Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Event-Driven

Korea Stock Exchange KOSPI 200 / Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200 INDEX</a> WEEKLY did rise last week and is approaching OVERBOUGHT territory based on the current short-term trend pattern (Q3 resistance is at 346).</li>
<li>The current pattern is bearish, but if the market gains momentum and rallies for 2 more weeks, <strong>it could reach 357 during the 3rd week up</strong> (<strong>not earlier</strong>).</li>
<li>The alternative scenario, a better fit for this bearish pattern, is that the index starts to pull back this week, or remains weak this week and falls the next.</li>
</ul>


The KOSPI 200 INDEX WEEKLY did rise last week and is approaching OVERBOUGHT territory based on the current short-term trend pattern (Q3 resistance is at 346).
The current pattern is bearish, but if the market gains momentum and rallies for 2 more weeks, it could reach 357 during the 3rd week up (not earlier).
The alternative scenario, a better fit for this bearish pattern, is that the index starts to pull back this week, or remains weak this week and falls the next.


EQD | KOSPI 200 Index WEEKLY OVERBOUGHT (Or Break-Out Rally?)

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

<ul>
<li>The review period for the September rebalance ends on 31 July, the changes will be announced towards end August and implemented at the close of trading on 7 September.</li>
<li>There is one change currently for each of the Secondary Battery, Bio and Game indices. Then there are a couple of changes for the Internet and BBIG indices.</li>
<li>There are four stocks that will have over 2 days of ADV to trade from passive trackers and these stocks could move around announcement of the changes.</li>
</ul>


The review period for the September rebalance ends on 31 July, the changes will be announced towards end August and implemented at the close of trading on 7 September.
There is one change currently for each of the Secondary Battery, Bio and Game indices. Then there are a couple of changes for the Internet and BBIG indices.
There are four stocks that will have over 2 days of ADV to trade from passive trackers and these stocks could move around announcement of the changes.


KRX New Deal Index Rebalance Preview: Review Period Nearly Complete

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>VNG (VinaGame) (VNG US) is getting ready to complete its IPO on the NASDAQ exchange in the next several months. VNG operates the dominant chat app Zalo in Vietnam. </li>
<li>VNG is reminiscent of Kakao Corp (035720 KS) in its early years of operations when it captured a dominant portion of Korea's chat app market through its KakaoTalk app.</li>
<li>Although the company has yet to provide a firm timeline of the IPO, there is likely to be eye-popping demand for the IPO shares of VNG. </li>
</ul>


VNG (VinaGame) (VNG US) is getting ready to complete its IPO on the NASDAQ exchange in the next several months. VNG operates the dominant chat app Zalo in Vietnam. 
VNG is reminiscent of Kakao Corp (035720 KS) in its early years of operations when it captured a dominant portion of Korea's chat app market through its KakaoTalk app.
Although the company has yet to provide a firm timeline of the IPO, there is likely to be eye-popping demand for the IPO shares of VNG. 


Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Mirae Asset Tiger Top 10 ETF / Event-Driven

<ul>
<li>Ecopro Co will replace Celltrion Inc. Their float market cap difference is nearly 5 trillion won, so it doesn't seem likely that this will reverse by the end of November.</li>
<li>Ecopro may not have a very significant passive impact x ADTV, given its still high trading volume. On the other hand, Celltrion seems likely to be the target of traders.</li>
<li>From a trading perspective, it's important to focus on the potential price impact of this flow event on Celltrion, which could be amplified depending on the possibility of merger cancellation.</li>
</ul>


Ecopro Co will replace Celltrion Inc. Their float market cap difference is nearly 5 trillion won, so it doesn't seem likely that this will reverse by the end of November.
Ecopro may not have a very significant passive impact x ADTV, given its still high trading volume. On the other hand, Celltrion seems likely to be the target of traders.
From a trading perspective, it's important to focus on the potential price impact of this flow event on Celltrion, which could be amplified depending on the possibility of merger cancellation.


Single-Day ETF Flow Event Not to Be Missed in Korea in December

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">Vng (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Vng (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
In this note, we talk about the positive aspects of the deal.


VNG Pre-IPO - The Positives - Vietnam's Mini-Tencent

South Korea

Kakao Corp. provides Internet portal services such as news, free e-mail, and leisure information.  The Company also offers cross-platform mobile messaging application that allows users to exchange messages.

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Kakao Corp (035720 KS)

EQD | KOSPI 200 Index WEEKLY OVERBOUGHT (Or Break-Out Rally?)

The KOSPI 200 Index is approaching Q3/overbought territory, this pattern is bearish, but if the index keeps rallying for 2 more weeks, it could...

Nico Rosti

KRX New Deal Index Rebalance Preview: Review Period Nearly Complete

The changes to the index were announced post market close on Friday and will be implemented at the close on Thursday. Given that the changes are...

Brian Freitas

VNG (VinaGame) IPO Preview

VNG is reminiscent of Kakao Corp (035720 KS) in its early years of operations when it captured a dominant portion of Korea's chat app market...

Douglas Kim

Single-Day ETF Flow Event Not to Be Missed in Korea in December

This post delves into the significant passive impact that will be triggered by constituent changes in the TIGER Top 10 ETF's December rebalancing.

Sanghyun Park

VNG Pre-IPO - The Positives - Vietnam's Mini-Tencent

Vng (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note we talk about the positive aspects of...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EQD | KOSPI 200 Index WEEKLY OVERBOUGHT (Or Break-Out Rally?)

​The KOSPI 200 Index is approaching Q3/overbought territory, this pattern is bearish, but if the index keeps rallying for 2 more weeks, it could...

Nico Rosti

KRX New Deal Index Rebalance Preview: Review Period Nearly Complete

The changes to the index were announced post market close on Friday and will be implemented at the close on Thursday. Given that the changes are...

Brian Freitas

VNG (VinaGame) IPO Preview

VNG is reminiscent of Kakao Corp (035720 KS) in its early years of operations when it captured a dominant portion of Korea's chat app market...

Douglas Kim

Single-Day ETF Flow Event Not to Be Missed in Korea in December

This post delves into the significant passive impact that will be triggered by constituent changes in the TIGER Top 10 ETF's December rebalancing.

Sanghyun Park

VNG Pre-IPO - The Positives - Vietnam's Mini-Tencent

Vng (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note we talk about the positive aspects of...

Sumeet Singh

The KOSPI 200 Index is approaching Q3/overbought territory, this pattern is bearish, but if the index keeps rallying for 2 more weeks, it could...