Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Event-Driven

<p>KOSPI 200 biannual rebalancing is coming. This year, it will be December 11, 2020.</p><p>It will be the first time that the KRX does a KOSPI 200 rebalancing biannually in December.</p><p>Due to the current market condition (high fluctuations), we will likely see a higher number of changes than usual.</p><table class="table table-striped">
<colgroup>
<col width="200">
<col width="200">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Status"}'>Status</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Index"}'>Index</td>
<td style="text-align: right;" data-sheets-formula='=googlefinance(R[1]C[0], "name")' data-sheets-numberformat='{"1":5,"2":"mmmm d, yyyy","3":1}' data-sheets-value='{"1":2,"2":"KOSPI 200 Index"}'>KOSPI 200 Index</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right;" data-sheets-formula='="KRX:KOSPI200"' data-sheets-numberformat='{"1":5,"2":"mmmm d, yyyy","3":1}' data-sheets-value='{"1":2,"2":"KRX:KOSPI200"}'>KOSPI200</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Date"}'>Date</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":5,"2":"mmmm d, yyyy","3":1}' data-sheets-value='{"1":3,"3":44099}'>September 25, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Rebalancing"}'>Rebalancing</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-value='{"1":2,"2":"Biannually"}'>Biannually</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Effective date"}'>- Effective date</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-value='{"1":2,"2":"Next trading day of 2nd Thursday of June &amp; December"}'>Next trading day of 2nd Thursday of June &amp; December</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - June"}'>- June</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":5,"2":"mmmm d, yyyy","3":1}' data-sheets-value='{"1":3,"3":43994}'>June 12, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - December"}'>- December</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":5,"2":"mmmm d, yyyy","3":1}' data-sheets-value='{"1":3,"3":44176}'>December 11, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Number of constituents"}'>Number of constituents</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-value='{"1":3,"3":200}'>200</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Est. total mirroring funds"}'>Est. total mirroring funds</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-value='{"1":3,"3":60000}'>60,000.0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total float MC"}'>Total float MC</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-value='{"1":3,"3":884235.718}'>884,235.7</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Average"}'>- Average</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-value='{"1":3,"3":4421.179}'>4,421.2</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Highest"}'>- Highest</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-value='{"1":3,"3":273063.808}'>273,063.8</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Lowest"}'>- Lowest</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-value='{"1":3,"3":62.926}'>62.9</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Median"}'>- Median</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-value='{"1":3,"3":1023.081}'>1,023.1</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Top 10 largest"}'>- Top 10 largest</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":0.5753}'>57.53%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Current"}'>Current</td>
<td style="text-align: right;" data-sheets-formula='=googlefinance(R[-14]C[0], "price")' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}' data-sheets-value='{"1":3,"3":303.57}'>303.57</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"52W high (September 15, 2020)"}'>52W high (September 15, 2020)</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}' data-sheets-value='{"1":3,"3":323.36}'>323.36</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"52W low (March 19, 2020)"}'>52W low (March 19, 2020)</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}' data-sheets-value='{"1":3,"3":199.28}'>199.28</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX"}'><em>Source: KRX</em></td></tr>
</tbody>
</table>

KOSPI 200 biannual rebalancing is coming. This year, it will be December 11, 2020.It will be the first time that the KRX does a KOSPI 200 rebalancing biannually in December.Due to the current market condition (high fluctuations), we will likely see a higher number of changes than usual.





Status

Index
KOSPI 200 Index


Ticker
KOSPI200


Date
September 25, 2020


Rebalancing
Biannually


- Effective date
Next trading day of 2nd Thursday of June &amp; December


- June
June 12, 2020


- December
December 11, 2020


Number of constituents
200


Est. total mirroring funds
60,000.0


Total float MC
884,235.7


- Average
4,421.2


- Highest
273,063.8


- Lowest
62.9


- Median
1,023.1


- Top 10 largest
57.53%


Current
303.57


52W high (September 15, 2020)
323.36


52W low (March 19, 2020)
199.28

Source: KRX



KOSPI 200 Rebalancing Projection: Safe Bets & Those in Grey Area

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

Shinpoong Pharmaceutical / Index Rebalance

<p>The Korea Exchange (KRX) will announce the results of the December 2020 review of the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> in November. The constituent changes will be effective from 11 December 2020 and the rebalancing trades will need to be done at the closing auction on 10 December 2020.</p><p>At the current time, we see nine stocks being added to and deleted from the index with another three stocks as very close adds and deletes. This takes into the account the inclusion of <a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals (326030 KS)</a> as a Fast Entry into the index and exclusion of <a href="https://www.smartkarma.com/entities/kiswire-ltd" target="_blank" data-smartkarma-citation="entities:2093:1" rel="noopener">Kiswire Ltd (002240 KS)</a> on 10 September.</p><p>The expected inclusions have outperformed the expected exclusions, and the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a>, by a wide margin over the last 4 months. If the short sell ban expires on 15 September, stocks that have seen a sharp run up could be vulnerable to profit taking and short selling. Reduce existing positions over the next couple of weeks as we near the decision point on whether the short sell ban will stay in place or will be extended.</p>

