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>The review period for the KOSPI 200 June rebalancing ends this Friday. This June rebalancing will have seven additions and seven deletions.</li>
<li>Additions: <a href="https://www.smartkarma.com/entities/f-f-co-ltd-new" target="_blank" data-smartkarma-citation="entities:33479:1" rel="noopener">F&amp;F (383220 KS)</a>, <a href="https://www.smartkarma.com/entities/meritz-fire-marine-insurance-co-ltd" target="_blank" data-smartkarma-citation="entities:20468:1" rel="noopener">Meritz Fire (000060 KS)</a>, <a href="https://www.smartkarma.com/entities/sd-biosensor-inc" target="_blank" data-smartkarma-citation="entities:33333:1" rel="noopener">SD Biosensor (137310 KS)</a>, <a href="https://www.smartkarma.com/entities/iljin-hysolus-co-ltd" target="_blank" data-smartkarma-citation="entities:33565:1" rel="noopener">Iljin Hysolus (271940 KS)</a>, <a href="https://www.smartkarma.com/entities/hanil-cement-co-ltd-new" target="_blank" data-smartkarma-citation="entities:27447:1" rel="noopener">Hanil Cement (300720 KS)</a>, <a href="https://www.smartkarma.com/entities/k-car" target="_blank" data-smartkarma-citation="entities:34118:1" rel="noopener">K Car (381970 KS)</a>, and Hana Tour (039130 KS).</li>
<li>Deletions: <a href="https://www.smartkarma.com/entities/cj-cgv-co-ltd" target="_blank" data-smartkarma-citation="entities:2885:1" rel="noopener">CJ CGV (079160 KS)</a>, <a href="https://www.smartkarma.com/entities/yungjin-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:9781:1" rel="noopener">Yungjin Pharmaceutical (003520 KS)</a>, <a href="https://www.smartkarma.com/entities/bukwang-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:15076:1" rel="noopener">Bukwang Pharmaceutical (003000 KS)</a>, <a href="https://www.smartkarma.com/entities/sk-discovery-co-ltd" target="_blank" data-smartkarma-citation="entities:5181:1" rel="noopener">Sk Discovery (006120 KS)</a>, <a href="https://www.smartkarma.com/entities/s-t-motiv-co-ltd" target="_blank" data-smartkarma-citation="entities:6116:1" rel="noopener">S&amp;T Motiv (064960 KS)</a>, <a href="https://www.smartkarma.com/entities/cuckoo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:4231:1" rel="noopener">Cuckoo Holdings (192400 KS)</a>, and <a href="https://www.smartkarma.com/entities/nexen-tire-corp" target="_blank" data-smartkarma-citation="entities:14206:1" rel="noopener">Nexen Tire (002350 KS)</a>. </li>
</ul>


The review period for the KOSPI 200 June rebalancing ends this Friday. This June rebalancing will have seven additions and seven deletions.
Additions: F&amp;F (383220 KS), Meritz Fire (000060 KS), SD Biosensor (137310 KS), Iljin Hysolus (271940 KS), Hanil Cement (300720 KS), K Car (381970 KS), and Hana Tour (039130 KS).
Deletions: CJ CGV (079160 KS), Yungjin Pharmaceutical (003520 KS), Bukwang Pharmaceutical (003000 KS), Sk Discovery (006120 KS), S&amp;T Motiv (064960 KS), Cuckoo Holdings (192400 KS), and Nexen Tire (002350 KS). 


KOSPI 200 June Rebalancing: Nearly Finalized Results with 7 Adds/Deletes

<ul>
<li>Since we are currently at a point of two months toward the KOSPI 200 rebalancing, we should start building up positions on stocks with a higher probability among the candidates.</li>
<li>Six additions for position buildups: F&amp;F (383220 KS), Meritz Fire (000060 KS), SD Biosensor (137310 KS), Iljin Hysolus (271940 KS), Hanil Cement (300720 KS), &amp; K Car (381970 KS)
</li>
<li>Six deletions for position buildups: Nexen Tire (002350 KS), Cuckoo Holdings (192400 KS), S&amp;T Motiv (064960 KS), Sk Discovery (006120 KS), Bukwang Pharmaceutical (003000 KS), &amp; Poongsan Corp (103140 KS)
</li>
</ul>


Since we are currently at a point of two months toward the KOSPI 200 rebalancing, we should start building up positions on stocks with a higher probability among the candidates.
Six additions for position buildups: F&amp;F (383220 KS), Meritz Fire (000060 KS), SD Biosensor (137310 KS), Iljin Hysolus (271940 KS), Hanil Cement (300720 KS), &amp; K Car (381970 KS)

Six deletions for position buildups: Nexen Tire (002350 KS), Cuckoo Holdings (192400 KS), S&amp;T Motiv (064960 KS), Sk Discovery (006120 KS), Bukwang Pharmaceutical (003000 KS), &amp; Poongsan Corp (103140 KS)



