Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<ul>
<li>This is the first weekly series on the "Top 20 Best Performers in KOSPI Adjusted for Trading Value &amp; Mkt Cap." </li>
<li>This Korean weekly is aimed at providing a better framework for spotting the big potential winners in the Korean stock market as well as changing sectoral and company trends.</li>
<li>These 20 stocks are up on average 13.9% from 28 April to 6 May, significantly outperforming KOSPI which is down 0.9% in the same period. </li>
</ul>


This is the first weekly series on the "Top 20 Best Performers in KOSPI Adjusted for Trading Value &amp; Mkt Cap." 
This Korean weekly is aimed at providing a better framework for spotting the big potential winners in the Korean stock market as well as changing sectoral and company trends.
These 20 stocks are up on average 13.9% from 28 April to 6 May, significantly outperforming KOSPI which is down 0.9% in the same period. 


Top 20 Best Performers in KOSPI (Week of 6 May)

Quantitative Analysis

<ul>
<li>In this insight, we provide the data analysis regarding most shorted stocks and short selling ratios for stocks in KOSPI. </li>
<li>Among these 20 most shorted stocks in KOSPI, the % changes in the short amount on a one week and one month basis were -0.2% and 6.4%, respectively.</li>
<li>Among these 20 most shorted stocks in KOSPI, three stocks with the biggest decline in shorts on a one month basis included Krafton, Kumho Petro Chemical, and Samsung Heavy Industries. </li>
</ul>


In this insight, we provide the data analysis regarding most shorted stocks and short selling ratios for stocks in KOSPI. 
Among these 20 most shorted stocks in KOSPI, the % changes in the short amount on a one week and one month basis were -0.2% and 6.4%, respectively.
Among these 20 most shorted stocks in KOSPI, three stocks with the biggest decline in shorts on a one month basis included Krafton, Kumho Petro Chemical, and Samsung Heavy Industries. 


Korea Short Selling Data Analysis: Celltrion, Amorepacific, Hotel Shilla, & Hanssem

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

An opportunity to short sell Doosan Fuel Cell, a flagship stock in Korea's hydrogen sector, is emerging.<hr>Doosan Fuel Cell has recently rebounded as investor sentiment in the local hydrogen sector has improved again.<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/228/435/original/Screen+Shot+2021-09-07+at+8.59.31+PM.png?1631062787" class="editor-image img-responsive" data-smartkarma-image-id="228435"></figure></section>However, the valuation is still overvalued with a 12M forward PER of over 100x. The current valuation is clearly at a level that has been substantially corrected compared to a year ago. Nevertheless, expected earnings growth, at least for the next several years, is still insufficient to justify the current valuation.<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/228/433/original/Screen+Shot+2021-09-07+at+8.55.49+PM.png?1631062695" class="editor-image img-responsive" data-smartkarma-image-id="228433"></figure></section>Now, we will likely see a catalyst on the short side that may lead to a short-term decline in Doosan Fuel Cell's share price. Doosan Fuel Cell's current butter-and-bread business is fuel cells for power generation. However, this does not contribute much to the current overvalued valuation. The reason why it still exceeds the 12M forward PER of 100x is the presence of new businesses such as tri-gen for hydrogen charging and fuel cell for water electrolysis.

An opportunity to short sell Doosan Fuel Cell, a flagship stock in Korea's hydrogen sector, is emerging.Doosan Fuel Cell has recently rebounded as investor sentiment in the local hydrogen sector has improved again.However, the valuation is still overvalued with a 12M forward PER of over 100x. The current valuation is clearly at a level that has been substantially corrected compared to a year ago. Nevertheless, expected earnings growth, at least for the next several years, is still insufficient to justify the current valuation.Now, we will likely see a catalyst on the short side that may lead to a short-term decline in Doosan Fuel Cell's share price. Doosan Fuel Cell's current butter-and-bread business is fuel cells for power generation. However, this does not contribute much to the current overvalued valuation. The reason why it still exceeds the 12M forward PER of 100x is the presence of new businesses such as tri-gen for hydrogen charging and fuel cell for water electrolysis.

