Smartkarma Daily Briefs

By Pearl Gray Equity and Research

Almac IPO is likely to benefit from the change in IPO regulations in Korea, which could result in a spike in its share price in the first day of trading.
Starting next week, the Korean IPO rules are changed so that the price limit on the newly listed companies will be expanded to 60-400% of the IPO price.
We believe Almac’s shares could OVERSHOOT by more than 200-250% versus the IPO price on the first day of trading, which would be 150,000 won to 175,000 won per share.

Quiddity Leaderboard SE600 Sep 23: One Intra-Review Change and 4 Regular ADDs/DELs Likely

By Janaghan Jeyakumar, CFA

In this insight, we take a look at the names leading the race to become ADDs/DELs for the SE600 and EURSTX Indices for the September 2023 Rebalance.
There could be one intra-review deletion for the SE600 index in July or August.
I see 4 ADDs and 4 DELs for the SE600 index in the September 2023 Rebalance.

OMG: High-Grade Drill Results Beneath Resource

By Atrium Research

The Company has completed 11 drill holes, totalling 3,569m.
This morning, Omai Gold Mines Corp. (OMG:TSXV, OMGGF:OTC) announced additional outstanding drill results from the Omai gold project in Guyana.
In 2023, a total of 3,569m have been completed in 11 holes with one hole being reported today.

Sappi – ESG Report – Lucror Analytics

By Charles Macgregor

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
Sappi’s ESG is “Strong”, driven by its “Strong” Environmental and Governance scores. The Social score is “Adequate”. Controversies are “Immaterial” and Disclosure is “Strong”.

Sappi is a constituent of the FTSE4Good Index. All of the company’s regions (Europe, North America and South Africa) received a Platinum rating from EcoVadis for corporate social responsibility in FY 2022. The Platinum rating recognises the Top 1% of companies evaluated by EcoVadis.

Lithium Power International – Sale of Australian assets agreed

By Edison Investment Research

Lithium Power International (LPI) has entered into a binding agreement to sell its 100%-owned Australian lithium tenements to Albemarle. This is an all-cash transaction that will see LPI receive A$29m on completion, which is expected in early July 2023. The company will use the proceeds to further advance its flagship Maricunga lithium project in Chile. The deal is positive in our view in that it allows LPI to significantly extend its cash runway without further diluting its shareholders.

Sibanye Stillwater: Recent Developments And Valuation Update

Sibanye Stillwater Limited has experienced a few noteworthy developments of late.
The stock is theoretically undervalued and possesses a non-cyclical dividend policy.
Nevertheless, ever-rising risk premiums might send Sib Kanye’s valuation into the abyss.

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Jun 23

Daily Brief Industrials: Steelcase Inc Cl A and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

STEELCASE, INC. – 1QFY24 Earnings Ahead of Estimates

STEELCASE, INC. – 1QFY24 Earnings Ahead of Estimates

By Water Tower Research

After market close on June 21, Steelcase reported 1QFY24 GAAP EPS of $0.01 and non-GAAP (adjusted) EPS of $0.09, beating consensus of $0.01 and our $0.03 estimate (both adjusted).
Adjusted EPS excluded $0.05 of restructuring and $0.03 in purchased intangible amortization.
Reported consolidated 1QFY24 revenue of $751.9 million was also better than consensus of $719 million and our $715 million estimate.

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Jun 23

Most Read: Dentium, Mercari Inc, SK Biopharmaceuticals Co Ltd, Abacus Property, Oriental Watch, ZOZO Inc, Nitori Holdings, SK Square and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

KOSPI200 Index Rebalance Preview: A Busy December Rebalance
Nikkei 225 Sep 2023 Review – The Mercari Conundrum
KRX New Deal Index Rebalance Preview: Interesting Changes Emerging
Quiddity Leaderboard ASX Sep 23: Many Changes Ahead
Oriental Watch: Steady FY23, Dividend Yield 14%, Cash >50% of Market Cap
Nikkei 225 Index Rebalance Preview (Sep 2023): Ranking, Capping, Funding & Other Changes
Nitori: 33 Years of Revenue Growth
SK Square’s Special Dividend Momentum Trading: Entry Timing at Month End.
SK Square: Share Cancellation and More Share Buyback Likely from Sale of SK Shieldus in 2H 2023
Ohayo Japan| Global Rate Hikes; SPX Rise Despite Powell; NUGGET: Daikin(6367)- Global Best in Class

