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

Shares outstandingThe total shares of each company are fixed. There will be no change to it.








Share structure
Pre-split
LG Corp
LX Holdings


Outstanding shares
175,871,808
160,322,613
77,745,975


Common
172,557,131
157,300,993
76,280,690


- Name
LG Corp
LG Corp
LX Holdings


- Ticker
003550
003550
-


- Current price
₩126,500
₩126,500
₩25,300


Pref
3,314,677
3,021,620
1,465,285


- Name
LG Corp 1P
LG Corp 1P
LX Holdings 1P


- Ticker
003555
003555
-


- Current price
₩99,500
₩99,500
₩19,900


Treasury shares - common
0
0
0


Treasury shares - pref
0
0
0


Common excl. treasury shares
172,557,131
157,300,993
76,280,690

Source: DART &amp; KRX

Discount to NAVLG Corp's previous closing price gives a 59.08%discount to the NAV at the last close, translating into a 61.67% discount for LG Corp and a 35.40% premium for LX Holdings.I made some changes in my calculation of NAV. I estimated each holding company's operating operation based on their latest de-consolidated operating profit. It is mostly brand royalty and office rental income. I used operating profit to exclude dividend income. 








Discount to NAV
Pre-split
LG Corp
LX Holdings


Value of listed holdings
₩41,155.3B
₩39,988.2B
₩1,167.1B


- % of Holdco market cap
188.54%
200.96%
60.48%


Value of unlisted holdings
₩2,631.7B
₩2,516.3B
₩115.4B


Stub value
-₩21,958.5B
-₩22,606.0B
₩647.4B


Stub value per share
-₩127,254
-₩143,712
₩8,488


Value of operating assets
₩7,940.0B
₩7,940.0B
₩0.0B


GAV
₩51,727.0B
₩50,444.6B
₩1,282.5B


GAV per share
₩299,767
₩320,688
₩16,812


Discount to GAV
57.80%
60.55%
-50.48%


Holdco net cash/debt
₩1,941.8B
₩1,770.0B
₩172.0B


Value of pref shares
₩329.8B
₩300.7B
₩29.2B


NAV
₩53,339.0B
₩51,913.9B
₩1,425.3B


NAV per share
₩309,109
₩330,029
₩18,685


Discount to NAV
59.08%
61.67%
-35.40%

Source: DART &amp; KRX

NAV compositionLG Corp has four major listed subsidiaries, accounting for 76.89% of the NAV. LX Holdings features three major listed subsidiaries, responsible for 81.89% of the NAV at the last close.








