Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>We discuss the potential KOSPI200 rebalance candidates in June 2024. In the past several years, there have been a lot of alpha generating stocks arising from the KOSPI200 rebalances.</li>
<li>The following companies are likely candidates which could be included in KOSPI200 rebalance in June 2024, including Posco DX, Doosan Robotics, Hyosung Heavy Industries Corp, and DS Dansuk. </li>
<li>For the potential exclusion candidates, we included 10 stocks that are in the bottom 5% market caps in KOSPI200.</li>
</ul>


We discuss the potential KOSPI200 rebalance candidates in June 2024. In the past several years, there have been a lot of alpha generating stocks arising from the KOSPI200 rebalances.
The following companies are likely candidates which could be included in KOSPI200 rebalance in June 2024, including Posco DX, Doosan Robotics, Hyosung Heavy Industries Corp, and DS Dansuk. 
For the potential exclusion candidates, we included 10 stocks that are in the bottom 5% market caps in KOSPI200.


An Early Look at the Potential KOSPI200 Rebalance Candidates in June 2024

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.

<ul>
<li>With recent surges in EcoPro Materials and Doosan Robotics, it's crucial for their potential inclusion in the February Global Index review. No other names approach the threshold.</li>
<li>Depending on classification, Ecopro Materials may get a free-float rate from 15% to 20%, while Doosan Robotics may receive a rate from 20% to 30%.</li>
<li>With max free-float rates (20% and 30%), both meet Cutoffs. At minimum rates, Doosan Robotics needs over a 20% increase, while Ecopro Materials slightly exceeds Cutoffs.</li>
</ul>


With recent surges in EcoPro Materials and Doosan Robotics, it's crucial for their potential inclusion in the February Global Index review. No other names approach the threshold.
Depending on classification, Ecopro Materials may get a free-float rate from 15% to 20%, while Doosan Robotics may receive a rate from 20% to 30%.
With max free-float rates (20% and 30%), both meet Cutoffs. At minimum rates, Doosan Robotics needs over a 20% increase, while Ecopro Materials slightly exceeds Cutoffs.


Investigating Float Rate Issues of Ecopro Materials & Doosan Robotics for Global Index Feb Review

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>2023 marked our eighth year covering Equity Capital Markets in Asia Pacific. In 2023, IPOs didn’t pick up much from the low base of 2022  while placements showed upward momentum.</li>
<li>We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115 placements.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2023 marked our eighth year covering Equity Capital Markets in Asia Pacific. In 2023, IPOs didn’t pick up much from the low base of 2022  while placements showed upward momentum.
We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115 placements.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>We look at Korea's leading KOSPI200 Index every month and publish ADDs and DELETEs expected for the next rebalance.</li>
<li>Our final rankings are now set (assuming no strange disasters in the data). We see 5 ADDs and 6 DELETEs in the upcoming December rebalance. </li>
<li>For the third insight in a row, I am sticking with the same single trade. So far in 5 weeks it is +11.6% vs KOSPI200. There are others. </li>
</ul>


We look at Korea's leading KOSPI200 Index every month and publish ADDs and DELETEs expected for the next rebalance.
Our final rankings are now set (assuming no strange disasters in the data). We see 5 ADDs and 6 DELETEs in the upcoming December rebalance. 
For the third insight in a row, I am sticking with the same single trade. So far in 5 weeks it is +11.6% vs KOSPI200. There are others. 


Quiddity Leaderboard KOSPI 200 Dec 24 Rebal: Final Rankings - Multiple Trades To Do

Douglas Research Advisory

<ul>
<li>Our overall assessment of the new reorganization plan by the Doosan Group continues to be Negative, because Doosan has not given up trying to eventually merge Bobcat and Robotics.</li>
<li>Doosan Group's new reorganization plan is the opposite of KISS strategy, involving several moving parts and complicated deal structure.</li>
<li>We have also provided three main recommendations on how to raise the valuation of Doosan Bobcat without rushing to merge Bobcat and Robotics.</li>
</ul>


Our overall assessment of the new reorganization plan by the Doosan Group continues to be Negative, because Doosan has not given up trying to eventually merge Bobcat and Robotics.
Doosan Group's new reorganization plan is the opposite of KISS strategy, involving several moving parts and complicated deal structure.
We have also provided three main recommendations on how to raise the valuation of Doosan Bobcat without rushing to merge Bobcat and Robotics.


New Reorganization Plan Increases Overhang Risk for Doosan Bobcat

South Korea

Doosan Robotics Inc. develops and manufactures industrial equipment. The Company manufactures robots, linear actuation devices, automated production equipment, and other products. Doosan Robotics conducts businesses in South Korea.

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Doosan Robotics (454910 KS)

An Early Look at the Potential KOSPI200 Rebalance Candidates in June 2024

We discuss the potential KOSPI200 rebalance candidates in June 2024. In the past several years, there have been a lot of alpha generating stocks...

Douglas Kim

Investigating Float Rate Issues of Ecopro Materials & Doosan Robotics for Global Index Feb Review

This post investigates Ecopro Materials and Doosan Robotics' float rate calculation issues for the Global Index February Review.

Sanghyun Park

Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

2023 was our eight year of covering Asia ECM. We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115...

Sumeet Singh

Quiddity Leaderboard KOSPI 200 Dec 24 Rebal: Final Rankings - Multiple Trades To Do

The KOSPI200 December 2024 rebal has its reference data. Unless there are dramatic changes, the rebal should be set. We expect 5 ADDs 6 DELETEs. I...

Travis Lundy

New Reorganization Plan Increases Overhang Risk for Doosan Bobcat

Doosan Group's new reorganization plan is the opposite of KISS strategy, involving several moving parts and complicated deal structure.

Douglas Kim

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