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Smartkarma Daily Briefs

Nov 23
0

Daily Brief Quantitative Analysis: Creating a CTA from Scratch- II and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Creating a CTA from Scratch- II

Creating a CTA from Scratch- II

By Nicolas Rabener

  • CTAs pursue trends across asset classes, regardless if long or short
  • 2022 is exceptional as CTAs have more short positions than during the GFC
  • No single long bond index position remains, fixed income is one big short

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Nov 23
0

Daily Brief Thematic (Sector/Industry): UK Energy: Investors Split as Tentative Rotation Begins and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • UK Energy: Investors Split as Tentative Rotation Begins

UK Energy: Investors Split as Tentative Rotation Begins

By Steven Holden

  • UK Energy is still under-owned.  22.1% of UK managers have zero exposure and 67.4% are positioned underweight.
  • Signs of a rotation are under way, driven by Value and Yield funds and mainly in Shell PLC and BP PLC.  
  • Missing from the picture is the return of Growth and Aggressive Growth managers, who remain lightly positioned and clearly unconvinced by the investment case at present. 

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Nov 23
0

Daily Brief Event-Driven: China Huarong (2799 HK): Full Circulation & MSCI/FTSE Index Inclusion and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • China Huarong (2799 HK): Full Circulation & MSCI/FTSE Index Inclusion
  • SET50 Index Rebalance Preview: Four Potential Changes in December
  • Link Admin Is Cheap Amid PEXA In-Specie And Possible BCM/CM Sale
  • DTAC/True Merger to Proceed but Without the VTOs
  • KOSPI 200 Rebalance in 1H 2023 – Five Potential Additions Post Deletions of Meritz Affiliates
  • Pendal (PDL AU)/Perpetual (PPT AU) Scheme Meeting on 23 December
  • GoTo IPO Lockup Expiry – US$13bn Lockup Release or in Other Words, the Real IPO
  • EQD | SX7E (SX7E Index): Relative Value Vol Trade Vs SX5E Index

China Huarong (2799 HK): Full Circulation & MSCI/FTSE Index Inclusion

By Brian Freitas

  • China Huarong Asset Management (2799 HK) has announced the full conversion of 8.358bn Domestic Shares to H-shares. The increased float could help the stock get added to the MSCI/FTSE indices.
  • Depending on when the conversion is completed, the stock could be added to the MSCI China Index at the February QCIR though inclusion in May is more likely.
  • There is a high probability of inclusion in the FTSE indices at the March SAIR – though it remains to be seen if that’s to the All-World or All-Cap Index.

SET50 Index Rebalance Preview: Four Potential Changes in December

By Brian Freitas

  • The market cap review period for the December rebalance of the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) ends in 6 trading days.
  • Following the market consultation and reduction in the turnover ratio, there could be four changes to the index. The DTAC/TRUE merger could result in another inclusion in Q1 2023.
  • Estimated one-way turnover at the December rebalance is 8.1% and will result in a one-way trade of THB 7.4bn. More than 1x ADV to trade on most stocks.

Link Admin Is Cheap Amid PEXA In-Specie And Possible BCM/CM Sale

By David Blennerhassett

  • Link Administration (LNK AU) has released the explanatory memorandum regarding the PEXA Group (PXA AU) in-specie distribution. 
  • Link shareholders will receive one PEXA share for every 7.52 Link shares. Shareholders will vote on the distribution on the 23 December. The IE, rightfully, deemed the process fair.
  • If D&D buys Link’s BCM/CM ops for A$1.27bn, Link would be net cash of ~A$1.40/share versus an ex-entitlement price of ~A$1.58/share. And Link would still hold the lucrative RSS ops. 

DTAC/True Merger to Proceed but Without the VTOs

By Arun George

  • Telenor and CP Group will proceed with the Total Access Communication (DTAC TB)/True Corp Pcl (TRUE TB) merger but without the VTO due to missing the VTO conditions precedent deadline.
  • The likely real reason for the VTO cancellation was the realisation that the VTO prices were too generous, particularly in the context of the NBTC’s harsh conditions.
  • Completion is targeted for 1Q23. The current share price ratio of 8.750x vs the exchange ratio of 10.221x is attractive. Timing and potential tweaks to the exchange ratio are risks. 