KOSPI 200 Rebalancing D-60: Names for Position Buildups

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<ul>
<li>Over 3/4th of the way through the review period for the June rebalance, we see 7 potential changes to the KOSPI200 Index. Most are high probability changes.</li>
<li>Potential inclusions: F&amp;F (383220 KS), SD Biosensor (137310 KS), Meritz Fire &amp; Marine (000060 KS), Iljin Hysolus (271940 KS), K Car (381970 KS), Hanil Cement (300720 KS), Hana Tour (039130).</li>
<li>Potential deletions: Cuckoo Holdings (192400 KS), S&amp;T Motiv (064960 KS), Nexen Tire (002350 KS), Hyundai Home Shopping (057050 KS), Cuckoo Homesys (284740 KS), Sk Discovery (006120), Grand Korea Leisure (114090).</li>
</ul>


Over 3/4th of the way through the review period for the June rebalance, we see 7 potential changes to the KOSPI200 Index. Most are high probability changes.
Potential inclusions: F&amp;F (383220 KS), SD Biosensor (137310 KS), Meritz Fire &amp; Marine (000060 KS), Iljin Hysolus (271940 KS), K Car (381970 KS), Hanil Cement (300720 KS), Hana Tour (039130).
Potential deletions: Cuckoo Holdings (192400 KS), S&amp;T Motiv (064960 KS), Nexen Tire (002350 KS), Hyundai Home Shopping (057050 KS), Cuckoo Homesys (284740 KS), Sk Discovery (006120), Grand Korea Leisure (114090).


KOSPI200 June Index Rebalance Preview: 7 Changes as Adds Outperform Deletes

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>We discuss the potential additions and deletions in the upcoming June 2022 KOSPI200 rebalance. The outbreak of war in Ukraine has impacted the potential additions/deletion candidates. </li>
<li>These top 10 potential inclusions are up on average 10.8% YTD, outperforming KOSPI which is down 9.1% YTD.</li>
<li>Among the potential inclusions, Ildong Pharm, Meritz F&amp;M Insurance, Hana Tour, Dongwon Systems, and Lotte Rental have been materially outperforming the market in the past three months. </li>
</ul>


We discuss the potential additions and deletions in the upcoming June 2022 KOSPI200 rebalance. The outbreak of war in Ukraine has impacted the potential additions/deletion candidates. 
These top 10 potential inclusions are up on average 10.8% YTD, outperforming KOSPI which is down 9.1% YTD.
Among the potential inclusions, Ildong Pharm, Meritz F&amp;M Insurance, Hana Tour, Dongwon Systems, and Lotte Rental have been materially outperforming the market in the past three months. 


KOSPI 200 Rebalance in June 2022 Amid Portfolio Changes Post Outbreak of War in Ukraine

<ul>
<li>KOSPI 200's June rebalancing review period is six months, from November 1 to April 30. So, we are now over 70% of the review period.</li>
<li>The addition result is similar to the screening results last month. However, one stock was newly screened. Hana Tour Service sits at the filtering borderline within the Consumer Discretionary Sector.</li>
<li>As for deletions, Bukwang Pharmaceutical is screened in the healthcare sector instead of Yungjin Pharmaceutical. S&amp;T Motiv in the Consumer Discretionary Sector is additionally listed as a deletion candidate.</li>
</ul>


KOSPI 200's June rebalancing review period is six months, from November 1 to April 30. So, we are now over 70% of the review period.
The addition result is similar to the screening results last month. However, one stock was newly screened. Hana Tour Service sits at the filtering borderline within the Consumer Discretionary Sector.
As for deletions, Bukwang Pharmaceutical is screened in the healthcare sector instead of Yungjin Pharmaceutical. S&amp;T Motiv in the Consumer Discretionary Sector is additionally listed as a deletion candidate.


KOSPI 200 Rebalancing Screening: Few Noticeable Changes in the Race

South Korea

Huchems Fine Chemical Corp. develops and provides fine chemical products. The main products include polyurethane, ammonium nitrate, nitric acid, and ammonia.

Korea Petrochemical Ind Co., Ltd. manufactures chemical products such as high density polyethylene and polypropylene.  The Company also produces basic organic chemicals including ethylene, propylene, and mixed C4s.  Korea Petrochemical supplies its products to the industrial and home appliances, film, pipe, toy, electric wire, and medical instrument manufacturers.

Foosung Co., Ltd. manufactures and sells chemical compounds and also car accessories such as car mats.

Chunbo Co.,Ltd manufactures and sells chemical materials. The Company produces and sells display, semiconductor, and secondary battery application materials, as well as pharmaceutical intermediates and specialty chemicals. Chunbo markets its products worldwide.

Cosmochemical Co., Ltd. manufactures and markets titanium dioxide used in synthetic resins, rubber, paper, paint, and TV cathode-ray tubes.  The Company also produces titanium dioxide byproducts, ferrous sulfate, koferis, ferosol for wastewater treatment agent uses, and sports equipment.