NAV composition
Pre-split
LG Corp
LX Holdings


LG Chem Ltd
39.36%
40.44%
-


LG Household &amp; Healthcare Ltd
15.03%
15.44%
-


LG Electronics Inc.
15.86%
16.29%
-


LG Uplus Corp
4.59%
4.72%
-


LG HAUSYS, LTD.
0.54%
-
20.29%


LG International Corp
0.59%
-
21.96%


Silicon Works Co Ltd
1.06%
-
39.64%


G II R Inc
0.07%
0.07%
-


LS Electric Co Ltd
0.06%
0.06%
-


LG CNS
2.81%
2.89%
-


Other - unlisted
2.12%
1.96%
8.09%


Operation
14.89%
15.29%
0.00%


Holdco net cash/debt
3.64%
3.41%
12.07%


Value of pref shares
-0.62%
-0.58%
-2.05%

Source: DART &amp; KRX



LG Corp Post-Spinoff NAV Update & Relisting Day Trade Approach

LG Corp is currently in trade suspension. It will resume trading on May 27.<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Corporate action schedule"}'>LG Corp (003550) spinoff schedule</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Trade suspension begins"}'>Trade suspension begins</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"4/29/21"}'>4/29/21</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Trade suspensino ends"}'>Trade suspension ends</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"5/26/21"}'>5/26/21</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Re-listing"}'>Re-listing</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"5/27/21"}'>5/27/21</td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><div>The re-listing day base price is calculated as follows:</div><div><div><ul>
<li>Base price: (Market cap on the last trading day X Split ratio) / total shares</li>
<li>Opening price band: 50% &lt; Base price &lt; 200%</li>
</ul></div></div><div>
At the current market cap, LG Corp's base price comes at ₩126,500, giving a ₩19.90T market cap. LX Holdings' base price arrives at ₩25,300 with a ₩1.93T market cap.
<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"Re-listing day base price calculation"}'>Re-listing day base price calculation</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":2,"2":"LG Corp"}'>LG Corp</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":2,"2":"LX Holdings"}'>LX Holdings</td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"Last trading day MC"}'>Combined market cap on the last trading day</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":21828.4770715}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula='=googlefinance(Table!R3C2, "price")*googlefinance(Table!R3C2, "shares")/1000000000'>₩21,828.5B</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":21828.4770715}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula='=googlefinance(Table!R3C2, "price")*googlefinance(Table!R3C2, "shares")/1000000000'>₩21,828.5B</td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"LG Corp split ratio"}'>Split ratio</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":0.9115879}' data-sheets-formula="=R[13]C[-4]">0.9115879</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":0.0884121}' data-sheets-formula="=R[13]C[-4]">0.0884121</td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"LG Corp SO"}'>Total shares</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":157300992.6783149}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=NAV!R[-1]C[1]">157,300,993</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":76280691.6084255}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=NAV!R[-1]C[6]">76,280,692</td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"LG Corp base price"}'>Base price</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":126500.00000000001}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula="=R[-3]C[0]*R[-2]C[0]/R[-1]C[0]*1000000000">₩126,500</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":25300}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula="=R[-3]C[0]*R[-2]C[0]/R[-1]C[0]*1000000000">₩25,300</td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"- Market cap"}'>- Market cap</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":19898.575573806836}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula="=R[-1]C[0]*R4C[0]/1000000000">₩19,898.6B</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":1929.901497693165}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula="=R[-1]C[0]*R4C[0]/1000000000">₩1,929.9B</td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"Opening price at 50%"}'>Opening price at 50%</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":63250.00000000001}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula="=R[-2]C[0]/2">₩63,250</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":12650}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula="=R[-2]C[0]/2">₩12,650</td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"- Market cap"}'>- Market cap</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":9949.287786903418}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula="=R[-1]C[0]*R4C[0]/1000000000">₩9,949.3B</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":964.9507488465825}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula="=R[-1]C[0]*R4C[0]/1000000000">₩965.0B</td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"Opening price at 200%"}'>Opening price at 200%</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":253000.00000000003}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula="=R[-4]C[0]*2">₩253,000</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":50600}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula="=R[-4]C[0]*2">₩50,600</td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"- Market cap"}'>- Market cap</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":39797.15114761367}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula="=R[-1]C[0]*R4C[0]/1000000000">₩39,797.2B</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":3859.80299538633}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula="=R[-1]C[0]*R4C[0]/1000000000">₩3,859.8B</td>
</tr>
<tr><td colspan="3" rowspan="1" style="width: 723.636px;" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table>
</div><hr><h2>Pre-spinoff NAV</h2>The last closing price before the suspension kicked in on April 29 gives a 52.41% discount to its NAV. It is still a harsh discount, but at the same time, it is a substantial improvement from a +60% NAV discount not that long ago.<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"NAV (₩B)"}' data-sheets-note="Sang Hyun Park: Cases when a company's net cash position and the value of its publically traded interests are worth more than its market cap create the opportunity of a stub trade, in which investors can take a view that the company's core business will rise by shorting the minority stakes whilst going long the underlying. Such an opportunity has arisen in the wake of the Alibaba listing which has seen early investing company Yahoo trade at a discount to the value of its stake in Alibaba.">Pre-spinoff NAV (₩B)</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of listed holdings"}'>Value of listed holdings</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":41626.31228257122}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=SUM(R[34]C[2]:R[42]C[2])">₩41,626.3B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - % of Holdco market cap"}'>- % of Holdco market cap</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.9069728110771385}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[-1]C[0]/((R[-12]C[0]*R[-15]C[0])/1000000000)">190.70%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of unlisted holdings"}'>Value of unlisted holdings</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2631.699}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=SUM(R[41]C[2]:R[42]C[2])">₩2,631.7B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stub value"}'>Stub value</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-22429.53421107122}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=(R[-14]C[0]*R[-17]C[0]/1000000000)-R[-3]C[0]-R[-1]C[0]">-₩22,429.5₩</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stub value per share"}'>Stub value per share</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-129983.23558747172}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-1]C[0]*1000000000/R[-18]C[0]">-₩129,983</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of operating assets"}'>Value of operating assets</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=SUM(R[60]C[2])">0.0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"GAV"}'>GAV</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44258.01128257122}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=R[-6]C[0]+R[-4]C[0]+R[-1]C[0]">₩44,258.0B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"GAV per share"}'>GAV per share</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":256483.23558747175}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-1]C[0]/R[-11]C[0]*1000000000">₩256,483</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Discount to GAV (excl. treasury shares)"}'>Discount to GAV (excl. treasury shares)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5067903767267545}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-1]C[0]-R[-19]C[0])/R[-1]C[0]">50.68%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Holdco net cash/debt (de-consolidated)"}'>Holdco net cash/debt</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1941.8010390000002}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=R[57]C[2]">₩1,941.8B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of pref shares"}'>Value of pref shares</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":329.8103615}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=(R[-20]C[0]*R[-17]C[0])/1000000000">₩329.8B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"NAV"}'>NAV</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":45870.00196007122}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=R[-5]C[0]+R[-2]C[0]-R[-1]C[0]">₩45,870.0B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"NAV per share (excl. treasury shares)"}'>NAV per share (excl. treasury shares)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":265825.0151369938}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-1]C[0]/R[-16]C[0]*1000000000">₩265,825</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Discount to NAV"}'>Discount to NAV</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5241230403586817}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-1]C[0]-R[-24]C[0])/R[-1]C[0]">52.41%</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX &amp; DART","6":1}'>Source: KRX &amp; DART</td></tr>
</tbody>
</table>