KOSPI 200 Rebalance in 1H 2023 – Five Potential Additions Post Deletions of Meritz Affiliates

By Douglas Kim

  • Meritz Financial Group’s decision to delist Meritz Fire & Marine Insurance and Meritz Securities in 1H 2023 will result in at least two new additions to KOSPI 200.
  • We highlight five companies which could be potential additions to KOSPI 200 in 1H 2023.
  • Five potential additions to KOSPI 200 in 1H 2023 include Jb Financial Group, Hyundai Construction Equipment, Dentium, Samyang Foods, and Lotte Rental. 

Pendal (PDL AU)/Perpetual (PPT AU) Scheme Meeting on 23 December

By Arun George

  • The IE considers Perpetual Ltd (PPT AU)‘s cash and scrip offer for Pendal Group (PDL AU) to be fair and reasonable as it is within its valuation range of A$4.87-5.71. 
  • Perpetual shareholders are getting the short end of the stick. While possible, Regal Partners (RPL AU)/BPEA EQT riding to the rescue of Perpetual shareholders is low. 
  • Pendal shareholders, who are the net beneficiaries, will be supportive of the offer. At the last close prices, the gross spread to the offer is 11.3%.

GoTo IPO Lockup Expiry – US$13bn Lockup Release or in Other Words, the Real IPO

By Sumeet Singh

  • In Mar 2022, GoTo raised around US$1bn from what was essentially a domestic Indonesian IPO. Its pre-IPO shareholders will be released from their lockup soon.
  • GoTo was formed in May 2021 as a result of a merger between two of Indonesia’s largest unicorns Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.
  • In this note, we will talk about the upcoming lockup expiry.

EQD | SX7E (SX7E Index): Relative Value Vol Trade Vs SX5E Index

By Simon Harris

  • SX7E spot has rallied and vols have sold off significantly
  • The spread between the sector and SX5E Index has converged and there are still many reasons to expect volatility in banking stocks into next year
  • Trade a 6M relative value vol spread to take advantage of the recent vol compression

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Nov 23
0

Daily Brief Equity Bottom-Up: ITMG Q3 2022: 25% FY22 Dividend Yield 40% of Mkt Cap in Cash and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • ITMG Q3 2022: 25% FY22 Dividend Yield 40% of Mkt Cap in Cash, Coal Stronger For Longer
  • China Funeral Industry – Investment Opportunity with Both Alpha and Beta Superposition
  • Keepers Holdings: Highlights From The Q3 2022 Call / A Multibagger In The Making
  • GoTo: Long-Term Profitability Is Worrying
  • Kuaishou (1024 HK): 3Q22, Promising Live Streaming, Better Margin, 39% Upside
  • ZTO Express (2057 HK/​​ZTO US): Solid Upward Momentum Stays Intact
  • Laser Photonics Inc. – Investment Thesis
  • Organicell Regenerative Medicine Inc. – Investment Thesis
  • Save Foods Inc. – Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 11/22
  • Sharps Technology – Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 11/22

ITMG Q3 2022: 25% FY22 Dividend Yield 40% of Mkt Cap in Cash, Coal Stronger For Longer

By Sameer Taneja

  • Coal stronger for longer is making Indo Tambangraya Megah (ITMG IJ) a significant value investment with 40% of the market cap in cash and 2.5x PE FY22 after going ex-dividend. 
  • The company continues to churn out 6-7% of the market cap in cash every month, with coal prices at Newcastle over 300$/ton (current spot at 350$/ton).
  • Paying out >70% of its profits, the company trades at a 25% dividend yield at the very least, with a normalized yield of 10% at a 130-150$/ton coal price. 

China Funeral Industry – Investment Opportunity with Both Alpha and Beta Superposition

By Xinyao (Criss) Wang

  • China funeral industry has large growth potential.The total market scale would be about RMB400 billion if based on annual death toll of 10 million and per capita expenditure of RMB40,000.
  • Information asymmetry weakens the bargaining power of buyers. Administrative barriers raise the threshold of market access and weaken competition. So, related companies usually have high profitability and return on capital.
  • Changes in population structure would have a negative impact on most consumer goods, but demand of funeral industry would continue to rise. Investors would have both alpha and beta superposition.

