142857142}' data-sheets-numberformat='[null,3,"0.00%",1]'>51.43%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.9053094049952057}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-0.91</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Household &amp; Healthcare Ltd 1P"}'>LG Household &amp; Healthcare Ltd 1P</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1530.679113}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'>₩1,530.7B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5162574651625746}' data-sheets-numberformat='[null,3,"0.00%",1]'>51.63%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.5138709182936434}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>1.51</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Electronics Inc. 1P"}'>LG Electronics Inc. 1P</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1213.3310352}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'>₩1,213.3B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5277591973244147}' data-sheets-numberformat='[null,3,"0.00%",1]'>52.78%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.09711712745185148}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-0.10</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Amorepacific Corp 1P"}'>Amorepacific Corp 1P</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1055.783}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'>₩1,055.8B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6472663139329806}' data-sheets-numberformat='[null,3,"0.00%",1]'>64.73%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.9736023999998425}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>0.97</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Mirae Asset Securities Co Ltd 2PB"}'>Mirae Asset Securities Co Ltd 2PB</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":681.8}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'>₩681.8B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.513}' data-sheets-numberformat='[null,3,"0.00%",1]'>51.30%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.1642296122273978}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-0.16</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Samsung SDI Co Ltd 1P"}'>Samsung SDI Co Ltd 1P</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":668.191048}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'>₩668.2B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.35769828926905134}' data-sheets-numberformat='[null,3,"0.00%",1]'>35.77%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-2.4869804295474376}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-2.49</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Samsung Fire &amp; Marine Insurance Co Ltd 1P"}'>Samsung Fire &amp; Marine Insurance Co Ltd 1P</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":513.912}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'>₩513.9B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2222222222222222}' data-sheets-numberformat='[null,3,"0.00%",1]'>22.22%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.3047924743702875}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-0.30</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Korea Investment Holdings Co., Ltd. 1P"}'>Korea Investment Holdings Co., Ltd. 1P</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":510.8394872}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'>₩510.8B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1533980582524272}' data-sheets-numberformat='[null,3,"0.00%",1]'>15.34%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.7986505752954771}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>0.80</td>
</tr>
<tr><td colspan="4">Source: KRX</td></tr>
</tbody>
</table>

Korea has a total of 121 preferred shares trading in the public stock market. At the last close, 10 preferred shares are below -1.5σ relative to their respective ordinary shares on a 20-day moving average. Three of them are below -2.0σ, including Samsung SDI 1P. 








Preferred share
Ordinary share
Disparity to ordinary share
Sigma on a 20-day moving average


Sungshin Cement Co Ltd 1P
Sungshin Cement Co Ltd
-37.80%
-2.65


Samsung SDI Co Ltd 1P
Samsung SDI Co Ltd
35.77%
-2.49


Kumkang Kind Co Ltd 1P
Kumkang Kind Co Ltd
-83.67%
-2.25


Mirae Asset Securities Co Ltd 1P
Mirae Asset Securities Co Ltd
34.80%
-1.84


Hyundai Engineering &amp; Construction Co. 1P
Hyundai Engineering &amp; Construction Co.
-312.55%
-1.78


SK Securities Co., Ltd 1P
SK Securities Co., Ltd
-430.35%
-1.78


Hanyang Securities Co., Ltd. 1P
Hanyang Securities Co., Ltd.
-57.69%
-1.76


Doosan Corp 2PB
Doosan Corp
-1.61%
-1.64


Duksung Co Ltd 1P
Duksung Co Ltd
-63.87%
-1.60


Daesang Corp 1P
Daesang Corp
24.91%
-1.59

Source: KRX

Among the largest cap preferred shares having a market cap of +₩500B, 3 names are below -1.0σ (or close) on a 20-day moving average. Samsung SDI 1P tops the list at -2.49σ, followed by LG Chem 1P with -1.26σ and Hyundai Motor 1P with -0.91σ.








Preferred share
Market cap
Disparity to ordinary share
Sigma on a 20-day moving average


Samsung Electronics Co Ltd 1P
₩60,070.7B
8.86%
0.18


Hyundai Motor Co 2PB
₩3,995.2B
51.87%
-0.57


LG Chem Ltd 1P
₩3,137.0B
54.36%
-1.26


Hyundai Motor Co 1P
₩2,691.4B
51.43%
-0.91


LG Household &amp; Healthcare Ltd 1P
₩1,530.7B
51.63%
1.51


LG Electronics Inc. 1P
₩1,213.3B
52.78%
-0.10


Amorepacific Corp 1P
₩1,055.8B
64.73%
0.97


Mirae Asset Securities Co Ltd 2PB
₩681.8B
51.30%
-0.16


Samsung SDI Co Ltd 1P
₩668.2B
35.77%
-2.49


Samsung Fire &amp; Marine Insurance Co Ltd 1P
₩513.9B
22.22%
-0.30


Korea Investment Holdings Co., Ltd. 1P
₩510.8B
15.34%
0.80

Source: KRX



Korea Share Class Pair Trade: Assessing 3 Large Cap Prefs Below -1σ

South Korea

Samsung SDI Co., Ltd. specializes in developing Lithium Ion Battery (LIB) technology. The Company also manufactures cathode ray tubes (CRTs) for televisions and computer monitors. Samsung SDI also produces liquid crystal display (LCD) components and rechargeable batteries for cellular phones, personal digital assistants (PDAs), Energy Storage Systems and solar panels.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
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Samsung SDI Co Ltd (006405 KS)

Korea Preferred/Ordinaries Pair Trades

With the heightened volatility and amendment of the short sell rules in Korea, there have been significant movements in the discounts on the...

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Take Profits on Samsung SDI Pref (Up 92% YTD)

Samsung SDI Co Ltd (006405 KS) shares have been soaring this year (up 92% YTD), versus KOSPI which is up only 1% YTD. Samsung SDI Pref has been one...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Korea Preferred/Ordinaries Pair Trades

With the heightened volatility and amendment of the short sell rules in Korea, there have been significant movements in the discounts on the...

Brian Freitas

Take Profits on Samsung SDI Pref (Up 92% YTD)

Samsung SDI Co Ltd (006405 KS) shares have been soaring this year (up 92% YTD), versus KOSPI which is up only 1% YTD. Samsung SDI Pref has been one...

Douglas Kim

Korea Share Class Pair Trade: Assessing 3 Large Cap Prefs Below -1σ

This post tracks the 20-day sigma of Korea's preferred shares relative to their respective ordinary share and assesses the 3 large-cap preferred...

Sanghyun Park