The Korea Exchange (KRX) will announce the results of the December 2020 review of the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) in November. The constituent changes will be effective from 11 December 2020 and the rebalancing trades will need to be done at the closing auction on 10 December 2020.At the current time, we see nine stocks being added to and deleted from the index with another three stocks as very close adds and deletes. This takes into the account the inclusion of SK Biopharmaceuticals (326030 KS) as a Fast Entry into the index and exclusion of Kiswire Ltd (002240 KS) on 10 September.The expected inclusions have outperformed the expected exclusions, and the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX), by a wide margin over the last 4 months. If the short sell ban expires on 15 September, stocks that have seen a sharp run up could be vulnerable to profit taking and short selling. Reduce existing positions over the next couple of weeks as we near the decision point on whether the short sell ban will stay in place or will be extended.

KOSPI200 Index Rebalance Preview: Adds Outperform Deletes; Short Sell Ban The Wildcard

<div>
<p>The Korea Exchange (KRX) will announce the results of the December 2020 review of the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> in November. The constituent changes will be effective from 11 December 2020 and the rebalancing trades will need to be done at the closing auction on 10 December 2020.</p>
</div>
<div>
<p>In this Insight we look at the KOSPI 200 index methodology, the historical performance of inclusions vs exclusions, at potential candidates for inclusion/exclusion in this review and some of the details around the names.</p>
</div>
<div>
<p>At the current time, we see nine stocks being added to and deleted from the index with another three stocks as very close adds and deletes.</p>
<table class="table table-striped">
<colgroup> <col> <col> <col> <col> </colgroup>
<tbody>
<tr>
<td colspan="2" style="text-align: center; width: 162pt;">Potential Inclusions</td>
<td colspan="2" style="text-align: center; width: 167pt;">Potential Exclusions</td>
</tr>
<tr>
<td>039490.KS</td>
<td>KIWOOM Securities Co Ltd</td>
<td>000640.KS</td>
<td>Dong-A Socio Holdings Co Ltd</td>
</tr>
<tr>
<td>019170.KS</td>
<td>Shinpoong Pharmaceutical Co Ltd</td>
<td>145990.KS</td>
<td>Samyang Corp</td>
</tr>
<tr>
<td>005690.KS</td>
<td>Pharmicell Co Ltd</td>
<td>019680.KS</td>
<td>Daekyo Co Ltd</td>
</tr>
<tr>
<td>003090.KS</td>
<td>Daewoong Co Ltd</td>
<td>027410.KS</td>
<td>BGF Co Ltd</td>
</tr>
<tr>
<td>013890.KS</td>
<td>Zinus Inc</td>
<td>004490.KS</td>
<td>Sebang Global Battery Co Ltd</td>
</tr>
<tr>
<td>272210.KS</td>
<td>Hanwha Systems Co Ltd</td>
<td>002270.KS</td>
<td>Lotte Foods Co Ltd</td>
</tr>
<tr>
<td>336260.KS</td>
<td>Doosan Fuel Cell Co Ltd</td>
<td>093050.KS</td>
<td>LF Corp</td>
</tr>
<tr>
<td>003230.KS</td>
<td>Samyang Foods Co Ltd</td>
<td>060980.KS</td>
<td>Halla Holdings Corp</td>
</tr>
<tr>
<td>008350.KS</td>
<td>Namsun Aluminium Co Ltd</td>
<td>002240.KS</td>
<td>Kiswire Co Ltd</td>
</tr>
</tbody>
</table>
<p>Depending on where <a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals (BIO SK)</a> lists and the average market cap post 15 trading days, there could be a <a href="https://www.smartkarma.com/insights/sk-biopharmaceuticals-fast-index-entry-possibilities" target="_blank" rel="noopener">change</a> in the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> as early as September.</p>
</div>


The Korea Exchange (KRX) will announce the results of the December 2020 review of the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) in November. The constituent changes will be effective from 11 December 2020 and the rebalancing trades will need to be done at the closing auction on 10 December 2020.


