In today’s briefing:
- KODEX Battery ETF Rebalancing: Target Weight & Qty in CU of Each Constituent
- WCP IPO: Valuation Uncompelling
KODEX Battery ETF Rebalancing: Target Weight & Qty in CU of Each Constituent
- KODEX Battery ETF rebalancing began on September 8 and runs until this Tuesday, the 14th. Its AUM is 1.3 trillion won, and the number of constituents is only 25.
- The quantity change in one CU for the 13th was confirmed. Tomorrow’s are estimates based on equal daily weights. With still two-thirds to go, the flow/price impact looks still juicy.
- SK Innovation, L&F, LG Energy, and Ecopro will show a significant size in weight change and passive flow, so they are safe names for a LONG SHORT basket trading.
WCP IPO: Valuation Uncompelling
- WCP (WCP KS), a lithium-ion batteries separator company, is set to launch its IPO of KRW900 billion (US$692 million).
- We last discussed the IPO in WCP IPO: Updated Prospectus, Solid 1H22, Unchanged and Unattractive Price Range.
- Although the de-rating of peer multiples resulted in a decline in the syndicate’s intrinsic value, the IPO price range of KRW80,000-100,000 remains unchanged. The IPO price range is unattractive.
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