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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<p>It seems to be spin-off season in Korea.</p><p>Three <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> constituents will be suspended from trading from 29 April - <a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550 KS)</a>, <a href="https://www.smartkarma.com/entities/f-f-co-ltd" target="_blank" data-smartkarma-citation="entities:15983:1" rel="noopener">F&amp;F Co Ltd (007700 KS)</a> and <a href="https://www.smartkarma.com/entities/ecopro-co-ltd" target="_blank" data-smartkarma-citation="entities:19029:1" rel="noopener">Ecopro Co Ltd (086520 KS)</a> due to a spin-off of its businesses.</p><p><a href="https://www.smartkarma.com/entities/f-f-co-ltd" target="_blank" data-smartkarma-citation="entities:15983:1" rel="noopener">F&amp;F Co Ltd (007700 KS)</a> will resume trading on 21 May, <a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550 KS)</a> will resume trading on 27 May, and <a href="https://www.smartkarma.com/entities/ecopro-co-ltd" target="_blank" data-smartkarma-citation="entities:19029:1" rel="noopener">Ecopro Co Ltd (086520 KS)</a> will resume trading on 28 May.</p><p><a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550 KS)</a> will remain in the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> and its spinoff will be added to the index, <a href="https://www.smartkarma.com/entities/f-f-co-ltd" target="_blank" data-smartkarma-citation="entities:15983:1" rel="noopener">F&amp;F Co Ltd (007700 KS)</a> will remain in the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> but the spinoff will not be added to the index, <a href="https://www.smartkarma.com/entities/ecopro-co-ltd" target="_blank" data-smartkarma-citation="entities:19029:1" rel="noopener">Ecopro Co Ltd (086520 KS)</a> will continue to be a <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> constituent though its spinoff will not be included in the index.</p><p>In this Insight, we look at the index treatment, the impact of passive flow on the stocks, and the impact of the changes on the June rebalance of the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a>. </p>

It seems to be spin-off season in Korea.Three Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) and KOSDAQ 150 Index (KOSDQ150 INDEX) constituents will be suspended from trading from 29 April - LG Corp (003550 KS), F&amp;F Co Ltd (007700 KS) and Ecopro Co Ltd (086520 KS) due to a spin-off of its businesses.F&amp;F Co Ltd (007700 KS) will resume trading on 21 May, LG Corp (003550 KS) will resume trading on 27 May, and Ecopro Co Ltd (086520 KS) will resume trading on 28 May.LG Corp (003550 KS) will remain in the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) and its spinoff will be added to the index, F&amp;F Co Ltd (007700 KS) will remain in the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) but the spinoff will not be added to the index, Ecopro Co Ltd (086520 KS) will continue to be a KOSDAQ 150 Index (KOSDQ150 INDEX) constituent though its spinoff will not be included in the index.In this Insight, we look at the index treatment, the impact of passive flow on the stocks, and the impact of the changes on the June rebalance of the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX). 

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.

<p>The DL Holdings (000210) - DL E&amp;C (375500) tender begins today. This is an exchange offer, not a cash offer.</p><p>The tender price is ₩118,085 for DL E&amp;C at an issue price of ₩89,829 for DL Holdings (000210). The swap ratio is 1.31455. You get 1.31455 Holdings shares for each DL E&amp;C share that you tender.</p><p>For the tender, Holdings issues 11M new shares, which will get listed on June 3.</p><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Overview"}'>Overview</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Type"}'>Type</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Exchange offer"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>Exchange offer</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Swap ratio"}'><strong>Swap ratio</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.314553206648187}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=R[10]C[0]/R[4]C[0]"><strong>1.31455</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Tender originator"}'>Tender originator</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"DL Holdings Co Ltd"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>DL Holdings Co Ltd</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Ticker"}'>- Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"000210"}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula='="000210"'>000210</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Issue volume"}'>- Issue volume</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":11042246}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>11,042,246</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Issue price"}'><strong>- Issue price</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":89829}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'><strong>₩89,829</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Target company"}'>Target company</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"DL E&amp;C Ord Shs"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>DL E&amp;C Ord Shs</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Ticker"}'>- Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"375500"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula='="375500"'>375500</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Tender volume"}'>- Tender volume</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":8400000}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>8,400,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - % of shares outstanding"}'>- % of shares outstanding</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.4339125825247493}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[-1]C[0]/R[1]C[0]">43.39%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Shares outstanding"}'>- Shares outstanding</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":19358738}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula='=googlefinance(R[-3]C[0], "shares")'>19,358,738</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Tender price"}'><strong>- Tender price</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":118085}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'><strong>₩118,085</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Target value"}'>- Target value</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":991914000000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula="=R[-1]C[0]*R[-4]C[0]">₩991,914,000,000</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Timetable"}'>Timetable</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Announcement"}'>Announcement</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44274}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 19</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Tender offer begins"}'><strong>Tender offer begins</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44307}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'><strong>2021. 4. 21</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Tender offer ends"}'><strong>Tender offer ends</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44326}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'><strong>2021. 5. 10</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Payment"}'>Payment</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44328}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 5. 12</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Listing"}'>Listing</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44350}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 6. 3</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Tender price fixation"}'>Tender price fixation</td></tr>
<tr>
<td data-sheets-value='{"1":3,"3":44246}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 2. 19</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":113500}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩113,500</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44249}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 2. 22</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":111000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩111,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44250}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 2. 23</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":110500}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩110,500</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44251}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 2. 24</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":104000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩104,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44252}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 2. 25</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":116500}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩116,500</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44253}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 2. 26</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":111000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩111,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44257}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 2</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":109000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩109,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44258}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 3</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":111000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩111,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44259}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 4</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":111500}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩111,500</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44260}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 5</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":109500}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩109,500</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44263}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 8</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":107000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩107,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44264}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 9</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":112500}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩112,500</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44265}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 10</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":112000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩112,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44266}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 11</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":115000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩115,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44267}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 12</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":118500}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩118,500</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44270}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 15</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":121000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩121,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44271}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 16</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":121000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩121,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44272}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 17</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":123000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩123,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44273}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 18</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":120000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩120,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Close(A)"}'>Close(A)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":120000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩120,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1W avg (B)"}'>1W avg (B)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":120700}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩120,700</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1M avg (C)"}'>1M avg (C)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":113553}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩113,553</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Arithmatic avg D=(A+B+C)/3"}'>Arithmatic avg D=(A+B+C)/3</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":118084.2}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩118,084</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Tender price E=Min(A,D)"}'><strong>Tender price E=Min(A,D)</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":118085}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'><strong>₩118,085</strong></td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DRAT"}'>Source: DRAT</td></tr>
</tbody>
</table><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"Issue price"}'>Issue price fixation</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Close"}'>Close</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Trading vol(B)"}'>Trading volume (B)</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Trading val (A)"}'>Trading value (A)</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44300}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 4. 14</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":89600}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩89,600</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":484546}' data-sheets-numberformat='[null,2,"#,##0"]'>484,546</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":42999717200}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩42,999,717,200</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44301}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 4. 15</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":91200}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩91,200</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":293437}' data-sheets-numberformat='[null,2,"#,##0"]'>293,437</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":26480660600}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩26,480,660,600</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44302}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 4. 16</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":92000}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩92,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":221902}' data-sheets-numberformat='[null,2,"#,##0"]'>221,902</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":20338222700}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩20,338,222,700</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total trading val (A)"}'>Total trading value (A)</td>
<td colspan="3" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":89818600500}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩89,818,600,500</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total trading vol (B)"}'>Total trading volume (B)</td>
<td colspan="3" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":999885}' data-sheets-numberformat='[null,2,"#,##0"]'>999,885</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"VWAP (A/B)"}'>VWAP (A/B)</td>
<td colspan="3" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":89828.93}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩89,829</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Discount"}'>Discount</td>
<td colspan="3" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='[null,3,"0.00%",1]'>0.00%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Issue price"}'><strong>Issue price</strong></td>
<td colspan="3" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":89829}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'><strong>₩89,829</strong></td>
</tr>
<tr><td colspan="4" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table>

