Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).</li>
<li>In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in December 2024.</li>
<li>We expect up to four ADDs and five DELs for the KOSPI 200 index during this index rebal event based on the latest available data. And we have a trade.</li>
</ul>


KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in December 2024.
We expect up to four ADDs and five DELs for the KOSPI 200 index during this index rebal event based on the latest available data. And we have a trade.


Quiddity Leaderboard KOSPI 200 Dec 24: Up to 4 ADDs & 5 DELs Possible

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>We provide an update of the potential KOSPI200 rebalance candidates in June 2024. </li>
<li>The bottom 5% market caps in KOSPI200 could be excluded from the KOSPI200 rebalance in June 2024. These 10 stocks are down on average 12.6% YTD. </li>
<li>We identified seven potential inclusion candidates. Among them, those that have low PBR multiples including HHI and Dongwon Industries could continue to outperform the market leading up to rebalance announcement. </li>
</ul>


We provide an update of the potential KOSPI200 rebalance candidates in June 2024. 
The bottom 5% market caps in KOSPI200 could be excluded from the KOSPI200 rebalance in June 2024. These 10 stocks are down on average 12.6% YTD. 
We identified seven potential inclusion candidates. Among them, those that have low PBR multiples including HHI and Dongwon Industries could continue to outperform the market leading up to rebalance announcement. 


An Update of the Potential KOSPI200 Rebalance Candidates in June 2024

<ul>
<li>On 16 January, Dongwon Industries (006040 KS) announced that it will cancel 10.46 million shares, representing 22.5% of outstanding shares.</li>
<li>We are positive on Dongwon Industries. This large amount of share cancellation will boost the company's earnings per share and book value per share.</li>
<li>The shares subject to cancellation are the treasury stocks acquired by Dongwon Industries when it merged with Dongwon Enterprises in 2022.</li>
</ul>


On 16 January, Dongwon Industries (006040 KS) announced that it will cancel 10.46 million shares, representing 22.5% of outstanding shares.
We are positive on Dongwon Industries. This large amount of share cancellation will boost the company's earnings per share and book value per share.
The shares subject to cancellation are the treasury stocks acquired by Dongwon Industries when it merged with Dongwon Enterprises in 2022.


Dongwon Industries - Announces Cancellation of 22.5% of Outstanding Shares

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Hyosung Heavy Industries Corp / Event-Driven

<ul>
<li>With the review period for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX)</a> December rebalance complete, there should be 4 adds and 5 deletes at the review.</li>
<li>The impact on the potential inclusions ranges from 2.3-23 days of ADV while the impact on the potential deletions varies from 5-16 days of ADV.</li>
<li>The forecast adds outperformed the forecast deletes early in the review period but there has been little to see over the last few months.</li>
</ul>


With the review period for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) December rebalance complete, there should be 4 adds and 5 deletes at the review.
The impact on the potential inclusions ranges from 2.3-23 days of ADV while the impact on the potential deletions varies from 5-16 days of ADV.
The forecast adds outperformed the forecast deletes early in the review period but there has been little to see over the last few months.


KOSPI200 Index Rebalance Preview: Potential Changes as Review Period Ends

<ul>
<li>KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).</li>
<li>In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in December 2024.</li>
<li>We expect up to five ADDs and six DELs in the KOSPI 200 index during the December 2024 index rebal event based on the latest available data.</li>
</ul>


KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in December 2024.
We expect up to five ADDs and six DELs in the KOSPI 200 index during the December 2024 index rebal event based on the latest available data.


Quiddity Leaderboard KOSPI 200 Dec 24: Up to 5 ADDs & 6 DELs Possible

South Korea

Dongwon Industries Co., Ltd. is a deep-sea fishing company.  The Company produces and distributes fish can goods and processed seafood products including tuna sashimi.

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Dongwon Industries (006040 KS)

Quiddity Leaderboard KOSPI 200 Dec 24: Up to 4 ADDs & 5 DELs Possible

The Quiddity Leaderboard for the December 2024 KOSPI Rebal: We see 4 ADDs and 5 DELs. There are a couple more names which are quite close. We like...

Travis Lundy

An Update of the Potential KOSPI200 Rebalance Candidates in June 2024

We provide an update of the potential KOSPI200 rebalance candidates in June 2024. We identified seven potential inclusion candidates and 10...

Douglas Kim

Dongwon Industries - Announces Cancellation of 22.5% of Outstanding Shares

On 16 January, Dongwon Industries (006040 KS) announced that it will cancel 10.46 million shares, representing 22.5% of outstanding shares.

Douglas Kim

KOSPI200 Index Rebalance Preview: Potential Changes as Review Period Ends

Review period complete. We forecast 4 adds, 5 deletes with some close names. Passive trading impact is 2.3-16x ADV. Adds outperformed deletes early...

Brian Freitas

Quiddity Leaderboard KOSPI 200 Dec 24: Up to 5 ADDs & 6 DELs Possible

We see 5 ADDs and 6 DELETEs in the KOSPI 200 Index Rebal in December 2024 but as always this early, there are lots of caveats. We think the Hanwha...

Travis Lundy

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