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

Event-Driven

<ul>
<li>With just over a third of the review period complete, there could be 12 changes for the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX EQUITY)</a> at the December rebalance.</li>
<li>Even with 12 potential changes, there is sector balance with over half the changes in the Information Technology sector. Passive trading impact varies from 0.04-4.1x ADV.</li>
<li>The potential adds have outperformed the potential deletes and the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> since the start of the year with a big move higher since mid-May.</li>
</ul>


With just over a third of the review period complete, there could be 12 changes for the KOSDAQ 150 Index (KOSDQ150 INDEX EQUITY) at the December rebalance.
Even with 12 potential changes, there is sector balance with over half the changes in the Information Technology sector. Passive trading impact varies from 0.04-4.1x ADV.
The potential adds have outperformed the potential deletes and the KOSDAQ 150 Index (KOSDQ150 INDEX) since the start of the year with a big move higher since mid-May.


KOSDAQ150 Index Rebalance Preview: For Now, A Dozen Changes in December

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Duksan Techopia Co Ltd / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/duksan-techopia-co-ltd" target="_blank" data-smartkarma-citation="entities:28152:1" rel="noopener">Duksan Techopia Co Ltd (317330 KS)</a> is getting ready for an IPO in Korea in the next few weeks. Duksan Techopia's main products are OLED and semiconductors related materials and chemical products.The company is planning to raise between $60 million and $67 million in this IPO. NH Investment &amp; Securities is the lead manager in this deal. The IPO price range is 17,000 won to 19,000 won. The expected market cap is between 313 billion won to 350 billion won. The IPO book for institutional investors opens on July 17th. The bankers used three companies including Nano Advanced Materials, <a href="https://www.smartkarma.com/entities/chunbo-co-ltd" target="_blank" data-smartkarma-citation="entities:27848:1" rel="noopener">Chunbo Co Ltd (278280 KS)</a>, and <a href="https://www.smartkarma.com/entities/innox-advanced-materials-co-ltd" target="_blank" data-smartkarma-citation="entities:24223:1" rel="noopener">Innox Advanced Materials Co,Ltd. (272290 KS)</a> as comparable companies in the valuation. They used the net profit from 2Q 2018 to 1Q 2019 and used the recent prices, resulting in an average P/E of 23.2x. The bankers then applied Duksan Techopia's net profit from 2Q 2018 to 1Q 2019 and applied the comps' average P/E of 23.2x to result in an implied market cap 441 billion won. After applying additional IPO discount of 20.7% to 29%, this resulted in an IPO price range of 17,000 won to 19,000 won.

Duksan Techopia Co Ltd (317330 KS) is getting ready for an IPO in Korea in the next few weeks. Duksan Techopia's main products are OLED and semiconductors related materials and chemical products.The company is planning to raise between $60 million and $67 million in this IPO. NH Investment &amp; Securities is the lead manager in this deal. The IPO price range is 17,000 won to 19,000 won. The expected market cap is between 313 billion won to 350 billion won. The IPO book for institutional investors opens on July 17th. The bankers used three companies including Nano Advanced Materials, Chunbo Co Ltd (278280 KS), and Innox Advanced Materials Co,Ltd. (272290 KS) as comparable companies in the valuation. They used the net profit from 2Q 2018 to 1Q 2019 and used the recent prices, resulting in an average P/E of 23.2x. The bankers then applied Duksan Techopia's net profit from 2Q 2018 to 1Q 2019 and applied the comps' average P/E of 23.2x to result in an implied market cap 441 billion won. After applying additional IPO discount of 20.7% to 29%, this resulted in an IPO price range of 17,000 won to 19,000 won. 

South Korea

Hana Micron Inc. designs, develops, manufactures, and sells semiconductor packages for memory and non-memory semiconductor products.  The Company also produces USB flash drive (UFD), a mobile storage devices which can substitute floppy disk drives.

Wonik QNC Corporation designs and produces quartz products.  The Company's products are used to protect semiconductor from impurities.  Wonik QNC also manufactures fine ceramics for liquid crystal display (LCD) and semiconductor process.

Eugene Technology Company Ltd. manufactures tools for wafer fabs.  The Company uses the wafer fabs to produce integrated circuits in volume.