The DL Holdings (000210) - DL E&amp;C (375500) tender begins today. This is an exchange offer, not a cash offer.The tender price is ₩118,085 for DL E&amp;C at an issue price of ₩89,829 for DL Holdings (000210). The swap ratio is 1.31455. You get 1.31455 Holdings shares for each DL E&amp;C share that you tender.For the tender, Holdings issues 11M new shares, which will get listed on June 3.





Overview

Type
Exchange offer


Swap ratio
1.31455


Tender originator
DL Holdings Co Ltd


- Ticker
000210


- Issue volume
11,042,246


- Issue price
₩89,829


Target company
DL E&amp;C Ord Shs


- Ticker
375500


- Tender volume
8,400,000


- % of shares outstanding
43.39%


- Shares outstanding
19,358,738


- Tender price
₩118,085


- Target value
₩991,914,000,000

Source: DART







Timetable

Announcement
2021. 3. 19


Tender offer begins
2021. 4. 21


Tender offer ends
2021. 5. 10


Payment
2021. 5. 12


Listing
2021. 6. 3

Source: DART







Tender price fixation

2021. 2. 19
₩113,500


2021. 2. 22
₩111,000


2021. 2. 23
₩110,500


2021. 2. 24
₩104,000


2021. 2. 25
₩116,500


2021. 2. 26
₩111,000


2021. 3. 2
₩109,000


2021. 3. 3
₩111,000


2021. 3. 4
₩111,500


2021. 3. 5
₩109,500


2021. 3. 8
₩107,000


2021. 3. 9
₩112,500


2021. 3. 10
₩112,000


2021. 3. 11
₩115,000


2021. 3. 12
₩118,500


2021. 3. 15
₩121,000


2021. 3. 16
₩121,000


2021. 3. 17
₩123,000


2021. 3. 18
₩120,000


Close(A)
₩120,000


1W avg (B)
₩120,700


1M avg (C)
₩113,553


Arithmatic avg D=(A+B+C)/3
₩118,084


Tender price E=Min(A,D)
₩118,085

Source: DRAT










Issue price fixation
Close
Trading volume (B)
Trading value (A)


2021. 4. 14
₩89,600
484,546
₩42,999,717,200


2021. 4. 15
₩91,200
293,437
₩26,480,660,600


2021. 4. 16
₩92,000
221,902
₩20,338,222,700


Total trading value (A)
₩89,818,600,500


Total trading volume (B)
999,885


VWAP (A/B)
₩89,829


Discount
0.00%


Issue price
₩89,829

Source: DART



DL Holdings/E&C Tender & Shorting Lurking for What Will Likely Follow

Top 20 short interests: holders &amp; weekly gainers/declinersLotte Tour continues to top the list as 6.69% of the SO sits in the short interests, followed by Doosan Infracore at 3.53%, Hotel Shilla at 2.96%, and Celltrion at 2.90%.Among them, Doosan Infracore and Celltrion have fallen 5.48% and 6.84% WoW, respectively.As a %p of the SO, the gainers include Jooyon Tech, Noroo Paint, Sunchang, and Gene One Life. The decliners are Hyundai BNG, Samsung Pharm, Tong Yang Mooslan, and Celltrion.