Taekwang Industrial Co., Ltd. manufactures synthetic yarns, petrochemical products, and textiles.  The Company's products include acrylic yarns, nylons, spandex, carbon fibers, spun yarns, polyester materials, and blankets.  Taekwang also produces electric equipment, such as audio equipment, and cordless telephones.  In addition, The Company operates real estate business.

PI Advanced Materials Co., Ltd. manufactures and sells plastics films. The Company produces and sells polyimide films and other products. PI Advanced Materials conducts businesses in South Korea.

Unid Co., Ltd. manufactures and sells chemicals and timber products.  The Company's chemicals include potassium carbonate, hydrochloric acid, and caustic potash.  Unid also produces board and timber products, such as medium density fiberboard (MDF) and timber boards and formalin for construction uses.

Hankuk Carbon Co., Ltd. develops, produces, and sells carbon products. The Company manufactures LNG panelling, sporting goods, aircraft parts, glass paper and other related carbon products. Hankuk Carbon offers its products to customers in Southeast Asia and Europe.

Aekyung Chemical Co., Ltd manufactures basic organic chemicals such as pht halic anhydride and plasticizers. The Company also produces maleic anhydride, itaconic acid, polyol and bio-diesel. Aekyung Chemical markets its products primarily throughout Korea with limited overseas.

USI Corporation manufactures and markets polyethylene resins, a raw material used in the manufacture of plastic. The Company's products are low density polyethylene (LDPE), ethylene vinyl acetate copolymers (EVA), high density polyethylene (HDPE), and linear low density polyethylene (LLDPE).

Suzhou Kingswood Printing Ink Company Limited produces and sells offset printing inks, researches and develops modified polymer materials and vegetable oils for the production of printing inks. The Company's major products are environmentally friendly offset printing inks.

LSB Industries, Inc., through its subsidiaries, manufactures and sells chemical products for the mining, agricultural, and industrial markets.  The Company also manufactures and sells commercial and residential climate control products, as well as provides specialized engineering services and other activities.

Jiangsu Huifeng Agrochemical Co., Ltd. develops and produces chemical pesticide. The Company's products include prochloraz-manganese chloride, bromoxynial octanoate, ioxynil octanoate, and diflufenican.

Jiangsu Huifeng Agrochemical Co (002496 CH)

Oriental Union Chemical Corporation manufactures and markets chemicals. The Company produces ethylene glycol, ethylene oxide, ethylene gas, and diethylene glycol.

INEOS Styrolution India Limited manufactures ABS resins, ABS sheets and SAN resins. The Company's products are used in a wide range of industries, including personal care, consumer durables, automobiles and telecommunications. Styrolution ABS sells its products in India and abroad.

INEOS Styrolution India Limited (INEOS IN)

MEC COMPANY LTD. manufactures and markets chemicals and equipment for printed circuit boards.  The Company has sales/manufacturing subsidiaries in Taiwan, Hong Kong, Belgium, and US.

International CSRC Investment Holdings Co., Ltd. produces carbon black used for the manufacture of tire and other rubber products and operates a co-generation system to generate electricity and super heated steam.  The Company also manufactures pharmaceutical products and gelatin.

International CSRC Investment Holdings Co., Ltd. (2104 TT)

International CSRC Investment Holdings Co., Ltd.

Bharat Rasayan Ltd. manufactures and distributes pesticides and agrochemicals for crop protection and pharmaceutical intermediates. The Company has manufacturing facilities located throughout India.

ASAHI ORGANIC CHEMICALS INDUSTRY CO., LTD. produces polyvinyl chloride resin valves & pipes, phenol resin products, and resin-coated sand. The Company develops semiconductor-related products as well as housing-related products such as flooring materials.

SK Discovery Co.,Ltd. wholesales and distributes natural gas. The Company wholesales and distributes propylene, propane, and other natural gas SK Discovery markets its products throughout South Korea.

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Sk Discovery (006120 KS)

KOSPI 200 June Rebalancing: Nearly Finalized Results with 7 Adds/Deletes

KOSPI 200 June rebalancing results are nearly finalized with seven additions and seven deletions. There have been several changes of late.

Sanghyun Park

KOSPI 200 Rebalancing D-60: Names for Position Buildups

This post suggests six additions and six deletions that we should consider for position buildups as we are two months away from the KOSPI 200...

Sanghyun Park

KOSPI200 June Index Rebalance Preview: 7 Changes as Adds Outperform Deletes

With just over a month to go in the review period, we see 7 potential changes to the KOSPI200 Index. Most changes are high probability and the...

Brian Freitas

KOSPI 200 Rebalance in June 2022 Amid Portfolio Changes Post Outbreak of War in Ukraine

We discuss the potential additions and deletions in the upcoming June 2022 KOSPI200 rebalance. The outbreak of war in Ukraine has impacted the...

Douglas Kim

KOSPI 200 Rebalancing Screening: Few Noticeable Changes in the Race

This post offers the latest update on the KOSPI 200 rebalancing screening. There are a few noticeable changes: Hana Tour (addition) and Bukwang...

Sanghyun Park

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