Smartkarma Daily Briefs

Osaka Steel (5449 JP) is 65% owned by Nippon Steel Corporation (5401 JP). They make a relatively simple set of steel products used by shipbuilders, construction companies, and warehouse builders.
Activist Effissimo Capital went over 5% in October 2016 and is still a top holder. Activist Strategic Capital went over 5% in December 2023 and now owns 10+% of votes.
The “hope” had been that Nippon Steel buy out minorities and Osaka Steel would be rescued from mediocre capital returns. That was not to be. Activists are disappointed.

Unloved Japan Round-Up: Some Massive Results Surprises

By Michael Allen

Lixil increased operating profit by 15.7% YoY, to ¥20.6bn, compared to consensus estimates for an 18% decline. The stock trades at 80% of book value.
TEPCO earned ¥112bn compared to a consensus forecast of a ¥3bn loss. It trades at 35% of book value.
Lasertec increased EBIT by 122% to ¥47.7bn compared to consensus estimates for ¥27bn, and the stock trading at the lowest multiples relative to Topix in seven years.

Chuoh Pack Industry (3952 JP): NIKKON (9072 JP) Offer’s 273% Premium Results from an Auction

Chuoh Pack Industry (3952 JP) has recommended Nikkon Holdings (9072 JP)’s tender offer at JPY5,034, a 273.2% premium to the last close.
The extraordinary premium resulted from a competitive auction, enabling Toyota Motor (7203 JP), the largest shareholder, to sell most of its stake.
The offer is well above the target IFA’s DCF valuation range and more than double the all-time high. Stating the obvious, this is a done deal.

Weekly Deals Digest (02 Feb) – NTT UD REIT, Sanyo, Ascot, Giga Prize, Lifestyle China, Dada, LG CNS

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: LG CNS (LGCNSZ KS) seeks to raise up to US$837 million, and Guming Holdings (GUM HK) seeks to raise US$300 million.
Event-Driven developments: NTT UD REIT Investment Corporation (8956 JP), Ascot Corp (3264 JP), Giga Prize (3830 JP), Sanyo Special Steel (5481 JP), Lifestyle China (2136 HK), Dada Nexus (DADA US).

SCREEN: Moderate ~teens Growth Outlook but the Stock Is Cheap

By Nicolas Baratte

Big Dec-24 due to China. Mar-25 will be weaker. FY26 growth will come only from TSMC and HBM. After a strong FY25 (~30% growth), FY26 should see growth at 10-15%.
Accounting concerns should be over after the publication of the audit report on Jan 14 2025. The stock has started appreciating since early Jan 2025.
Valuations are low. The stock is trading at ~11x FY26 EPS. A muted Mar-25 could limit the upside short-term, let’s wait.

Easier to Raise Listing Criteria, but More Difficult to Encourage Growth of Companies Already Listed

By Aki Matsumoto

There is a need to change the mindset of company managers who consider IPO as a goal and not a way to grow after the listing.
The listing criteria for TSE Growth Market will be raised as early as April 2026. It’s clear that the current listing criteria are far from liquid enough to invest in.
For companies that are already listed, some rule should be established to either de-list them because they cannot bear the listing cost or to increase their market capitalization through M&As.

Seria Co Ltd (2782 JP): Q3 FY03/25 flash update

Sales reached JPY178.0bn, a 7.0% YoY increase, with directly managed stores contributing 98.9% of total sales.
Operating profit rose 16.9% YoY to JPY13.2bn, while net income increased 18.3% YoY to JPY8.9bn.
The company opened 84 directly managed stores and closed 49, totaling 2,056 stores by end-Q3 FY03/25.

Yellow Hat Ltd (9882 JP): Q3 FY03/25 flash update

Yellow Hat’s cumulative Q3 FY03/25 sales increased 4.9% YoY to JPY119.1bn, with operating profit up 9.6% YoY.
The medium-term plan targets FY03/28 revenue of JPY180.0bn, operating profit of JPY16.8bn, and net income of JPY11.8bn.
Planned investment of JPY33.0bn from FY03/26 to FY03/28 includes JPY28.0bn in capex and JPY5.0bn for M&A.

