Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>Korea Exchange announced its KOSPI200 rebalance changes on 27 May. It added 8 companies and deleted 8 companies. KRX also added 9 companies and deleted 9 companies in KOSDAQ 150. </li>
<li>These 8 new inclusions in KOSPI200 are up on average 49.8% in the past one year. The 8 deletions to KOSPI200 are down on average 45.2% in the past one year.</li>
<li>There were numerous surprises to the KOSDAQ150 rebalances.  In particular, three companies are relative surprises to the KOSDAQ150 additions including Solid Inc, Zeus Co, and Wemade Max.   </li>
</ul>


Korea Exchange announced its KOSPI200 rebalance changes on 27 May. It added 8 companies and deleted 8 companies. KRX also added 9 companies and deleted 9 companies in KOSDAQ 150. 
These 8 new inclusions in KOSPI200 are up on average 49.8% in the past one year. The 8 deletions to KOSPI200 are down on average 45.2% in the past one year.
There were numerous surprises to the KOSDAQ150 rebalances.  In particular, three companies are relative surprises to the KOSDAQ150 additions including Solid Inc, Zeus Co, and Wemade Max.   


KOSPI 200 and KOSDAQ 150 Constituent Changes Announced: A Few Surprises

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wasion-holdings-limited" target="_blank" data-smartkarma-citation="entities:421:1" rel="noopener">Wasion (3393 HK)</a> top AI clients include Bytedance and <a href="https://www.smartkarma.com/entities/gds-holdings-adr" target="_blank" data-smartkarma-citation="entities:23649:1" rel="noopener">GDS Holdings (ADR) (GDS US)</a>to build more data centers.</li>
<li>Wayon Energy IPO will set expectations on how the parent company share price will perform.</li>
<li>This insight also list course of actions to lock in profit based on another stock with similar situation.</li>
</ul>



Wasion (3393 HK) top AI clients include Bytedance and GDS Holdings (ADR) (GDS US)to build more data centers.
Wayon Energy IPO will set expectations on how the parent company share price will perform.
This insight also list course of actions to lock in profit based on another stock with similar situation.


<ul>
<li>In this analysis, we provide a back testing analysis of the end of mandatory lock-up periods monthly data in Korea in the past six months.</li>
<li>All in all, this end of mandatory lock-up period monthly data continues to provide some alpha generating results.</li>
<li>In the past six months, they have tended to work better in periods when KOSPI declines rather than in periods when KOSPI rises. </li>
</ul>


In this analysis, we provide a back testing analysis of the end of mandatory lock-up periods monthly data in Korea in the past six months.
All in all, this end of mandatory lock-up period monthly data continues to provide some alpha generating results.
In the past six months, they have tended to work better in periods when KOSPI declines rather than in periods when KOSPI rises. 


Back Testing the End of Mandatory Lock-Up Periods Monthly Data in Korea

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 9 changes 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> in June. Most of the adds and all of the deletes were forecast.</li>
<li>The index committee have used their discretion and kept <a href="https://www.smartkarma.com/entities/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> and <a href="https://www.smartkarma.com/entities/snh-inc" target="_blank" data-smartkarma-citation="entities:12212:1" rel="noopener">Snh Inc (051980 KS)</a> out of the index for yet another rebalance - no reason provided.</li>
<li>There's been little movement in the relative performance of the adds/deletes the last few months. The announcement of the changes could see the stocks move over the next few weeks.</li>
</ul>


There are 9 changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) in June. Most of the adds and all of the deletes were forecast.
The index committee have used their discretion and kept Fadu (440110 KS) and Snh Inc (051980 KS) out of the index for yet another rebalance - no reason provided.
There's been little movement in the relative performance of the adds/deletes the last few months. The announcement of the changes could see the stocks move over the next few weeks.


KOSDAQ150 Index Rebalance: 9 Changes as Fadu Ignored Again

<ul>
<li>With the review period for the June rebalance complete, we highlight 11 potential changes 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>. </li>
<li>The estimated impact on the potential inclusions ranges from 0.2-7.5 days of ADV while the impact on the potential deletions varies from 0.2-5.8 days of ADV.</li>
<li>The forecast adds have outperformed the forecast deletes over the last 6-7 months with a big move higher in the last month. Trim positions into strength.</li>
</ul>


With the review period for the June rebalance complete, we highlight 11 potential changes for the KOSDAQ 150 Index (KOSDQ150 INDEX). 
The estimated impact on the potential inclusions ranges from 0.2-7.5 days of ADV while the impact on the potential deletions varies from 0.2-5.8 days of ADV.
The forecast adds have outperformed the forecast deletes over the last 6-7 months with a big move higher in the last month. Trim positions into strength.


KOSDAQ150 Index Rebalance Preview: Announcement Around the Corner

South Korea

W-Scope Chungju Plant Co., Ltd. develops and manufactures battery separator. The Company develops, produces and sales lithium ion secondary battery separator. W-Scope Chungju Plant markets its products worldwide.

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WCP (393890 KS)

KOSPI 200 and KOSDAQ 150 Constituent Changes Announced: A Few Surprises

Korea Exchange announced its KOSPI200 rebalance changes on 27 May. It added 8 companies and deleted 8 companies. KRX also added 9 companies and...

Douglas Kim

Wasion (3393): Data Centers and Spin Off

Wasion's top AI clients, including Bytedance and GDS Holdings, are driving the company to build more data centers. Wayon Energy IPO will impact...

Henry Soediarko

Back Testing the End of Mandatory Lock-Up Periods Monthly Data in Korea

In this analysis, we provide a back testing analysis of the end of mandatory lock-up periods monthly data in Korea in the past six months....

Douglas Kim

KOSDAQ150 Index Rebalance: 9 Changes as Fadu Ignored Again

There are 9 changes as Fadu and Joongang AM have been kept out of the index again. Passive impact varies from 0.2-8.6x ADV. Performance has been...

Brian Freitas

KOSDAQ150 Index Rebalance Preview: Announcement Around the Corner

We highlight 11 potential changes for the index in June. Impact varies from 0.2-7.5x ADV. The forecast adds have outperformed the forecast deletes...

Brian Freitas

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KOSPI 200 and KOSDAQ 150 Constituent Changes Announced: A Few Surprises

Korea Exchange announced its KOSPI200 rebalance changes on 27 May. It added 8 companies and deleted 8 companies. KRX also added 9 companies and...

Douglas Kim

Wasion (3393): Data Centers and Spin Off

​Wasion's top AI clients, including Bytedance and GDS Holdings, are driving the company to build more data centers. Wayon Energy IPO will impact...

Henry Soediarko

Back Testing the End of Mandatory Lock-Up Periods Monthly Data in Korea

In this analysis, we provide a back testing analysis of the end of mandatory lock-up periods monthly data in Korea in the past six months....

Douglas Kim

KOSDAQ150 Index Rebalance: 9 Changes as Fadu Ignored Again

There are 9 changes as Fadu and Joongang AM have been kept out of the index again. Passive impact varies from 0.2-8.6x ADV. Performance has been...

Brian Freitas

KOSDAQ150 Index Rebalance Preview: Announcement Around the Corner

We highlight 11 potential changes for the index in June. Impact varies from 0.2-7.5x ADV. The forecast adds have outperformed the forecast deletes...

Brian Freitas

Wasion's top AI clients, including Bytedance and GDS Holdings, are driving the company to build more data centers. Wayon Energy IPO will impact...