Keepers Holdings: Highlights From The Q3 2022 Call / A Multibagger In The Making

By Sameer Taneja

  • The Keepers Holdings, Inc. (KEEPR PM) trades at 7.1x/5.6x FY22e/FY23e on revised numbers (including earnings from the W&H acquisition) and has 10% of its market cap in net cash. 
  • The outlook from the conference call was bullish, and the Q4 2022 revenue growth trend is expected to be similar to the 9M2022 (34% YoY) and future structural teens growth.
  • At a 300 mn USD market cap, you get a virtual monopoly (>70% marketshare by volume) of the imported spirits business with sole distributorship of the most recognizable brands. 

GoTo: Long-Term Profitability Is Worrying

By Shifara Samsudeen, ACMA, CGMA

  • GoTo (GOTO IJ) reported 3Q2022 results on Monday. Gross revenue increased 30.4% YoY to IDR5.9trn while adjusted EBITDA (losses) dropped to 81.3% of net revenues vs 289% in 3Q2021.
  • There has been notable improvement in the company’s earnings (decline in losses in particular) driven by huge cost cuts on promotions which helped reduce losses.
  • However, cutting down promotions/marketing costs could lead to drop in top line growth and market share.

Kuaishou (1024 HK): 3Q22, Promising Live Streaming, Better Margin, 39% Upside

By Ming Lu

  • There are three positive signs in online marketing despite the business slowed down.
  • For living streaming, both active user base and time spent grew rapidly.
  • The operating margin improved significantly to -13% in 3Q22 from -37% in 3Q21.

ZTO Express (2057 HK/​​ZTO US): Solid Upward Momentum Stays Intact

By Osbert Tang, CFA

  • ZTO Express Cayman Inc (2057 HK)‘s 63.1% surge in 3Q22 adjusted net profit demonstrated its ability to thrive even amid the challenging operating environment.  
  • It is positive on FY23 outlook and believes industry volume can return to double-digit growth. ZTO is confident of market share gain, better cost management and stable pricing. 
  • We think its premium valuations are highly justified by strong cash generating ability. The increase of US$500m and lengthening of one year in share repurchase are very welcomed.

Laser Photonics Inc. – Investment Thesis

By Baptista Research

  • This is our first report on Laser Photonics and we look to provide a detailed account of the various drivers that will be responsible for the company’s growth in the coming years.
  • The revenues of Laser Photonics have more than doubled in the last two years.
  • We believe that there is a good chance the company’s offering may become universally accepted in the years to come.

Organicell Regenerative Medicine Inc. – Investment Thesis

By Baptista Research

  • This is our first report on Organicell and we look to provide a detailed account of the various drivers that will be responsible for the company’s growth in the coming years.
  • Organicell’s drug candidates’ utilization of extracellular vesicles and perinatal-derived nanoparticles, represent the technological revolution of regenerative biologic drug treatments.
  • Overall, we believe that Organicell has phenomenal growth prospects and is an excellent investment prospect.

Save Foods Inc. – Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 11/22

By Baptista Research

  • This is our first report on Save Foods and we look to provide a detailed account of the various drivers that will be responsible for the company’s growth in the coming years.
  • Despite catering to a sizable addressable market, Save Foods is currently trading at valuation ratios far lower than its competitors.
  • Baptista Research looks to evaluate the different factors that could influence Save Foods’ price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology to determine a suitable price for the company’s stock.

Sharps Technology – Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 11/22

By Baptista Research

  • This is our first report on Sharps Technology and we look to provide a detailed account of the various drivers that will be responsible for the company’s growth in the coming years.
  • As the company starts reporting revenues in 2023, Sharps is expected to see its stock fly.
  • With the Nephron transaction and income generation from the Hungarian facility, this is anticipated to start reporting a positive top-line starting in Q1 2023.