Top 20 short interest
Ticker
K200
Apr 7 Short
1M
1W
1W %p
Apr 9 Loan
1M
1W
1W %p


Lotte Tour Development Co., Ltd.
032350
153
6.69%
2.52%
0.39%
0.03%p
8.10%
-46.13%
2.15%
0.17%p


Doosan Infracore Co Ltd
042670
98
3.53%
-17.90%
-5.48%
-0.20%p
9.24%
-52.01%
-0.59%
-0.06%p


Hotel Shilla Co Ltd
008770
63
2.96%
-1.53%
-0.16%
0.00%p
8.34%
-9.24%
-0.74%
-0.06%p


Celltrion, Inc.
068270
5
2.90%
-18.76%
-6.84%
-0.21%p
7.87%
4.23%
-5.19%
-0.43%p


Inscobee Inc
006490
#N/A
2.23%
6.08%
0.79%
0.02%p
3.55%
-36.46%
-0.49%
-0.02%p


Hanatour Service Inc
039130
#N/A
2.09%
15.68%
4.68%
0.09%p
4.20%
-35.24%
0.94%
0.04%p


Ssangyong Motor Co., Ltd.
003620
#N/A
1.46%
0.00%
0.00%
0.00%p
1.75%
-30.10%
0.16%
0.00%p


LG Display Co Ltd
034220
41
1.40%
-11.22%
2.10%
0.03%p
5.24%
-38.96%
3.85%
0.19%p


Samsung Heavy Industries Co.,Ltd
010140
54
1.37%
-15.17%
6.02%
0.08%p
4.85%
-34.59%
-4.10%
-0.21%p


Sunny Electronics Co Ltd
004770
#N/A
1.30%
-22.38%
-3.90%
-0.05%p
2.96%
-33.78%
3.84%
0.11%p


Paik Kwang Industral Co Ltd
001340
#N/A
1.23%
6.80%
-8.26%
-0.11%p
2.38%
-29.44%
0.09%
0.00%p


E Kocref CR-REIT
088260
#N/A
1.19%
0.00%
0.00%
0.00%p
2.92%
-25.07%
7.38%
0.20%p


Daewoo Electronic Components Co Ltd
009320
#N/A
1.12%
0.02%
-0.04%
0.00%p
1.89%
-37.26%
4.18%
0.08%p


Tongyang Inc
001520
#N/A
1.08%
-0.25%
-0.89%
-0.01%p
2.19%
-0.70%
10.21%
0.20%p


Shinsung Tongsang Co., Ltd
005390
#N/A
1.06%
9.35%
7.57%
0.07%p
1.85%
-23.56%
-0.18%
0.00%p


Korea Shipbuilding &amp;Offshore Engn Co Ltd
009540
36
1.05%
4.65%
-0.29%
0.00%p
2.60%
-25.98%
3.63%
0.09%p


Willbes &amp; Co Ltd
008600
#N/A
0.98%
-15.82%
-14.09%
-0.16%p
1.67%
-4.05%
-0.16%
0.00%p


ENPlus Co Ltd
074610
#N/A
0.98%
20.64%
0.01%
0.00%p
1.96%
-25.21%
1.11%
0.02%p


Monami Co Ltd
005360
#N/A
0.98%
28.72%
-0.61%
-0.01%p
1.98%
-40.06%
0.15%
0.00%p


SBW
102280
#N/A
0.95%
-3.36%
0.08%
0.00%p
1.55%
-31.10%
0.00%
0.00%p

Source: KRX &amp; KOFIA

















Top 20 short interest gainers
Ticker
K200
Apr 7 Short
1M
1W
1W %p
Apr 9 Loan
1M
1W
1W %p


Jooyon Tech Co Ltd
044380
#N/A
0.59%
39.10%
139.30%
0.35%p
1.15%
-49.81%
-4.77%
-0.06%


Noroo Paint &amp; Coatings Co Ltd
090350
#N/A
0.30%
#DIV/0!
122.48%
0.17%p
1.48%
-22.71%
1.74%
0.03%


Sunchang Corp
002820
#N/A
0.16%
#DIV/0!
#DIV/0!
0.16%p
0.56%
-51.04%
0.00%
0.00%


Gene One Life Science Inc
011000
#N/A
0.15%
-43.30%
#DIV/0!
0.15%p
0.66%
-44.14%
24.40%
0.13%


Hansol Logistics Co Ltd
009180
#N/A
0.71%
3.56%
24.45%
0.14%p
2.42%
-33.84%
-4.29%
-0.11%


Wooridul Huebrain Ltd
118000
#N/A
0.59%
6.74%
28.68%
0.13%p
0.87%
-43.30%
10.77%
0.08%


SK Gas Ltd.
018670
#N/A
0.20%
#DIV/0!
191.56%
0.13%p
1.43%
79.31%
-50.69%
-1.47%


Union Corp
000910
#N/A
0.12%
#DIV/0!
#DIV/0!
0.12%p
0.51%
-48.97%
0.00%
0.00%


Haein Corporation
003010
#N/A
0.52%
#DIV/0!
28.02%
0.11%p
1.44%
-15.40%
-1.61%
-0.02%


KEPCO Engineering &amp; Construction Co Inc
052690
191
0.65%
11.16%
20.06%
0.11%p
1.37%
126.46%
0.41%
0.01%


Camus Engineering &amp; Construction Inc
013700
#N/A
0.10%
-20.33%
#DIV/0!
0.10%p
0.46%
-38.64%
-36.11%
-0.26%


Hanatour Service Inc
039130
#N/A
2.09%
15.68%
4.68%
0.09%p
4.20%
-35.24%
0.94%
0.04%


