Daily Brief Event-Driven: March KOSPI Size Rebalance: Sanity-Check for Front-Run Angles and more

In today’s briefing:

March KOSPI Size Rebalance: Sanity-Check for Front-Run Angles

LARGE stands at 99 post-HD Hyundai Mipo merger; March sees 5 into LARGE (including Samsung Epis), 4 to MID, with top movers comfortably above cutoff and MID gaps watchable.
Two points: any names riding carryover rally momentum and mid-cap flows rising on sector rotation; LARGE candidates are hitting a pause phase, while top MID movers show clear rebound.
Distortion risks should ease by T-1M; if sector rotation ramps, price action could occur earlier than usual—worth monitoring.

After the market close on 22 December, Hanssem Co Ltd (009240 KS) announced that it will cancel all of its 6.933 million treasury shares (29.5% of outstanding shares).
The fact that this share cancellation is a whopping 29.5% of outstanding shares is likely to result in a sharply higher share price for Hanssem in the next several days.
We believe that this massive treasury shares cancellation is likely to have a significantly positive impact on Hanssem’s share price in the next several days/weeks.

Canada’s ICA approval, with binding Vancouver HQ and C$4.5bn/5yr commitments, removes the policy overhang. From here, the story is antitrust pacing and the B.C. court order, not politics.
Spread: net after AAL’s US$4.19 special and TECK’s C$0.125 dividend is ~2.78%; ~2.16% if one AAL ordinary (~US$0.21) lands pre-close.
Stance unchanged: long TECK (B) / short 1.3301× AAL, hedge GBP/CAD and overlay USD for AAL dividends. Tighteners: antitrust signals, copper tape, De Beers news; wideners: adverse headlines, FX basis.

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