LG Corp is currently in trade suspension. It will resume trading on May 27.





LG Corp (003550) spinoff schedule

Trade suspension begins
4/29/21


Trade suspension ends
5/26/21


Re-listing
5/27/21

Source: KRX

The re-listing day base price is calculated as follows:
Base price: (Market cap on the last trading day X Split ratio) / total shares
Opening price band: 50% &lt; Base price &lt; 200%

At the current market cap, LG Corp's base price comes at ₩126,500, giving a ₩19.90T market cap. LX Holdings' base price arrives at ₩25,300 with a ₩1.93T market cap.








Re-listing day base price calculation
LG Corp
LX Holdings


Combined market cap on the last trading day
₩21,828.5B
₩21,828.5B


Split ratio
0.9115879
0.0884121


Total shares
157,300,993
76,280,692


Base price
₩126,500
₩25,300


- Market cap
₩19,898.6B
₩1,929.9B


Opening price at 50%
₩63,250
₩12,650


- Market cap
₩9,949.3B
₩965.0B


Opening price at 200%
₩253,000
₩50,600


- Market cap
₩39,797.2B
₩3,859.8B

Source: KRX


Pre-spinoff NAVThe last closing price before the suspension kicked in on April 29 gives a 52.41% discount to its NAV. It is still a harsh discount, but at the same time, it is a substantial improvement from a +60% NAV discount not that long ago.





Pre-spinoff NAV (₩B)