Daelim B&amp;Co Co Ltd
005750
#N/A
0.09%
#DIV/0!
#DIV/0!
0.09%p
0.37%
-30.41%
23.85%
0.07%


Sangsangin Investment &amp; Securities CoLtd
001290
#N/A
0.09%
#DIV/0!
#DIV/0!
0.09%p
0.21%
10.33%
-2.06%
0.00%


Kolon Industries Inc
120110
140
0.18%
59.72%
78.57%
0.08%p
2.77%
-14.86%
-4.00%
-0.12%


Hyungji Elite Inc
093240
#N/A
0.18%
70.45%
74.81%
0.08%p
0.50%
-45.22%
1.52%
0.01%


Cosmax Inc
192820
144
0.43%
-10.80%
22.16%
0.08%p
2.45%
-86.54%
-25.21%
-0.83%


Samsung Heavy Industries Co.,Ltd
010140
54
1.37%
-15.17%
6.02%
0.08%p
4.85%
-34.59%
-4.10%
-0.21%


Woori Investment Bank Co Ltd
010050
#N/A
0.24%
16.28%
46.74%
0.08%p
0.59%
-19.06%
0.79%
0.00%


Seoyon Co Ltd
007860
#N/A
0.15%
-71.04%
102.92%
0.08%p
0.32%
-94.35%
0.00%
0.00%

Source: KRX &amp; KOFIA

















Top 20 short interest decliners
Ticker
K200
Apr 7 Short
1M
1W
1W %p
Apr 9 Loan
1M
1W
1W %p


Hyundai BNG Steel Co Ltd
004560
#N/A
0.24%
-59.31%
-59.64%
-0.36%p
1.52%
-16.81%
20.46%
0.26%


Samsung Pharm Co Ltd
001360
#N/A
0.58%
-41.18%
-30.23%
-0.25%p
2.76%
-41.31%
2.87%
0.08%


Tong Yang Moolsan Co Ltd
002900
#N/A
0.50%
-49.21%
-31.96%
-0.24%p
1.80%
-26.96%
-2.17%
-0.04%


Celltrion, Inc.
068270
5
2.90%
-18.76%
-6.84%
-0.21%p
7.87%
4.23%
-5.19%
-0.43%


Feelux Co Ltd
033180
#N/A
0.52%
-6.37%
-28.31%
-0.21%p
0.98%
-28.01%
0.26%
0.00%


Doosan Infracore Co Ltd
042670
98
3.53%
-17.90%
-5.48%
-0.20%p
9.24%
-52.01%
-0.59%
-0.06%


Taeyang Metal Industrial Co., Ltd.
004100
#N/A
0.00%
#DIV/0!
-100.00%
-0.18%p
0.51%
-29.75%
0.80%
0.00%


Bumyang Construction Co Ltd
002410
#N/A
0.00%
#DIV/0!
-100.00%
-0.17%p
0.77%
-42.12%
3.60%
0.03%


Willbes &amp; Co Ltd
008600
#N/A
0.98%
-15.82%
-14.09%
-0.16%p
1.67%
-4.05%
-0.16%
0.00%


DSR Corp
155660
#N/A
0.00%
#DIV/0!
-100.00%
-0.15%p
0.75%
-35.86%
1.00%
0.01%


Daechang Co Ltd
012800
#N/A
0.61%
-53.89%
-19.53%
-0.15%p
2.18%
-2.11%
0.46%
0.01%


Samsung Biologics Co Ltd
207940
18
0.37%
-34.36%
-27.37%
-0.14%p
1.67%
-30.70%
-6.99%
-0.13%


Daeyoung Packaging Co., Ltd.
014160
#N/A
0.42%
-10.53%
-23.90%
-0.13%p
1.12%
-27.80%
-1.63%
-0.02%


Intergis Co Ltd
129260
#N/A
0.00%
-100.00%
-100.00%
-0.13%p
0.41%
-19.99%
1.41%
0.01%


Comtec Systems Co., Ltd.
031820
#N/A
0.27%
-29.95%
-30.94%
-0.12%p
0.85%
-45.37%
-7.97%
-0.07%


DY Power Corp
210540
#N/A
0.16%
-45.22%
-42.59%
-0.12%p
0.60%
-50.06%
0.41%
0.00%


Seoul Food Industrial Co Ltd
004410
#N/A
0.46%
-17.05%
-20.72%
-0.12%p
0.96%
-38.40%
-3.44%
-0.03%


Paik Kwang Industral Co Ltd
001340
#N/A
1.23%
6.80%
-8.26%
-0.11%p
2.38%
-29.44%
0.09%
0.00%


Hyundai Pharmaceutical Co Ltd
004310
#N/A
0.52%
-13.27%
-15.75%
-0.10%p
1.09%
-43.29%
0.05%
0.00%


Orient Bio Inc
002630
#N/A
0.22%
-26.60%
-29.27%
-0.09%p
0.57%
-38.47%
-1.45%
-0.01%

Source: KRX &amp; KOFIA

Top 20 loan balance: holders &amp; weekly gainers/declinersLoan balance should be a leading indicator, relative to short interests.DL Holdings tops the list as 13.99% of the shares are currently being loaned. Doosan Infracore and Hotel Shilla follow DL Holdings, but both of them continue to be on the decline MoM. Lotte Tour gained a bit last week but is still at a 46.13% drop over the last month.As a %p of the SO, the gainers are GS Retail (+1.00%p), Samwha Capacitor (+0.91%p), &amp; KCTech (+089%p). The decliners include LG HAUSYS (-1.77%p), SK Gas (-1.47%p), and DL E&amp;C (-1.18%p).















