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>Here are the tradable stocks for Long/Short position buildups for the KOSDAQ 150 rebalancing in June.</li>
<li>LONG (Additions): Dear U (376300 KS), Vidente (121800 KS), GOLFZON (215000 KS), Hana Micron (067310 KS), Danal (064260 KS), &amp; Intellian Technologies (189300 KS) 
</li>
<li>SHORT (Deletions): Daea Ti (045390 KS), Advanced Process Systems (265520 KS), Unison (018000 KS), Danawa (119860 KS), OE Solutions (138080 KS), &amp; Toptec (108230 KS) 
</li>
</ul>


Here are the tradable stocks for Long/Short position buildups for the KOSDAQ 150 rebalancing in June.
LONG (Additions): Dear U (376300 KS), Vidente (121800 KS), GOLFZON (215000 KS), Hana Micron (067310 KS), Danal (064260 KS), &amp; Intellian Technologies (189300 KS) 

SHORT (Deletions): Daea Ti (045390 KS), Advanced Process Systems (265520 KS), Unison (018000 KS), Danawa (119860 KS), OE Solutions (138080 KS), &amp; Toptec (108230 KS) 



KOSDAQ 150 Rebalancing in June: Safely Tradable Names for Position Buildups at This Point

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<ul>
<li>With over 80% of the averaging in the review period complete, we see 15 potential changes to the <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> at the June rebalance.</li>
<li>11 of the 15 changes are high/medium probability and it will take large moves over the rest of the review period for these stocks to drop out of the list.</li>
<li>Four potential inclusions have more than 3 days of ADV to buy from passives, while nine potential deletions have more than 3 days of ADV to sell from passives.</li>
</ul>


With over 80% of the averaging in the review period complete, we see 15 potential changes to the KOSDAQ 150 Index (KOSDQ150 INDEX) at the June rebalance.
11 of the 15 changes are high/medium probability and it will take large moves over the rest of the review period for these stocks to drop out of the list.
Four potential inclusions have more than 3 days of ADV to buy from passives, while nine potential deletions have more than 3 days of ADV to sell from passives.


KOSDAQ150 Index Rebalance Preview (June): Potential Inclusions Starting to Outperform

<ul>
<li>We have ten likely changes based on the average market cap from November 1 last year to the previous close.</li>
<li>Among the additions, the passive impacts of NKMax (182400), Golfzon (215000), and Intellian Technologies (189300) are estimated to be relatively large.</li>
<li>Amond the deletions, the passive impacts of JNTC (204270), Optoelectronics Solutions (138080), Wonik Holdings (030530), Unison (018000), and Toptec (108230) are expected to be relatively substantial at the current DTV.</li>
</ul>


We have ten likely changes based on the average market cap from November 1 last year to the previous close.
Among the additions, the passive impacts of NKMax (182400), Golfzon (215000), and Intellian Technologies (189300) are estimated to be relatively large.
Amond the deletions, the passive impacts of JNTC (204270), Optoelectronics Solutions (138080), Wonik Holdings (030530), Unison (018000), and Toptec (108230) are expected to be relatively substantial at the current DTV.


KOSDAQ 150 Rebalancing Screening & Passive Impacts: 10 Likely Changes

<ul>
<li>One third of the way through the review period for the June rebalance, we see 14 potential changes to the <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>.</li>
<li>One-Way turnover is estimated at 6.29% and the impact on the expected deletions is a lot higher than the impact on the expected inclusions.</li>
<li>The potential inclusions have outperformed the potential deletions and are starting to lose some ground now. The potential inclusions are not short sell eligible and could move higher again.</li>
</ul>


One third of the way through the review period for the June rebalance, we see 14 potential changes to the KOSDAQ 150 Index (KOSDQ150 INDEX).
One-Way turnover is estimated at 6.29% and the impact on the expected deletions is a lot higher than the impact on the expected inclusions.
The potential inclusions have outperformed the potential deletions and are starting to lose some ground now. The potential inclusions are not short sell eligible and could move higher again.


