Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>In this insight, we discuss near-term momentum trading opportunities among the top 50 stocks in KOSDAQ with highest short interest ratios.</li>
<li>We have identified 10 companies in KOSDAQ that have high short interest ratios, among the worst performing stocks YTD, but with strongest share price performance in the past three days.</li>
<li>These 10 stocks are up on average 10% in the past three trading days, outperforming KOSDAQ which is up 3.7% in the same period.</li>
</ul>


In this insight, we discuss near-term momentum trading opportunities among the top 50 stocks in KOSDAQ with highest short interest ratios.
We have identified 10 companies in KOSDAQ that have high short interest ratios, among the worst performing stocks YTD, but with strongest share price performance in the past three days.
These 10 stocks are up on average 10% in the past three trading days, outperforming KOSDAQ which is up 3.7% in the same period.


Momentum Trading Opportunities Among Top 50 Stocks in KOSDAQ With Highest Short Interest Ratios

Equity Bottom-Up

<ul>
<li>Com2us Corp (078340 KS) is the most likely corporate activist target in Korea's game industry.</li>
<li>Our base case valuation of Com2uS suggests a target price of 97,321 won which is 49% higher than current price.</li>
<li>Finally, the company is expected to launch at least 3-4 promising new games this year. All in all, we have a positive view of Com2uS Corp. </li>
</ul>


Com2us Corp (078340 KS) is the most likely corporate activist target in Korea's game industry.
Our base case valuation of Com2uS suggests a target price of 97,321 won which is 49% higher than current price.
Finally, the company is expected to launch at least 3-4 promising new games this year. All in all, we have a positive view of Com2uS Corp. 


Com2uS Corp: The Most Likely Corporate Activist Target in Korea's Game Industry

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.

<ul>
<li>K Car's major shareholder is Hahn &amp; Company, which has already fully recovered the initial investment. So, there is an actual probability that it will make an aggressive exit.</li>
<li>SingEel's 3-month IPO institutional and VCs will be released, 6.18% of SO. All of them are in a profit zone, there is a possibility that an aggressive overhang will occur.</li>
<li>Kakao's 47% holdings in Kakao Pay will be released. The possibility of lowering the stake seems quite low. Nevertheless, we must consider the risk that this will affect market sentiment.</li>
</ul>


K Car's major shareholder is Hahn &amp; Company, which has already fully recovered the initial investment. So, there is an actual probability that it will make an aggressive exit.
SingEel's 3-month IPO institutional and VCs will be released, 6.18% of SO. All of them are in a profit zone, there is a possibility that an aggressive overhang will occur.
Kakao's 47% holdings in Kakao Pay will be released. The possibility of lowering the stake seems quite low. Nevertheless, we must consider the risk that this will affect market sentiment.


Noteworthy Lockup Releases for the Next Two Months in Korea

<ul>
<li>We discuss ways of finding alpha with the end of mandatory lock-up periods data from Korea Securities Depository (KSD) which comes out at the end of each month.</li>
<li>Key companies that are highlighted in this monthly data have been typically underperforming the market much more than the market overall this year.</li>
<li>Among these stocks, some of the big underperformers this year include Kakao Pay (377300 KS), HYBE (352820 KS), WYSIWYG Studios (299900 KS), and DearU (376300 KS).</li>
</ul>


We discuss ways of finding alpha with the end of mandatory lock-up periods data from Korea Securities Depository (KSD) which comes out at the end of each month.
Key companies that are highlighted in this monthly data have been typically underperforming the market much more than the market overall this year.
Among these stocks, some of the big underperformers this year include Kakao Pay (377300 KS), HYBE (352820 KS), WYSIWYG Studios (299900 KS), and DearU (376300 KS).


Finding Alpha with the End of Mandatory Lock-Up Periods Data from Korea Securities Depository

<ul>
<li>The additions are primarily in line with the predictions. But, the deletions contain many surprises. Webzen is the biggest surprise. Echo Marketing should also surprise a lot of fund trackers.</li>
<li>Creas F&amp;C will face the most substantial passive inflow at 4.08x ADTV, closely followed by Unitest. But factoring in liquidity, WYSIWYG Studios will likely draw the most attention</li>
<li>JNTC will suffer the most among the deletions. However, Webzen will likely be in the limelight as its outflow is by far the largest at ₩8.6B, equivalent to 3.84x ADTV.</li>
</ul>


The additions are primarily in line with the predictions. But, the deletions contain many surprises. Webzen is the biggest surprise. Echo Marketing should also surprise a lot of fund trackers.
Creas F&amp;C will face the most substantial passive inflow at 4.08x ADTV, closely followed by Unitest. But factoring in liquidity, WYSIWYG Studios will likely draw the most attention
JNTC will suffer the most among the deletions. However, Webzen will likely be in the limelight as its outflow is by far the largest at ₩8.6B, equivalent to 3.84x ADTV.


KOSDAQ 150 Rebalancing Results: Passive Flows & Basket Trading Candidates

South Korea

Wysiwyg Studios Co., Ltd. provides video technology production services. The Company produces and sells movies, dramas, broadcasts, animations, and other products. Wysiwyg Studios markets its products throughout Korea.

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WYSIWYG Studios (299900 KS)

Momentum Trading Opportunities Among Top 50 Stocks in KOSDAQ With Highest Short Interest Ratios

In this insight, we discuss near-term momentum trading opportunities among the top 50 stocks in KOSDAQ with highest short interest ratios.

Douglas Kim

Com2uS Corp: The Most Likely Corporate Activist Target in Korea's Game Industry

Com2us Corp (078340 KS) is the most likely corporate activist target in Korea's game industry in our view. The company is expected to launch at...

Douglas Kim

Noteworthy Lockup Releases for the Next Two Months in Korea

This post investigates the noteworthy lockup releases on KOSPI and KOSDAQ for the next two months, October and November.

Sanghyun Park

Finding Alpha with the End of Mandatory Lock-Up Periods Data from Korea Securities Depository

We discuss ways of finding alpha with the end of mandatory lock-up periods data from Korea Securities Depository (KSD) which comes out at the end...

Douglas Kim

KOSDAQ 150 Rebalancing Results: Passive Flows & Basket Trading Candidates

This post details the results of the KOSDAQ 150 June rebalancing, with the estimates of passive impact, and suggests suitable candidates for basket...

Sanghyun Park

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