The KRX defines the free float of a stock as the proportion of outstanding shares that is deemed available for purchase in the stock market.The KRX includes the following types of shares in free float for all its indices:<ul>
<li>Stakes held by the major shareholder and the special affiliated persons</li>
<li>Stakes held by the government agencies, excluding the Korea NPS</li>
<li>Treasury shares</li>
<li>Stakes hed by the ESOP</li>
<li>Stakes under a lock-up agreement by court order</li>
</ul>A free float change cycle is every 6 months. That is, the KRX reflects free float changes in the bi-annual rebalancing.But if a change is less than ±5%pt, there will be no change. The KRX will continue to apply the previous free float rates.<div class="content-highlight">The KRX may reflect a free-float change before a bi-annual rebalancing if a change is substantially large. The KRX considers the following factors: company size, rebalancing size and subsequent market impact, and index tracking convenience.</div><hr><h2>Likely names with a ±5%pt free float change</h2>This rebalancing will likely feature a total of 9 constituents having a ±5%pt free float change: 6 names with a 5%pt or greater change and 3 names with a -5%pt or harsher change.Doosan Fuel Cell tops the list with +18.74%pt, followed by CS Wind with +15.56%pt and HYBE with +14.66%pt. On the other hand, DL Holdings will likely lose -30.69%pt in its free-float rate. SK Discovery and Korean Air are also expected to suffer a reduction, -9.50%pt and -8.50%pt, respectively.<table class="table table-striped">
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<col width="70">
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<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Name"}'>Name</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Previous free float rate"}'>Current free float rate (est.)</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Current free float rate"}'>New free float rate (est.)</td>
<td data-sheets-value='{"1":2,"2":"Free float change"}'>Free float change</td>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"Note"}'>Note</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Korean Air Lines Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Korean Air Lines Co Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"003490"}' data-sheets-formula='=if(len(R[0]C[7])=2, "0000"&amp;R[0]C[7], if(len(R[0]C[7])=3, "000"&amp;R[0]C[7], if(LEN(R[0]C[7])=4, "00"&amp;R[0]C[7], if(len(R[0]C[7])=5, "0"&amp;R[0]C[7], if(len(R[0]C[7])=6, R[0]C[7], 0)))))'>003490</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6079702177328681}' data-sheets-formula='=indirect("KODEX 200!G"&amp;R[0]C[7])'>60.80%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5229999999999999}' data-sheets-formula="=61.04%-(R[0]C[8]-R[0]C[7])">52.30%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.08497021773286817}' data-sheets-numberformat='{"1":3,"2":"0.00%p"}' data-sheets-formula="=R[0]C[-1]-R[0]C[-2]">-8.50%p</td>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"New issue"}'>New issue</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"SK Biopharmaceuticals Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>SK Biopharmaceuticals Co Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":326030}' data-sheets-formula='=if(len(R[0]C[7])=2, "0000"&amp;R[0]C[7], if(len(R[0]C[7])=3, "000"&amp;R[0]C[7], if(LEN(R[0]C[7])=4, "00"&amp;R[0]C[7], if(len(R[0]C[7])=5, "0"&amp;R[0]C[7], if(len(R[0]C[7])=6, R[0]C[7], 0)))))'>326030</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.22696431504105483}' data-sheets-formula='=indirect("KODEX 200!G"&amp;R[0]C[7])'>22.70%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.34}'>34.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1130356849589452}' data-sheets-numberformat='{"1":3,"2":"0.00%p"}' data-sheets-formula="=R[0]C[-1]-R[0]C[-2]">11.30%p</td>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"The major shareholder selldown"}'>The major shareholder selldown</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Industrial Bank of Korea"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Industrial Bank of Korea</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"024110"}' data-sheets-formula='=if(len(R[0]C[7])=2, "0000"&amp;R[0]C[7], if(len(R[0]C[7])=3, "000"&amp;R[0]C[7], if(LEN(R[0]C[7])=4, "00"&amp;R[0]C[7], if(len(R[0]C[7])=5, "0"&amp;R[0]C[7], if(len(R[0]C[7])=6, R[0]C[7], 0)))))'>024110</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.28784600849134395}' data-sheets-formula='=indirect("KODEX 200!G"&amp;R[0]C[7])'>28.78%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3614}'>36.14%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.07355399150865605}' data-sheets-numberformat='{"1":3,"2":"0.00%p"}' data-sheets-formula="=R[0]C[-1]-R[0]C[-2]">7.36%p</td>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"New issue"}'>New issue</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Doosan Fuel Cell Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Doosan Fuel Cell Co Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":336260}' data-sheets-formula='=if(len(R[0]C[7])=2, "0000"&amp;R[0]C[7], if(len(R[0]C[7])=3, "000"&amp;R[0]C[7], if(LEN(R[0]C[7])=4, "00"&amp;R[0]C[7], if(len(R[0]C[7])=5, "0"&amp;R[0]C[7], if(len(R[0]C[7])=6, R[0]C[7], 