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Feb 03

Daily Brief Industrials: Eva Airways and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Monthly Air Cargo Tracker | Inaugural Edition | Low Cargo Load Factors and Moderating Demand Growth

Monthly Air Cargo Tracker | Inaugural Edition | Low Cargo Load Factors and Moderating Demand Growth

By Daniel Hellberg

December numbers from Taiwanese carriers suggest balanced air freight market conditions
Cathay, SIA, & three Chinese carriers reported solid volume growth, but low load factors
A range of leading air cargo hubs disclosed moderating volume growth in December

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Feb 03

Daily Brief TMT/Internet: iShares China Large-Cap (FXI), Lasertec Corp, SCREEN Holdings, Sunny Optical Technology Group, LG CNS and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

FXI ETF: Potential Changes in the Year of the Snake
Unloved Japan Round-Up: Some Massive Results Surprises
SCREEN: Moderate ~teens Growth Outlook but the Stock Is Cheap
HONG KONG ALPHA PORTFOLIO (January 2025)
ECM Weekly (3rd Feb 2025) – Seoul Guarantee, Dr Agarwal’s, Ather Energy, Hexaware, Visen Pharma

FXI ETF: Potential Changes in the Year of the Snake

There could be 1/2 changes to the iShares China Large-Cap (FXI) (FXI US) in March. Then there will be more changes as large Chinese companies list H-shares on the HKEX.
Fast Entries and regular inclusion of newly listed H-shares will change the characteristics of the FXI and there could be further deviations from the Hang Seng China Enterprises Index (HSCEI INDEX).
That will provide opportunities for index rebalance traders as well as volatility traders that are active on the iShares China Large-Cap (FXI) (FXI US) options.

Unloved Japan Round-Up: Some Massive Results Surprises

By Michael Allen

Lixil increased operating profit by 15.7% YoY, to ¥20.6bn, compared to consensus estimates for an 18% decline. The stock trades at 80% of book value.
TEPCO earned ¥112bn compared to a consensus forecast of a ¥3bn loss. It trades at 35% of book value.
Lasertec increased EBIT by 122% to ¥47.7bn compared to consensus estimates for ¥27bn, and the stock trading at the lowest multiples relative to Topix in seven years.

SCREEN: Moderate ~teens Growth Outlook but the Stock Is Cheap

By Nicolas Baratte

Big Dec-24 due to China. Mar-25 will be weaker. FY26 growth will come only from TSMC and HBM. After a strong FY25 (~30% growth), FY26 should see growth at 10-15%.
Accounting concerns should be over after the publication of the audit report on Jan 14 2025. The stock has started appreciating since early Jan 2025.
Valuations are low. The stock is trading at ~11x FY26 EPS. A muted Mar-25 could limit the upside short-term, let’s wait.

HONG KONG ALPHA PORTFOLIO (January 2025)

By David Mudd

HK Alpha Portfolio returned -1.29% in December and outperformed the benchmark by 0.34%. The portfolio has outperformed Hong Kong indexes by 7.93% to 9.64% since its inception on 10/01/24.
About 75% of the portfolio’s excess returns have been from alpha generation. The portfolio had no exposure to Real Estate, Energy or Materials.
At month-end we sold China Cinda Asset Management (1359 HK) , Citic Ltd (267 HK) , China Galaxy Securities (H) (6881 HK) and GDS Holdings (9698 HK) .

ECM Weekly (3rd Feb 2025) – Seoul Guarantee, Dr Agarwal’s, Ather Energy, Hexaware, Visen Pharma

By Sumeet Singh

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we had a look at the valuations for Dr. Agarwal’s Eye Hospital and Seoul Guarantee Insurance (031210 KS).
On the placements front, given the holiday shortened week, there were no placements this week.

