Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

Sejin Heavy Industries Co Ltd / Event-Driven

<ul>
<li>HHI–Mipo merger overlaps Dec review: Mipo dropped Nov 26, desk holds cash, rebal Dec 12, new HHI shares list Dec 15 but capped at 10%.</li>
<li>No ad-hoc replacement for Mipo Nov 26; Dec review will add a new name, likely Sejin Heavy (075580 KS), with no other significant flows flagged.</li>
<li>Sejin Heavy’s recent post-rally volume cools; passive inflow ~1.5x DTV may trigger visible price action, with potential front-running 1–2 days ahead of Dec 12 ETF rebal.</li>
</ul>


HHI–Mipo merger overlaps Dec review: Mipo dropped Nov 26, desk holds cash, rebal Dec 12, new HHI shares list Dec 15 but capped at 10%.
No ad-hoc replacement for Mipo Nov 26; Dec review will add a new name, likely Sejin Heavy (075580 KS), with no other significant flows flagged.
Sejin Heavy’s recent post-rally volume cools; passive inflow ~1.5x DTV may trigger visible price action, with potential front-running 1–2 days ahead of Dec 12 ETF rebal.


Another Passive Flow Trading Target Identified: Sejin Heavy in the Dec Shipbuilding ETF Rebal

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

Samsung Life Insurance / Equity Bottom-Up

<ul>
<li>In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (12 to 26 September 2025).</li>
<li>Our top 10 picks were up on average 7.4% from 29 August to 12 September, outperforming KOSPI which was up 6.6% in the same period.</li>
<li>Top 10 picks in this bi-weekly include KCC Corp, Nongshim Holdings, KT&amp;G, Paradise, Samsung Life Insurance, Hana Financial, SK Inc, CJ Corp, Lg Chem, and Lotte Tour Development.</li>
</ul>


In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (12 to 26 September 2025).
Our top 10 picks were up on average 7.4% from 29 August to 12 September, outperforming KOSPI which was up 6.6% in the same period.
Top 10 picks in this bi-weekly include KCC Corp, Nongshim Holdings, KT&amp;G, Paradise, Samsung Life Insurance, Hana Financial, SK Inc, CJ Corp, Lg Chem, and Lotte Tour Development.


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (12 to 26 September 2025)

Equity Capital Markets

<ul>
<li>S&amp;SYS is getting ready to complete its IPO in KOSDAQ in August. S&amp;SYS is a shipbuilding equipment integrated solution company. </li>
<li>The company plans to offer 1.9 million shares in this public offering. The IPO price range is from 27,000 won to 30,000 won. </li>
<li>To value S&amp;SYS, the bankers used Sejin Heavy Industries Co Ltd (075580 KS), Halla IMS, HD Hyundai Marine Solution (443060 KS), and Ksp Co Ltd (073010 KS) as comps. </li>
</ul>


S&amp;SYS is getting ready to complete its IPO in KOSDAQ in August. S&amp;SYS is a shipbuilding equipment integrated solution company. 
The company plans to offer 1.9 million shares in this public offering. The IPO price range is from 27,000 won to 30,000 won. 
To value S&amp;SYS, the bankers used Sejin Heavy Industries Co Ltd (075580 KS), Halla IMS, HD Hyundai Marine Solution (443060 KS), and Ksp Co Ltd (073010 KS) as comps. 


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

<ul>
<li>The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February.</li>
<li>Over halfway through the review period, we forecast 39 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 2 to SmallCap.</li>
<li>Three potential downward migrations were deleted from a global index in November. Now, four more potential downward migrations could be deleted from the same global index in February.</li>
</ul>


The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February.
Over halfway through the review period, we forecast 39 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 2 to SmallCap.
Three potential downward migrations were deleted from a global index in November. Now, four more potential downward migrations could be deleted from the same global index in February.


KOSPI Size Indices: When Active Met Passive

<ul>
<li>Hyundai Hyms is getting ready to complete its IPO in KOSDAQ in January. The total IPO offering amount is 43.5 billion to 54.9 billion won. </li>
<li>The company is offering 8.7 million shares in this IPO, of which 40% are old shares and 60% are new shares. </li>
<li>Hyundai Hyms specializes in shipbuilding equipment. Hyundai Hyms's main business includes shipbuilding equipment and related services. </li>
</ul>


Hyundai Hyms is getting ready to complete its IPO in KOSDAQ in January. The total IPO offering amount is 43.5 billion to 54.9 billion won. 
The company is offering 8.7 million shares in this IPO, of which 40% are old shares and 60% are new shares. 
Hyundai Hyms specializes in shipbuilding equipment. Hyundai Hyms's main business includes shipbuilding equipment and related services. 


South Korea

Sejin Heavy Industries Co. Ltd., operates a shipbuilding firm.  The Company manufactures ship components such as Deck House and Liquified Petroleum Gas (LPG) Tank.

Sejin Heavy Industries Co Ltd (075580 KS)

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Sejin Heavy Industries Co Ltd (075580 KS)

Another Passive Flow Trading Target Identified: Sejin Heavy in the Dec Shipbuilding ETF Rebal

HD Hyundai Mipo is out of SOL Shipbuilding TOP3 Plus ETF, with Sejin Heavy (075580 KS) set to replace. I checked with FnGuide on timing; they said...

Sanghyun Park

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (12 to 26 September 2025)

Top 10 picks in this bi-weekly include KCC Corp, Nongshim Holdings, KT&G, Paradise, Samsung Life Insurance, Hana Financial, SK Inc, CJ Corp, Lg...

Douglas Kim

S&SYS IPO Preview

S&SYS is getting ready to complete its IPO in KOSDAQ in August. S&SYS is a shipbuilding equipment integrated solution company.

Douglas Kim

KOSPI Size Indices: When Active Met Passive

There could be 39 migrations in March. Most of the Large to Mid migrations have been, or will be, deleted from a large global index. Along with...

Brian Freitas

Hyundai Hyms IPO Preview

Hyundai Hyms, which specializes in shipbuilding equipment, is getting ready to complete its IPO in KOSDAQ in January. The total IPO offering amount...

Douglas Kim

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