KOSPI200 Index Rebalance Preview: A Busy December Rebalance

Just over a quarter of the way through the review period, we see six changes for the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) at the December rebalance.
There are a few stocks that are close adds at the current time and a move higher can take them into inclusion zone leading to more deletions.
While there is little to no short interest on the potential inclusions, short interest on the potential deletions ranges from 4.3-12.2 days of ADV and 0.5-3.5% of free float.

Nikkei 225 Sep 2023 Review – The Mercari Conundrum

By Travis Lundy

Mercari Inc (4385 JP) is potentially a leading candidate for inclusion in the Nikkei 225 in September.
There are other technical reasons to think it is not.
This insight looks at the issue of why it might be a leading candidate and why it might not be.

KRX New Deal Index Rebalance Preview: Interesting Changes Emerging

The review period for the September rebalance ends on 31 July, the changes will be announced towards end August and implemented at the close of trading on 7 September.
There is one change currently for each of the Secondary Battery, Bio, Internet and Game indices. Plus there are a couple of changes for the BBIG indices.
SK Biopharmaceuticals Co Ltd (326030 KS) has overtaken SK Bioscience (302440 KS) on average market cap and there will be large flows on both stocks at the rebalance.

Quiddity Leaderboard ASX Sep 23: Many Changes Ahead

By Janaghan Jeyakumar, CFA

In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run up to the September 2023 Rebalance.
I currently expect one change for the ASX 100 index and five changes (including one intra-review change) for the ASX 200 index.
There could be 7 ADDs and 5 DELs for the ASX 300 index.

Oriental Watch: Steady FY23, Dividend Yield 14%, Cash >50% of Market Cap

By Sameer Taneja

Oriental Watch (398 HK) reported a steady result, with 2023 earnings <18% YoY ( adjusted for one-time gains in 2022 <5% YoY), which was broadly in line with our expectations.
The DPS for FY23 was 61 cents (FY22: 74 cents) lower than our expectation of 65 cents, a 100% payout ratio equating to a 14% dividend yield.
Cash at 1.07 bn represents > 50% of market capitalization. We believe the management will dip into reserves when it requires to manage a decent payout for shareholders.

Nikkei 225 Index Rebalance Preview (Sep 2023): Ranking, Capping, Funding & Other Changes

The review period for the Nikkei 225 (NKY INDEX) September rebalance ends end July. We take another stab at identifying potential inclusions and exclusions.
There will be a big impact on the potential index changes. Fast Retailing (9983 JP)‘s index weight could be capped and there will be a big funding trade.
There are many things to watch out for that could affect the impact on the inclusions, including stock splits among potential adds and stepwise inclusion of stocks in the index.

Nitori: 33 Years of Revenue Growth

By Michael Causton

Nitori, Japan’s largest furniture retailer, once again grew consolidated revenues in its extended financial year to March.
Despite the increased costs of imports, profits also rose, although net profits saw a rare decline.
The group still has strong growth potential: it continues to diversify, including into apparel, expand its omnichannel operations and is now building more stores overseas.

SK Square’s Special Dividend Momentum Trading: Entry Timing at Month End.

By Sanghyun Park

The market’s attention has shifted to the second part, which is the additional utilization of a portion of the harvest result for shareholder returns.
There is a significant possibility that the timing to allocate the ₩200B for shareholder returns will be advanced to late July or early August.
We should set up a position aiming for the potential for a special dividend, which may lead to momentum trading flow just before the quarterly ex-div date later this month.

SK Square: Share Cancellation and More Share Buyback Likely from Sale of SK Shieldus in 2H 2023

SK Square announced that it will cancel treasury shares worth 2.5 million shares on 4 October 2023, which represents 1.8% of its current outstanding shares.
Our NAV analysis of SK Square suggests NAV of 9.4 trillion won or NAV per share of 66,421 won, representing a 45% upside from current levels.
SK Square’s positive shareholder return policies including higher share buybacks, cancellations, and dividends are result in further outperformance of SK Square relative to KOSPI this year.