In this Insight we look at the KOSPI 200 index methodology, the historical performance of inclusions vs exclusions, at potential candidates for inclusion/exclusion in this review and some of the details around the names.


At the current time, we see nine stocks being added to and deleted from the index with another three stocks as very close adds and deletes.

     


Potential Inclusions
Potential Exclusions


039490.KS
KIWOOM Securities Co Ltd
000640.KS
Dong-A Socio Holdings Co Ltd


019170.KS
Shinpoong Pharmaceutical Co Ltd
145990.KS
Samyang Corp


005690.KS
Pharmicell Co Ltd
019680.KS
Daekyo Co Ltd


003090.KS
Daewoong Co Ltd
027410.KS
BGF Co Ltd


013890.KS
Zinus Inc
004490.KS
Sebang Global Battery Co Ltd


272210.KS
Hanwha Systems Co Ltd
002270.KS
Lotte Foods Co Ltd


336260.KS
Doosan Fuel Cell Co Ltd
093050.KS
LF Corp


003230.KS
Samyang Foods Co Ltd
060980.KS
Halla Holdings Corp


008350.KS
Namsun Aluminium Co Ltd
002240.KS
Kiswire Co Ltd



Depending on where SK Biopharmaceuticals (BIO SK) lists and the average market cap post 15 trading days, there could be a change in the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) as early as September.


KOSPI200 Index Rebalance Preview - Positioning Begins for December

<p>The KRX announced the list of inclusions and exclusions to the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" rel="noopener" data-smartkarma-citation="entities:26021:1">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> today. The rebalance is effective as of 12 June and all passive buying/selling will be done at the closing auction on 11 June.</p><p>There are 11 inclusions and 11 exclusions in the June 2020 review with an estimated one-way turnover of 0.87%.</p><p>The inclusions and exclusions are tabulated here.</p><table class="table table-striped">
<colgroup><col span="4"></colgroup>
<tbody>
<tr>
<td style="text-align: center; width: 96pt;" colspan="2">INCLUSIONS</td>
<td style="text-align: center; width: 96pt;" colspan="2">EXCLUSIONS</td>
</tr>
<tr>
<td>003670.KS</td>
<td>Posco Chemical Co Ltd</td>
<td>001520.KS</td>
<td>Tongyang Inc</td>
</tr>
<tr>
<td>007700.KS</td>
<td>F&amp;F Co Ltd</td>
<td>002960.KS</td>
<td>Hankook Shell Oil Co Ltd</td>
</tr>
<tr>
<td>009410.KS</td>
<td>Taeyoung Engineering &amp; Construction Co Ltd</td>
<td>003620.KS</td>
<td>Ssangyong Motor Co Ltd</td>
</tr>
<tr>
<td>011200.KS</td>
<td>HMM Co Ltd</td>
<td>003920.KS</td>
<td>Namyang Dairy Products Co Ltd</td>
</tr>
<tr>
<td>016380.KS</td>
<td>KG DongbuSteel Co Ltd</td>
<td>005850.KS</td>
<td>SL Corp</td>
</tr>
<tr>
<td>020560.KS</td>
<td>Asiana Airlines Inc</td>
<td>006840.KS</td>
<td>AK Holdings Inc</td>
</tr>
<tr>
<td>032350.KS</td>
<td>Lotte Tour Development Co Ltd</td>
<td>008060.KS</td>
<td>Daeduck Co Ltd</td>
</tr>
<tr>
<td>180640.KS</td>
<td>Hanjin Kal</td>
<td>025540.KS</td>
<td>Korea Electric Terminal Co Ltd</td>
</tr>
<tr>
<td>192080.KS</td>
<td>DoubleU Games Co Ltd</td>
<td>079430.KS</td>
<td>Hyundai Livart Furniture Co Ltd</td>
</tr>
<tr>
<td>241590.KS</td>
<td>Hwaseung Enterprise Co Ltd</td>
<td>096760.KS</td>
<td>JW Holdings Corp</td>
</tr>
<tr>
<td>284740.KS</td>
<td>Cuckoo Homesys Co Ltd</td>
<td>298040.KS</td>
<td>Hyosung Heavy Industries Corp</td>
</tr>
</tbody>
</table><p>There are 11 days trading days to implementation day and there is significant volume to trade on quite a few of the inclusions and exclusions, so there will be a fair bit of volatility and opportunities to make money.</p>

The KRX announced the list of inclusions and exclusions to the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) today. The rebalance is effective as of 12 June and all passive buying/selling will be done at the closing auction on 11 June.There are 11 inclusions and 11 exclusions in the June 2020 review with an estimated one-way turnover of 0.87%.The inclusions and exclusions are tabulated here.