KoMiCo Ltd. provides and markets cleaning and coating services on semiconductor and displays devices.

Koh Young Technology Inc. (Koh Young) manufactures and develops a 3D measurement and inspection equipment used for testing accuracy and reliability in various machineries.  The company also produces 3D inspection system for substrate bump in a semiconductor.

ISC Co., Ltd. manufactures semiconductor testing equipments such as test sockets, burn-in sockets, and interposers. Testing equipments are used in the final testing process of semiconductors including DRAM, NAND/NOR Flash Memory, and Graphic Processing Unit(GPU) and are supplied to semiconductor manufacturers  abroad.

S&S Tech Corporation manufactures blank masks for semiconductor and TFT-LCD. The Company supplies it's products to Samsung Electronics, Hynix, PKL, and Toppan in Korea.

LX Semicon Co., Ltd. designs, develops, and markets mixed-signal semiconductors. The Company utilizes its own algorithm and technologies to enhance the features and capabilities of flat panel displays that are used in electronic devices and mobile handsets. LX Semicon markets its products worldwide.

Haesung DS Co., Ltd. manufactures and specializes on semiconductor components.   The Company mainly produces package substrate and lead frames, such as  Stamped Lead Frame(SLF) and Etched Lead Frame(ELF).

D.I Corporation manufactures semiconductor testing devices, such as burn-in systems, burn-in boards, and wafer probing machines.

Nationz Technologies, Inc. designs integrated circuits and chips.  The Company's products include secure storage chips, trusted computing chips, mobile payment chips, communication interface chips, and radio frequency communication chips.

UT Group Co., Ltd. is a holding company.  The Group specializes in semiconductor and LCD (Liquid Crystal Display) related products and provides outsourcing services to electronics manufacturers.

SDI Corporation manufactures and markets stationery and lead frames for semiconductors. The Company produces a variety of blades, stationery, hardware, office accessories and steel byproducts.

Tri Chemical Laboratories Inc. develops, produces, and markets semiconductor and optic fiber materials.  The Company also designs and manufactures containers for chemicals.

ITE Technology Inc. is a fabless IC design house.  The Company develops, manufactures, and markets various kinds of ICs (Integrated Circuits) for the use in PCs (Personal Computers), IAs (Internet Appliances), and LCDs (Liquid Crystal Displays).

Ferrotec Corporation develops, manufactures, and sells equipment that incorporates magnetic fluid (ferrofluid) technology. The Company manufactures and processes electronics components, manufactures machine tools, and cleans parts used in semiconductor manufacturing equipment as CMS (contract manufacturing service) business in China.

FURUYA METAL CO., LTD. manufactures and sells precious metal products such as platinum and iridium for industrial use.  The Company also manufactures and sells thin film components used for LSI and MD, CD, and DVD displays.  FURUYA METAL produces temperature sensors used such as in semiconductor industry.

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. processes semiconductor materials such as silicon and gallium.  The Company also designs, manufactures, and sells semiconductor material processing machinery and sells various kinds of measuring and testing devices.

Ningbo Kangqiang Electronics Co.,Ltd. manufactures and markets semiconductor packaging materials. The company's primary products are lead frames and bonding wires.

Ningbo Kangqiang Electronics Co, Ltd. (002119 CH)

Shunsin Technology Holdings Ltd was established in 2008. The company engages in the semiconductor industry. ShunSin is a dedicated high-tech enterprise for electronic communication products and semiconductor packaging and testing services.

Duksan Techopia Co.,Ltd. produces and sells assembly materials. The Company manufactures and sells silicon compound, hexachlorodisilane, silicon tetrachlorosilane, and other products. Duksan Techopia markets its products throughout Korea.

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

Duksan Techopia Co Ltd (317330 KS)

KOSDAQ150 Index Rebalance Preview: For Now, A Dozen Changes in December

There could be 12 changes for the KOSDAQ150 Index in December. The potential adds have outperformed the potential deletes and the KOSDAQ150 Index...

Brian Freitas

Duksan Techopia Co IPO Preview

Duksan Techopia Co Ltd (317330 KS) is getting ready for an IPO in Korea in the next few weeks. Duksan Techopia's main products are OLED and...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)