Top 20 loan balance
Ticker
K200
Apr 7 Short
1M
1W
1W %p
Apr 9 Loan
1M
1W
1W %p


DL Holdings Co Ltd
000210
70
0.08%
0.84%
17.50%
0.01%p
13.99%
17.60%
-3.15%
-0.45%p


Doosan Infracore Co Ltd
042670
98
3.53%
-17.90%
-5.48%
-0.20%p
9.24%
-52.01%
-0.59%
-0.06%p


Hotel Shilla Co Ltd
008770
63
2.96%
-1.53%
-0.16%
0.00%p
8.34%
-9.24%
-0.74%
-0.06%p


Kyeryong Construction Industrial Co.
013580
#N/A
0.26%
-90.45%
0.00%
0.00%p
8.15%
6.73%
-0.56%
-0.05%p


Lotte Tour Development Co., Ltd.
032350
153
6.69%
2.52%
0.39%
0.03%p
8.10%
-46.13%
2.15%
0.17%p


Celltrion, Inc.
068270
5
2.90%
-18.76%
-6.84%
-0.21%p
7.87%
4.23%
-5.19%
-0.43%p


NS Shopping Co Ltd
138250
#N/A
0.05%
9.48%
0.00%
0.00%p
6.79%
1.66%
-0.49%
-0.03%p


GS Retail Co Ltd
007070
124
0.09%
3.56%
10.10%
0.01%p
5.90%
30.95%
20.53%
1.00%p


Doosan Heavy Industries Constrctn Co Ltd
034020
61
0.52%
22.62%
1.41%
0.01%p
5.77%
2292.48%
8.66%
0.46%p


LG Display Co Ltd
034220
41
1.40%
-11.22%
2.10%
0.03%p
5.24%
-38.96%
3.85%
0.19%p


Hanshin Construction Co., Ltd.
004960
#N/A
0.20%
0.00%
0.00%
0.00%p
5.13%
3.72%
0.00%
0.00%p


Kolmar Korea Co Ltd
161890
135
0.16%
49.13%
4.84%
0.01%p
5.05%
28.26%
-1.47%
-0.08%p


Samsung Heavy Industries Co.,Ltd
010140
54
1.37%
-15.17%
6.02%
0.08%p
4.85%
-34.59%
-4.10%
-0.21%p


Cuckoo Homesys Co Ltd
284740
190
0.18%
-28.26%
-4.01%
-0.01%p
4.83%
41.47%
-5.03%
-0.26%p


Green Cross Holdings Preference Shares
005257
#N/A
0.00%
-100.00%
#DIV/0!
0.00%p
4.75%
-0.15%
0.00%
0.00%p


LG Chem Ltd
051910
4
0.26%
8.37%
0.85%
0.00%p
4.57%
9.03%
0.30%
0.01%p


Netmarble Corp
251270
26
0.66%
1126.86%
2.29%
0.01%p
4.34%
-18.30%
9.85%
0.39%p


LG Innotek Co., Ltd.
011070
68
0.37%
4.66%
5.60%
0.02%p
4.25%
190.05%
20.29%
0.72%p


Hanatour Service Inc
039130
#N/A
2.09%
15.68%
4.68%
0.09%p
4.20%
-35.24%
0.94%
0.04%p


Sunjin Co Ltd
136490
#N/A
0.10%
-0.94%
0.39%
0.00%p
4.07%
2.81%
3.29%
0.13%p

Source: KRX &amp; KOFIA

















Top 20 loan balance gainers
Ticker
K200
Apr 7 Short
1M
1W
1W %p
Apr 9 Loan
1M
1W
1W %p


GS Retail Co Ltd
007070
124
0.09%
3.56%
10.10%
0.01%
5.90%
30.95%
20.53%
1.00%p


Samwha Capacitor Co Ltd
001820
#N/A
0.52%
-9.05%
10.01%
0.05%
2.24%
32.24%
68.42%
0.91%p


KCTech Co Ltd
281820
#N/A
0.00%
#DIV/0!
#DIV/0!
0.00%
1.24%
260.48%
249.45%
0.89%p


Lotte Fine Chemical Co Ltd
004000
114
0.06%
-27.69%
-11.29%
-0.01%
1.93%
316.83%
66.00%
0.77%p


LG Innotek Co., Ltd.
011070
68
0.37%
4.66%
5.60%
0.02%
4.25%
190.05%
20.29%
0.72%p


Doosan Heavy Industries Constrctn Co Ltd
034020
61
0.52%
22.62%
1.41%
0.01%
5.77%
2292.48%
8.66%
0.46%p


Netmarble Corp
251270
26
0.66%
1126.86%
2.29%
0.01%
4.34%
-18.30%
9.85%
0.39%p


Sungmoon Electronics Co Ltd
014910
#N/A
0.00%
#DIV/0!
#DIV/0!
0.00%
1.45%
97.51%
36.11%
0.38%p


NK Mulsan Co Ltd
009810
#N/A
0.00%
#DIV/0!
#DIV/0!
0.00%
2.25%
120.48%
20.51%
0.38%p


HMM Co Ltd
011200
42
0.09%
-9.74%
11.32%
0.01%
3.52%
-47.90%
11.22%
0.35%p


NCSoft Corp
036570
11
0.33%
-5.16%
2.89%
0.01%
2.27%
-2.19%
17.10%
0.33%p


Kolon Corp Preference Shares
002025
#N/A
0.00%
#DIV/0!
#DIV/0!
0.00%
1.29%
-37.05%
33.79%
0.33%p


