In today’s briefing:
- Basis for the 5 Trillion Won Moving Money Estimate for KOSPI Size Index Migration Event
- [Quiddity Index Jul25] KOSPI 200 Leaderboard for Dec25 Rebal: 4 In/Out But Too Early to Bet
- Dowoo Insys IPO Book Building Results Analysis
- Korea Small Cap Gem #39: Messe ESANG
- KOSPI 200 Tactical Outlook Amid Renewed Uncertainty from US Tariff Risks
Basis for the 5 Trillion Won Moving Money Estimate for KOSPI Size Index Migration Event
- NPS allocates ~6% of its 76T won consignment book to mid/small-cap, with ~3.6T effectively benchmarked to the KOSPI Mid Cap Index via its hybrid BM.
- Publicly raised funds add ~1.1T won across 358 products benchmarked to KOSPI Mid Cap, bringing total estimated exposure (incl. NPS) to ~4.7T won.
- Including other pensions and off-radar private funds, total KOSPI Mid Cap exposure rounds out to ~5T won — the base case local street uses for passive impact modeling.
[Quiddity Index Jul25] KOSPI 200 Leaderboard for Dec25 Rebal: 4 In/Out But Too Early to Bet
- KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the KRX. Here we look at Dec25 index rebal.
- We expect up to 6 ADDs and 6 DELs in the KOSPI 200 index during the December 2025 index rebal event based on the latest available data.
- This is up from 4 ADDs and 4 DELs last month, but there is a lot of potential sector threshold borderline volatility to change both the number and the names.
Dowoo Insys IPO Book Building Results Analysis
- Dowooinsys (484120 KS) announced that it has confirmed its IPO price at 32,000 won, which is at the high end of the IPO price range.
- The demand ratio among the institutional investors was 785.4 to 1 with a total of 2,180 domestic and foreign institutions participating.
- Our base case valuation of Dowoo Insys is target price of 40,667 won per share, which is 27% higher than the IPO price (32,000 won).
Korea Small Cap Gem #39: Messe ESANG
- We have found another gem in the Korean small cap industry. Messe ESANG is #39 in our Korea Small Cap Gem Series.
- Messe ESANG (408920 KS) is the number one player in South Korea’s exhibition and convention industry.
- The company has a combination of strong sales growth, excellent operating margins, improving ROE, sound balance sheet, and cheap valuations.
KOSPI 200 Tactical Outlook Amid Renewed Uncertainty from US Tariff Risks
- As reported by Gaudenz Schneider , South Korea left interest rates unchanged on July 11th, but significant uncertainty from US Tariffs policies pose a challenge for its economy.
- In our previous KOSPI 200‘s insight we flagged an ‘overbought warning’, yet the index extended its rally for four more weeks, closing at 428 — near its all-time highs (449).
- The index is now off the chart on our time model and approaching the upper limit of our SHORT price model. A WEEKLY pullback is imminent, but may be short-lived.
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