KOSDAQ150 Index Rebalance Preview (June 2022): Lots of Changes Early in the Review Period

<div>The Korea Exchange (KRX) will announce the results of the December 2021 review of the <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> in November. The constituent changes will be effective after the close of trading on 9 December.</div><div>
With the review period complete, we see 15 potential inclusions and exclusions for the index at the December rebalance.
The potential inclusions are <a href="https://www.smartkarma.com/entities/bioneer-corp" target="_blank" data-smartkarma-citation="entities:11487:1" rel="noopener">Bioneer Corp (064550 KS)</a>, <a href="https://www.smartkarma.com/entities/bnc-korea-co-ltd" target="_blank" data-smartkarma-citation="entities:34785:1" rel="noopener">BNC Korea (256840 KS)</a>, <a href="https://www.smartkarma.com/entities/cellid-co-ltd" target="_blank" data-smartkarma-citation="entities:34892:1" rel="noopener">Cellid (299660 KS)</a>, <a href="https://www.smartkarma.com/entities/nanos-co-ltd" target="_blank" data-smartkarma-citation="entities:16796:1" rel="noopener">Nanos Co Ltd (151910 KS)</a>, <a href="https://www.smartkarma.com/entities/aptabio-therapeutics-inc" target="_blank" data-smartkarma-citation="entities:34894:1" rel="noopener">AptaBio Therapeutics (293780 KS)</a>, <a href="https://www.smartkarma.com/entities/access-bio-inc-kdr" target="_blank" data-smartkarma-citation="entities:5729:1" rel="noopener">Access Bio Inc (950130 KS)</a>, <a href="https://www.smartkarma.com/entities/wonik-qnc-corp" target="_blank" data-smartkarma-citation="entities:6828:1" rel="noopener">Wonik QnC Corp (074600 KS)</a>, <a href="https://www.smartkarma.com/entities/komico-ltd" target="_blank" data-smartkarma-citation="entities:24033:1" rel="noopener">KoMiCo Ltd. (183300 KS)</a>, <a href="https://www.smartkarma.com/entities/tk-chemical-corp" target="_blank" data-smartkarma-citation="entities:13428:1" rel="noopener">TK Chemical (104480 KS)</a>, <a href="https://www.smartkarma.com/entities/kona-i-co-ltd" target="_blank" data-smartkarma-citation="entities:19695:1" rel="noopener">Kona I Co Ltd (052400 KS)</a>, <a href="https://www.smartkarma.com/entities/coocon-corp" target="_blank" data-smartkarma-citation="entities:32234:1" rel="noopener">Coocon Corp (294570 KS)</a>, <a href="https://www.smartkarma.com/entities/interpark-holdings-corp" target="_blank" data-smartkarma-citation="entities:12073:1" rel="noopener">Interpark Holdings (035080 KS)</a>, <a href="https://www.smartkarma.com/entities/dk-d-i-co-ltd" target="_blank" data-smartkarma-citation="entities:9948:1" rel="noopener">Dk D&amp;I Co Ltd (033310 KS)</a>, <a href="https://www.smartkarma.com/entities/saraminhr-co-ltd" target="_blank" data-smartkarma-citation="entities:8494:1" rel="noopener">SaraminHR (143240 KS)</a> and <a href="https://www.smartkarma.com/entities/intellian-technologies-inc" target="_blank" data-smartkarma-citation="entities:34895:1" rel="noopener">Intellian Technologies (189300 KS)</a>.
The potential deletions are <a href="https://www.smartkarma.com/entities/lemon-co-ltd" target="_blank" data-smartkarma-citation="entities:28841:1" rel="noopener">Lemon Co Ltd (294140 KQ)</a>, <a href="https://www.smartkarma.com/entities/g-treebnt-co-ltd" target="_blank" data-smartkarma-citation="entities:1933:1" rel="noopener">G Treebnt (115450 KS)</a>, <a href="https://www.smartkarma.com/entities/spigen-korea-co-ltd" target="_blank" data-smartkarma-citation="entities:9852:1" rel="noopener">Spigen Korea (192440 KS)</a>, <a href="https://www.smartkarma.com/entities/wisol-co-ltd" target="_blank" data-smartkarma-citation="entities:14463:1" rel="noopener">Wisol Co Ltd (122990 KS)</a>, <a href="https://www.smartkarma.com/entities/dongkuk-structures-constru" target="_blank" data-smartkarma-citation="entities:20412:1" rel="noopener">Dongkuk Structures &amp; Constru (100130 KS)</a>, <a href="https://www.smartkarma.com/entities/ubiquoss-inc" target="_blank" data-smartkarma-citation="entities:14341:1" rel="noopener">Ubiquoss Holding (078070 KS)</a>, <a href="https://www.smartkarma.com/entities/icure-pharm-inc" target="_blank" data-smartkarma-citation="entities:27142:1" rel="noopener">Icure Pharm Inc (175250 KS)</a>, <a href="https://www.smartkarma.com/entities/winix-inc" target="_blank" data-smartkarma-citation="entities:19972:1" rel="noopener">Winix Inc (044340 KS)</a>, <a href="https://www.smartkarma.com/entities/telcon-inc" target="_blank" data-smartkarma-citation="entities:15231:1" rel="noopener">Telcon Inc (200230 KS)</a>, <a href="https://www.smartkarma.com/entities/danawa-co-ltd" target="_blank" data-smartkarma-citation="entities:7191:1" rel="noopener">Danawa Co Ltd (119860 KS)</a>, <a href="https://www.smartkarma.com/entities/advanced-process-systems-corporation" target="_blank" data-smartkarma-citation="entities:24087:1" rel="noopener">Advanced Process Systems (265520 KS)</a>, <a href="https://www.smartkarma.com/entities/toptec-co-ltd" target="_blank" data-smartkarma-citation="entities:7332:1" rel="noopener">Toptec Co Ltd (108230 KS)</a>, <a href="https://www.smartkarma.com/entities/optoelectronics-solutions-co" target="_blank" data-smartkarma-citation="entities:2098:1" rel="noopener">Optoelectronics Solutions Co (138080 KS)</a>, <a href="https://www.smartkarma.com/entities/daea-ti-co-ltd" target="_blank" data-smartkarma-citation="entities:1473:1" rel="noopener">Daea Ti Co Ltd (045390 KS)</a> and <a href="https://www.smartkarma.com/entities/unison-co-ltd-south-korea" target="_blank" data-smartkarma-citation="entities:18617:1" rel="noopener">Unison Co Ltd (018000 KS)</a>.
<a href="https://www.smartkarma.com/entities/huons-co-ltd" target="_blank" data-smartkarma-citation="entities:16275:1" rel="noopener">Huons Co Ltd (084110 KS)</a> is a very close add and the corresponding deletion is <a href="https://www.smartkarma.com/entities/koentec-co-ltd" target="_blank" data-smartkarma-citation="entities:4049:1" rel="noopener">Koentec Co Ltd (029960 KS)</a>.
One-way turnover is estimated at 6.95% and the impact on the expected deletions is a lot higher than the impact on the expected inclusions.
The potential inclusions outperformed the potential deletions in August before returns flatlined in September and then dropped in October. There could be outperformance from now to the announcement of the changes.
</div>