LG International Corp
001120
151
0.27%
-6.26%
3.44%
0.01%
2.65%
-3.71%
12.86%
0.30%p


Tae Young Engineering&amp;Constructin Co Ltd
009410
189
0.06%
-55.37%
3.72%
0.00%
1.25%
30.00%
29.26%
0.28%p


Shinpoong Paper MFG Co Ltd
002870
#N/A
0.00%
#DIV/0!
#DIV/0!
0.00%
0.47%
311.90%
123.41%
0.26%p


Hyundai BNG Steel Co Ltd
004560
#N/A
0.24%
-59.31%
-59.64%
-0.36%
1.52%
-16.81%
20.46%
0.26%p


Uni CHEM Co., Ltd.
011330
#N/A
0.00%
-100.00%
#DIV/0!
0.00%
1.17%
-18.02%
24.08%
0.23%p


Daishin Securities Co., Ltd
003540
#N/A
0.22%
-29.16%
-8.35%
-0.02%
2.00%
-9.52%
11.71%
0.21%p


Tongyang Inc
001520
#N/A
1.08%
-0.25%
-0.89%
-0.01%
2.19%
-0.70%
10.21%
0.20%p


E Kocref CR-REIT
088260
#N/A
1.19%
0.00%
0.00%
0.00%
2.92%
-25.07%
7.38%
0.20%p

Source: KRX &amp; KOFIA

















Top 20 loan balance decliners
Ticker
K200
Apr 7 Short
1M
1W
1W %p
Apr 9 Loan
1M
1W
1W %p


LG HAUSYS, LTD.
108670
168
0.16%
-20.57%
-10.00%
-0.02%
2.08%
-82.75%
-46.03%
-1.77%p


SK Gas Ltd.
018670
#N/A
0.20%
#DIV/0!
191.56%
0.13%
1.43%
79.31%
-50.69%
-1.47%p


DL E&amp;C Ord Shs
375500
#N/A
0.05%
-7.09%
30.68%
0.01%
1.73%
-39.33%
-40.40%
-1.18%p


Sungshin Cement Co Ltd
004980
#N/A
0.48%
-0.06%
0.80%
0.00%
0.92%
-54.05%
-48.23%
-0.86%p


Cosmax Inc
192820
144
0.43%
-10.80%
22.16%
0.08%
2.45%
-86.54%
-25.21%
-0.83%p


Hana Financial Group Inc
086790
22
0.26%
-16.65%
-12.31%
-0.04%
2.74%
-31.64%
-18.43%
-0.62%p


Hyundai Heavy Industries Holdings Co Ltd
267250
66
0.17%
-41.32%
-3.03%
-0.01%
1.27%
39.99%
-30.38%
-0.55%p


DL Holdings Co Ltd
000210
70
0.08%
0.84%
17.50%
0.01%
13.99%
17.60%
-3.15%
-0.45%p


Jahwa Electronics Co Ltd
033240
#N/A
0.20%
0.41%
0.00%
0.00%
3.85%
-38.52%
-10.31%
-0.44%p


Hanmi Semiconductor Co Ltd
042700
#N/A
0.13%
-0.94%
-11.91%
-0.02%
1.14%
-20.64%
-27.87%
-0.44%p


Celltrion, Inc.
068270
5
2.90%
-18.76%
-6.84%
-0.21%
7.87%
4.23%
-5.19%
-0.43%p


SK Hynix Inc
000660
3
0.07%
10880.52%
-22.19%
-0.02%
3.17%
7.33%
-11.72%
-0.42%p


Huneed Technologies
005870
#N/A
0.09%
#DIV/0!
-0.97%
0.00%
0.46%
-68.16%
-46.13%
-0.39%p


Hyundai Motor S1 Pref Shs
005385
#N/A
0.01%
-22.76%
-7.30%
0.00%
0.82%
-32.44%
-31.53%
-0.38%p


F&amp;F Co., Ltd
007700
161
0.06%
-31.02%
26.97%
0.01%
2.93%
-20.87%
-10.58%
-0.35%p


SK Chemicals Co Ltd
285130
56
0.04%
-27.68%
27.51%
0.01%
1.40%
-41.78%
-18.58%
-0.32%p


Hanshin Machinery Co Ltd
011700
#N/A
0.34%
0.00%
0.00%
0.00%
1.35%
-29.65%
-18.52%
-0.31%p


Daesung Holdings Co Ltd
016710
#N/A
0.00%
#DIV/0!
#DIV/0!
0.00%
0.54%
-28.19%
-36.10%
-0.31%p


Cs Wind Corp
112610
121
0.06%
-30.58%
25.81%
0.01%
0.82%
9.23%
-26.58%
-0.30%p


Dongkuk Steel Mill Co., Ltd
001230
157
0.09%
8.86%
10.15%
0.01%
1.25%
-25.61%
-17.63%
-0.27%p

Source: KRX &amp; KOFIA



KOSPI Short Int & Loan Balance: Trend/Flow & Stocks on Move (Feat. DL Holdings)

Equity Bottom-Up

The biggest gainers this morning are:

Hansol Chemical (014680 KS): +8.00%

DL Co Ltd (000210 KS): +7.78%

Kcc Corp (002380 KS): +7.58%

Hanwha Solutions (009830 KS): +7.56%













Gainers
Daily Δ
Losers
Daily Δ
x Open
Value
TV/DTV (x)
Value


Hansol Chemical Co Ltd
8.00%
Dong Suh Companies Inc
-5.67%
Dongwon Systems Corp
10.87%
KCC Corp
3.26


DL Holdings Co Ltd
7.78%
Chong Kun Dang Pharmaceutical Corp
-3.90%
Hansol Chemical Co Ltd
10.00%
Doosan Infracore Co Ltd
2.96