Ohayo Japan| Global Rate Hikes; SPX Rise Despite Powell; NUGGET: Daikin(6367)- Global Best in Class

By Mark Chadwick

OVERSEAS. Hawish Powell wraps up testimony; Global Rate Hikes – from UK to Norway; SPX +0.4% gains despite rise in Yields; Confirmed- Titanic Sub Crew confirmed dead
JAPAN. NKY Futs +0.5% vs Cash; USDJPY weaknes to 143 handle amid rise in US yields; Foreigners continue to buy Japan; Corp Governance loss as Cosmo(5021) approve Poison Pill
NUGGET. Daikin(6367)- A Global Best in Class and winner – but waiting for a pull back to jump in.

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Jun 23

Daily Brief TMT/Internet: Grab Holdings, SK Square, Advantest Corp, Alibaba (ADR), PCCW Ltd, CommsChoice Group Ltd, PagerDuty Inc, Ciena Corp, Smartsheet Inc and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Grab Holdings (GRAB IJ) – Rationalising With Growth in Mind
SK Square’s Special Dividend Momentum Trading: Entry Timing at Month End.
SK Square: Share Cancellation and More Share Buyback Likely from Sale of SK Shieldus in 2H 2023
Advantest (6857) | Time to Cash in the Chips?
Alibaba’s Cloud Intelligence Group Spin-Off: The First Look
Vivendi Acquires A Stake In PCCW’s Viu
Comms Group Limited – Vodafone Contract Extension and Expansion
PagerDuty Inc.: AIOps Launch For End-to-End Automation & 3 Other Major Drivers Influencing Its Performance – Financial Forecasts
Ciena Corporation: Can The Groundbreaking WaveRouter Launch Be A Game Changer? – Key Drivers
Smartsheet Inc.: 4 Eye-Opening Drivers For This Tech Player – Financial Forecasts

Grab Holdings (GRAB IJ) – Rationalising With Growth in Mind

By Angus Mackintosh

Grab‘s announcement this week that it would cut 11% of its workforce was a move to rationalise costs to give the platform a sure footing for longer-term growth.
Near-Term profit targets would be achieved without these recent cuts which are focused on addressing geographical cost imbalances and taking into account potential automation through the impact of Generative AI.
The outlook for growth this year looks promising, with the potential for a strong 2H recovery despite employee-related costs but cuts will establish a more competitive cost base long term.

SK Square’s Special Dividend Momentum Trading: Entry Timing at Month End.

By Sanghyun Park

The market’s attention has shifted to the second part, which is the additional utilization of a portion of the harvest result for shareholder returns.
There is a significant possibility that the timing to allocate the ₩200B for shareholder returns will be advanced to late July or early August.
We should set up a position aiming for the potential for a special dividend, which may lead to momentum trading flow just before the quarterly ex-div date later this month.

SK Square: Share Cancellation and More Share Buyback Likely from Sale of SK Shieldus in 2H 2023

By Research as a Service (RaaS)

SK Square announced that it will cancel treasury shares worth 2.5 million shares on 4 October 2023, which represents 1.8% of its current outstanding shares.
Our NAV analysis of SK Square suggests NAV of 9.4 trillion won or NAV per share of 66,421 won, representing a 45% upside from current levels.
SK Square’s positive shareholder return policies including higher share buybacks, cancellations, and dividends are result in further outperformance of SK Square relative to KOSPI this year.

Advantest (6857) | Time to Cash in the Chips?

