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

<p>This is the complete list of Korea's single-sub holding companies. They are typically direct targets of holdco pair trades.</p><table class="table table-striped">
<colgroup>
<col width="70">
<col width="70">
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr>
<td style="width: 255.455px;" data-sheets-value='{"1":2,"2":"Holdco"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}'>Holdco</td>
<td style="width: 61.8182px;" data-sheets-value='{"1":2,"2":"Ticker"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}'>Ticker</td>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"Sub"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}'>Sub</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"Ticker"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}'>Ticker</td>
</tr>
<tr>
<td style="width: 255.455px;" data-sheets-value='{"1":2,"2":"Amorepacific Group"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-7]"><strong>Amorepacific Group</strong></td>
<td style="width: 61.8182px;" data-sheets-value='{"1":2,"2":"002790"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-3]">002790</td>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"Amorepacific Corp"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-9]"><strong>Amorepacific Corp</strong></td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"090430"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-5]">090430</td>
</tr>
<tr>
<td style="width: 255.455px;" data-sheets-value='{"1":2,"2":"BGF Co Ltd"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-7]"><strong>BGF Co Ltd</strong></td>
<td style="width: 61.8182px;" data-sheets-value='{"1":2,"2":"027410"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-3]">027410</td>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"BGF Retail Co Ltd"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-9]"><strong>BGF Retail Co Ltd</strong></td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"282330"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-5]">282330</td>
</tr>
<tr>
<td style="width: 255.455px;" data-sheets-value='{"1":2,"2":"Halla Holdings Corp"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-7]"><strong>Halla Holdings Corp</strong></td>
<td style="width: 61.8182px;" data-sheets-value='{"1":2,"2":"060980"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-3]">060980</td>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"Mando Corp"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-9]"><strong>Mando Corp</strong></td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"204320"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-5]">204320</td>
</tr>
<tr>
<td style="width: 255.455px;" data-sheets-value='{"1":2,"2":"Hanjin Kal"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-7]"><strong>Hanjin Kal</strong></td>
<td style="width: 61.8182px;" data-sheets-value='{"1":2,"2":"180640"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-3]">180640</td>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"Korean Air Lines Co Ltd"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-9]"><strong>Korean Air Lines Co Ltd</strong></td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"003490"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-5]">003490</td>
</tr>
<tr>
<td style="width: 255.455px;" data-sheets-value='{"1":2,"2":"Hankook &amp; Company Co Ltd"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-7]"><strong>Hankook &amp; Company Co Ltd</strong></td>
<td style="width: 61.8182px;" data-sheets-value='{"1":2,"2":"000240"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-3]">000240</td>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"Hankook Tire &amp; Technology Co Ltd"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-9]"><strong>Hankook Tire &amp; Technology Co Ltd</strong></td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"161390"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-5]">161390</td>
</tr>
<tr>
<td style="width: 255.455px;" data-sheets-value='{"1":2,"2":"HANSAE YES24 HOLDINGS CO., LTD."}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-7]"><strong>HANSAE YES24 HOLDINGS CO., LTD.</strong></td>
<td style="width: 61.8182px;" data-sheets-value='{"1":2,"2":"016450"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-3]">016450</td>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"Hansae Co., Ltd."}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-9]"><strong>Hansae Co., Ltd.</strong></td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"105630"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-5]">105630</td>
</tr>
<tr>
<td style="width: 255.455px;" data-sheets-value='{"1":2,"2":"HDC Holdings Co Ltd"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-7]"><strong>HDC Holdings Co Ltd</strong></td>