KCC Corp
7.58%
Dongwon Systems Corp
-3.37%
Dong Suh Companies Inc
8.22%
LOTTE Himart Co Ltd
2.94


SKC Co Ltd
7.56%
Oci Co Ltd
-2.65%
KCC Corp
7.82%
Hanwha Solutions Corp
2.57


Hanwha Solutions Corp
7.11%
Lotte Tour Development Co., Ltd.
-2.48%
SKC Co Ltd
7.52%
CJ Logistics Corp
1.68


LOTTE Himart Co Ltd
6.49%
Green Cross Holdings
-2.46%
LOTTE Himart Co Ltd
6.88%
Samsung Heavy Industries Co.,Ltd
1.63


Doosan Infracore Co Ltd
5.24%
Hanssem Co Ltd
-2.30%
Hanwha Solutions Corp
6.76%
LG HAUSYS, LTD.
1.44


Hyundai Steel Co
4.95%
Green Cross Corp
-2.05%
Hyundai Steel Co
6.49%
Dongwon Systems Corp
1.42


SK Holdings Co Ltd
4.30%
Korea Aerospace Industries Ltd
-2.01%
HMM Co Ltd
6.20%
Doubleu Games Co Ltd
1.42


Samsung C&amp;T Corp
4.22%
Cuckoo Holdings Co Ltd
-2.00%
Chong Kun Dang Pharmaceutical Corp
5.71%
Lotte Chilsung Beverage Co Ltd
1.41


Lotte Shopping Co Ltd
4.13%
Cuckoo Homesys Co Ltd
-1.93%
DL Holdings Co Ltd
5.69%
DL Holdings Co Ltd
1.29


Lotte Chilsung Beverage Co Ltd
4.07%
Ilyang Pharmaceutical Co., Ltd
-1.90%
Kolon Industries Inc
5.59%
SKC Co Ltd
1.23


Posco International Corp
4.01%
Boryung Pharmaceutical Co., Ltd
-1.82%
Handsome Corp
5.51%
Hyundai Steel Co
1.13


Shinsegae Inc
3.89%
CJ Cheiljedang Corp
-1.75%
SK Holdings Co Ltd
5.33%
Kolon Industries Inc
1.08


Handsome Corp
3.76%
NCSoft Corp
-1.60%
Doosan Infracore Co Ltd
5.20%
Hansol Chemical Co Ltd
1.01


KB Financial Group Inc
3.73%
Naver Corp
-1.55%
Shinsegae Inc
5.19%
JW Pharmaceutical Corp
0.94


SK Innovation Co Ltd
2.93%
JW Pharmaceutical Corp
-1.50%
Dongkuk Steel Mill Co., Ltd
5.02%
Ssangyong Cement Industry Co Ltd
0.92


LG International Corp
2.83%
DB HiTek Co Ltd
-1.45%
KB Financial Group Inc
4.92%
KEPCO Plant Service &amp; Engineering Co Ltd
0.91


Shinhan Financial Group Co., Ltd.
2.71%
SK Biopharmaceuticals Co Ltd
-1.41%
Posco International Corp
4.71%
Handsome Corp
0.89


LG HAUSYS, LTD.
2.57%
Daewoong Pharmaceutical Co., Ltd.
-1.16%
Pan Ocean Co Ltd
4.69%
IS DONGSEO CO., LTD.
0.85

Source: KRX

















Top 20
52WH
52WH Date
MC (₩B)
Daily Δ
x Open
TV/DTV
x 52WL
U Wick
Body
L Wick


Kolon Industries Inc
1.04
3/23/21
1,678.1
1.97%
5.59%
1.08
2.59
-52.94%
41.18%
5.88%


KT Corp
1.02
2/17/21
7,285.0
0.72%
1.62%
0.55
1.45
-11.11%
44.44%
44.44%


Amorepacific Corp
1.02
1/25/21
15,082.3
0.78%
3.15%
0.68
1.73
-37.50%
50.00%
12.50%


Handsome Corp
1.01
3/17/21
1,018.5
3.76%
5.51%
0.89
2.30
-34.09%
65.91%
0.00%


Doosan Bobcat Inc
0.99
3/17/21
3,669.1
1.95%
2.64%
0.43
2.23
-5.26%
63.16%
31.58%


KB Financial Group Inc
0.99
3/11/21
21,996.2
3.73%
4.92%
0.55
1.73
-4.00%
84.00%
12.00%


Cosmax Inc
0.98
10/12/20
1,261.2
2.45%
4.51%
0.46
1.84
-18.18%
63.64%
18.18%


HMM Co Ltd
0.98
3/23/21
9,625.2
-0.17%
6.20%
0.72
11.59
-8.11%
-40.54%
51.35%


KCC Corp
0.97
1/26/21
1,955.0
7.58%
7.82%
3.26
1.86
0.00%
96.88%
3.13%


Seah Besteel Corporation
0.97
3/23/21
615.0
1.48%
3.26%
0.26
2.56
-18.18%
54.55%
27.27%


Lotte Chilsung Beverage Co Ltd
0.97
2/9/21
1,148.8
4.07%
4.03%
1.41
1.54
0.00%
80.00%
20.00%


Kangwon Land, Inc.
0.97
3/18/21
5,658.7
0.57%
1.53%
0.24
1.49
-12.50%
87.50%
0.00%


Shinsegae International Inc
0.96
4/28/20
1,513.7
1.44%
2.90%
0.41
1.58
-16.67%
83.33%
0.00%


Dongkuk Steel Mill Co., Ltd
0.96
3/23/21
1,078.4
2.26%
5.02%
0.30
3.29
-27.27%
63.64%
9.09%


