Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Aug 1st. The aggregated short interest was USD9.7bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG H&amp;H, Hanwha Vision.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 1st. The aggregated short interest was USD9.7bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG H&amp;H, Hanwha Vision.


KRX Short Interest Weekly (Aug 1st): HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG H&H

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 are 12 inclusions and 12 exclusions 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 June rebalance to be implemented at the close on 9 June.</li>
<li>Most of the inclusions were expected, but there are quite a few surprises among the deletions. The impact on the deletions will be higher than that on the inclusions.</li>
<li>The adds have outperformed the deletes and there has been another leg up in the last couple of weeks. Expect the trend to continue till implementation week.</li>
</ul>


There are 12 inclusions and 12 exclusions for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the June rebalance to be implemented at the close on 9 June.
Most of the inclusions were expected, but there are quite a few surprises among the deletions. The impact on the deletions will be higher than that on the inclusions.
The adds have outperformed the deletes and there has been another leg up in the last couple of weeks. Expect the trend to continue till implementation week.


KOSDAQ150 Index Rebalance Preview: A Dozen Changes in June

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>Enchem (348370 KS) is in a bit tricky situation. Applying the KRX's review period calculation criterion to Enchem satisfies the minimum listing requirement.</li>
<li>So, we should consider Enchem's addition odds quite high. Enchem's inclusion will pave the way for Sungwoo Hitech (015750 KS) to leave the Index.</li>
<li>We have ten adds/deletes, and WYSIWYG Studios (299900 KS) leads the adds for the passive impact, whereas JNTC Co Ltd (204270 KS) will suffer the most relative to ADTV.</li>
</ul>


Enchem (348370 KS) is in a bit tricky situation. Applying the KRX's review period calculation criterion to Enchem satisfies the minimum listing requirement.
So, we should consider Enchem's addition odds quite high. Enchem's inclusion will pave the way for Sungwoo Hitech (015750 KS) to leave the Index.
We have ten adds/deletes, and WYSIWYG Studios (299900 KS) leads the adds for the passive impact, whereas JNTC Co Ltd (204270 KS) will suffer the most relative to ADTV.


KOSDAQ 150 Rebalancing: Complete List of Candidates, Including Enchem

<ul>
<li>The review period for the June rebalance of 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> ended on Friday. We see 14 potential changes to the index - most are high probability. </li>
<li>The impact of passive trading is higher on the deletions than on the additions. Short interest on the potential adds is zero/negligible and a lot larger on the potential deletions.</li>
<li>Short interest on a couple of potential deletion exceeds the estimated passive selling, while there are others where short interest is three-quarters of the estimated passive selling.</li>
</ul>


The review period for the June rebalance of the KOSDAQ 150 Index ended on Friday. We see 14 potential changes to the index - most are high probability. 
The impact of passive trading is higher on the deletions than on the additions. Short interest on the potential adds is zero/negligible and a lot larger on the potential deletions.
Short interest on a couple of potential deletion exceeds the estimated passive selling, while there are others where short interest is three-quarters of the estimated passive selling.


