Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul>
<li>The KRX have announced the index changes for the KOSPI200 June review.</li>
<li>The index will be rebalanced in the closing auction on Thursday the 13th of June.</li>
<li>There will be 6 additions to the index and 6 deletions.</li>
</ul>


The KRX have announced the index changes for the KOSPI200 June review.
The index will be rebalanced in the closing auction on Thursday the 13th of June.
There will be 6 additions to the index and 6 deletions.


KOSPI200 June '24 Rebalance: Index Changes Released, 6 Additions & 6 Deletions

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

<ul>
<li>With the review period complete, there could be up to 5 changes 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> at the June rebalance.</li>
<li>Hahn&amp;Co now own over 96% of the shares in <a href="https://www.smartkarma.com/entities/ssangyong-cement-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:9345:1" rel="noopener">Ssangyong Cement Industrial (003410 KS)</a> and there could be another change at or before the June rebalance.</li>
<li>Passive trackers will need to trade between 0.5-15x ADV on the index changes. There are big shorts in <a href="https://www.smartkarma.com/entities/l-f-co-ltd" target="_blank" data-smartkarma-citation="entities:14300:1" rel="noopener">L&amp;F (066970 KS)</a> and <a href="https://www.smartkarma.com/entities/lotte-tour-development-co-ltd" target="_blank" data-smartkarma-citation="entities:5526:1" rel="noopener">Lotte Tour Development Co, Ltd. (032350 KS)</a>. </li>
</ul>


With the review period complete, there could be up to 5 changes for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) at the June rebalance.
Hahn&amp;Co now own over 96% of the shares in Ssangyong Cement Industrial (003410 KS) and there could be another change at or before the June rebalance.
Passive trackers will need to trade between 0.5-15x ADV on the index changes. There are big shorts in L&amp;F (066970 KS) and Lotte Tour Development Co, Ltd. (032350 KS). 


KOSPI200 Index Rebalance Preview: 5-6 Changes Possible from Now to June

<ul>
<li>Around 85% of the way through the review period, we see four changes 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> at the June rebalance.</li>
<li>The impact on the potential inclusions ranges from 0.4-8 days of ADV while the impact on the potential deletions varies from 1-13 days of ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/hanmi-semiconductor-co-ltd" target="_blank" data-smartkarma-citation="entities:15587:1" rel="noopener">Hanmi Semiconductor (042700 KS)</a> is up 72% in the last two months following its appearance on the list of potential <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> inclusions in June.</li>
</ul>


Around 85% of the way through the review period, we see four changes for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) at the June rebalance.
The impact on the potential inclusions ranges from 0.4-8 days of ADV while the impact on the potential deletions varies from 1-13 days of ADV.

Hanmi Semiconductor (042700 KS) is up 72% in the last two months following its appearance on the list of potential Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) inclusions in June.


KOSPI200 Index Rebalance Preview: Hanmi Semiconductor (042700 KS) Flying High

Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

<ul>
<li>The second PE rumoured interest in ASMPT in 18 months, with KKR circling.</li>
<li>Semiconductor M&amp;A has surged in 2024 YTD with a 33% increase in deal activity compared to 2023.</li>
<li>ASM's leadership in TCB, potential growth within HBM, expansion at TSM and enabling the Nvidia Blackwell platform are all reasons for M&amp;A interest.</li>
</ul>


The second PE rumoured interest in ASMPT in 18 months, with KKR circling.
Semiconductor M&amp;A has surged in 2024 YTD with a 33% increase in deal activity compared to 2023.
ASM's leadership in TCB, potential growth within HBM, expansion at TSM and enabling the Nvidia Blackwell platform are all reasons for M&amp;A interest.


