In today’s briefing:
- Kospi Index Options Monthly September 2026: Oversold Kospi Could Put Volatility Back in Play
- Aequitas: Elice Pre-IPO – Significant Pivot to a Sovereign Neocloud
- Early HPSP Positioning Ahead of TIGER Semis Top 10 Oct Rebalance
Kospi Index Options Monthly September 2026: Oversold Kospi Could Put Volatility Back in Play
- August’s muted rally was accompanied by rapidly falling implied volatility.
- Kospi’s relative weakness versus SPX may attract bargain hunters and raise the possibility that renewed market momentum could recharge volatility.
- The history of vol premium in prior Septembers offers a cautionary backdrop as implied vols emerge from a steep decline.
Aequitas: Elice Pre-IPO – Significant Pivot to a Sovereign Neocloud
- Elice Group (ELICE KS) aims to raise up to US$147m in its Korean listing.
- It offers an integrated AI ecosystem providing i) AI-driven digital transformation (AX) education services, ii) cloud-based GPU virtualization services, and iii) custom AI infrastructure solutions.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Early HPSP Positioning Ahead of TIGER Semis Top 10 Oct Rebalance
- FnGuide confirms October’s TIGER Semiconductor Top 10 rebalance is on schedule, with HPSP already moving into the top 10, ahead of DB HiTek by over KRW 0.2tn in market cap.
- With top three accounting for 75%, the remaining 25% is still a sizeable passive pool, with HPSP seeing 5.7% of SO, 7.3% of float and 4x DTV in rebalance flow.
- Local semis sentiment is weak, but local institutions, especially hedgies, are building HPSP exposure, driving outperformance and supporting an early long entry with sector beta hedged short.
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