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.

Index Rebalance

<ul>
<li>KRX says it will strictly follow methodology for September KRX Semis, with no special review, pointing to another sharp cut in constituents, potentially down to the 20 name floor.</li>
<li>At 20 constituents, TES (095610) and TSE (131290) would be the two additions and face limited risk of failing the concurrent TMI eligibility screen.</li>
<li>With KRW 6.6tn AUM, the constituent cut should drive outsized passive flows into TES and TSE, while surviving names also see meaningful inflows, making a basket trade worth considering.</li>
</ul>


KRX says it will strictly follow methodology for September KRX Semis, with no special review, pointing to another sharp cut in constituents, potentially down to the 20 name floor.
At 20 constituents, TES (095610) and TSE (131290) would be the two additions and face limited risk of failing the concurrent TMI eligibility screen.
With KRW 6.6tn AUM, the constituent cut should drive outsized passive flows into TES and TSE, while surviving names also see meaningful inflows, making a basket trade worth considering.


Sharing Feedback from KRX on Final Constituent Count for KRX Semis Rebal

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In this insight, I provide a list of top 10 performing stocks in KOSDAQ YTD (those with market caps of at least 100 billion won). </li>
<li>These 10 stocks are up on average 521% YTD. All of these 10 companies could be considered turnarounds with their sales and profits improving much more in 2026 versus 2025.</li>
<li>This is a clear example that shows that small cap turnarounds listed in KOSDAQ that are in the value-chain of Samsung Electronics and SK Hynix could pay off handsomely. </li>
</ul>


In this insight, I provide a list of top 10 performing stocks in KOSDAQ YTD (those with market caps of at least 100 billion won). 
These 10 stocks are up on average 521% YTD. All of these 10 companies could be considered turnarounds with their sales and profits improving much more in 2026 versus 2025.
This is a clear example that shows that small cap turnarounds listed in KOSDAQ that are in the value-chain of Samsung Electronics and SK Hynix could pay off handsomely. 


Top 10 Performing Stocks In KOSDAQ YTD - What Can We Learn From This?

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

Shenton Research

Shenton 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 foreign holdings of KRX stocks as of Sep 11th. The aggregated holding was USD1,714.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,692mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, SKSQUARE, Samsung Elec (PREF), KAL, EO Technics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Sep 11th. The aggregated holding was USD1,714.2bn.
We estimate that foreign flows to be inflows of USD1,692mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, SKSQUARE, Samsung Elec (PREF), KAL, EO Technics.


KRX Foreign Holding Weekly (Sep 11th): SK Hynix, SKSQUARE, Samsung Elec (PREF), KAL, EO Technics

<ul>
<li>KRX confirmed the 20% Samsung and Hynix caps for Thursday. Hynix alone implies KRW 1.2tn of sell flow, with KODEX expected to fully replicate.</li>
<li>While TIGER remains uncertain due to replication issues and lack of desk confirmation, it represents only 20% of AUM. Expecting at least 90% total AUM movement for Thursday remains realistic.</li>
<li>For passive impact, Friday’s combined KRX/NXT DTV is likely the best proxy, given recent volume volatility and improving semiconductor liquidity.</li>
</ul>


KRX confirmed the 20% Samsung and Hynix caps for Thursday. Hynix alone implies KRW 1.2tn of sell flow, with KODEX expected to fully replicate.
While TIGER remains uncertain due to replication issues and lack of desk confirmation, it represents only 20% of AUM. Expecting at least 90% total AUM movement for Thursday remains realistic.
For passive impact, Friday’s combined KRX/NXT DTV is likely the best proxy, given recent volume volatility and improving semiconductor liquidity.


KRX Confirms 20% Samsung and Hynix Caps for Thursday’s Semis Rebalance

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

Samsung KODEX Semicon ETF / Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/profiles/sanghyun-park" target="_blank" data-smartkarma-citation="accounts:354" rel="noopener">Sanghyun Park</a> posted recently about stocks added/removed to KRX Semis <a href="https://www.smartkarma.com/entities/samsung-kodex-semicon-etf" target="_blank" data-smartkarma-citation="entities:40966:1" rel="noopener">(091160 KS)</a> at September's rebalance, <strong>this insight will look at support zones to buy during the current correction and profit targets</strong>.</li>
<li>The ETF sits at price that offers a tactical LONG entry - this insight leverages our model data to evaluate if this is a good point to enter the trade.</li>
<li>Market sentiment on KODEX Semicon remains cautiously bullish with high tactical volatility, possibly an opportunity to buy at discounted price, with a long-term profit target view.</li>
</ul>



Sanghyun Park posted recently about stocks added/removed to KRX Semis (091160 KS) at September's rebalance, this insight will look at support zones to buy during the current correction and profit targets.
The ETF sits at price that offers a tactical LONG entry - this insight leverages our model data to evaluate if this is a good point to enter the trade.
Market sentiment on KODEX Semicon remains cautiously bullish with high tactical volatility, possibly an opportunity to buy at discounted price, with a long-term profit target view.


KODEX Semicon (091160 KS) Tactical Outlook After September Rebalance

South Korea

TSE Co., Ltd. manufactures and markets various LED testing equipments and semiconductor testing equipments, such as Interface Boards and Probe Cards.

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Tse Co Ltd (131290 KS)

Top 10 Performing Stocks In KOSDAQ YTD - What Can We Learn From This?

In this insight, I provide a list of top 10 performing stocks in KOSDAQ YTD (those with market caps of at least 100 billion won).

Douglas Kim

KRX Foreign Holding Weekly (Sep 11th): SK Hynix, SKSQUARE, Samsung Elec (PREF), KAL, EO Technics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, SKSQUARE, Samsung Elec (PREF), KAL, EO...

Ke Yan, CFA, FRM

KRX Confirms 20% Samsung and Hynix Caps for Thursday’s Semis Rebalance

I got confirmation from KRX that the 20% caps on Samsung and SK Hynix will apply in this Thursday’s KRX Semis rebalance.

Sanghyun Park

KODEX Semicon (091160 KS) Tactical Outlook After September Rebalance

The KODEX Semicon ETF (091160 KS) presents a prime asymmetric buy-the-dip setup. Our model shows a nearly 70% reversal probability after a 2-week...

Nico Rosti

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52-week Range

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Dividend (Yield)

Sharing Feedback from KRX on Final Constituent Count for KRX Semis Rebal

This post shares the latest feedback I got directly from KRX on the final constituent count for the KRX Semis September rebalancing.

Sanghyun Park

Top 10 Performing Stocks In KOSDAQ YTD - What Can We Learn From This?

In this insight, I provide a list of top 10 performing stocks in KOSDAQ YTD (those with market caps of at least 100 billion won).

Douglas Kim

KRX Foreign Holding Weekly (Sep 11th): SK Hynix, SKSQUARE, Samsung Elec (PREF), KAL, EO Technics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, SKSQUARE, Samsung Elec (PREF), KAL, EO...

Ke Yan, CFA, FRM

KRX Confirms 20% Samsung and Hynix Caps for Thursday’s Semis Rebalance

I got confirmation from KRX that the 20% caps on Samsung and SK Hynix will apply in this Thursday’s KRX Semis rebalance.

Sanghyun Park

KODEX Semicon (091160 KS) Tactical Outlook After September Rebalance

The KODEX Semicon ETF (091160 KS) presents a prime asymmetric buy-the-dip setup. Our model shows a nearly 70% reversal probability after a 2-week...

Nico Rosti