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Nov 23
0

Daily Brief Macro: Xi Shifts Policy More Forcefully After Party Congress and more

By | Daily Briefs, Macro

In today’s briefing:

  • Xi Shifts Policy More Forcefully After Party Congress
  • Malaysia’s 15th General Election: Political Divisions Reflect Societal Polarization
  • UK Costs Pushing More Inflation

Xi Shifts Policy More Forcefully After Party Congress

By Manu Bhaskaran

  • President Xi Jinping appears willing to make important changes now that he has consolidated his power at the Chinese Communist Party’s 20th Congress 
  • Substantial policy shifts have been announced in recent weeks in several areas – pandemic management, real estate support, migrant workers and foreign policy. Expect further shifts in 2023
  • We do not see a major push on liberalizing economic reforms, but Xi will be aiming to boost China’s economic resilience to withstand potential American hostility. 

Malaysia’s 15th General Election: Political Divisions Reflect Societal Polarization

By Manu Bhaskaran

  • The latest federal parliamentary elections have produced a hung parliament. Intense negotiations are underway to form the next coalition government
  • Perikatan Nasional’s heavily ethno-nationalist campaign worked, making it the biggest winner in the election. It is now positioned as a major player in national politics.
  • Malaysia’s political system is more polarized along ethnic, religious, and socio-economic lines. Questions will be asked whether the social fabric can withstand such fissures.

UK Costs Pushing More Inflation

By Phil Rush

  • Inflation surprises continue to skew higher as prices remain far below where firms would like them. Additional cost shocks have prevented the gap from closing at all yet.
  • Government policy encourages second-round effects that raise the equilibrium price and cost-push inflation towards it over the next 18 months.
  • This macro story raises inflationary trends in our forecast to be almost 2pp above the consensus. That is less than the 4pp gap in March but could still rise again.

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Nov 23
0

Most Read: Highwealth Construction, Taiwan Glass Industry, Taiwan Secom, Meritz Financial Group, JD Health, Ql Resources, Delta Electronics Thai, China Huarong Asset Management, Link Administration, Skymark Airlines and more

By | Daily Briefs, Most Read

In today’s briefing:

  • FTSE TWSE Taiwan Dividend+ Index Rebalance Preview: 46% One-Way Turnover and US$5bn Two-Way Trade
  • Taiwan Div+ Index Dec22 Rebal Trade Up 6% So Far – Small Changes To Basket But HODL Til The End
  • FTSE TWSE Dividend+ Dec 22 Quiddity Final Expectations: Crucial Shift in Tracking AUM a GAME CHANGER
  • Meritz Merger Event: Swap Conditions, Spread Arb Trade, & K200 Flow Implementation
  • FTSE China 50 Index Rebalance Preview: JD Health Could Replace Xpeng
  • KLCI Index Rebalance Preview: No More Glovemakers in the Index (Or How the Mighty Have Fallen)
  • SET50 Index Rebalance Preview: Four Potential Changes in December
  • China Huarong (2799 HK): Full Circulation & MSCI/FTSE Index Inclusion
  • Link Admin Is Cheap Amid PEXA In-Specie And Possible BCM/CM Sale
  • Skymark Airlines Pre-IPO – Highly Leveraged with a History of Bankruptcy

FTSE TWSE Taiwan Dividend+ Index Rebalance Preview: 46% One-Way Turnover and US$5bn Two-Way Trade

By Brian Freitas

  • Today is the review cutoff for dividend data and stock prices that will be used to select the inclusions and exclusions as well as for capping of index weights.
  • We see 26 adds and 5 deletes for the index at the December rebalance resulting in one-way turnover of 46% and a one-way trade of TWD 78.1bn (US$2.51bn). 
  • Passive trackers will need to buy over 5 days of ADV on 15 stocks and sell over 5 days of ADV on 19 stocks and this will present trading opportunities.

Taiwan Div+ Index Dec22 Rebal Trade Up 6% So Far – Small Changes To Basket But HODL Til The End

By Travis Lundy

  • The Taiwan Div+ cutoff date for the data used to calculate the Dec 2022 rebalance was yesterday’s close. Janaghan Jeyakumar, CFA has published two updates. 
  • I recommended a long vs short basket on 26 October. So far that long vs short basket is +6.1%. I recommend adjusting the basket to new names and continuing.
  • Historically, the pattern from cutoff to date to Inclusion and then Inclusion to Inclusion+20 is quite clean. I would not expect differently this time. 