<td style="width: 61.8182px;" data-sheets-value='{"1":2,"2":"012630"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-3]">012630</td>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"HDC Hyundai Development Co"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-9]"><strong>HDC Hyundai Development Co</strong></td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"294870"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-5]">294870</td>
</tr>
<tr>
<td style="width: 255.455px;" data-sheets-value='{"1":2,"2":"Nexen Corporation"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-7]"><strong>Nexen Corporation</strong></td>
<td style="width: 61.8182px;" data-sheets-value='{"1":2,"2":"005720"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-3]">005720</td>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"Nexen Tire Corp"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-9]"><strong>Nexen Tire Corp</strong></td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"002350"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-5]">002350</td>
</tr>
<tr>
<td style="width: 255.455px;" data-sheets-value='{"1":2,"2":"Nongshim Holdings Co Ltd"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-7]"><strong>Nongshim Holdings Co Ltd</strong></td>
<td style="width: 61.8182px;" data-sheets-value='{"1":2,"2":"072710"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-3]">072710</td>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"Nongshim Co Ltd"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-9]"><strong>Nongshim Co Ltd</strong></td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"004370"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-5]">004370</td>
</tr>
<tr>
<td style="width: 255.455px;" data-sheets-value='{"1":2,"2":"ORION Holdings Corp"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-7]"><strong>ORION Holdings Corp</strong></td>
<td style="width: 61.8182px;" data-sheets-value='{"1":2,"2":"001800"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-3]">001800</td>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"Orion Corp"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-9]"><strong>Orion Corp</strong></td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"271560"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-5]">271560</td>
</tr>
<tr>
<td style="width: 255.455px;" data-sheets-value='{"1":2,"2":"Poongsan Holdings Corporation"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-7]"><strong>Poongsan Holdings Corporation</strong></td>
<td style="width: 61.8182px;" data-sheets-value='{"1":2,"2":"005810"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-3]">005810</td>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"POONGSAN CORPORATION"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-9]"><strong>POONGSAN CORPORATION</strong></td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"103140"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-5]">103140</td>
</tr>
<tr>
<td style="width: 255.455px;" data-sheets-value='{"1":2,"2":"Youngone Holdings Co Ltd"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-7]"><strong>Youngone Holdings Co Ltd</strong></td>
<td style="width: 61.8182px;" data-sheets-value='{"1":2,"2":"009970"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[0]C[-3]">009970</td>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"Youngone Corporation"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-9]"><strong>Youngone Corporation</strong></td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"111770"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula="=R[14]C[-5]">111770</td>
</tr>
<tr><td colspan="4" style="width: 255.455px;">Source: KRX</td></tr>
</tbody>
</table><hr><p>Hansae Yes24, Nexen Corp, and Youngone Holdings are currently at less than -1.0σ on a 20-day moving average.</p><section class="figure"><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/203/362/original/Sigma+%28%CF%83%29+on+a+20D+moving+average+%281%29.png?1619664700" class="editor-image img-responsive" data-smartkarma-image-id="203362"></figure></section><p>Again, Nexen Corp and Hansae Yes24 have the widest price-ratio diversion to YTD average. Hanjin Kal and Hankook &amp; Co follow. On the other hand, Orion Holdings has wildly outperformed its subsidiary, Orion Corp. </p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/203/364/original/Price+ratio+%CE%94%25+to+YTD+average.png?1619664934" class="editor-image img-responsive" data-smartkarma-image-id="203364"></figure></section><p>We have 6 holding companies with an average daily trading value of +₩5.0B, including Hansae Yes24, which recently saw a hike in trading value.</p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/203/367/original/Average+daily+trading+value+%28%E2%82%A9B%29.png?1619665335" class="editor-image img-responsive" data-smartkarma-image-id="203367"></figure></section></section>