The Korea Exchange (KRX) will announce the results of the December 2021 review of the KOSDAQ 150 Index (KOSDQ150 INDEX) in November. The constituent changes will be effective after the close of trading on 9 December.
With the review period complete, we see 15 potential inclusions and exclusions for the index at the December rebalance.
The potential inclusions are Bioneer Corp (064550 KS), BNC Korea (256840 KS), Cellid (299660 KS), Nanos Co Ltd (151910 KS), AptaBio Therapeutics (293780 KS), Access Bio Inc (950130 KS), Wonik QnC Corp (074600 KS), KoMiCo Ltd. (183300 KS), TK Chemical (104480 KS), Kona I Co Ltd (052400 KS), Coocon Corp (294570 KS), Interpark Holdings (035080 KS), Dk D&amp;I Co Ltd (033310 KS), SaraminHR (143240 KS) and Intellian Technologies (189300 KS).
The potential deletions are Lemon Co Ltd (294140 KQ), G Treebnt (115450 KS), Spigen Korea (192440 KS), Wisol Co Ltd (122990 KS), Dongkuk Structures &amp; Constru (100130 KS), Ubiquoss Holding (078070 KS), Icure Pharm Inc (175250 KS), Winix Inc (044340 KS), Telcon Inc (200230 KS), Danawa Co Ltd (119860 KS), Advanced Process Systems (265520 KS), Toptec Co Ltd (108230 KS), Optoelectronics Solutions Co (138080 KS), Daea Ti Co Ltd (045390 KS) and Unison Co Ltd (018000 KS).
Huons Co Ltd (084110 KS) is a very close add and the corresponding deletion is Koentec Co Ltd (029960 KS).
One-way turnover is estimated at 6.95% and the impact on the expected deletions is a lot higher than the impact on the expected inclusions.
The potential inclusions outperformed the potential deletions in August before returns flatlined in September and then dropped in October. There could be outperformance from now to the announcement of the changes.


