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>For this March rebalancing, the screening base date is January 28, which is the last trading day of January. So, the 3-month rebalancing review period is now done.</li>
<li>Other than LG Energy (+₩146,2B), we should pay the most attention to AfreecaTV (+1.70x), Chunbo (+0.36x), Douzone Bizon (-4.82x), and SoulBrain (-0.99x).</li>
<li>In addition, large-cap stocks such as SKIET (+0.25x), Ecopro BM (+0.10x), LG Chem (-0.62x), and Posco Chemical (-0.30x) will likely draw much attention.</li>
</ul>


For this March rebalancing, the screening base date is January 28, which is the last trading day of January. So, the 3-month rebalancing review period is now done.
Other than LG Energy (+₩146,2B), we should pay the most attention to AfreecaTV (+1.70x), Chunbo (+0.36x), Douzone Bizon (-4.82x), and SoulBrain (-0.99x).
In addition, large-cap stocks such as SKIET (+0.25x), Ecopro BM (+0.10x), LG Chem (-0.62x), and Posco Chemical (-0.30x) will likely draw much attention.


KRX K-New Deal Index Screening Period Ended: Rebalancing Changes & Passive Impacts Update

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>On 18 January, Microsoft Corp (MSFT US) announced that it will acquire Activision Blizzard (ATVI US) for $68.7 billion all-cash deal.</li>
<li>The acquisition of Activision Blizzard by Microsoft is likely to have a positive impact on the entire global game sector including in Korea. </li>
<li>This major acquisition of Activision Blizzard by Microsoft could rejuvenate the entire global game sector as it could signal greater M&amp;A interest in high-quality game companies.</li>
</ul>


On 18 January, Microsoft Corp (MSFT US) announced that it will acquire Activision Blizzard (ATVI US) for $68.7 billion all-cash deal.
The acquisition of Activision Blizzard by Microsoft is likely to have a positive impact on the entire global game sector including in Korea. 
This major acquisition of Activision Blizzard by Microsoft could rejuvenate the entire global game sector as it could signal greater M&amp;A interest in high-quality game companies.


Microsoft to Buy Activision Blizzard for $69 Billion: Impact on NCsoft, Krafton, & Netmarble

Cross Asset Strategy

<ul>
<li>There is an interesting long-short trade that is setting up nicely amidst the Osstem Implant (048260 KS) employee embezzlement disaster.</li>
<li>Osstem Implant is currently included in the KOSDAQ150. Going forward, there is a strong possibility that Osstem Implant is excluded in KOSDAQ150 index.</li>
<li>Osstem Implant is currently involved in an employee embezzlement case worth 221 billion won. This employee stole the company's money and traded more than $1 billion in stocks. </li>
</ul>


There is an interesting long-short trade that is setting up nicely amidst the Osstem Implant (048260 KS) employee embezzlement disaster.
Osstem Implant is currently included in the KOSDAQ150. Going forward, there is a strong possibility that Osstem Implant is excluded in KOSDAQ150 index.
Osstem Implant is currently involved in an employee embezzlement case worth 221 billion won. This employee stole the company's money and traded more than $1 billion in stocks. 


Long-Short Trade of KOSPI200 & KOSDAQ150 Amid Osstem Implant Employee Embezzlement Disaster

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

Equity Bottom-Up

<ul>
<li>NCSoft moved on the following positives from their call - 1) NFT game in 2022 and 2 success of Lineage W thus far</li>
<li>One thing problematic was the concentration bet by one whale</li>
<li>Has the worst passed for NCsoft? The monetization of Lineage W will be key</li>
</ul>


NCSoft moved on the following positives from their call - 1) NFT game in 2022 and 2 success of Lineage W thus far
One thing problematic was the concentration bet by one whale
Has the worst passed for NCsoft? The monetization of Lineage W will be key


NCSoft - Minnows Attract Sharks and Sharks Attract Whales

<ul>
<li>The KRX has found that an individual retail investor net bought 500,000 NCsoft shares in a single account on November 11 when NCsoft hit the daily upper limit (+30%).</li>
<li>For now, no one knows the answer to this. We have no choice but to wait for the results of the investigation by the KRX monitoring team.</li>
<li>Until then, NCsoft's share price is expected to inevitably fluctuate due to the NFT fever and this unprecedented retail trading.</li>
</ul>


The KRX has found that an individual retail investor net bought 500,000 NCsoft shares in a single account on November 11 when NCsoft hit the daily upper limit (+30%).
For now, no one knows the answer to this. We have no choice but to wait for the results of the investigation by the KRX monitoring team.
Until then, NCsoft's share price is expected to inevitably fluctuate due to the NFT fever and this unprecedented retail trading.


KRX Investigates Potential Price Manipulation on NCsoft on Nov 11th

South Korea

NCSOFT Corporation develops and markets on-line games that enable users to play over the Internet and computer software, such as web editing software.  The Company also designs and constructs databases, Intranet, and commercial Internet access systems.

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NCSOFT Corp (036570 KS)

KRX K-New Deal Index Screening Period Ended: Rebalancing Changes & Passive Impacts Update

The KRX K-New Deal Index's screening period ended last Friday. This post updates the screening results and passive impacts.

Sanghyun Park

Microsoft to Buy Activision Blizzard for $69 Billion: Impact on NCsoft, Krafton, & Netmarble

Microsoft Corp announced that it will acquire Activision Blizzard for $68.7 billion all-cash deal. This is likely to have a positive impact on the...

Douglas Kim

Long-Short Trade of KOSPI200 & KOSDAQ150 Amid Osstem Implant Employee Embezzlement Disaster

There is a long-short trade that is setting up nicely amidst the Osstem Implant employee embezzlement disaster. Osstem Implant is involved in an...

Douglas Kim

NCSoft - Minnows Attract Sharks and Sharks Attract Whales

Has NCSoft turned the corner or is this an exaggerated move that won't be sustained? The key will be the initial numbers in 4Q

Ken S. Kim

KRX Investigates Potential Price Manipulation on NCsoft on Nov 11th

One individual retail investor net purchased 0.5M NCsoft shares in one day. As a result, the KRX's market monitoring committee began the process of...

Sanghyun Park

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