This is the complete list of Korea's single-sub holding companies. They are typically direct targets of holdco pair trades.








Holdco
Ticker
Sub
Ticker


Amorepacific Group
002790
Amorepacific Corp
090430


BGF Co Ltd
027410
BGF Retail Co Ltd
282330


Halla Holdings Corp
060980
Mando Corp
204320


Hanjin Kal
180640
Korean Air Lines Co Ltd
003490


Hankook &amp; Company Co Ltd
000240
Hankook Tire &amp; Technology Co Ltd
161390


HANSAE YES24 HOLDINGS CO., LTD.
016450
Hansae Co., Ltd.
105630


HDC Holdings Co Ltd
012630
HDC Hyundai Development Co
294870


Nexen Corporation
005720
Nexen Tire Corp
002350


Nongshim Holdings Co Ltd
072710
Nongshim Co Ltd
004370


ORION Holdings Corp
001800
Orion Corp
271560


Poongsan Holdings Corporation
005810
POONGSAN CORPORATION
103140


Youngone Holdings Co Ltd
009970
Youngone Corporation
111770

Source: KRX

Hansae Yes24, Nexen Corp, and Youngone Holdings are currently at less than -1.0σ on a 20-day moving average.Again, Nexen Corp and Hansae Yes24 have the widest price-ratio diversion to YTD average. Hanjin Kal and Hankook &amp; Co follow. On the other hand, Orion Holdings has wildly outperformed its subsidiary, Orion Corp. 
We have 6 holding companies with an average daily trading value of +₩5.0B, including Hansae Yes24, which recently saw a hike in trading value.


Korea's Full List of Single-Subsidiary Holdcos with Current Sigma & Loan/Float Ratio

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<div class="content-highlight">
<p><a href="https://www.smartkarma.com/entities/amorepacific-corp" target="_blank" data-smartkarma-citation="entities:20854:1" rel="noopener">Amorepacific Corp (090430 KS)</a> is a company that was our 2021 high conviction call. We made this call in our insight <a href="https://www.smartkarma.com/insights/2021-high-conviction-in-korea-amorepacific-corp-turnaround-after-once-in-a-century-pandemic" target="_blank" data-smartkarma-citation="insights:45590" rel="noopener">2021 High Conviction in Korea: Amorepacific Corp - Turnaround After 'Once in a Century' Pandemic</a> (23 November 2020). The stock is up 39% since our call.</p>
<p>Today, the company reported better than expected earnings in 1Q 2021 and we believe the stock is well poised for further upside. Following the strong 1Q 2021, we continue to have a positive view of Amorepacific Corp and we believe the consensus will revise up their earnings estimates of the company by at least 10-15% in 2021.</p>
</div>


Amorepacific Corp (090430 KS) is a company that was our 2021 high conviction call. We made this call in our insight 2021 High Conviction in Korea: Amorepacific Corp - Turnaround After 'Once in a Century' Pandemic (23 November 2020). The stock is up 39% since our call.
Today, the company reported better than expected earnings in 1Q 2021 and we believe the stock is well poised for further upside. Following the strong 1Q 2021, we continue to have a positive view of Amorepacific Corp and we believe the consensus will revise up their earnings estimates of the company by at least 10-15% in 2021.


Amorepacific Corp: 2021 High Conviction - Highlights of Better than Expected 1Q 2021 Earnings

<div class="content-highlight"><p>In this insight, we highlight the closing of the pricing gaps between the major Korean holdcos and opcos, especially with the upcoming end of the ban on the short selling of shares in Korea in May. In this insight, we highlight 26 pair trades that involve Korean holdcos and opcos.</p></div><p>Just a reminder that the ban on short selling of KOSPI 200 and KOSDAQ 150 included stocks will remain in place until May 2nd and investors will be able to resume their shorting on these 350 stocks starting on May 3rd. Once this ban on short selling of stocks ends, there could be more investors that may look to add to the holdco shares and short the opco shares (especially among the pairs where the holdco shares have underperformed the opco shares in the past year). However, some of these moves have already started to take place in the past few weeks, which could reduce the overall profits on the pair trades. </p><p>Traditionally, the pair trades involving Korean holdcos and opcos have been a trading strategy that many hedge funds have employed for many years. However, the ban on short selling of stocks in Korea have prevented many of these funds from employing these pair trade strategies. Once the ban ends, you will likely see these funds becoming more active in these trading methods once again. </p><div class="content-highlight">
<p>In the section below, we separated the pair trades into two different sections. The first table involves major opcos outperforming holdcos (regular and quasi) in the past year. Of the 26 pair trade strategies mentioned in this insight, this section I involves 19 of them (73% of total). The section II (which involve holdcos outperforming the opcos in the past year) involves 7 pair trade strategies (27% of total).</p>
<p>In other words, the opcos in general have vastly outperformed the holdcos in the past year, especially due to the ban on the short selling of stocks in Korea. Because the opcos tend to be the bigger company than the holdcos in terms of market cap, many fund managers (both active and passive) have tended to just invest in the opcos and pay less attention to the holdcos.  </p>
</div><p>Also, we described the holdcos as either regular or quasi. SK Telecom and Samsung C&amp;T would be examples of "quasi" holdcos whereas Orion Holdings and Hanjin Kal would be examples of regular holdcos. </p>

