Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>WCP is getting ready for an IPO in Korea in August. This is expected to be one of the largest IPOs in Korea post LG Energy Solution (373220 KS).</li>
<li>The IPO price range is from 80,000 won to 100,000 won. The IPO base deal size is from $560 million to $700 million.</li>
<li>WCP is a leading maker of separators which are key materials used in EV batteries.</li>
</ul>


WCP is getting ready for an IPO in Korea in August. This is expected to be one of the largest IPOs in Korea post LG Energy Solution (373220 KS).
The IPO price range is from 80,000 won to 100,000 won. The IPO base deal size is from $560 million to $700 million.
WCP is a leading maker of separators which are key materials used in EV batteries.


Private Capital Markets

<ul>
<li>WCP is a leading maker of separators which are key materials used in EV batteries.</li>
<li>WCP is a wholly-owned subsidiary of W-Scope in Japan. At the end of 2021, W-Scope Corp (Japan) owned a 49.7% stake in WCP. </li>
<li>The company is expected to complete its IPO in 2022 and the valuation of WCP is expected to be about 3 trillion won to 4 trillion won.</li>
</ul>


WCP is a leading maker of separators which are key materials used in EV batteries.
WCP is a wholly-owned subsidiary of W-Scope in Japan. At the end of 2021, W-Scope Corp (Japan) owned a 49.7% stake in WCP. 
The company is expected to complete its IPO in 2022 and the valuation of WCP is expected to be about 3 trillion won to 4 trillion won.


WCP: Leading Producer of Separators for EV Batteries in Korea

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

<ul>
<li>The ETF operator's room to play around in index weighting is relatively minimal. Rebalancing is completed in one trading day. So, the actual passive impact was more intense and substantial.</li>
<li>The rebalancing result based on the average float-adjusted MC from May 2 to yesterday: Additions Iljin Hysolus, Halla Holdings, &amp; DTR Automotive / Deletions Nexen Tire, Kumho HT, &amp; Seoyon
</li>
<li>Their estimated passive impact is more significant than that of the previous rebalancing. It is substantial enough to consider a preemptive position build-up for them.</li>
</ul>


The ETF operator's room to play around in index weighting is relatively minimal. Rebalancing is completed in one trading day. So, the actual passive impact was more intense and substantial.
The rebalancing result based on the average float-adjusted MC from May 2 to yesterday: Additions Iljin Hysolus, Halla Holdings, &amp; DTR Automotive / Deletions Nexen Tire, Kumho HT, &amp; Seoyon

Their estimated passive impact is more significant than that of the previous rebalancing. It is substantial enough to consider a preemptive position build-up for them.


KRX Autos (KODEX ETF) Rebalancing: Watch Iljin HySolus, Halla Holdings, & DTR Automotive

<ul>
<li>KRX Autos rebalances once a year in September. The effective date of the upcoming rebalancing is September 9.</li>
<li>The market cap difference between the top three stocks and the rest of the stocks is significant. So, the passive impact of the non-capped constituents is substantial.</li>
<li>Accordingly, this index rebalancing is well worth a preemptive position build-up. At this point, notable stocks from a flow perspective are Hanon Systems, Kumho Tire, and Halla Holdings.</li>
</ul>


KRX Autos rebalances once a year in September. The effective date of the upcoming rebalancing is September 9.
The market cap difference between the top three stocks and the rest of the stocks is significant. So, the passive impact of the non-capped constituents is substantial.
Accordingly, this index rebalancing is well worth a preemptive position build-up. At this point, notable stocks from a flow perspective are Hanon Systems, Kumho Tire, and Halla Holdings.


<ul>
<li>In this insight, we discuss the 'Save KOSPI' campaign which is a set of eight proposals made by the senior leaders at Korea Corporate Governance Forum and Uprise Co. (Heybit). </li>
<li>We think that the Save KOSPI campaign is an interesting movement that is worth paying attention since it appears to be gaining increasing traction among retail investors in Korea.</li>
<li>As more of these eight proposals are made into law in the next several years, we believe that the 'Korea Discount' could also decline as well.</li>
</ul>


In this insight, we discuss the 'Save KOSPI' campaign which is a set of eight proposals made by the senior leaders at Korea Corporate Governance Forum and Uprise Co. (Heybit). 
We think that the Save KOSPI campaign is an interesting movement that is worth paying attention since it appears to be gaining increasing traction among retail investors in Korea.
As more of these eight proposals are made into law in the next several years, we believe that the 'Korea Discount' could also decline as well.


South Korea

HL Holdings Corporation operates as an investment company. The Company through its subsidiaries provides trademark rights using, information and technology products and supplies selling, auto parts and supplies sales and distribution, real estate investment and management services. HL Holdings markets its products throughout South Korea.

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HL Holdings (060980 KS)

WCP IPO Preview

WCP is getting ready for an IPO in Korea in August. This is expected to be one of the largest IPOs in Korea in 2022. WCP is a leading maker of...

Douglas Kim

WCP: Leading Producer of Separators for EV Batteries in Korea

WCP is a leading maker of separators which are key materials used in EV batteries. WCP is a wholly-owned subsidiary of W-Scope in Japan.

Douglas Kim

KRX Autos (KODEX ETF) Rebalancing: Watch Iljin HySolus, Halla Holdings, & DTR Automotive

We are midway through the KRX Autos rebalancing screening period. The results at the last close are Iljin HySolus, Halla Holdings, & DTR Auto...

Sanghyun Park

KRX Auto (KODEX ETF) Rebalancing Preview

This post previews the upcoming rebalancing of the KRX Autos Sector Index (KODEX ETF), whose effective date is September 9.

Sanghyun Park

What Is the 'Save KOSPI' Campaign?

In this insight, we discuss the 'Save KOSPI' campaign which is a set of eight proposals aimed at improving the corporate governance of Korean...

Douglas Kim

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