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>KRX announced KOSDAQ Global rebalancing. Annually in June, effective date follows June options expiry. Passive flow trading on Thursday, the 13th. 49 companies designated, with nine excluded and eleven added.</li>
<li>Predicting passive capital movement is challenging, but attention must be given to price impacts because reshuffle predictability is low, lacking preemptive trading setups.</li>
<li>We must anticipate the SSF reshuffle in August, likely including new KOSDAQ Global constituents. KRX plans to list SSFs for all remaining constituents, potentially advancing setup timing for price increases.</li>
</ul>


KRX announced KOSDAQ Global rebalancing. Annually in June, effective date follows June options expiry. Passive flow trading on Thursday, the 13th. 49 companies designated, with nine excluded and eleven added.
Predicting passive capital movement is challenging, but attention must be given to price impacts because reshuffle predictability is low, lacking preemptive trading setups.
We must anticipate the SSF reshuffle in August, likely including new KOSDAQ Global constituents. KRX plans to list SSFs for all remaining constituents, potentially advancing setup timing for price increases.


KOSDAQ Global Rebalancing This Week: Trading Considerations

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of May 10th which has an aggregated holding worth USD540.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,299mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Samsung Electronics (005930 KS), Kb Financial (105560 KS).</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of May 10th which has an aggregated holding worth USD540.4bn.
We estimate that foreign flows to be inflows of USD1,299mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Samsung Electronics (005930 KS), Kb Financial (105560 KS).


KRX Foreign Holding Weekly (May 10th): Samsung Electronics, Kb Financial

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Apr 19th which has an aggregated holding worth USD508.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD85mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Samsung Electronics, Sk Hynix, Kia.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Apr 19th which has an aggregated holding worth USD508.9bn.
We estimate that foreign flows to be inflows of USD85mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Samsung Electronics, Sk Hynix, Kia.


KRX Foreign Holding Weekly (Apr 19th): Samsung Electronics, Sk Hynix, Kia

<ul>
<li>Will there be changes in April's rebalancing? With two weeks left, two names are likely. Wonik IPS may be replaced by ISC Co Ltd, given a ₩150B market cap difference.</li>
<li>In the previous rebalancing, constituent changes had a notable price impact. Despite a passive flow impact of +1.0x ADTV, HPSP and EO Technics saw about a 15% 3-day return.</li>
<li>Wonik IPS is estimated to receive -4.0x ADTV, while ISC is expected to receive +1.0x ADTV. This is also quite similar to the previous rebalancing.</li>
</ul>


Will there be changes in April's rebalancing? With two weeks left, two names are likely. Wonik IPS may be replaced by ISC Co Ltd, given a ₩150B market cap difference.
In the previous rebalancing, constituent changes had a notable price impact. Despite a passive flow impact of +1.0x ADTV, HPSP and EO Technics saw about a 15% 3-day return.
Wonik IPS is estimated to receive -4.0x ADTV, while ISC is expected to receive +1.0x ADTV. This is also quite similar to the previous rebalancing.


Sector ETF Rebalancing with Remarkable Price Impact History: ISC In, Wonik IPS Out

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Feb 23rd which has an aggregated holding worth USD519.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,484mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instistutions.</li>
<li>We highlight foreign changes in Hanwha Ocean, Sk Hynix, Posco Holdings, Samsung C&amp;T.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Feb 23rd which has an aggregated holding worth USD519.8bn.
We estimate that foreign flows to be inflows of USD2,484mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instistutions.
We highlight foreign changes in Hanwha Ocean, Sk Hynix, Posco Holdings, Samsung C&amp;T.


KRX Foreign Holding Weekly (Feb 23rd): Hanwha Ocean, Sk Hynix, Posco Holdings, Samsung C&T

South Korea

HPSP Co., Ltd operates as a manufacturing company. The Company manufactures semiconductor devices, systems and others. HPSP also provides related solution services.

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HPSP (403870 KS)

KOSDAQ Global Rebalancing This Week: Trading Considerations

This post outlines today's announcement of the KOSDAQ Global Index rebalancing results and explores trading implications.

Sanghyun Park

KRX Foreign Holding Weekly (May 10th): Samsung Electronics, Kb Financial

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Kb Financial.

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Apr 19th): Samsung Electronics, Sk Hynix, Kia

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Sk Hynix, Kia.

Ke Yan, CFA, FRM

Sector ETF Rebalancing with Remarkable Price Impact History: ISC In, Wonik IPS Out

ISC (095340) is still likely to be included, while Wonik IPS (240810) is expected to be excluded. The substantial market cap gap indicates an...

Sanghyun Park

KRX Foreign Holding Weekly (Feb 23rd): Hanwha Ocean, Sk Hynix, Posco Holdings, Samsung C&T

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Hanwha Ocean, Sk Hynix, Posco Holdings, Samsung C&T.

Ke Yan, CFA, FRM

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