In this insight, we highlight the closing of the pricing gaps between the major Korean holdcos and opcos, especially with the upcoming end of the ban on the short selling of shares in Korea in May. In this insight, we highlight 26 pair trades that involve Korean holdcos and opcos.Just a reminder that the ban on short selling of KOSPI 200 and KOSDAQ 150 included stocks will remain in place until May 2nd and investors will be able to resume their shorting on these 350 stocks starting on May 3rd. Once this ban on short selling of stocks ends, there could be more investors that may look to add to the holdco shares and short the opco shares (especially among the pairs where the holdco shares have underperformed the opco shares in the past year). However, some of these moves have already started to take place in the past few weeks, which could reduce the overall profits on the pair trades. Traditionally, the pair trades involving Korean holdcos and opcos have been a trading strategy that many hedge funds have employed for many years. However, the ban on short selling of stocks in Korea have prevented many of these funds from employing these pair trade strategies. Once the ban ends, you will likely see these funds becoming more active in these trading methods once again. 
In the section below, we separated the pair trades into two different sections. The first table involves major opcos outperforming holdcos (regular and quasi) in the past year. Of the 26 pair trade strategies mentioned in this insight, this section I involves 19 of them (73% of total). The section II (which involve holdcos outperforming the opcos in the past year) involves 7 pair trade strategies (27% of total).
In other words, the opcos in general have vastly outperformed the holdcos in the past year, especially due to the ban on the short selling of stocks in Korea. Because the opcos tend to be the bigger company than the holdcos in terms of market cap, many fund managers (both active and passive) have tended to just invest in the opcos and pay less attention to the holdcos.  
Also, we described the holdcos as either regular or quasi. SK Telecom and Samsung C&amp;T would be examples of "quasi" holdcos whereas Orion Holdings and Hanjin Kal would be examples of regular holdcos. 

Closing the Gap: Korean Holdcos Vs. Opcos

The May 3 short-selling resumption will likely highlight the 5 local pairs:
1 stub pair
4 share class pairs
They are the exclusive members of the MC &gt; ₩1T and DTV &gt; ₩10B club, making them the most actively arb-traded pairs in Korea.Also, they are eligible for short-selling right on May 3 as they are part of the Short 350.












Name
Ticker
MC (₩B)
SO
DTV
DTV/SO
30D avg
DTV (₩B)


AmoreG
002790
5,648.4
82,458,180
160,858
0.20%
₩66,850
10.8


Amorepacific
090430
15,023.8
58,458,490
187,379
0.32%
₩260,386
48.8



Samsung Elec 1P
005935
61,716.5
822,886,700
1,415,401
0.17%
₩74,655
105.7


Samsung Elec Ord
005930
493,104.0
5,969,782,550
16,220,095
0.27%
₩83,305
1,351.2



LG Chem 1P
051915
3,017.9
7,688,800
30,796
0.40%
₩387,955
11.9


LG Chem Ord
051910
60,991.8
70,592,343
418,077
0.59%
₩830,818
347.3



Hyundai Motor 1P
005385
2,630.5
24,356,685
79,662
0.33%
₩105,491
8.4


Hyundai Motor Ord
005380
48,182.2
213,668,187
955,060
0.45%
₩226,159
216.0



Hyundai Motor 2PB
005387
3,794.5
36,485,451
90,328
0.25%
₩103,468
9.3


Hyundai Motor Ord
005380
48,182.2
213,668,187
955,060
0.45%
₩226,159
216.0

Source: KRX

On a 20D MA, LG Chem is the only one at -1σ or less.