By Mark Chadwick

Advantest’s stock has doubled in the past two months, outperforming even Nvidia, indicating a potential peak in momentum
Near term technical indicators suggest the stock could be running out of steam, with few catalysts ahead of July Q1 earnings
The stock is trading at a significant premium to Japanese-listed SPE peers and its historical EV/EBIT multiple of 15x

Alibaba’s Cloud Intelligence Group Spin-Off: The First Look

By Arun George

Alibaba (ADR) (BABA US) aims to complete a spin-off of the Cloud Intelligence Group via a stock dividend distribution, with it becoming publicly listed in the next 12 months.
The Cloud business is pursuing a land-grab strategy to reignite growth. While it is the only profitable Chinese cloud platform, the profitability gap to Amazon AWS highlights the opportunity.
The aim to bring in external strategic investors before the spin-off will provide a valuation benchmark. Our analysis points to a Cloud business valuation range of US$45-58 billion.

Vivendi Acquires A Stake In PCCW’s Viu

By David Blennerhassett

PCCW Ltd (8 HK) is selling an initial 26.1% equity stake in its streaming platform Viu, to Vivendi SA (VIV FP)‘s Canal+, for US$200mn.
Via a staggered investment, Canal+ can increase its equity to US$300mn. In addition, a further investment, at Canal+’s option, could result in increasing its stake in Viu to 51%.
Elsewhere, PCCW’s 18% discount to NAV is the narrowest in over two years.

Comms Group Limited – Vodafone Contract Extension and Expansion

Comms Group Ltd (ASX:CCG) has announced an extension of the Vodafone contract term to a minimum five-years together with an expansion in the range of services provided in delivering voice connectivity for Microsoft Teams, including the more advanced Operator Connect.
The extended agreement also includes a minimum monthly payment to CCG of A$30k beginning October 2023.
While our Vodafone assumptions are unchanged, and our medium-term expectations for Vodafone well above the minimum monthly payment, the revised agreement improves visibility and demonstrates Vodafone’s commitment to the relationship.

PagerDuty Inc.: AIOps Launch For End-to-End Automation & 3 Other Major Drivers Influencing Its Performance – Financial Forecasts

PagerDuty delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.
In terms of the pipeline, the total ARR and mix from new products significantly improved.
PagerDuty AIOps offers end-to-end automation, from event intake through auto-remediation, to efficiently manage large volumes of data and events.

Ciena Corporation: Can The Groundbreaking WaveRouter Launch Be A Game Changer? – Key Drivers

Ciena managed to exceed analyst expectations in terms of revenue as well as earnings.
Inventory levels decreased by $80 million from Q1 as the operating environment continued to improve.
As the year progresses, their management anticipates further inventory reductions, which will enable the company to resume the steady rate of cash flow they were experiencing prior to the supply chain disruptions.

Smartsheet Inc.: 4 Eye-Opening Drivers For This Tech Player – Financial Forecasts

Smartsheet delivered a solid result and managed an all-around beat in the last quarter.
The quarter’s revenue increased by 31% year over year to $219.9 million, while billings increased by 20% year over year to $215.5 million.
Enterprise expansions during the quarter included Eli Lilly, Foxtel, Motorola Solutions, and Novocure, and new customer wins included Liberty Media, Hostess Brands, and Eight Eleven Group.

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Jun 23

Daily Brief Consumer: Oriental Watch, ZOZO Inc, Ferrari NV, Hero Motocorp, Melco Resorts & Entertainment, Daehan Flour Mills, DoorDash Inc, Asahi Broadcasting, Campbell Soup Co, BYD and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Oriental Watch: Steady FY23, Dividend Yield 14%, Cash >50% of Market Cap
Nikkei 225 Index Rebalance Preview (Sep 2023): Ranking, Capping, Funding & Other Changes
Quiddity Leaderboard ES50 Sep 23: Ferrari Retains the Lead; US$1.26bn Potential Inflow
Hero Motocorp (HMCL IN) | Course Correction
Melco: Imminent Opening of Its Cyprus Resort Show Possible Upside in Sentiment Among Wary Investors
Daehan Flour Millsㅣ ControversyㅣConfidential Information Leakage in ‘Gompyo Wheat Beer’ Supply Chain
DoorDash Inc.: Is There A Real Boost From The DashPass? – Key Drivers
4Q Follow-Up – Asahi Broadcasting Group Holdings Corporation (9405 JP)
Campbell Soup Company: 5 Revealing Facts From The Company’s Recent Performance -Financial Forecasts
HKEX Launches Yuan Counter for Trading of Hong Kong-Listed Shares