Value of listed holdings
₩41,626.3B


- % of Holdco market cap
190.70%


Value of unlisted holdings
₩2,631.7B


Stub value
-₩22,429.5₩


Stub value per share
-₩129,983


Value of operating assets
0.0


GAV
₩44,258.0B


GAV per share
₩256,483


Discount to GAV (excl. treasury shares)
50.68%


Holdco net cash/debt
₩1,941.8B


Value of pref shares
₩329.8B


NAV
₩45,870.0B


NAV per share (excl. treasury shares)
₩265,825


Discount to NAV
52.41%

Source: KRX &amp; DART



LG Holdings Post-Spinoff NAV Discounts & Stub Synthetic Pair Trading

I grouped Korea's closely correlated sector pairs within the same GICS sub-category. I applied the additional filtering: 1. a market cap of ₩1T or more and 2. stocks eligible to short-selling (KOSPI 200 and KOSDAQ 150). This grouping returns 141 sector pairs worthy of close monitoring for a long/short trade.<div class="content-highlight">You can find all the 141 sector pairs with the 180-day correlation coefficients and the sigma on a 20-day moving average in the attached file.</div><hr>Below are the top 10 most correlated sector pairs above a 180-day correlation coefficient of 0.95 or higher. They are mostly cyclical stocks, which are in line with our conventional thinking that cyclical stocks have a stronger tendency to move together than growth stocks.<table class="table table-striped">
<colgroup>
<col width="200">
<col width="200">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Comp 1"}'>Comp 1</td>
<td data-sheets-value='{"1":2,"2":"Comp 2"}'>Comp 2</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"180-day correlation coefficient"}'>180-day correlation coefficient</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Business type"}'>Business type</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Mipo Dockyard Co., Ltd."}'>Hyundai Mipo Dockyard Co., Ltd.</td>
<td data-sheets-value='{"1":2,"2":"Korea Shipbuilding &amp;Offshore Engn Co Ltd"}'>Korea Shipbuilding &amp;Offshore Engn Co Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.97405}'>0.97405</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Shipbuilding"}'>Shipbuilding</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Department Store Co Ltd"}'>Hyundai Department Store Co Ltd</td>
<td data-sheets-value='{"1":2,"2":"Lotte Shopping Co Ltd"}'>Lotte Shopping Co Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.97033}'>0.97033</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Retail"}'>Retail</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"GS Engineering &amp; Construction Corp"}'>GS Engineering &amp; Construction Corp</td>
<td data-sheets-value='{"1":2,"2":"Hyundai Engineering &amp; Construction Co."}'>Hyundai Engineering &amp; Construction Co.</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.96379}'>0.96379</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Construction"}'>Construction</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"HYUNDAI MOBIS CO., LTD."}'>HYUNDAI MOBIS CO., LTD.</td>
<td data-sheets-value='{"1":2,"2":"Hyundai Motor Co"}'>Hyundai Motor Co</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.96145}'>0.96145</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Automotive"}'>Automotive</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Shinhan Financial Group Co., Ltd."}'>Shinhan Financial Group Co., Ltd.</td>
<td data-sheets-value='{"1":2,"2":"KB Financial Group Inc"}'>KB Financial Group Inc</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.95989}'>0.95989</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Commercial bank"}'>Commercial bank</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Innotek Co., Ltd."}'>LG Innotek Co., Ltd.</td>
<td data-sheets-value='{"1":2,"2":"LG Electronics Inc."}'>LG Electronics Inc.</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.95986}'>0.95986</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"IT"}'>IT</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hansol Chemical Co Ltd"}'>Hansol Chemical Co Ltd</td>
<td data-sheets-value='{"1":2,"2":"Posco Chemical Co Ltd"}'>Posco Chemical Co Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.95374}'>0.95374</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Chemical"}'>Chemical</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hanwha Aerospace Co Ltd"}'>Hanwha Aerospace Co Ltd</td>
<td data-sheets-value='{"1":2,"2":"Korea Aerospace Industries Ltd"}'>Korea Aerospace Industries Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.95243}'>0.95243</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Aerospace"}'>Aerospace</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"KG DongbuSteel Co Ltd"}'>KG DongbuSteel Co Ltd</td>
<td data-sheets-value='{"1":2,"2":"POSCO"}'>POSCO</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.95174}'>0.95174</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Steel"}'>Steel</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"KG DongbuSteel Co Ltd"}'>KG DongbuSteel Co Ltd</td>
<td data-sheets-value='{"1":2,"2":"Hyundai Steel Co"}'>Hyundai Steel Co</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.94972}'>0.94972</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Steel"}'>Steel</td>
</tr>