0)))))'>336260</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.4198990285604666}' data-sheets-formula='=indirect("KODEX 200!G"&amp;R[0]C[7])'>41.99%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6073}'>60.73%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.18740097143953333}' data-sheets-numberformat='{"1":3,"2":"0.00%p"}' data-sheets-formula="=R[0]C[-1]-R[0]C[-2]">18.74%p</td>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"New issue &amp; the major shareholder selldown"}'>New issue &amp; the major shareholder selldown</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Cs Wind Corp"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Cs Wind Corp</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":112610}' data-sheets-formula='=if(len(R[0]C[7])=2, "0000"&amp;R[0]C[7], if(len(R[0]C[7])=3, "000"&amp;R[0]C[7], if(LEN(R[0]C[7])=4, "00"&amp;R[0]C[7], if(len(R[0]C[7])=5, "0"&amp;R[0]C[7], if(len(R[0]C[7])=6, R[0]C[7], 0)))))'>112610</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.40763635199851167}' data-sheets-formula='=indirect("KODEX 200!G"&amp;R[0]C[7])'>40.76%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5632}'>56.32%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.15556364800148836}' data-sheets-numberformat='{"1":3,"2":"0.00%p"}' data-sheets-formula="=R[0]C[-1]-R[0]C[-2]">15.56%p</td>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"New issue"}'>New issue</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Rotem Co"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Hyundai Rotem Co</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"064350"}' data-sheets-formula='=if(len(R[0]C[7])=2, "0000"&amp;R[0]C[7], if(len(R[0]C[7])=3, "000"&amp;R[0]C[7], if(LEN(R[0]C[7])=4, "00"&amp;R[0]C[7], if(len(R[0]C[7])=5, "0"&amp;R[0]C[7], if(len(R[0]C[7])=6, R[0]C[7], 0)))))'>064350</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5505147484042126}' data-sheets-formula='=indirect("KODEX 200!G"&amp;R[0]C[7])'>55.05%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6589}'>65.89%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.10838525159578749}' data-sheets-numberformat='{"1":3,"2":"0.00%p"}' data-sheets-formula="=R[0]C[-1]-R[0]C[-2]">10.84%p</td>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"CB conversion"}'>CB conversion</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"DL Holdings Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>DL Holdings Co Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"000210"}' data-sheets-formula='=if(len(R[0]C[7])=2, "0000"&amp;R[0]C[7], if(len(R[0]C[7])=3, "000"&amp;R[0]C[7], if(LEN(R[0]C[7])=4, "00"&amp;R[0]C[7], if(len(R[0]C[7])=5, "0"&amp;R[0]C[7], if(len(R[0]C[7])=6, R[0]C[7], 0)))))'>000210</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.8713222556320805}' data-sheets-formula='=indirect("KODEX 200!G"&amp;R[0]C[7])'>87.13%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5643999999999999}' data-sheets-formula="=76.88%-(R[0]C[8]-R[0]C[7])">56.44%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.30692225563208064}' data-sheets-numberformat='{"1":3,"2":"0.00%p"}' data-sheets-formula="=R[0]C[-1]-R[0]C[-2]">-30.69%p</td>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"Tender offer"}'>Tender offer</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"SK Discovery Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>SK Discovery Co Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"006120"}' data-sheets-formula='=if(len(R[0]C[7])=2, "0000"&amp;R[0]C[7], if(len(R[0]C[7])=3, "000"&amp;R[0]C[7], if(LEN(R[0]C[7])=4, "00"&amp;R[0]C[7], if(len(R[0]C[7])=5, "0"&amp;R[0]C[7], if(len(R[0]C[7])=6, R[0]C[7], 0)))))'>006120</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6193005803932952}' data-sheets-formula='=indirect("KODEX 200!G"&amp;R[0]C[7])'>61.93%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5243}'>52.43%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.09500058039329518}' data-sheets-numberformat='{"1":3,"2":"0.00%p"}' data-sheets-formula="=R[0]C[-1]-R[0]C[-2]">-9.50%p</td>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"The major shareholder buying"}'>The major shareholder buying</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hybe Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>HYBE Co Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":352820}' data-sheets-formula='=if(len(R[0]C[7])=2, "0000"&amp;R[0]C[7], if(len(R[0]C[7])=3, "000"&amp;R[0]C[7], if(LEN(R[0]C[7])=4, "00"&amp;R[0]C[7], if(len(R[0]C[7])=5, "0"&amp;R[0]C[7], if(len(R[0]C[7])=6, R[0]C[7], 0)))))'>352820</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2683143580142878}' data-sheets-formula='=indirect("KODEX 200!G"&amp;R[0]C[7])'>26.83%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.4149}'>41.49%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.14658564198571217}' data-sheets-numberformat='{"1":3,"2":"0.00%p"}' data-sheets-formula="=R[0]C[-1]-R[0]C[-2]">14.66%p</td>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"Lockup release"}'>Lockup release</td>
</tr>
<tr><td colspan="6" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table>