Oriental Watch: Steady FY23, Dividend Yield 14%, Cash >50% of Market Cap

By Sameer Taneja

Oriental Watch (398 HK) reported a steady result, with 2023 earnings <18% YoY ( adjusted for one-time gains in 2022 <5% YoY), which was broadly in line with our expectations.
The DPS for FY23 was 61 cents (FY22: 74 cents) lower than our expectation of 65 cents, a 100% payout ratio equating to a 14% dividend yield.
Cash at 1.07 bn represents > 50% of market capitalization. We believe the management will dip into reserves when it requires to manage a decent payout for shareholders.

Nikkei 225 Index Rebalance Preview (Sep 2023): Ranking, Capping, Funding & Other Changes

The review period for the Nikkei 225 (NKY INDEX) September rebalance ends end July. We take another stab at identifying potential inclusions and exclusions.
There will be a big impact on the potential index changes. Fast Retailing (9983 JP)‘s index weight could be capped and there will be a big funding trade.
There are many things to watch out for that could affect the impact on the inclusions, including stock splits among potential adds and stepwise inclusion of stocks in the index.

Quiddity Leaderboard ES50 Sep 23: Ferrari Retains the Lead; US$1.26bn Potential Inflow

By Janaghan Jeyakumar, CFA

The ES50 Index is one of the most highly-tracked indices in mainland Europe and the annual index review takes place in September.
Historically, these Rebalance events have had significant volume and ADV impact and they generally involve large cap names.
In this insight, we take a look the names leading the race to become ADDs/DELs for the upcoming index review in September 2023.

Hero Motocorp (HMCL IN) | Course Correction

By Pranav Bhavsar

Hero Motocorp (HMCL IN) is undergoing a course correction, acknowledging its past mistakes.
Multiple levers on the horizon arguing for a change of stance on HMCL.
The stock is reasonably valued, and institutional holdings are at a 12-quarter low, signaling the need for attention.

Melco: Imminent Opening of Its Cyprus Resort Show Possible Upside in Sentiment Among Wary Investors

By Howard J Klein

Melco has lagged other Asian operators as Macau recovery pits up speed. Concerns over debt levels continue.
Fair value estimated slightly above current trade largely reflecting 2022 results.Maca
Macau and Manila tracking positive, Cyprus could provide accretive EBITDA before end of this year and beyond/

Daehan Flour Millsㅣ ControversyㅣConfidential Information Leakage in ‘Gompyo Wheat Beer’ Supply Chain

By Heejeong (Hollie) Park

A legal conflict over the brewing method has emerged between Seven Broi Brewery, the former manufacturer, and Daehan Flour Mills, the trademark holder.
The court’s decision on Seven Broi Brewery’s injunction request could impact the production and sale of Gompyo Wheat Beer, with a competitor ready to enter the market.
This incident falls under the category of ‘Anti-competitive Practices’ risks, and currently, Daehan Flour Mills’ company risk is rated at a medium level of 1.3.

DoorDash Inc.: Is There A Real Boost From The DashPass? – Key Drivers

DoorDash delivered an all-around beat in the previous quarter.
DoorDash’s expansion into new verticals, particularly the grocery delivery sector, yielded positive results, with improved product quality and a wider selection of offerings.
The company’s focus on enhancing the customer experience, including accurate order fulfillment and convenient delivery options, contributed to the overall success.

4Q Follow-Up – Asahi Broadcasting Group Holdings Corporation (9405 JP)

By Sessa Investment Research

Over the last 5 years, share prices of major terrestrial TV broadcasters have substantially underperformed TOPIX, in large part due to the unprecedented, challenging environment as annual data by Dentsu showed total internet advertising expenditures exceeded total television media advertising expenditures in 2019 for the first time ever, and the annual MIC survey on average time spent using main media showed internet usage time exceeded TV real-time viewing in 2020.
However, this underperformance trend has begun to change in 2023, as the stock market begins to discount the potential to commercialize the IP value of broadcaster content libraries.
In February, USEN-NEXT HOLDINGS announced plans to acquire Premium Platform Japan, Inc. (PPJ), the operator of “Paravi” subscription video distribution service.

