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.

Event-Driven

<ul>
<li>Samsung SDI and LG Chem are expected to be newly included in the index, while Hana Financial and KT&amp;G Corporation are predicted to be excluded.</li>
<li>The correlation between the price movement and the flow direction on the rebalancing trading day of constituent changes from the past reviews was quite high.</li>
<li>We can set the price impact expectation for the upcoming review even more aggressively, given that the size of the flow x DTV is more significant than in previous cases.</li>
</ul>


Samsung SDI and LG Chem are expected to be newly included in the index, while Hana Financial and KT&amp;G Corporation are predicted to be excluded.
The correlation between the price movement and the flow direction on the rebalancing trading day of constituent changes from the past reviews was quite high.
We can set the price impact expectation for the upcoming review even more aggressively, given that the size of the flow x DTV is more significant than in previous cases.


Price/Flow Impact on Four Constituent Changes in KODEX Top 5 Plus ETF Rebalancing in June

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> is facing challenges in the highly competitive SUV segment in India.</li>
<li>Model-Wise data indicates declining sales volumes for some of its models such as Scorpio, XUV300, and XUV700.</li>
<li>The strategy of focusing on the higher end of the SUV market may lead to confusion and loss of market share. </li>
</ul>



Mahindra &amp; Mahindra (MM IN) is facing challenges in the highly competitive SUV segment in India.
Model-Wise data indicates declining sales volumes for some of its models such as Scorpio, XUV300, and XUV700.
The strategy of focusing on the higher end of the SUV market may lead to confusion and loss of market share. 


Mahindra & Mahindra (MM IN) | Cracks Widening

<ul>
<li>Notable names that have proposed amendments to their articles of association for changing the dividend record date at this year's AGM include Hyundai Motor Group, POSCO Holdings, and Kakao Corp.</li>
<li>There were skeptical views on how much response local big-name companies would show to Korea FSC's plan. However, the response from large companies has been unexpectedly positive and aggressive.</li>
<li>We should consider the possibility that the preferred stock premium of companies whose dividend visibility has improved through this may continue to improve compared to those that have not.</li>
</ul>


Notable names that have proposed amendments to their articles of association for changing the dividend record date at this year's AGM include Hyundai Motor Group, POSCO Holdings, and Kakao Corp.
There were skeptical views on how much response local big-name companies would show to Korea FSC's plan. However, the response from large companies has been unexpectedly positive and aggressive.
We should consider the possibility that the preferred stock premium of companies whose dividend visibility has improved through this may continue to improve compared to those that have not.


Dividend Record Date Changes Already in Progress in Korea: Trading Ramifications

Technical Analysis / Chartered Market Technician, The Markets Academy

David Coloretti, CMT

Technical Analysis / Chartered Market Technician

The Markets Academy

TMA implements 2 strategies. 1) Tactical ... Trend Sustainability Score (TSS) allows TMA to identify exhaustion / reversal points in interim trends by utilising our proprietary analysis of ST momentum indicators. 2) Medium Term ... our 3 Pillars approach to technical analysis allows TMA to determine high probability medium term outcomes in markets.

Technical Analysis

<ul>
<li>At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.</li>
<li>The bullish response to the 50% Fibonacci retracement at 61750 in Q1 2023 has been impulsive. </li>
<li>KIA Corp is set to challenge the top of the 2021/2023 parallel downtrend channel around 78500. A break above the channel will confirm aggressive topside targets (90000/100000).</li>
</ul>


At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.
The bullish response to the 50% Fibonacci retracement at 61750 in Q1 2023 has been impulsive. 
KIA Corp is set to challenge the top of the 2021/2023 parallel downtrend channel around 78500. A break above the channel will confirm aggressive topside targets (90000/100000).


KIA Corp (000270 KS): Response to LT Trend Channel Resistance (78500) Is Key to a Bullish Outlook

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Thematic (Sector/Industry)

<ul><li>European Parliament has approved the law to effectively ban the sale of new petrol and diesel cars and vans in EU from 2035, aiming to speed up the switch to EV and combat climate change.</li><li>The law has been drafted and agreed by EU countries last October and finally legislated on 14 Feb 2022.</li><li>EU targets to reduce 100% CO2 emission produced by new cars and vans in 2035 with an intermediate goal of 55% for cars and 50% for vans in 2030.</li></ul>

European Parliament has approved the law to effectively ban the sale of new petrol and diesel cars and vans in EU from 2035, aiming to speed up the switch to EV and combat climate change.The law has been drafted and agreed by EU countries last October and finally legislated on 14 Feb 2022.EU targets to reduce 100% CO2 emission produced by new cars and vans in 2035 with an intermediate goal of 55% for cars and 50% for vans in 2030.

South Korea

Kia Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks and commercial vehicles. The Company also manufactures auto-parts and tools using hybrid electric and fuel cell technology. Kia markets its products worldwide.

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Kia Corp (000270 KS)

Price/Flow Impact on Four Constituent Changes in KODEX Top 5 Plus ETF Rebalancing in June

This post presents a Long Short basket trade idea on the four potential constituent changes in the KODEX Top 5 Plus TR ETF rebalancing in June.

Sanghyun Park

Mahindra & Mahindra (MM IN) | Cracks Widening

Mahindra & Mahindra faces SUV competition, declining sales for Scorpio, XUV300, XUV700. High-end focus risks confusion, loss of market share.

Pranav Bhavsar

Dividend Record Date Changes Already in Progress in Korea: Trading Ramifications

We currently see more swift and active progress in changing dividend record dates, signaling a shift in dividend arbitrage trading patterns and...

Sanghyun Park