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Feb 03

Daily Brief Energy/Materials: Osaka Steel, Chuoh Pack Industry, Iron Ore, Empire Energy and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

Osaka Steel (5449) Large Buyback At a Discount Ruins Fun For Activists
Chuoh Pack Industry (3952 JP): NIKKON (9072 JP) Offer’s 273% Premium Results from an Auction
Fenix Resources (FEX AU) Q2 FY25 Update: Close to Tripling Production
Empire Energy Group Ltd – Beetaloo catalysts coming in a rush

Osaka Steel (5449) Large Buyback At a Discount Ruins Fun For Activists

Osaka Steel (5449 JP) is 65% owned by Nippon Steel Corporation (5401 JP). They make a relatively simple set of steel products used by shipbuilders, construction companies, and warehouse builders.
Activist Effissimo Capital went over 5% in October 2016 and is still a top holder. Activist Strategic Capital went over 5% in December 2023 and now owns 10+% of votes.
The “hope” had been that Nippon Steel buy out minorities and Osaka Steel would be rescued from mediocre capital returns. That was not to be. Activists are disappointed.

Chuoh Pack Industry (3952 JP): NIKKON (9072 JP) Offer’s 273% Premium Results from an Auction

By Research as a Service (RaaS)

Chuoh Pack Industry (3952 JP) has recommended Nikkon Holdings (9072 JP)’s tender offer at JPY5,034, a 273.2% premium to the last close.
The extraordinary premium resulted from a competitive auction, enabling Toyota Motor (7203 JP), the largest shareholder, to sell most of its stake.
The offer is well above the target IFA’s DCF valuation range and more than double the all-time high. Stating the obvious, this is a done deal.

Fenix Resources (FEX AU) Q2 FY25 Update: Close to Tripling Production

By Sameer Taneja

Fenix Resources (FEX AU) delivered impressive results for Q2 2025. Sales increased by 71% QoQ and 68% YoY, driven by the ramp-up of the Shine iron ore mine.
The Beebyn-W11 mine, projected to ramp up production to 4 million tonnes from the current 2.5 million tonnes, is anticipated to receive final mining approval in the current quarter.
Trading at 5.9x FY25e PE with 57 mn AUD in net cash, which accounts for 27% of its market capitalization, the stock is worth a look.

Empire Energy Group Ltd – Beetaloo catalysts coming in a rush

RaaS has published an update report on NT-focused gas explorer/producer Empire Energy Group (ASX:EEG) following its recent quarterly report and operational update.
The company is poised to commence the last phases of activity on the path to project startup.
Having successfully cased and cemented the Carpentaria-5H (C-5H) well above expectation on time and horizontal section, securing debt financing and NT environmental approvals, we await the commencement of testing post the wet season and the granting of the ‘Beneficial Use of Test Gas’ agreement, with the traditional owners, which formally approves commercial gas sales.

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Feb 03

Daily Brief Industrials: Eva Airways and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Monthly Air Cargo Tracker | Inaugural Edition | Low Cargo Load Factors and Moderating Demand Growth

Monthly Air Cargo Tracker | Inaugural Edition | Low Cargo Load Factors and Moderating Demand Growth

By Daniel Hellberg

December numbers from Taiwanese carriers suggest balanced air freight market conditions
Cathay, SIA, & three Chinese carriers reported solid volume growth, but low load factors
A range of leading air cargo hubs disclosed moderating volume growth in December

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Feb 03

Daily Brief Health Care: Legochem Biosciences, PegBio and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

KRX New Deal Index Rebalance Preview: Smaller Deal Than Usual
Pre-IPO PegBio Co., Ltd. (PHIP Updates) – Some Points Worth the Attention

KRX New Deal Index Rebalance Preview: Smaller Deal Than Usual

The review period for the March rebalance ended on 31 January, changes will be announced first week of March and implemented at the close of trading on 13 March.
We forecast two changes for the Bio Index and one change for the Internet Index. Plus there will be capping changes for all indices.
The largest flows will be in Samsung SDI, LG Energy Solution, POSCO Holdings, Alteogen, Naver Corp, Legochem Biosciences, Netmarble and Celltrion Inc.