INCLUSIONS
EXCLUSIONS


003670.KS
Posco Chemical Co Ltd
001520.KS
Tongyang Inc


007700.KS
F&amp;F Co Ltd
002960.KS
Hankook Shell Oil Co Ltd


009410.KS
Taeyoung Engineering &amp; Construction Co Ltd
003620.KS
Ssangyong Motor Co Ltd


011200.KS
HMM Co Ltd
003920.KS
Namyang Dairy Products Co Ltd


016380.KS
KG DongbuSteel Co Ltd
005850.KS
SL Corp


020560.KS
Asiana Airlines Inc
006840.KS
AK Holdings Inc


032350.KS
Lotte Tour Development Co Ltd
008060.KS
Daeduck Co Ltd


180640.KS
Hanjin Kal
025540.KS
Korea Electric Terminal Co Ltd


192080.KS
DoubleU Games Co Ltd
079430.KS
Hyundai Livart Furniture Co Ltd


241590.KS
Hwaseung Enterprise Co Ltd
096760.KS
JW Holdings Corp


284740.KS
Cuckoo Homesys Co Ltd
298040.KS
Hyosung Heavy Industries Corp


There are 11 days trading days to implementation day and there is significant volume to trade on quite a few of the inclusions and exclusions, so there will be a fair bit of volatility and opportunities to make money.

<div><p>The Korea Exchange (KRX) will announce the results of the June 2020 review of the KOSPI 200 in the second half of May. The constituent changes will be effective from 12 June 2020 and the rebalancing trades will need to be done at the closing auction on 11 June 2020.</p></div><div><p>In this Insight we look at the KOSPI 200 index methodology, the historical performance of inclusions vs exclusions, at the expected candidates for inclusion/exclusion in this review and some of the details around the names.</p></div><div>
<p>Following the completion of the review period on 29 April, we see 12 stocks being added to and deleted from the index.</p>
<table class="table table-striped">
<colgroup>
<col>
<col>
<col>
<col>
<col>
<col>
</colgroup>
<tbody>
<tr>
<td style="text-align: center; width: 259pt;" colspan="3">EXPECTED INCLUSIONS</td>
<td style="text-align: center; width: 214pt;" colspan="3">EXPECTED EXCLUSIONS</td>
</tr>
<tr>
<td style="text-align: center;"><strong>Code</strong></td>
<td style="text-align: center;"><strong>Name</strong></td>
<td style="text-align: center;"><strong>Conviction</strong></td>
<td style="text-align: center;"><strong>Code</strong></td>
<td style="text-align: center;"><strong>Name</strong></td>
<td style="text-align: center;"><strong>Conviction</strong></td>
</tr>
<tr>
<td>003670.KS</td>
<td>POSCO CHEMICAL</td>
<td>HIGH</td>
<td>002270.KS</td>
<td>LOTTE FOOD</td>
<td>HIGH</td>
</tr>
<tr>
<td>180640.KS</td>
<td>HANJINKAL</td>
<td>HIGH</td>
<td>060980.KS</td>
<td>HALLA HOLDINGS</td>
<td>HIGH</td>
</tr>
<tr>
<td>007700.KS</td>
<td>F&amp;F</td>
<td>HIGH</td>
<td>002960.KS</td>
<td>HANKOOK SHELL OIL</td>
<td>HIGH</td>
</tr>
<tr>
<td>013890.KS</td>
<td>ZINUS</td>
<td>HIGH</td>
<td>025540.KS</td>
<td>KOR ELEC TERM</td>
<td>HIGH</td>
</tr>
<tr>
<td>011200.KS</td>
<td>HYUNDAI MERC MAR</td>
<td>HIGH</td>
<td>096760.KS</td>
<td>JW HOLDINGS</td>
<td>HIGH</td>
</tr>
<tr>
<td>020560.KS</td>
<td>ASIANA AIRLINES</td>
<td>HIGH</td>
<td>002240.KS</td>
<td>KIS WIRE</td>
<td>HIGH</td>
</tr>
<tr>
<td>009410.KS</td>
<td>TAEYOUNG E&amp;C</td>
<td>HIGH</td>
<td>001520.KS</td>
<td>TONGYANG</td>
<td>HIGH</td>
</tr>
<tr>
<td>241590.KS</td>
<td>HWASEUNG ENTERPRISE</td>
<td>HIGH</td>
<td>003920.KS</td>
<td>NAMYANG DAIRY</td>
<td>HIGH</td>
</tr>
<tr>
<td>192080.KS</td>
<td>DOUBLEUGAMES</td>
<td>HIGH</td>
<td>003620.KS</td>
<td>SSANGYONG MTR</td>
<td>HIGH</td>
</tr>
<tr>
<td>284740.KS</td>
<td>CUCKOO HOMESYS</td>
<td>HIGH</td>
<td>079430.KS</td>
<td>HYUNDAI LIVART</td>
<td>HIGH</td>
</tr>
<tr>
<td>032350.KS</td>
<td>LOTTE TOUR</td>
<td>HIGH</td>
<td>298040.KS</td>
<td>HYOSUNG HEAVY</td>
<td>HIGH</td>
</tr>
<tr>
<td>016380.KS</td>
<td>DONGBU STL</td>
<td>LOW</td>
<td>014830.KS</td>
<td>UNID</td>
<td>LOW</td>
</tr>
</tbody>
</table>
<p>The KRX also <a href="http://eindex.krx.co.kr/board/GLB0501070000/bbs#view=20348" target="_blank" rel="noopener">announced</a> that they were repealing the 30% capping rule in the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" rel="noopener" data-smartkarma-citation="entities:26021:1">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a>, so there will not be any capping of <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:191:1">Samsung Electronics (005930 KS)</a> in this review or any further reviews. </p>
</div>