<tr><td colspan="4" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table>Below are the top 10 stocks suffering the harshest diversion on a 20-day moving average among those having a 180-day correlation coefficient of 0.80 or higher. E-Mart and Lotte Shopping top the list with a -3.27σ and a correlation coefficient of 0.85. Silicon Works/LG Electronics and BGF Retail/E-Mart follow as they are also in a heavy diversion at +2.79σ and +2.58σ, respectively. Woori Financial/KB Financial and Pan Ocean/HMM aren't far away either.<table class="table table-striped">
<colgroup>
<col width="200">
<col width="200">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Comp 1"}'>Comp 1</td>
<td data-sheets-value='{"1":2,"2":"Comp 2"}'>Comp 2</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"180-day correlation coefficient"}'>180-day correlation coefficient</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Sigma on a 20-day moving average"}'>Sigma on a 20-day moving average</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"E-Mart Inc"}'>E-Mart Inc</td>
<td data-sheets-value='{"1":2,"2":"Lotte Shopping Co Ltd"}'>Lotte Shopping Co Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.8512795053699035}' data-sheets-numberformat='[null,2,"#,##0.00000",1]'>0.85128</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-3.2691212591928522}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>-3.27</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Silicon Works Co Ltd"}'>Silicon Works Co Ltd</td>
<td data-sheets-value='{"1":2,"2":"LG Electronics Inc."}'>LG Electronics Inc.</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.8241051481549174}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}'>0.82411</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2.794228170493331}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>2.79</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"BGF Retail Co Ltd"}'>BGF Retail Co Ltd</td>
<td data-sheets-value='{"1":2,"2":"E-Mart Inc"}'>E-Mart Inc</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.847331528848073}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}'>0.84733</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2.5786176868102397}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>2.58</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Woori Financial Group Inc"}'>Woori Financial Group Inc</td>
<td data-sheets-value='{"1":2,"2":"KB Financial Group Inc"}'>KB Financial Group Inc</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.8451741524292201}' data-sheets-numberformat='[null,2,"#,##0.00000",1]'>0.84517</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-2.465145723060455}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>-2.47</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Pan Ocean Co Ltd"}'>Pan Ocean Co Ltd</td>
<td data-sheets-value='{"1":2,"2":"HMM Co Ltd"}'>HMM Co Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.935905540581882}' data-sheets-numberformat='[null,2,"#,##0.00000",1]'>0.93591</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-2.33130934144712}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>-2.33</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Mipo Dockyard Co., Ltd."}'>Hyundai Mipo Dockyard Co., Ltd.</td>
<td data-sheets-value='{"1":2,"2":"Korea Shipbuilding &amp;Offshore Engn Co Ltd"}'>Korea Shipbuilding &amp;Offshore Engn Co Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.9740462682980674}' data-sheets-numberformat='[null,2,"#,##0.00000",1]'>0.97405</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2.2401490556241117}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>2.24</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"SK Innovation Co Ltd"}'>SK Innovation Co Ltd</td>
<td data-sheets-value='{"1":2,"2":"Samsung SDI Co Ltd"}'>Samsung SDI Co Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.9458691690353619}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}'>0.94587</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2.1867120471913637}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>2.19</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hanwha Aerospace Co Ltd"}'>Hanwha Aerospace Co Ltd</td>
<td data-sheets-value='{"1":2,"2":"Korea Aerospace Industries Ltd"}'>Korea Aerospace Industries Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.9524282780324967}' data-sheets-numberformat='[null,2,"#,##0.00000",1]'>0.95243</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2.086128932784612}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>2.09</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Mipo Dockyard Co., Ltd."}'>Hyundai Mipo Dockyard Co., Ltd.</td>
<td data-sheets-value='{"1":2,"2":"Daewoo Engineering &amp; Construction Co Ltd"}'>Daewoo Engineering &amp; Construction Co Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.8206840084895756}' data-sheets-numberformat='[null,2,"#,##0.00000",1]'>0.82068</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.9737577992711182}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>1.97</td>
</tr>
<tr>
<td>Woori Financial Group Inc</td>
<td>Shinhan Financial Group Co., Ltd.</td>
<td style="text-align: right;">0.87902</td>
<td style="text-align: right;">-1.93</td>
</tr>
<tr><td colspan="4" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table>