The KRX defines the free float of a stock as the proportion of outstanding shares that is deemed available for purchase in the stock market.The KRX includes the following types of shares in free float for all its indices:
Stakes held by the major shareholder and the special affiliated persons
Stakes held by the government agencies, excluding the Korea NPS
Treasury shares
Stakes hed by the ESOP
Stakes under a lock-up agreement by court order
A free float change cycle is every 6 months. That is, the KRX reflects free float changes in the bi-annual rebalancing.But if a change is less than ±5%pt, there will be no change. The KRX will continue to apply the previous free float rates.The KRX may reflect a free-float change before a bi-annual rebalancing if a change is substantially large. The KRX considers the following factors: company size, rebalancing size and subsequent market impact, and index tracking convenience.Likely names with a ±5%pt free float changeThis rebalancing will likely feature a total of 9 constituents having a ±5%pt free float change: 6 names with a 5%pt or greater change and 3 names with a -5%pt or harsher change.Doosan Fuel Cell tops the list with +18.74%pt, followed by CS Wind with +15.56%pt and HYBE with +14.66%pt. On the other hand, DL Holdings will likely lose -30.69%pt in its free-float rate. SK Discovery and Korean Air are also expected to suffer a reduction, -9.50%pt and -8.50%pt, respectively.










Name
Ticker
Current free float rate (est.)
New free float rate (est.)
Free float change
Note


Korean Air Lines Co Ltd
003490
60.80%
52.30%
-8.50%p
New issue


SK Biopharmaceuticals Co Ltd
326030
22.70%
34.00%
11.30%p
The major shareholder selldown


Industrial Bank of Korea
024110
28.78%
36.14%
7.36%p
New issue


Doosan Fuel Cell Co Ltd
336260
41.99%
60.73%
18.74%p
New issue &amp; the major shareholder selldown