Campbell Soup Company: 5 Revealing Facts From The Company’s Recent Performance -Financial Forecasts

Campbell Soup delivered a mixed result in the recent quarter, with revenues below market expectations but it managed to surpass the analyst consensus in terms of earnings.
Organic net sales climbed 5% year on year in the third quarter, with favorable inflation-driven net price realisation offset in part by volume and mix decreases.
We give Campbell Soup Company a ‘Hold’ rating with a revised target price.

HKEX Launches Yuan Counter for Trading of Hong Kong-Listed Shares

By Caixin Global

The Hong Kong Stock Exchange (HKEX) launched its new dual-currency counter Monday, and the first batch of 24 stocks had a total turnover of 163 million yuan ($22.9 million) on the first day.
The Hong Kong Dollar-yuan dual-currency counter allows investors to trade and settle designated shares in Hong Kong or mainland China currency, offering the potential to access new liquidity.
The model also lays the groundwork to support the next phase of development to allow investors from the Chinese mainland to trade Hong Kong-listed yuan, or renminbi, securities through the southbound Stock Connect, the HKEX said.

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Jun 23

Daily Brief Financials: Bank Rakyat Indonesia, Curve DAO Token, Powerlong Real Estate Holdings, Ci Financial and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

Bank Rakyat Indonesia (BBRI IJ) – Shifting to Higher Yield Products
CRV, Aave, and the Art of Liquidation
Morning Views Asia: Powerlong Commercial Management Holdings
CI Financial (TSX:CIX) – One Page Stock Pitch

Bank Rakyat Indonesia (BBRI IJ) – Shifting to Higher Yield Products

By Angus Mackintosh

Bank Rakyat Indonesia (BBRI IJ) continues to march to the tune of its micro-lending capabilities with recent moves focused on growing its higher-yield Kupedes and ultra-micro loans.
Upward pressure on funding costs in 1Q2023 was more than offset by a shift to higher-yield loans and lower cost of credit, with greater efficiencies through digital initiatives.
Bank Rakyat Indonesia (BBRI IJ) is somewhat overcapitalized which allows for higher dividend payout and higher ROEs over time. The bank remains a core holding in Indonesia

CRV, Aave, and the Art of Liquidation

By Kaiko

Curve Finance’s CEO Michael Egorov briefly found himself in the spotlight last week as Crypto Twitter spotted him depositing more CRV to Aave V2 in 3 large transactions worth a total of $35mn USD (represented by the orange plus signs below).
Currently, his position stands at nearly $200mn CRV deposited and $60mn USDT borrowed, making it one of the largest loans in DeFi history.
So, why is this significant? And what are the implications for Aave and CRV?

Morning Views Asia: Powerlong Commercial Management Holdings

By Charles Macgregor

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

Powerlong Commercial Management Holdings

CI Financial (TSX:CIX) – One Page Stock Pitch

By Hurdle Rate

CI Financial is a publicly owned asset management holding company.
Through its subsidiaries, the firm manages separate client focused equity, fixed income, and alternative investments portfolios.
It also manages mutual funds, hedge funds, and fund of funds for its clients through its subsidiaries.

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Jun 22

Daily Brief South Korea: SK Biopharmaceuticals Co Ltd, Hyundai Elevator Co and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

KRX New Deal Index Rebalance Preview: Interesting Changes Emerging
Hyundai Elevator Chairwoman Hyun Seeks Capital from H&Q Korea

KRX New Deal Index Rebalance Preview: Interesting Changes Emerging

The review period for the September rebalance ends on 31 July, the changes will be announced towards end August and implemented at the close of trading on 7 September.
There is one change currently for each of the Secondary Battery, Bio, Internet and Game indices. Plus there are a couple of changes for the BBIG indices.
SK Biopharmaceuticals Co Ltd (326030 KS) has overtaken SK Bioscience (302440 KS) on average market cap and there will be large flows on both stocks at the rebalance.

Hyundai Elevator Chairwoman Hyun Seeks Capital from H&Q Korea