Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>'s analysts' call transcript is worth listening to. The math on the takeover maths well. This is a buy on dip. Again.</li>
<li>Those who bought into <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology (1833 HK)</a>'s punchy dividend, whether in cash or scrip, the trade has panned out well. </li>
<li>KKR extends its Offer for <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>. Separately, Bain said it had destroyed confidential data, as requested, but it's unclear how and when that data was destroyed.</li>
</ul>



Seven &amp; I Holdings (3382 JP)'s analysts' call transcript is worth listening to. The math on the takeover maths well. This is a buy on dip. Again.
Those who bought into Ping An Healthcare and Technology (1833 HK)'s punchy dividend, whether in cash or scrip, the trade has panned out well. 
KKR extends its Offer for Fuji Soft Inc (9749 JP). Separately, Bain said it had destroyed confidential data, as requested, but it's unclear how and when that data was destroyed.


Last Week in Event SPACE: Seven & I, PA Gooddoctor, Fuji Soft, WH Group

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>We discuss the end of the mandatory lock-up periods for 57 stocks in Korea in January 2025, among which four are in KOSPI and 53 are in KOSDAQ. </li>
<li>The ban on short selling of Korean stocks which is still in place is likely to be lifted on 31 March 2025.</li>
<li>Some of the companies mentioned in this insight which highlights the end of the major lockup periods could help to narrow down the list of candidates for potential shorting. </li>
</ul>


We discuss the end of the mandatory lock-up periods for 57 stocks in Korea in January 2025, among which four are in KOSPI and 53 are in KOSDAQ. 
The ban on short selling of Korean stocks which is still in place is likely to be lifted on 31 March 2025.
Some of the companies mentioned in this insight which highlights the end of the major lockup periods could help to narrow down the list of candidates for potential shorting. 


End of Mandatory Lock-Up Periods for 57 Companies in Korea in January 2025

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>A quarter of the way through the review period, we forecast 37 migrating stocks. Among new listings, 1 could be added to LargeCap, 3 to MidCap and 2 to SmallCap.</li>
<li>Four downward migrations were deleted from a global index in November. Now, three more 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.
A quarter of the way through the review period, we forecast 37 migrating stocks. Among new listings, 1 could be added to LargeCap, 3 to MidCap and 2 to SmallCap.
Four downward migrations were deleted from a global index in November. Now, three more downward migrations could be deleted from the same global index in February.


KOSPI Size Indices: Overlap Between Global Passive Selling & Downward Migrations

<ul>
<li>In this insight, we provide an early look at the potential additions and deletions to KOSPI200 rebalance in June 2025.</li>
<li>These seven potential inclusion candidates are up on average 8.9% from end of Sept 2024 to 2 December 2024 versus KOSPI which is down 5.4% in the same period. </li>
<li>The potential additions include IPOs in 2024 such as HD Hyundai Marine Solution (443060 KS), Shift Up (462870 KS), and Sanil Electric (062040 KS). </li>
</ul>


In this insight, we provide an early look at the potential additions and deletions to KOSPI200 rebalance in June 2025.
These seven potential inclusion candidates are up on average 8.9% from end of Sept 2024 to 2 December 2024 versus KOSPI which is down 5.4% in the same period. 
The potential additions include IPOs in 2024 such as HD Hyundai Marine Solution (443060 KS), Shift Up (462870 KS), and Sanil Electric (062040 KS). 


An Early Look at Potential Additions and Deletions to KOSPI200 in June 2025

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kadokawa-dwango-corp" target="_blank" data-smartkarma-citation="entities:4152:1" rel="noopener">Kadokawa Dwango (9468 JP)</a> shares rose 16% after <a href="https://www.reuters.com/markets/deals/sony-talks-buy-media-powerhouse-behind-elden-ring-sources-say-2024-11-19/" target="_blank" rel="noopener">Reuters reported</a> that <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a> is in talks to acquire it. Kadokawa confirmed an initial letter of intent. </li>
<li>The privatisation interest is unsurprising as Kadokawa’s publishing arm, acclaimed intellectual properties, and positioning in the anime industry would be attractive to Sony.</li>
<li>The upside is limited as the last close reflects a significant takeover premium. There is a risk if a binding proposal emerges, it could be takeunder like Bain/T-Gaia.</li>
</ul>



Kadokawa Dwango (9468 JP) shares rose 16% after Reuters reported that Sony Corp (6758 JP) is in talks to acquire it. Kadokawa confirmed an initial letter of intent. 
The privatisation interest is unsurprising as Kadokawa’s publishing arm, acclaimed intellectual properties, and positioning in the anime industry would be attractive to Sony.
The upside is limited as the last close reflects a significant takeover premium. There is a risk if a binding proposal emerges, it could be takeunder like Bain/T-Gaia.


Kadokawa (9468 JP): Take Profits as a Sony Privatisation Rumours Surface

South Korea

Shift Up is an all-in -one game design and development studio that crosses a wide range of fields from game production to promotional video and music production, based on original illustration and solid planning and programming skills.

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Shift Up (462870 KS)

Last Week in Event SPACE: Seven & I, PA Gooddoctor, Fuji Soft, WH Group

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

End of Mandatory Lock-Up Periods for 57 Companies in Korea in January 2025

Some of the companies mentioned in this insight which highlights the end of the major lockup periods in January could help to narrow down the list...

Douglas Kim

KOSPI Size Indices: Overlap Between Global Passive Selling & Downward Migrations

There could be 37 migrations for the KOSPI Size indices in March, plus 1 LargeCap and 3 MidCap inclusions. The MidCap to LargeCap migrations have...

Brian Freitas

An Early Look at Potential Additions and Deletions to KOSPI200 in June 2025

In this insight, we provide an early look at the potential additions and deletions to KOSPI200 rebalance in June 2025. The potential additions...

Douglas Kim

Kadokawa (9468 JP): Take Profits as a Sony Privatisation Rumours Surface

While an acquisition has a strong strategic rationale, the upside is limited as the last close reflects a significant takeover premium. There is a...

Arun George

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