I grouped Korea's closely correlated sector pairs within the same GICS sub-category. I applied the additional filtering: 1. a market cap of ₩1T or more and 2. stocks eligible to short-selling (KOSPI 200 and KOSDAQ 150). This grouping returns 141 sector pairs worthy of close monitoring for a long/short trade.You can find all the 141 sector pairs with the 180-day correlation coefficients and the sigma on a 20-day moving average in the attached file.Below are the top 10 most correlated sector pairs above a 180-day correlation coefficient of 0.95 or higher. They are mostly cyclical stocks, which are in line with our conventional thinking that cyclical stocks have a stronger tendency to move together than growth stocks.








Comp 1
Comp 2
180-day correlation coefficient
Business type


Hyundai Mipo Dockyard Co., Ltd.
Korea Shipbuilding &amp;Offshore Engn Co Ltd
0.97405
Shipbuilding


Hyundai Department Store Co Ltd
Lotte Shopping Co Ltd
0.97033
Retail


GS Engineering &amp; Construction Corp
Hyundai Engineering &amp; Construction Co.
0.96379
Construction


HYUNDAI MOBIS CO., LTD.
Hyundai Motor Co
0.96145
Automotive


Shinhan Financial Group Co., Ltd.
KB Financial Group Inc
0.95989
Commercial bank


LG Innotek Co., Ltd.
LG Electronics Inc.
0.95986
IT


Hansol Chemical Co Ltd
Posco Chemical Co Ltd
0.95374
Chemical


Hanwha Aerospace Co Ltd
Korea Aerospace Industries Ltd
0.95243
Aerospace


KG DongbuSteel Co Ltd
POSCO
0.95174
Steel


KG DongbuSteel Co Ltd
Hyundai Steel Co
0.94972
Steel

Source: KRX

Below are the top 10 stocks suffering the harshest diversion on a 20-day moving average among those having a 180-day correlation coefficient of 0.80 or higher. E-Mart and Lotte Shopping top the list with a -3.27σ and a correlation coefficient of 0.85. Silicon Works/LG Electronics and BGF Retail/E-Mart follow as they are also in a heavy diversion at +2.79σ and +2.58σ, respectively. Woori Financial/KB Financial and Pan Ocean/HMM aren't far away either.








Comp 1
Comp 2
180-day correlation coefficient
Sigma on a 20-day moving average


E-Mart Inc
Lotte Shopping Co Ltd
0.85128
-3.27


Silicon Works Co Ltd
LG Electronics Inc.
0.82411
2.79


BGF Retail Co Ltd
E-Mart Inc
0.84733
2.58


Woori Financial Group Inc
KB Financial Group Inc
0.84517
-2.47


Pan Ocean Co Ltd
HMM Co Ltd
0.93591
-2.33


Hyundai Mipo Dockyard Co., Ltd.
Korea Shipbuilding &amp;Offshore Engn Co Ltd
0.97405
2.24


SK Innovation Co Ltd
Samsung SDI Co Ltd
0.94587
2.19


Hanwha Aerospace Co Ltd
Korea Aerospace Industries Ltd
0.95243
2.09


Hyundai Mipo Dockyard Co., Ltd.
Daewoo Engineering &amp; Construction Co Ltd
0.82068
1.97


Woori Financial Group Inc
Shinhan Financial Group Co., Ltd.
0.87902
-1.93

Source: KRX



Korea Sector Long/Short Pairs Trade Ideas

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

It seems to be spin-off season in Korea.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.<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.<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.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>.

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). 

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

We highlight 14 stocks in Asia that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Asian markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.

We highlight 14 stocks in Asia that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Asian markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.

South Korea

Hana Micron Inc. designs, develops, manufactures, and sells semiconductor packages for memory and non-memory semiconductor products.  The Company also produces USB flash drive (UFD), a mobile storage devices which can substitute floppy disk drives.

Eugene Technology Company Ltd. manufactures tools for wafer fabs.  The Company uses the wafer fabs to produce integrated circuits in volume.

Jusung Engineering Co., Ltd. manufactures semiconductor, flat panel display, and solar cell production equipment.  The Company produces space divided CVD-ALD thin film machines for semiconductor manufacture; equipment for producing liquid crystal display panels; and equipment for manufacturing crystalline silicon and thin film silicon tandem solar cells.

