Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

SAMSUNGACTIVE KoAct Dividend Growth ETF / Event-Driven

<ul>
<li>The Samsung KoAct Dividend Growth Active ETF (476850F.KS) raised around US$7.4m and started trading on 27 February.</li>
<li>There are 45 stocks in the ETF and the aim is to beat the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-index" target="_blank" data-smartkarma-citation="entities:22911:1" rel="noopener">Korea Stock Exchange Kospi Index (KOSPI INDEX)</a> by employing an active management strategy. </li>
<li>Financials, Consumer Discretionary and Industrials stocks make up nearly two-thirds of the ETF, the dividend yield of the underlying basket is 4% and the forward dividend yield is slightly higher.</li>
</ul>


The Samsung KoAct Dividend Growth Active ETF (476850F.KS) raised around US$7.4m and started trading on 27 February.
There are 45 stocks in the ETF and the aim is to beat the Korea Stock Exchange Kospi Index (KOSPI INDEX) by employing an active management strategy. 
Financials, Consumer Discretionary and Industrials stocks make up nearly two-thirds of the ETF, the dividend yield of the underlying basket is 4% and the forward dividend yield is slightly higher.


Samsung KoAct Dividend Growth Active ETF: A Look at the First Corporate Value-Up ETF

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Samsung Active Management launched the first Corporate Value Up ETF called KoAct Dividend Growth Active ETF on 27 February. It also revealed some of the major constituents of this ETF.</li>
<li>Samsung Active Management revealed the top 20 constituents of this ETF, which comprised 73.2% of the total ETF AUM.</li>
<li>In the coming weeks, there will be many other Corporate Value Up related ETFs that will be created that are similar to Samsung's KoAct Dividend Growth ETF. </li>
</ul>


Samsung Active Management launched the first Corporate Value Up ETF called KoAct Dividend Growth Active ETF on 27 February. It also revealed some of the major constituents of this ETF.
Samsung Active Management revealed the top 20 constituents of this ETF, which comprised 73.2% of the total ETF AUM.
In the coming weeks, there will be many other Corporate Value Up related ETFs that will be created that are similar to Samsung's KoAct Dividend Growth ETF. 


Constituents of the 1st Corporate Value Up ETF in Korea

<ul>
<li>After the market close on 27 February, Ecopro BM (247540 KS) announced that it will switch its listing from KOSDAQ to KOSPI. </li>
<li>Ecopro BM currently has a market cap of 23.1 trillion won. It is the largest stock in KOSDAQ right now and it would be the 17th largest stock in KOSPI.</li>
<li>Lofty valuation is one of the main reasons why we continue to be bearish on Ecopro BM. It is trading at P/E of 203x in 2024 and 71x in 2025.</li>
</ul>


After the market close on 27 February, Ecopro BM (247540 KS) announced that it will switch its listing from KOSDAQ to KOSPI. 
Ecopro BM currently has a market cap of 23.1 trillion won. It is the largest stock in KOSDAQ right now and it would be the 17th largest stock in KOSPI.
Lofty valuation is one of the main reasons why we continue to be bearish on Ecopro BM. It is trading at P/E of 203x in 2024 and 71x in 2025.


Ecopro BM: Announces It Will Switch Listing from KOSDAQ to KOSPI

Cross Asset Strategy

<ul>
<li>Choi Sang-Mok (Deputy Prime Minister and Minister of Strategy and Finance) stated that the Korean government will announce specific plans to increase the value of low PBR stocks this month. </li>
<li>We provide a list of 97 stocks in KOSPI 200 that are trading below 1x P/B. They are trading at average P/B of 0.54x. </li>
<li>We expect these low P/B stocks to continue to outperform the market in the next several weeks leading up to the government's actual announcement.</li>
</ul>


Choi Sang-Mok (Deputy Prime Minister and Minister of Strategy and Finance) stated that the Korean government will announce specific plans to increase the value of low PBR stocks this month. 
We provide a list of 97 stocks in KOSPI 200 that are trading below 1x P/B. They are trading at average P/B of 0.54x. 
We expect these low P/B stocks to continue to outperform the market in the next several weeks leading up to the government's actual announcement.


Korean Government to Announce Specific Measures to Increase Value of Low PBR Stocks in February

<ul>
<li>After the market close on 14 February, KB Financial announced that The Carlyle Group is trying to sell a 1.2% stake in the company through a block deal sale. </li>
<li>The expected block deal price range is 64,608 won to 65,954 won per share, representing a 2 to 4% discount to the closing price of 67,300 won on 14 February. </li>
<li>We would pass on this block deal sale. Despite excellent gains so far YTD, there is looming risk of many investors that may bail out of KB Financial post ex-dividend.</li>
</ul>


After the market close on 14 February, KB Financial announced that The Carlyle Group is trying to sell a 1.2% stake in the company through a block deal sale. 
The expected block deal price range is 64,608 won to 65,954 won per share, representing a 2 to 4% discount to the closing price of 67,300 won on 14 February. 
We would pass on this block deal sale. Despite excellent gains so far YTD, there is looming risk of many investors that may bail out of KB Financial post ex-dividend.


Carlyle Group Selling More than 320 Billion Won Worth of KB Financial in a Block Deal Sale

South Korea

Hana Financial Group Inc., in accordance with Financial Holding Companies Act, was established on December 1, 2005, through stock transfer with the former shareholders of its subsidiaries in order to provide management services and financing to associated companies.

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Hana Financial (086790 KS)

Samsung KoAct Dividend Growth Active ETF: A Look at the First Corporate Value-Up ETF

The Samsung KoAct Dividend Growth Active ETF (476850F.KS) raised around US$7.4m and started trading on 27 February. The div yield of the underlying...

Brian Freitas

Constituents of the 1st Corporate Value Up ETF in Korea

Samsung Active Management launched the first Corporate Value Up ETF called KoAct Dividend Growth Active ETF on 27 February. The top 20 constituents...

Douglas Kim

Ecopro BM: Announces It Will Switch Listing from KOSDAQ to KOSPI

After the market close on 27 February, Ecopro BM (247540 KS) announced that it will switch its listing from KOSDAQ to KOSPI.

Douglas Kim

Korean Government to Announce Specific Measures to Increase Value of Low PBR Stocks in February

Korean government announced it will reveal Corporate Value Program details to reduce stock market valuation discount on 26 February. They include...

Douglas Kim

Carlyle Group Selling More than 320 Billion Won Worth of KB Financial in a Block Deal Sale

After the market close on 14 February, KB Financial announced that The Carlyle Group is trying to sell a 1.2% stake in the company through a block...

Douglas Kim

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