KOSDAQ150 Index Rebalance Preview: 14 Potential Changes in June

<ul>
<li>The KOSDAQ 150 rebalancing in June will have nine adds and deletes, respectively.</li>
<li>Additions: <strong><a href="https://www.smartkarma.com/entities/vidente-co-ltd" target="_blank" data-smartkarma-citation="entities:10357:1" rel="noopener">Vidente (121800)</a>, <a href="https://www.smartkarma.com/entities/golfzon-co-ltd" target="_blank" data-smartkarma-citation="entities:35645:1" rel="noopener">GOLFZON (215000)</a>, <a href="https://www.smartkarma.com/entities/hana-micron-inc" target="_blank" data-smartkarma-citation="entities:1464:1" rel="noopener">Hana Micron (067310)</a>, <a href="https://www.smartkarma.com/entities/danal-co-ltd" target="_blank" data-smartkarma-citation="entities:19682:1" rel="noopener">Danal (064260)</a>, <a href="https://www.smartkarma.com/entities/intellian-technologies-inc" target="_blank" data-smartkarma-citation="entities:34895:1" rel="noopener">Intellian Technologies (189300)</a>, <a href="https://www.smartkarma.com/entities/advanced-nano-products-co-lt" target="_blank" data-smartkarma-citation="entities:20170:1" rel="noopener">Advanced Nano (121600)</a>, Neoimmunetech (950220), NKMax (182400), &amp; WYSIWYG (299900) </strong>
</li>
<li>Deletions: <strong><a href="https://www.smartkarma.com/entities/toptec-co-ltd" target="_blank" data-smartkarma-citation="entities:7332:1" rel="noopener">Toptec (108230)</a>, <a href="https://www.smartkarma.com/entities/danawa-co-ltd" target="_blank" data-smartkarma-citation="entities:7191:1" rel="noopener">Danawa (119860)</a>, <a href="https://www.smartkarma.com/entities/optoelectronics-solutions-co" target="_blank" data-smartkarma-citation="entities:2098:1" rel="noopener">Optoelectronics Solutions (138080)</a>, <a href="https://www.smartkarma.com/entities/unison-co-ltd-south-korea" target="_blank" data-smartkarma-citation="entities:18617:1" rel="noopener">Unison (018000)</a>, <a href="https://www.smartkarma.com/entities/daea-ti-co-ltd" target="_blank" data-smartkarma-citation="entities:1473:1" rel="noopener">Daea Ti (045390)</a>, <a href="https://www.smartkarma.com/entities/advanced-process-systems-corporation" target="_blank" data-smartkarma-citation="entities:24087:1" rel="noopener">AP Systems (265520)</a>, <a href="https://www.smartkarma.com/entities/seojin-system-co-ltd" target="_blank" data-smartkarma-citation="entities:24032:1" rel="noopener">Seojin System (178320)</a>, <a href="https://www.smartkarma.com/entities/wonik-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:6485:1" rel="noopener">Wonik Holdings (030530)</a>, &amp; <a href="https://www.smartkarma.com/entities/rsupport-co-ltd" target="_blank" data-smartkarma-citation="entities:14783:1" rel="noopener">Rsupport (131370)</a></strong> </li>
</ul>


The KOSDAQ 150 rebalancing in June will have nine adds and deletes, respectively.
Additions: Vidente (121800), GOLFZON (215000), Hana Micron (067310), Danal (064260), Intellian Technologies (189300), Advanced Nano (121600), Neoimmunetech (950220), NKMax (182400), &amp; WYSIWYG (299900) 

Deletions: Toptec (108230), Danawa (119860), Optoelectronics Solutions (138080), Unison (018000), Daea Ti (045390), AP Systems (265520), Seojin System (178320), Wonik Holdings (030530), &amp; Rsupport (131370) 


KOSDAQ 150 Rebalancing: Changes & Passive Impacts

South Korea

TOPTEC Co., Ltd. manufactures factory automated systems mainly used in the manufacturing process of Flat Panel Displays, such as Liquid Crystal Displays, Plasma Display Panels, and Organic Light Emitting Diodes.

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Toptec Co Ltd (108230 KS)

KRX Short Interest Weekly (Aug 1st): HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG H&H

We analyzed KRX short interest report for the past week and highlighted short interest changes in HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG...

Ke Yan, CFA, FRM

KOSDAQ150 Index Rebalance Preview: A Dozen Changes in June

There are 12 adds/deletes for the KOSDAQ150 in June. Most of the inclusions were expected while there appears to be discretion used in choosing the...

Brian Freitas

KOSDAQ 150 Rebalancing: Complete List of Candidates, Including Enchem

This post has a complete list of ten adds and deletes, including Enchem and Sungwoo Hitech, in the upcoming KOSDAQ rebalancing in June.

Sanghyun Park

KOSDAQ150 Index Rebalance Preview: 14 Potential Changes in June

We forecast 14 potential changes to the KOSDAQ150 Index in June - most are high probability. Short interest on few potential deletions exceeds the...

Brian Freitas

KOSDAQ 150 Rebalancing: Changes & Passive Impacts

This post offers the changes (9 additions and deletions, respectively) and their passive impacts (x ADTV) in the KOSDAQ 150 rebalancing in June.

Sanghyun Park

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