ISC Co., Ltd. manufactures semiconductor testing equipments such as test sockets, burn-in sockets, and interposers. Testing equipments are used in the final testing process of semiconductors including DRAM, NAND/NOR Flash Memory, and Graphic Processing Unit(GPU) and are supplied to semiconductor manufacturers  abroad.

Psk Holdings Inc specializes in manufacturing semiconductor fabrication and liquid crystal display (LCD) manufacturing equipment.  The Company's products include dual chamber ashers and microwave ashers used in photo resist stripping and etching and multi-etchers used in LCD processes.

Tokai Carbon Korea Co., Ltd. produces purified graphite products used in semiconductor equipment, and silicon single crystal puller parts.  The Company also produces carbon products used in rubber parts for machineries.

Koh Young Technology Inc. (Koh Young) manufactures and develops a 3D measurement and inspection equipment used for testing accuracy and reliability in various machineries.  The company also produces 3D inspection system for substrate bump in a semiconductor.

Wonik QNC Corporation designs and produces quartz products.  The Company's products are used to protect semiconductor from impurities.  Wonik QNC also manufactures fine ceramics for liquid crystal display (LCD) and semiconductor process.

Seojin System Co., Ltd. manufactures components for communication equipments, such as Remote Radio Head(RRH) and Digital Unit(DU).  The Company also produces semiconductor components and metal cases for hand-held devices.

KoMiCo Ltd. provides and markets cleaning and coating services on semiconductor and displays devices.

Everlight Electronics Co., Ltd. manufactures and markets optoelectronic components.  The Company's main products are surface mount devices light emitting diodes (LEDs), super bright LED lamps, special purpose LEDs, dot matrix displays, photo transistors, and infrared LEDs.

ChipMOS TECHNOLOGIES INC. offers semiconductor testing and packaging solutions to companies, integrated device manufacturers, and foundries. The Company provides a broad range of back-end testing services for high density memory, mixed-signal and liquid crystal display.

Grinm Advanced Materials Co Ltd. develops and manufactures semiconductor materia ls. The Company's products include monocrystalline silicon, germanium,  compound  semiconductor materials, and other related electronic materials. Grinm Advanced Materials also invests in technology development and provides technical  and processing services.

UT Group Co., Ltd. is a holding company.  The Group specializes in semiconductor and LCD (Liquid Crystal Display) related products and provides outsourcing services to electronics manufacturers.

Ardentec Corporation develops and provides IC (integrated circuit) wafer test and IC final test services.

Tri Chemical Laboratories Inc. develops, produces, and markets semiconductor and optic fiber materials.  The Company also designs and manufactures containers for chemicals.

ITE Technology Inc. is a fabless IC design house.  The Company develops, manufactures, and markets various kinds of ICs (Integrated Circuits) for the use in PCs (Personal Computers), IAs (Internet Appliances), and LCDs (Liquid Crystal Displays).

D&O Green Technologies Bhd, through its subsidiary, manufactures semiconductor components. The Company manufactures and assembles semiconductor components under original equipment manufacturer contract manufacturing and captive line arrangements.  D&O serves multinational corporations.

Ferrotec Corporation develops, manufactures, and sells equipment that incorporates magnetic fluid (ferrofluid) technology. The Company manufactures and processes electronics components, manufactures machine tools, and cleans parts used in semiconductor manufacturing equipment as CMS (contract manufacturing service) business in China.

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. processes semiconductor materials such as silicon and gallium.  The Company also designs, manufactures, and sells semiconductor material processing machinery and sells various kinds of measuring and testing devices.

LX Semicon Co., Ltd. designs, develops, and markets mixed-signal semiconductors. The Company utilizes its own algorithm and technologies to enhance the features and capabilities of flat panel displays that are used in electronic devices and mobile handsets. LX Semicon markets its products worldwide.

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LX Semicon (108320 KS)

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Korea Sector Long/Short Pairs Trade Ideas

This post investigates the 141 sector pairs worthy of close monitoring for a long/short trade. They are selected based on the GICS sub-categories,...

Sanghyun Park

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

The Stocks to Own in Asia – Vol. 32

Our research team constantly reviews the Asian markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or...

A. Stotz Investment Research

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