ASMPT (ASM Pacific). 522 HK. M&A. Takeover Target Talk. Déjà Vu ?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a>'s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 25 October.</li>
<li>At the reported indicative IPO price of JPY 1890/share, <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> will be valued at JPY 435bn (US$2.94bn).</li>
<li>The stock should be added to the <a href="https://www.smartkarma.com/entities/tokyo-stock-exchange-tokyo-price-index-topix" target="_blank" data-smartkarma-citation="entities:22910:1" rel="noopener">TPX INDEX</a> at the close on 29 November where trackers will need to buy over 14% of the stock issued in the IPO.</li>
</ul>



Kokusai Electric (6525 JP)'s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 25 October.
At the reported indicative IPO price of JPY 1890/share, Kokusai Electric (6525 JP) will be valued at JPY 435bn (US$2.94bn).
The stock should be added to the TPX INDEX at the close on 29 November where trackers will need to buy over 14% of the stock issued in the IPO.


Kokusai Electric (6525 JP) IPO: Listing in October, TPX Inclusion in November, Global Indices Later

South Korea

Hanmi Semiconductor Co., Ltd. manufactures and develops semiconductor equipment. The Company's products include auto molding system, sawing & placement system, campress trim/form/singulation system, and pick & place system.

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Hanmi Semiconductor (042700 KS)

KOSPI200 June '24 Rebalance: Index Changes Released, 6 Additions & 6 Deletions

The KRX have released the index changes for the KOSPI200 June review. The index will be rebalanced in the closing auction on Thursday the 13th of...

DMA

KOSPI200 Index Rebalance Preview: 5-6 Changes Possible from Now to June

There could be 5-6 changes for the KOSPI200 from now to June. Watch for the HD Hyundai Marine listing too. Impact is between 5-15x ADV and there...

Brian Freitas

KOSPI200 Index Rebalance Preview: Hanmi Semiconductor (042700 KS) Flying High

There could be 5 changes for the KOSPI200 Index in June. Hanmi Semiconductor is up 72% over the last 2 months following its potential inclusion in...

Brian Freitas

ASMPT (ASM Pacific). 522 HK. M&A. Takeover Target Talk. Déjà Vu ?

Private equity interest in ASMPT has surged due to its leadership in TCB, potential growth in HBM, expansion at TSM, and enabling the Nvidia...

Neil Campling

Kokusai Electric (6525 JP) IPO: Listing in October, TPX Inclusion in November, Global Indices Later

Kokusai Electric starts trading today. Initial passive demand will come from TOPIX trackers next month. Flow from global passive trackers will come...

Brian Freitas

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Market Cap (USDm)

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Dividend (Yield)

KOSPI200 June '24 Rebalance: Index Changes Released, 6 Additions & 6 Deletions

The KRX have released the index changes for the KOSPI200 June review. The index will be rebalanced in the closing auction on Thursday the 13th of...

DMA

KOSPI200 Index Rebalance Preview: 5-6 Changes Possible from Now to June

There could be 5-6 changes for the KOSPI200 from now to June. Watch for the HD Hyundai Marine listing too. Impact is between 5-15x ADV and there...

Brian Freitas

KOSPI200 Index Rebalance Preview: Hanmi Semiconductor (042700 KS) Flying High

There could be 5 changes for the KOSPI200 Index in June. Hanmi Semiconductor is up 72% over the last 2 months following its potential inclusion in...

Brian Freitas

ASMPT (ASM Pacific). 522 HK. M&A. Takeover Target Talk. Déjà Vu ?

​Private equity interest in ASMPT has surged due to its leadership in TCB, potential growth in HBM, expansion at TSM, and enabling the Nvidia...

Neil Campling

Kokusai Electric (6525 JP) IPO: Listing in October, TPX Inclusion in November, Global Indices Later

Kokusai Electric starts trading today. Initial passive demand will come from TOPIX trackers next month. Flow from global passive trackers will come...

Brian Freitas

Private equity interest in ASMPT has surged due to its leadership in TCB, potential growth in HBM, expansion at TSM, and enabling the Nvidia...