Hotel Shilla Co Ltd
0.96
1/18/21
3,430.3
1.39%
2.21%
0.40
1.33
-10.53%
78.95%
10.53%


MERITZ SECURITIES CO LTD
0.96
3/23/21
2,947.2
0.00%
2.30%
0.49
1.78
-5.00%
20.00%
75.00%


BNK Financial Group Inc
0.96
3/19/21
2,180.5
2.14%
3.37%
0.33
1.66
-9.09%
72.73%
18.18%


Hana Financial Group Inc
0.96
3/19/21
12,294.9
0.00%
3.35%
0.56
1.95
-25.93%
44.44%
29.63%


Hansol Chemical Co Ltd
0.95
2/22/21
2,754.5
8.00%
10.00%
1.01
3.38
-11.11%
80.00%
8.89%


Doosan Infracore Co Ltd
0.95
9/28/20
2,176.5
5.24%
5.20%
2.96
3.50
-10.00%
86.00%
4.00%

Source: KRX



Hanwha S, DL, KCC, & Hansol C Are KOSPI 200 Movers Today: What Happens?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<p>Daelim Industrial's BOD and shareholders agreed to spin-off the company into <a href="https://www.smartkarma.com/entities/dl-e-c-co-ltd" target="_blank" data-smartkarma-citation="entities:31375:1" rel="noopener">DL E&amp;C Co Ltd (375500 KS)</a> and <a href="https://www.smartkarma.com/entities/daelim-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:18095:1" rel="noopener">DL Co Ltd (000210 KS)</a> in December 2020. DL E&amp;C and DL Corp shares started trading again on 25 January 2021. DL E&amp;C and DL Corp's market caps are 2.45 trillion won and 1.08 trillion won, respectively as of 26 January 2021. The combined market caps of the two companies are 3.53 trillion won, up more than 20% from the pre-spin off levels. DL E&amp;C makes some of the best apartments in Korea and this is their bread and butter business. </p><div>Hyundai E&amp;C, GS E&amp;C, HDC Hyundai Development, and Daewoo E&amp;C are the most appropriate comps to DL E&amp;C. These four comps are currently trading at P/E (2021E) ratios 11.8x, 6.1x, 5.6x, and 6.9x, respectively, using the consensus earnings estimates. The average P/E ratio of these four companies is 7.6x. If we apply 7.6x P/E on the estimated net profit of 660 billion won, this would suggest an implied market cap of 5.0 trillion won, which would be nearly 100% upside from the current market cap of 2.4 trillion won. If we use the lowest P/E multiple of the comps (5.6x) and apply to the estimated net profit of 660 billion won, this would suggest a market cap of 3.7 trillion won, which would be 51% higher than its current market cap. </div>

Daelim Industrial's BOD and shareholders agreed to spin-off the company into DL E&amp;C Co Ltd (375500 KS) and DL Co Ltd (000210 KS) in December 2020. DL E&amp;C and DL Corp shares started trading again on 25 January 2021. DL E&amp;C and DL Corp's market caps are 2.45 trillion won and 1.08 trillion won, respectively as of 26 January 2021. The combined market caps of the two companies are 3.53 trillion won, up more than 20% from the pre-spin off levels. DL E&amp;C makes some of the best apartments in Korea and this is their bread and butter business. Hyundai E&amp;C, GS E&amp;C, HDC Hyundai Development, and Daewoo E&amp;C are the most appropriate comps to DL E&amp;C. These four comps are currently trading at P/E (2021E) ratios 11.8x, 6.1x, 5.6x, and 6.9x, respectively, using the consensus earnings estimates. The average P/E ratio of these four companies is 7.6x. If we apply 7.6x P/E on the estimated net profit of 660 billion won, this would suggest an implied market cap of 5.0 trillion won, which would be nearly 100% upside from the current market cap of 2.4 trillion won. If we use the lowest P/E multiple of the comps (5.6x) and apply to the estimated net profit of 660 billion won, this would suggest a market cap of 3.7 trillion won, which would be 51% higher than its current market cap. 

Newly Spun-Off DL E&C and DL Corp Create Higher Value

South Korea

DL Holdings Co., Ltd. provides civil engineering, architectural, and plant construction services. The Company constructs bridges, highways, tunnels, harbors, and governmental buildings. DL also manufactures petrochemical products , including polyester, benzene, butane, and methyl tertiary butyl ether (MTBE).

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

DL Holdings Co (000210 KS)

Korea Spin-Offs: Index Treatment

LG Corp, F&F and Ecopro will be suspended from trading on 29 April due to their spin offs. Passive funds will sell stock at the close on 28 April...

Brian Freitas

DL Holdings/E&C Tender & Shorting Lurking for What Will Likely Follow

This post details the tender event between DL Holdings and DL E&C. It then examines the next group-restructuring step and explains why short...

Sanghyun Park

KOSPI Short Int & Loan Balance: Trend/Flow & Stocks on Move (Feat. DL Holdings)

This post details the short int and loan balance trend/flow for KOSPI stocks and spots weekly movers. Also, it looks into potential trade ideas,...

Sanghyun Park

Hanwha S, DL, KCC, & Hansol C Are KOSPI 200 Movers Today: What Happens?

This post looks into what may have happened to KOSPI 200 movers today: Hanwha Solutions, DL Corp, KCC, and Hansol Chemical.

Sanghyun Park

Newly Spun-Off DL E&C and DL Corp Create Higher Value

The newly spun off DL E&C and DL Corp have created higher value for the shareholders in the past month.Their combined market caps are 3.5 trillion...

Douglas Kim

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)