KOSDAQ150 Index Rebalance Preview: 15 Potential Changes and Large Turnover

South Korea

Feelux Co., Ltd. manufactures electronic components and materials including ferrite cores and transformers.  The Company's products are used in consumer electronics and electric home appliances.  Feelux also operates the lighting business.

RFTech Co., Ltd. develops and manufactures various battery chargers for wireless communication products.  The Company's products include desktop chargers, travel adapters, download adapters, and cigar light chargers.  RFTech also produces hands-free kits for cellular phones, data link cables, and printer peripherals.

Daeyang Electric Co., Ltd. manufactures industrial lighting products and fixtures. The Company also produces electrical components that control electric current and industrial fans used for ships and trains.

Manho Rope & Wire Ltd. manufactures and sells steel wire ropes used in construction, heavy machinery, shipbuilding, and mining industries.  The Company also produces fiber ropes and nets used in fishery-related activities.

Semyung Electric Machinery Co., Ltd. specializes in manufacturing electric power fittings used for electricity transmission and distribution.  The Company also develops and produces automotive engine parts, including manifold and fabric weaving machinery part, such as sectional beams.  Semyung supplies its products mainly to Korea Electric Power Corporation.

Derkwoo Electronics Co., Ltd operates as an electronics components manufacturing company. The Company produces and sells mobile core components, television main components, automotive parts, and other products. Derkwoo Electronics markets its products throughout Korea.

Seoho Electric Co., Ltd. manufactures industrial machineries, such as converters, inverters, and factory automation systems.  The Company's products are used in crane, wire and cable, and metal industries.

Kwang Myung Electric Engineering Co., Ltd. manufactures electric transformers, gas insulated switchgears, protective relays and control boards, medium and low voltage metal clad and metal enclosed switchgears, and electricity distribution boards.

Kwangmyung Electric Engineering (017040 KS)

SDN Co., Ltd. develops, manufactures, and sells power generators and marine propulsion systems.  The Company's products include solar modules using heterojunction with Intrinsic Thin Layer (HIT) structure and engines, gears, and propellers for marine application.

Dongyang E&P Inc. develops and manufactures power supply.  The Company's product includes switching mode power supplies used in cellular phones, office automatic supplies, and digital electronic equipment.

Samya Technology Co Ltd develops, produces, retails mobile phones power supply and related electronic devices.

Axis Corporation manufactures and markets transformers and power supplies.

PT KMI Wire and Cable Tbk manufactures electric, communication, and telecommunication cables and wires, both insulated and non-insulated, as well as other accessories and all other types of cables, either insulated or non-insulated.  The Company also manufactures spare parts as well as electric engineering cables and wire components.

KIKUSUI ELECTRONICS CORPORATION manufactures and markets electronic measuring instruments and power source equipment.  The Company tied up with IFR (UK) and Kyoritsu Electric as a sales agent.

Chernan Metal Industrial Corp.  manufactures and distribute tin strips, tin silk, tin sphere and soldering paste.

Hotron Precision Electronic Industrial Co. Ltd., designs, manufactures and markets electronic cables and connectors.  The Company's products are used in the computer and telecommunications markets.

Advanced Lithium Electrochemistry Cayman Co Ltd manufacturing lithium iron phosphate cathode materials and battery solutions.

Formosa Electronic Industries Inc. specializes in the manufacturing of AD/DC power adaptors. Their main products include mobile car charger, universal netbook power bank, and adaptor plugs.

Togami Electric Manufacturing Co Ltd develops, manufactures, and sells electronic controllers, switches, and switchboards used for electric power distribution. The Company, through subsidiaries, also produces and markets processed and coated electric steel cases.

Golden Bridge Electech Inc. manufactures and markets cables for communication products, two-way radios, computer peripherals, mobile phone accessories, and notebook accessories.

Unison Co., Ltd. is a South Korean based company that manufactures wind turbines.  The Company also carries out research and development activities in the areas such as wind power development, photovoltaic energy, bio energy development, hydrogen fuel cell and structure research.  Unison also provides technologies related to bridge and road systems.

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Unison Co Ltd (018000 KS)

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