Pre-IPO PegBio Co., Ltd. (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

The market’s expectations for GLP-1 have changed, and the sales growth of GLP-1 may enter a turning point, which would cast a shadow over the prospects of PegBio’s GLP-1 pipelines.
PB-119 would be the first commercialized product for PegBio. However, this market is highly crowded. It’s highly uncertain whether PB-119 can stand out from fierce market competition after its launch.
The post investment valuation has reached RMB4 billion, which is already expensive in our view. Due to poor valuation performance of peers, we are not optimistic about PegBio after IPO.

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Feb 03

Daily Brief Financials: Indusind Bank, ESR Group , NTT UD REIT Investment Corporation and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

India: Potential Free Float Changes & Passive Flows in February
Merger Arb Mondays (03 Feb) – ESR, LifeStyle China, Vesync, Giga Prize, Sanyo, Ascot, Seven & I
Weekly Deals Digest (02 Feb) – NTT UD REIT, Sanyo, Ascot, Giga Prize, Lifestyle China, Dada, LG CNS

India: Potential Free Float Changes & Passive Flows in February

Companies in India have disclosed their shareholding pattern as of end-December in January. There are companies with significant float changes from end-September and/or end-June.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.
Depending on the date that the shareholding was published, there could be 13 stocks with passive inflows from global trackers while 4 could see passive outflows in February.

Merger Arb Mondays (03 Feb) – ESR, LifeStyle China, Vesync, Giga Prize, Sanyo, Ascot, Seven & I

We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Chuoh Pack Industry (3952 JP), Giga Prize (3830 JP), Sanyo Special Steel (5481 JP), Ascot Corp (3264 JP), Lifestyle China (2136 HK), Seven & I Holdings (3382 JP).
Lowest spreads: Makino Milling Machine Co (6135 JP), Avjennings Ltd (AVJ AU), Fuji Soft Inc (9749 JP), Macromill, Inc (3978 JP), Millennium & Copthorne Hotels Nz (MCK NZ).

Weekly Deals Digest (02 Feb) – NTT UD REIT, Sanyo, Ascot, Giga Prize, Lifestyle China, Dada, LG CNS

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: LG CNS (LGCNSZ KS) seeks to raise up to US$837 million, and Guming Holdings (GUM HK) seeks to raise US$300 million.
Event-Driven developments: NTT UD REIT Investment Corporation (8956 JP), Ascot Corp (3264 JP), Giga Prize (3830 JP), Sanyo Special Steel (5481 JP), Lifestyle China (2136 HK), Dada Nexus (DADA US).

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Feb 03

Daily Brief Consumer: Fosun Tourism, TSE Tokyo Price Index TOPIX, Bama Tea, Seria Co Ltd, Yellow Hat Ltd and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Fosun Tourism (1992 HK): Affirming Our Support for the Buyback
Fosun Tourism (1992 HK): No Love For The Scrip Alternative
Easier to Raise Listing Criteria, but More Difficult to Encourage Growth of Companies Already Listed
Bama Tea Pre-IPO Tearsheet
Seria Co Ltd (2782 JP): Q3 FY03/25 flash update
Yellow Hat Ltd (9882 JP): Q3 FY03/25 flash update

Fosun Tourism (1992 HK): Affirming Our Support for the Buyback

By Osbert Tang, CFA

Fosun Tourism (1992 HK)‘s profit warning suggested a significant deterioration in profitability in 2H24, fading any near-term recovery hope.
With losses enlarged 89-126% YoY in 2H24, it is more difficult to return to its peak and IPO share prices. This makes the buyback proposal even more attractive.
We take the inability to introduce the Potential Share Alternative Option as a lack of confidence by the existing shareholders in Fosun Tourism’s medium-term outlook.