Cs Wind Corp
112610
40.76%
56.32%
15.56%p
New issue


Hyundai Rotem Co
064350
55.05%
65.89%
10.84%p
CB conversion


DL Holdings Co Ltd
000210
87.13%
56.44%
-30.69%p
Tender offer


SK Discovery Co Ltd
006120
61.93%
52.43%
-9.50%p
The major shareholder buying


HYBE Co Ltd
352820
26.83%
41.49%
14.66%p
Lockup release

Source: KRX



KOSPI 200 Rebalancing: Constituents with a ±5%pt Free Float Change

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

EDP - Energias de Portugal SA / Event-Driven

The changes to the S&amp;P Global Clean Energy Index have been announced. There are 52 additions to the index to take the number of index constituents up to 82. The changes are effective after the close of trading on 16 April.The 52 additions and capping changes will result in a one-way turnover of close to 55% and will require the ETFs tracking the index to trade US$12bn to rebalance their portfolios.The largest buying impact in terms of ADV to trade will be on <a href="https://www.smartkarma.com/entities/edp-energias-de-portugal-sa" target="_blank" data-smartkarma-citation="entities:21362:1" rel="noopener">Edp - Energias De Portugal Sa (EDP PL)</a>, <a href="https://www.smartkarma.com/entities/sse-plc" target="_blank" data-smartkarma-citation="entities:22163:1" rel="noopener">SSE PLC (SSE LN)</a>, <a href="https://www.smartkarma.com/entities/northland-power-inc" target="_blank" data-smartkarma-citation="entities:25480:1" rel="noopener">Northland Power (NPI CN)</a>, <a href="https://www.smartkarma.com/entities/enel-americas-sa-c3a67f8a-ad13-45ff-a676-cbc513b8c458" target="_blank" data-smartkarma-citation="entities:25965:1" rel="noopener">Enel Americas SA (ENIA US)</a>, <a href="https://www.smartkarma.com/entities/drax-group-plc" target="_blank" data-smartkarma-citation="entities:21911:1" rel="noopener">Drax Group PLC (DRX LN)</a>, <a href="https://www.smartkarma.com/entities/meyer-burger-technology-ag" target="_blank" data-smartkarma-citation="entities:25013:1" rel="noopener">Meyer Burger Technology Ag (MBTN SW)</a> and <a href="https://www.smartkarma.com/entities/centrais-eletricas-br-sp-adr" target="_blank" data-smartkarma-citation="entities:28638:1" rel="noopener">Centrais Eletricas Br-Sp Adr (EBR US)</a>.The largest selling impact will be on <a href="https://www.smartkarma.com/entities/meridian-ener-partly-paid-sh" target="_blank" data-smartkarma-citation="entities:4327:1" rel="noopener">Meridian Energy (MEL NZ)</a>, <a href="https://www.smartkarma.com/entities/contact-energy-ltd" target="_blank" data-smartkarma-citation="entities:13136:1" rel="noopener">Contact Energy (CEN NZ)</a>, <a href="https://www.smartkarma.com/entities/verbund-ag" target="_blank" data-smartkarma-citation="entities:22563:1" rel="noopener">Verbund AG (VER AV)</a>, <a href="https://www.smartkarma.com/entities/innergex-renewable-energy-inc" target="_blank" data-smartkarma-citation="entities:25479:1" rel="noopener">Innergex Renewable Energy (INE CN)</a>, <a href="https://www.smartkarma.com/entities/cia-energetica-de-spon-adr" target="_blank" data-smartkarma-citation="entities:28644:1" rel="noopener">Cia Energetica De-Spon Adr (CIG US)</a>, <a href="https://www.smartkarma.com/entities/boralex-inc" target="_blank" data-smartkarma-citation="entities:25478:1" rel="noopener">Boralex Inc (BLX CN)</a> and <a href="https://www.smartkarma.com/entities/scatec-solar-asa" target="_blank" data-smartkarma-citation="entities:25120:1" rel="noopener">Scatec Solar ASA (SSO NO)</a>.Among the current index constituents, there will be buying on <a href="https://www.smartkarma.com/entities/orsted-a-s" target="_blank" data-smartkarma-citation="entities:24765:1" rel="noopener">Orsted A/S (ORSTED DC)</a> and <a href="https://www.smartkarma.com/entities/vestas-wind-systems-a-s" target="_blank" data-smartkarma-citation="entities:22524:1" rel="noopener">Vestas Wind Systems A/S (VWS DC)</a>.We recommend buying the surprise inclusions and unwinding the positions by implementation date. A lot of the stocks that will have a reduction in index weight have been sold off over the last few months and the active positions will be covered leading up to implementation date - we recommend buying these stocks in the days leading up to implementation date since the stocks could rally once the overhang of passive selling has been removed.

The changes to the S&amp;P Global Clean Energy Index have been announced. There are 52 additions to the index to take the number of index constituents up to 82. The changes are effective after the close of trading on 16 April.The 52 additions and capping changes will result in a one-way turnover of close to 55% and will require the ETFs tracking the index to trade US$12bn to rebalance their portfolios.The largest buying impact in terms of ADV to trade will be on Edp - Energias De Portugal Sa (EDP PL), SSE PLC (SSE LN), Northland Power (NPI CN), Enel Americas SA (ENIA US), Drax Group PLC (DRX LN), Meyer Burger Technology Ag (MBTN SW) and Centrais Eletricas Br-Sp Adr (EBR US).The largest selling impact will be on Meridian Energy (MEL NZ), Contact Energy (CEN NZ), Verbund AG (VER AV), Innergex Renewable Energy (INE CN), Cia Energetica De-Spon Adr (CIG US), Boralex Inc (BLX CN) and Scatec Solar ASA (SSO NO).Among the current index constituents, there will be buying on Orsted A/S (ORSTED DC) and Vestas Wind Systems A/S (VWS DC).We recommend buying the surprise inclusions and unwinding the positions by implementation date. A lot of the stocks that will have a reduction in index weight have been sold off over the last few months and the active positions will be covered leading up to implementation date - we recommend buying these stocks in the days leading up to implementation date since the stocks could rally once the overhang of passive selling has been removed.

Global Clean Energy Index: 52 Adds, 55% Index Turnover, US$12bn to Trade

South Korea

Doosan Fuel Cell Co. Ltd. produces and sells cell products. The Company develops and sells residential used compact fuel cells and other products. Doosan Fuel Cell markets its products worldwide.

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Doosan Fuel Cell (336260 KS)

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Global Clean Energy Index: 52 Adds, 55% Index Turnover, US$12bn to Trade

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