FTSE TWSE Dividend+ Dec 22 Quiddity Final Expectations: Crucial Shift in Tracking AUM a GAME CHANGER

By Janaghan Jeyakumar, CFA

  • In October 2022, FTSE Russell confirmed that the number of constituents in the FTSE TWSE Taiwan Dividend+ Index will be increased from 30 to 50 during the December 2022 Rebalance.
  • Considering the combined effect of expected index changes and capping flows, there could be 27 potential inflows names and 28 potential outflow names with total one-way flow size of US$2.45bn.
  • There are multiple names on both sides with several days of volume to trade.

Meritz Merger Event: Swap Conditions, Spread Arb Trade, & K200 Flow Implementation

By Sanghyun Park

  • The last trading day to secure appraisal rights is today (the 22nd). You must buy stocks by today to make arb trade possible using appraisal rights.
  • We should consider LONG FINANCIAL SHORT FIRE/SECURITIES. KSD allows us to maintain borrowed stocks of the target company without redemption procedures if new stocks are listed after the merger.
  • K200 trackers will have to buy in for FIRE at the close on January 27, whereas SECURITIES will be on March 31. We should design a setup targeting this preemptively.

FTSE China 50 Index Rebalance Preview: JD Health Could Replace Xpeng

By Brian Freitas

KLCI Index Rebalance Preview: No More Glovemakers in the Index (Or How the Mighty Have Fallen)

By Brian Freitas

SET50 Index Rebalance Preview: Four Potential Changes in December

By Brian Freitas

  • The market cap review period for the December rebalance of the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) ends in 6 trading days.
  • Following the market consultation and reduction in the turnover ratio, there could be four changes to the index. The DTAC/TRUE merger could result in another inclusion in Q1 2023.
  • Estimated one-way turnover at the December rebalance is 8.1% and will result in a one-way trade of THB 7.4bn. More than 1x ADV to trade on most stocks.

China Huarong (2799 HK): Full Circulation & MSCI/FTSE Index Inclusion

By Brian Freitas

  • China Huarong Asset Management (2799 HK) has announced the full conversion of 8.358bn Domestic Shares to H-shares. The increased float could help the stock get added to the MSCI/FTSE indices.
  • Depending on when the conversion is completed, the stock could be added to the MSCI China Index at the February QCIR though inclusion in May is more likely.
  • There is a high probability of inclusion in the FTSE indices at the March SAIR – though it remains to be seen if that’s to the All-World or All-Cap Index.

Link Admin Is Cheap Amid PEXA In-Specie And Possible BCM/CM Sale

By David Blennerhassett

  • Link Administration (LNK AU) has released the explanatory memorandum regarding the PEXA Group (PXA AU) in-specie distribution. 
  • Link shareholders will receive one PEXA share for every 7.52 Link shares. Shareholders will vote on the distribution on the 23 December. The IE, rightfully, deemed the process fair.
  • If D&D buys Link’s BCM/CM ops for A$1.27bn, Link would be net cash of ~A$1.40/share versus an ex-entitlement price of ~A$1.58/share. And Link would still hold the lucrative RSS ops. 

Skymark Airlines Pre-IPO – Highly Leveraged with a History of Bankruptcy

By Ethan Aw

  • Skymark Airlines (9204 JP) is looking to raise approximately US$218m in its upcoming Japan IPO.  
  • Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline  according to the company. Unlike major airlines and other low-cost carriers, Skymark operates only domestic flights.
  • In this note, we talk about the company’s past performance.