The Korea Exchange (KRX) will announce the results of the June 2020 review of the KOSPI 200 in the second half of May. The constituent changes will be effective from 12 June 2020 and the rebalancing trades will need to be done at the closing auction on 11 June 2020.In this Insight we look at the KOSPI 200 index methodology, the historical performance of inclusions vs exclusions, at the expected candidates for inclusion/exclusion in this review and some of the details around the names.
Following the completion of the review period on 29 April, we see 12 stocks being added to and deleted from the index.











EXPECTED INCLUSIONS
EXPECTED EXCLUSIONS


Code
Name
Conviction
Code
Name
Conviction


003670.KS
POSCO CHEMICAL
HIGH
002270.KS
LOTTE FOOD
HIGH


180640.KS
HANJINKAL
HIGH
060980.KS
HALLA HOLDINGS
HIGH


007700.KS
F&amp;F
HIGH
002960.KS
HANKOOK SHELL OIL
HIGH


013890.KS
ZINUS
HIGH
025540.KS
KOR ELEC TERM
HIGH


011200.KS
HYUNDAI MERC MAR
HIGH
096760.KS
JW HOLDINGS
HIGH


020560.KS
ASIANA AIRLINES
HIGH
002240.KS
KIS WIRE
HIGH


009410.KS
TAEYOUNG E&amp;C
HIGH
001520.KS
TONGYANG
HIGH


241590.KS
HWASEUNG ENTERPRISE
HIGH
003920.KS
NAMYANG DAIRY
HIGH


192080.KS
DOUBLEUGAMES
HIGH
003620.KS
SSANGYONG MTR
HIGH


284740.KS
CUCKOO HOMESYS
HIGH
079430.KS
HYUNDAI LIVART
HIGH


032350.KS
LOTTE TOUR
HIGH
298040.KS
HYOSUNG HEAVY
HIGH


016380.KS
DONGBU STL
LOW
014830.KS
UNID
LOW



The KRX also announced that they were repealing the 30% capping rule in the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX), so there will not be any capping of Samsung Electronics (005930 KS) in this review or any further reviews. 


KOSPI200 Rebalance Preview: The Final Cut

South Korea

Zinus Inc. wholesales and distributes household furniture. The Company wholesales and distributes bed frames, sofas, platform beds, mattresses, and other related products. Zinus markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Zinus (013890 KS)

KOSPI 200 Rebalancing Projection: Safe Bets & Those in Grey Area

???

Sanghyun Park

KOSPI200 Index Rebalance Preview: Adds Outperform Deletes; Short Sell Ban The Wildcard

The Korea Exchange (KRX) will announce the results of the December 2020 review of the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) in...

Brian Freitas

KOSPI200 Index Rebalance Preview - Positioning Begins for December

The Korea Exchange (KRX) will announce the results of the December 2020 review of the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) in...

Brian Freitas

KOSPI200 Index Review - A Few Surprises

The KRX announced the list of inclusions and exclusions to the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) today. The rebalance is...

Brian Freitas

KOSPI200 Rebalance Preview: The Final Cut

The Korea Exchange (KRX) will announce the results of the June 2020 review of the KOSPI 200 in the second half of May. The constituent changes will...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)