Fosun Tourism (1992 HK): No Love For The Scrip Alternative

By David Blennerhassett

Back on the 10th December 2024, Fosun Tourism (1992 HK) announced a rare Scheme buyback, with a Cancellation Price of $7.80/share (not declared final), a punchy 95% premium to undisturbed.
A successful Scheme would result in Fosun International (656 HK) and concert parties holding 100% in Fosun Tourism – without having to outlay a cent.
A scrip alternative was afforded IF expressions of interests from 1% of shares out occurred. That didn’t happen. Still a clean deal. Scheme Doc dispatch is the 14th Feb.

Easier to Raise Listing Criteria, but More Difficult to Encourage Growth of Companies Already Listed

By Aki Matsumoto

There is a need to change the mindset of company managers who consider IPO as a goal and not a way to grow after the listing.
The listing criteria for TSE Growth Market will be raised as early as April 2026. It’s clear that the current listing criteria are far from liquid enough to invest in.
For companies that are already listed, some rule should be established to either de-list them because they cannot bear the listing cost or to increase their market capitalization through M&As.

Bama Tea Pre-IPO Tearsheet

By Nicholas Tan

Bama Tea (BAMA HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Huatai, ABC and TF International.
Bama Tea, as per the firm, is the most recognized tea brand in China and the leading provider of premium tea leaves in China.
It sells through its nationwide offline store network and comprehensive online sales platforms, and sells every major tea leaf category

Seria Co Ltd (2782 JP): Q3 FY03/25 flash update

Sales reached JPY178.0bn, a 7.0% YoY increase, with directly managed stores contributing 98.9% of total sales.
Operating profit rose 16.9% YoY to JPY13.2bn, while net income increased 18.3% YoY to JPY8.9bn.
The company opened 84 directly managed stores and closed 49, totaling 2,056 stores by end-Q3 FY03/25.

Yellow Hat Ltd (9882 JP): Q3 FY03/25 flash update

Yellow Hat’s cumulative Q3 FY03/25 sales increased 4.9% YoY to JPY119.1bn, with operating profit up 9.6% YoY.
The medium-term plan targets FY03/28 revenue of JPY180.0bn, operating profit of JPY16.8bn, and net income of JPY11.8bn.
Planned investment of JPY33.0bn from FY03/26 to FY03/28 includes JPY28.0bn in capex and JPY5.0bn for M&A.

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Feb 03

Most Read: Sanyo Special Steel, Osaka Steel, Indusind Bank, Giga Prize, iShares China Large-Cap (FXI), Sigma Healthcare, Legochem Biosciences and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Nippon Steal! Again. Parent Takes Out Sanyo Special Steel (5481) At Well Below Book
Osaka Steel (5449) Large Buyback At a Discount Ruins Fun For Activists
India: Potential Free Float Changes & Passive Flows in February
Freebit (3843) Buys Out Minorities in Giga Prize (3830) – Light, But Tough to Block
Sanyo Special Steel (5481 JP): Nippon Steel (5401 JP)’s Light Tender Offer Begs for Activism
Giga Prize (3830 JP): FreeBit (3843 JP)’s Tender Offer Is a Done Deal
FXI ETF: Potential Changes in the Year of the Snake
Ohayo Japan | Wall Street Falls as New Tariffs Loom
Quiddity Leaderboard ASX Mar 25: LONGs up ~10% Vs SHORTs in a Month; More to Come
KRX New Deal Index Rebalance Preview: Smaller Deal Than Usual

Nippon Steal! Again. Parent Takes Out Sanyo Special Steel (5481) At Well Below Book

6-7 years ago Sanyo Special Steel (5481 JP) bought out a large foreign specialty steel company, and funded it by getting Nippon Steel to inject capital at below book.
Now Nippon Steel is buying the rest of Sanyo Special Steel in a Tender Offer at 0.66x book, where most of book is Net Receivables, Inventory, WIP, and Materials.
This is the second time in a decade where the Board has decided to sell control of itself at far below book value. They should be ashamed of themselves.

