In today’s briefing:
- On the Risk of TIGER (Or Even KODEX) Repeating Its Weird Practice Ahead of KRX Semis Sept Rebalance
- SK Innovation and Other Stocks in KOSPI With End of Mandatory Lock-Up Period In September
On the Risk of TIGER (Or Even KODEX) Repeating Its Weird Practice Ahead of KRX Semis Sept Rebalance
- KRX Semis is September’s key passive event, but TIGER’s unusual 6% Hynix underweight and sampling approach ahead of the rebalance has raised fresh tracking concerns.
- Mirae’s sampling explanation is questionable, with TIGER effectively running an active tilt before reversing KRW 80bn of Hynix and Samsung trades last Wednesday. FSS review remains unclear.
- Full replication is the base case. Pre position TES and TSE, then target spillover flows as Hynix and Samsung revert to the 20% cap, with Hynix driving KRW 1.2tn.
SK Innovation and Other Stocks in KOSPI With End of Mandatory Lock-Up Period In September
- In this insight, I discuss about SK Innovation (096770 KS) and four other stocks in KOSPI that could experience additional selling with end of mandatory lock-up periods in September.
- The end of these lock-up periods could potentially result in additional selling by insiders which could negatively impact the share prices of these companies (on average) in the coming weeks.
- SK Innovation recently announced its merger plans with SK IE Technology (361610 KS) which I viewed negatively due to negative impact on SK Innovation’s financials.
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