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

<ul>
<li>Mirae Asset TIGER Fn Semiconductor TOP 10 ETF saw a rapid increase in AUM in a short period. Currently, AUM has reached 126 billion won.</li>
<li>Compared to the flow size, the price movement magnitude was substantial. What is particularly important is that the correlation between weight change direction and price impact was quite significant.</li>
<li>Considering Long Short basket trading based on the weight change direction on a day trading window seems worthwhile.</li>
</ul>


Mirae Asset TIGER Fn Semiconductor TOP 10 ETF saw a rapid increase in AUM in a short period. Currently, AUM has reached 126 billion won.
Compared to the flow size, the price movement magnitude was substantial. What is particularly important is that the correlation between weight change direction and price impact was quite significant.
Considering Long Short basket trading based on the weight change direction on a day trading window seems worthwhile.


Introducing Another Long Short Basket Trading Event with Semicon ETF Rebalancing in Korea

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>On 1 March, it was announced that Sweden's EQT will be acquiring a 68% controlling stake in SK Shieldus (393820 KS).</li>
<li>EQT Partners is controlled by Sweden's powerful Wallenberg family. EQT will invest a total amount of 2 trillion won (US$1.5 billion) in SK Shieldus.</li>
<li>Our NAV analysis of SK Square suggests NAV of 7.9 trillion won or NAV per share of 55,507, representing a 45% upside from current levels.</li>
</ul>


On 1 March, it was announced that Sweden's EQT will be acquiring a 68% controlling stake in SK Shieldus (393820 KS).
EQT Partners is controlled by Sweden's powerful Wallenberg family. EQT will invest a total amount of 2 trillion won (US$1.5 billion) in SK Shieldus.
Our NAV analysis of SK Square suggests NAV of 7.9 trillion won or NAV per share of 55,507, representing a 45% upside from current levels.


Sweden's EQT to Acquire a 68% Stake in SK Shieldus - Positive Impact on SK Square

Equity Bottom-Up

<ul>
<li>In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 1Q 2023.</li>
<li>Of the 33 pair trades, 2/3 of them involved holdcos outperforming opcos in the past year and 1/3 of them involved opcos outperforming holdcos in the same period.</li>
<li>We highlight 33 pair trades that involve Korean holdcos and opcos.</li>
</ul>


In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 1Q 2023.
Of the 33 pair trades, 2/3 of them involved holdcos outperforming opcos in the past year and 1/3 of them involved opcos outperforming holdcos in the same period.
We highlight 33 pair trades that involve Korean holdcos and opcos.


Korean Holdcos Vs Opcos Gap Spreads Opportunities in 1Q 2023

<ul>
<li>More than 20 trillion won (US$16 billion) worth of deals are up for M&amp;As in 2023.</li>
<li>However, due to high interest rates and differences on valuations among buyers and sellers, the M&amp;A market in Korea is likely to continue to be weak in 2023.</li>
<li>In this insight, we discuss 24 companies that are up for M&amp;As this year in Korea, including Hanon Systems, SK Shieldus, and K Car.</li>
</ul>


More than 20 trillion won (US$16 billion) worth of deals are up for M&amp;As in 2023.
However, due to high interest rates and differences on valuations among buyers and sellers, the M&amp;A market in Korea is likely to continue to be weak in 2023.
In this insight, we discuss 24 companies that are up for M&amp;As this year in Korea, including Hanon Systems, SK Shieldus, and K Car.


Korea M&A Outlook in 2023: What's for Sale?

Equity Capital Markets

<ul>
<li>This is our 8th "Annual Edition of the Major Korean IPOs Pipeline Preview" at Smartkarma! </li>
<li>This insight will feature 50 of the biggest potential IPOs in Korea in 2023. </li>
<li>The overall IPO market in Korea is likely to continue to be weak in 1H 2023, although there are some potential for a rebound in 2H 2023. </li>
</ul>


This is our 8th "Annual Edition of the Major Korean IPOs Pipeline Preview" at Smartkarma! 
This insight will feature 50 of the biggest potential IPOs in Korea in 2023. 
The overall IPO market in Korea is likely to continue to be weak in 1H 2023, although there are some potential for a rebound in 2H 2023. 


South Korea

SK Square Co., Ltd. operates as an investment company. The Company invests in semiconductors, information and communications technologies, and other industries. SK Square conducts businesses in South Korea.

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SK Square (402340 KS)

Introducing Another Long Short Basket Trading Event with Semicon ETF Rebalancing in Korea

This post introduces the rebalancing of sector ETFs in Korea, which is not yet well known, and examines whether this event provides long-short...

Sanghyun Park

Sweden's EQT to Acquire a 68% Stake in SK Shieldus - Positive Impact on SK Square

On 1 March, it was announced that Sweden's EQT will be acquiring a 68% controlling stake in SK Shieldus (393820 KS). EQT will invest a total amount...

Douglas Kim

Korean Holdcos Vs Opcos Gap Spreads Opportunities in 1Q 2023

In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 1Q 2023. We highlight 33 pair trades that...

Douglas Kim

Korea M&A Outlook in 2023: What's for Sale?

In this insight, we discuss 24 companies that are up for M&As this year in Korea, including Hanon Systems, SK Shieldus, and K Car.

Douglas Kim

2023 Major IPOs Pipeline in Korea

This is our 8th "Annual Edition of the Major Korean IPOs Pipeline Preview" at Smartkarma! This insight will feature 50 of the biggest potential...

Douglas Kim

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52-week Range

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