Osaka Steel (5449) Large Buyback At a Discount Ruins Fun For Activists

Osaka Steel (5449 JP) is 65% owned by Nippon Steel Corporation (5401 JP). They make a relatively simple set of steel products used by shipbuilders, construction companies, and warehouse builders.
Activist Effissimo Capital went over 5% in October 2016 and is still a top holder. Activist Strategic Capital went over 5% in December 2023 and now owns 10+% of votes.
The “hope” had been that Nippon Steel buy out minorities and Osaka Steel would be rescued from mediocre capital returns. That was not to be. Activists are disappointed.

India: Potential Free Float Changes & Passive Flows in February

Companies in India have disclosed their shareholding pattern as of end-December in January. There are companies with significant float changes from end-September and/or end-June.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.
Depending on the date that the shareholding was published, there could be 13 stocks with passive inflows from global trackers while 4 could see passive outflows in February.

Freebit (3843) Buys Out Minorities in Giga Prize (3830) – Light, But Tough to Block

Today, Freebit Co Ltd (3843 JP) announced it would launch a Tender Offer next Monday to buy out minorities in 60.9%-owned Giga Prize (3830 JP).
The multiple is not terribly impressive. It could be better. But they only need 5.8% of the 39.1% they do not own to get this over the hump.
Synergies are clear. They are expected. They are not priced in the valuation. This is disappointing. Again.

Sanyo Special Steel (5481 JP): Nippon Steel (5401 JP)’s Light Tender Offer Begs for Activism

Sanyo Special Steel (5481 JP) has recommended Nippon Steel Corporation (5401 JP)’s tender offer at JPY2,750, a 37.4% premium to the last close.
The offer is light, implying a P/B of 0.67x, below the midpoint of the IFA DCF range, below the Board’s requested price, and unattractive compared to peer multiples.
The lack of an irrevocable and unattractive offer suggests that satisfying the minimum acceptance condition is likely challenging. This situation requires activism to force a bump.

Giga Prize (3830 JP): FreeBit (3843 JP)’s Tender Offer Is a Done Deal

Giga Prize (3830 JP) has recommended Freebit Co Ltd (3843 JP)’s tender offer at JPY2,500, a 48.5% premium to the last close.
While the offer is below the midpoint of the target IFA’s DCF valuation range, it represents an all-time high and aligns with the Board’s requested price.
The required minority acceptance rate is modest, and tendering by the third-largest shareholder is enough to close the deal.

FXI ETF: Potential Changes in the Year of the Snake

There could be 1/2 changes to the iShares China Large-Cap (FXI) (FXI US) in March. Then there will be more changes as large Chinese companies list H-shares on the HKEX.
Fast Entries and regular inclusion of newly listed H-shares will change the characteristics of the FXI and there could be further deviations from the Hang Seng China Enterprises Index (HSCEI INDEX).
That will provide opportunities for index rebalance traders as well as volatility traders that are active on the iShares China Large-Cap (FXI) (FXI US) options.

Ohayo Japan | Wall Street Falls as New Tariffs Loom

By Mark Chadwick

U.S. stocks declined Friday as the White House announced new tariffs on Mexico, Canada, and China taking effect Saturday
Japanese markets ended mixed last week, with NEC leading gains, surging 18.4% on a stock split announcement and upward guidance revision. The broader TOPIX gained 1.4% for the week
Companies reporting strong results included SCREEN Holdings, TDK, Fujitsu, MOL, Sakura Internet, and ZOZO

Quiddity Leaderboard ASX Mar 25: LONGs up ~10% Vs SHORTs in a Month; More to Come

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 March 2025 index rebal event.
We expect two changes for ASX 50, one change for ASX 100, and seven changes for ASX 200. Separately we see 8 ADDs and 6 DELs for ASX 300.
The Sigma Healthcare – Chemist Warehouse merger will be completed soon and there will be major inflows for Sigma Healthcare due to float percentage/share count upgrades.

KRX New Deal Index Rebalance Preview: Smaller Deal Than Usual