σ on 20D MA
Ticker
Today
T-1
T-2
T-3
T-4
T-5


AmoreG
002790
1.31
1.77
1.46
1.79
0.92
1.28


Amorepacific
090430



Samsung Elec 1P
005935
1.44
0.69
1.10
0.18
-0.35
-0.03


Samsung Elec Ord
005930



LG Chem 1P
051915
-1.34
-1.80
-1.30
-1.93
-1.53
-0.95


LG Chem Ord
051910



Hyundai Motor 1P
005385
1.13
1.16
1.73
1.87
2.18
2.60


Hyundai Motor Ord
005380



Hyundai Motor 2PB
005387
0.34
1.45
1.06
0.79
1.29
1.45


Hyundai Motor Ord
005380

Source: KRX

But they (the holding company and prefs) are at a discount to the 1-yr means, except for Samsung Elec 1P.Hyundai Motor 2PB, AmoreG, and LG Chem 1P had substantially declined relative to their respective partner.












Price ratio
Ticker
Today
120D mean
120DH
120DL
1Y mean
2Y mean


AmoreG
002790
0.26654
-1.08%
-9.30%
9.17%
-9.13%
-22.50%


Amorepacific
090430



Samsung Elec 1P
005935
0.90799
0.87%
-4.16%
4.52%
2.76%
6.01%


Samsung Elec Ord
005930



LG Chem 1P
051915
0.45428
-3.34%
-13.17%
5.11%
-6.10%
-10.43%


LG Chem Ord
051910



Hyundai Motor 1P
005385
0.47894
3.09%
-5.02%
12.74%
-4.68%
-11.77%


Hyundai Motor Ord
005380



Hyundai Motor 2PB
005387
0.46120
1.18%
-6.27%
10.15%
-9.48%
-20.03%


Hyundai Motor Ord
005380

Source: KRX



5 Most Actively Arb-Traded Pairs in Korea: 1 Stub & 4 Share Class with +₩1T MC & +₩10B DTV

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)

<p>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.</p>

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

AMOREPACIFIC Group is an investment holding company. The Company, through its subsidiaries, produce cosmetics and toiletries.

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

Amorepacific Group (002790 KS)

Korea's Full List of Single-Subsidiary Holdcos with Current Sigma & Loan/Float Ratio

This post gathers a full list of the single-subsidiary holdcos in Korea, with the current sigma on a 20D moving average and the loan balance/float...

Sanghyun Park

Amorepacific Corp: 2021 High Conviction - Highlights of Better than Expected 1Q 2021 Earnings

Following the strong 1Q 2021, we continue to have a positive view of Amorepacific Corp and we believe the consensus will revise up their earnings...

Douglas Kim

Closing the Gap: Korean Holdcos Vs. Opcos

In this insight, we highlight the closing of the pricing gaps between the major Korean holdcos and opcos, especially with the upcoming end of the...

Douglas Kim

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Korea's Full List of Single-Subsidiary Holdcos with Current Sigma & Loan/Float Ratio

This post gathers a full list of the single-subsidiary holdcos in Korea, with the current sigma on a 20D moving average and the loan balance/float...

Sanghyun Park

Amorepacific Corp: 2021 High Conviction - Highlights of Better than Expected 1Q 2021 Earnings

Following the strong 1Q 2021, we continue to have a positive view of Amorepacific Corp and we believe the consensus will revise up their earnings...

Douglas Kim

Closing the Gap: Korean Holdcos Vs. Opcos

In this insight, we highlight the closing of the pricing gaps between the major Korean holdcos and opcos, especially with the upcoming end of the...

Douglas Kim

5 Most Actively Arb-Traded Pairs in Korea: 1 Stub & 4 Share Class with +₩1T MC & +₩10B DTV

The May 3 shorting resumption will highlight the 5 most actively arb-traded pairs: 1 stub & 4 share classes (+₩1T MC & +₩10B DTV). This post...

Sanghyun Park

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