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>Korea's first ATS goes live on March 4, starting with 10 tickers based on liquidity and market cap, expanding to 800 over time. First 10 revealed next week.</li>
<li>KRX vs ATS arbitrage will be key, with execution speed differences causing price dislocations, especially for KOSPI 200 stocks. Lower ATS fees may shift institutional flow, increasing arb opportunities.</li>
<li>On top of that, lack of market makers could widen bid-ask spreads, creating opportunities for spread scalpers to profit.</li>
</ul>


Korea's first ATS goes live on March 4, starting with 10 tickers based on liquidity and market cap, expanding to 800 over time. First 10 revealed next week.
KRX vs ATS arbitrage will be key, with execution speed differences causing price dislocations, especially for KOSPI 200 stocks. Lower ATS fees may shift institutional flow, increasing arb opportunities.
On top of that, lack of market makers could widen bid-ask spreads, creating opportunities for spread scalpers to profit.


Korea’s First ATS Launching March 4: Arb Opportunities to Watch

<ul>
<li>Major banks, Hyundai Motor, POSCO Holdings, and companies like HMM, which updated their articles, will likely set dividend record dates pre-AGM in the mid-to-late February window.</li>
<li>Track backwardation in March futures for mispricings. Companies will likely follow last year’s playbook: AGM in mid-to-late March, record date 3–4 weeks prior, announcement 2 weeks ahead.</li>
<li>Opportunity lies in the March futures basis spread between February contract and record date announcement. Watch those for potential dividend hikes and futures mispricing ahead.</li>
</ul>


Major banks, Hyundai Motor, POSCO Holdings, and companies like HMM, which updated their articles, will likely set dividend record dates pre-AGM in the mid-to-late February window.
Track backwardation in March futures for mispricings. Companies will likely follow last year’s playbook: AGM in mid-to-late March, record date 3–4 weeks prior, announcement 2 weeks ahead.
Opportunity lies in the March futures basis spread between February contract and record date announcement. Watch those for potential dividend hikes and futures mispricing ahead.


Key Info We Need to Know About Boosting Predictability of Dividend Record Dates in Korea

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>A potential merger between Nissan Motor and Honda Motor would create the third largest auto group in the world.</li>
<li>If this merger is successful, it could have a short term positive impact on Hyundai Motor since it could result in a reduction of overlapping sales/marketing and production of Nissan.</li>
<li>However, a merger of Honda and Nissan could negatively impact Hyundai Motor over the long term because the merged entity could produce more high quality, price competitive vehicles.</li>
</ul>


A potential merger between Nissan Motor and Honda Motor would create the third largest auto group in the world.
If this merger is successful, it could have a short term positive impact on Hyundai Motor since it could result in a reduction of overlapping sales/marketing and production of Nissan.
However, a merger of Honda and Nissan could negatively impact Hyundai Motor over the long term because the merged entity could produce more high quality, price competitive vehicles.


A Potential Merger Between Honda and Nissan - Impact on Hyundai Motor and Kia Corp

Equity Bottom-Up

<ul>
<li>On 28 August, Hyundai Motor announced its Corporate Value Up policies, including a minimum dividend per share this year targeting 10,000 won per share for common shares. </li>
<li>Hyundai Motor plans to implement a shareholder return policy based on a total shareholder return (TSR) of 35% or more from 2025 to 2027.</li>
<li>Hyundai Motor's Corporate Value Up plan of providing TSR of 35% or more from 2025 to 2027 is certainly better than what it provided in the past three years (26%). </li>
</ul>


On 28 August, Hyundai Motor announced its Corporate Value Up policies, including a minimum dividend per share this year targeting 10,000 won per share for common shares. 
Hyundai Motor plans to implement a shareholder return policy based on a total shareholder return (TSR) of 35% or more from 2025 to 2027.
Hyundai Motor's Corporate Value Up plan of providing TSR of 35% or more from 2025 to 2027 is certainly better than what it provided in the past three years (26%). 


Hyundai Motor Announces Its Corporate Value Up Policies

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Unisoc secures US$448M in funding to improve development of 5G chips, highlighting the growing importance of 5G technology in the tech industry.</li><li>India aims to attract more electric vehicle manufacturers by expanding incentives, signaling a push towards sustainable transportation solutions.</li><li>Nvidia collaborates with Thailand on AI despite challenges in the data center ecosystem, showing commitment to advancing AI technology globally.</li></ul>

Unisoc secures US$448M in funding to improve development of 5G chips, highlighting the growing importance of 5G technology in the tech industry.India aims to attract more electric vehicle manufacturers by expanding incentives, signaling a push towards sustainable transportation solutions.Nvidia collaborates with Thailand on AI despite challenges in the data center ecosystem, showing commitment to advancing AI technology globally.

Tech Supply Chain Tracker (06-Dec-2024): Unisoc gets $448M to enhance 5G chip development.

South Korea

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

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Hyundai Motor (005385 KS)

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Key Info We Need to Know About Boosting Predictability of Dividend Record Dates in Korea

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A Potential Merger Between Honda and Nissan - Impact on Hyundai Motor and Kia Corp

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Hyundai Motor Announces Its Corporate Value Up Policies

Hyundai Motor's Corporate Value Up plan of providing TSR of 35% or more from 2025 to 2027 is certainly better than what it provided in the past...

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Tech Supply Chain Tracker (06-Dec-2024): Unisoc gets $448M to enhance 5G chip development.

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