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Nov 23
0

Daily Brief Singapore: Frasers Centrepoint Trust and more

By | Daily Briefs, Singapore

In today’s briefing:

  • 10 in 10 with Frasers Centrepoint Trust – Capturing the suburban wave

10 in 10 with Frasers Centrepoint Trust – Capturing the suburban wave

By Geoff Howie

10 in 10 with Frasers Centrepoint Trust – Capturing the suburban wave

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Nov 23
0

Daily Brief United States: Laser Photonics, Organicell Regenerative Medicine, Save Foods Inc, Sharps Technology and more

By | Daily Briefs, United States

In today’s briefing:

  • Laser Photonics Inc. – Investment Thesis
  • Organicell Regenerative Medicine Inc. – Investment Thesis
  • Save Foods Inc. – Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 11/22
  • Sharps Technology – Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 11/22

Laser Photonics Inc. – Investment Thesis

By Baptista Research

  • This is our first report on Laser Photonics and we look to provide a detailed account of the various drivers that will be responsible for the company’s growth in the coming years.
  • The revenues of Laser Photonics have more than doubled in the last two years.
  • We believe that there is a good chance the company’s offering may become universally accepted in the years to come.

Organicell Regenerative Medicine Inc. – Investment Thesis

By Baptista Research

  • This is our first report on Organicell and we look to provide a detailed account of the various drivers that will be responsible for the company’s growth in the coming years.
  • Organicell’s drug candidates’ utilization of extracellular vesicles and perinatal-derived nanoparticles, represent the technological revolution of regenerative biologic drug treatments.
  • Overall, we believe that Organicell has phenomenal growth prospects and is an excellent investment prospect.

Save Foods Inc. – Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 11/22

By Baptista Research

  • This is our first report on Save Foods and we look to provide a detailed account of the various drivers that will be responsible for the company’s growth in the coming years.
  • Despite catering to a sizable addressable market, Save Foods is currently trading at valuation ratios far lower than its competitors.
  • Baptista Research looks to evaluate the different factors that could influence Save Foods’ price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology to determine a suitable price for the company’s stock.

Sharps Technology – Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 11/22

By Baptista Research

  • This is our first report on Sharps Technology and we look to provide a detailed account of the various drivers that will be responsible for the company’s growth in the coming years.
  • As the company starts reporting revenues in 2023, Sharps is expected to see its stock fly.
  • With the Nephron transaction and income generation from the Hungarian facility, this is anticipated to start reporting a positive top-line starting in Q1 2023.

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Nov 23
0

Daily Brief Japan: Skymark Airlines, Tokyo Stock Exchange Tokyo Price Index Topix and more

By | Daily Briefs, Japan

In today’s briefing:

  • Skymark Airlines Pre-IPO – Highly Leveraged with a History of Bankruptcy
  • Should the 2022 Annual Meeting of Shareholders Be Regarded as Constant Progress?

Skymark Airlines Pre-IPO – Highly Leveraged with a History of Bankruptcy

By Ethan Aw

  • Skymark Airlines (9204 JP) is looking to raise approximately US$218m in its upcoming Japan IPO.  
  • Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline  according to the company. Unlike major airlines and other low-cost carriers, Skymark operates only domestic flights.
  • In this note, we talk about the company’s past performance.

Should the 2022 Annual Meeting of Shareholders Be Regarded as Constant Progress?

By Aki Matsumoto

  • Early disclosure of convocation notices and the use of electronic voting platforms, as specified in Corporate Governance Code, and electronic voting, which reduces the companies’ administrative burden, have also progressed.
  • Although the provision of English-language convocation notices was included in the Corporate Governance Code, only a few companies still send all documents in English translation.
  • More than 10 years after the regulatory-changes, few companies still file their annual securities reports prior to AGMs. Few companies take such a proactive approach by changing their company workflow.

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Nov 23
0

Daily Brief South Korea: Jb Financial Group and more

By | Daily Briefs, South Korea

In today’s briefing:

  • KOSPI 200 Rebalance in 1H 2023 – Five Potential Additions Post Deletions of Meritz Affiliates

KOSPI 200 Rebalance in 1H 2023 – Five Potential Additions Post Deletions of Meritz Affiliates

By Douglas Kim

  • Meritz Financial Group’s decision to delist Meritz Fire & Marine Insurance and Meritz Securities in 1H 2023 will result in at least two new additions to KOSPI 200.
  • We highlight five companies which could be potential additions to KOSPI 200 in 1H 2023.
  • Five potential additions to KOSPI 200 in 1H 2023 include Jb Financial Group, Hyundai Construction Equipment, Dentium, Samyang Foods, and Lotte Rental. 

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