Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

The Korea Exchange (KRX) will announce the results of the June 2021 review of 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>  in May with the changes becoming effective after the close of trading on 10 June.We see 14 potential changes to the index in the June review and we are less than a third of the way through the review period. The end of the short sell ban in March could bring a lot more changes to the index.The potential inclusions are <a href="https://www.smartkarma.com/entities/tesna-inc" target="_blank" data-smartkarma-citation="entities:8792:1" rel="noopener">Tesna Inc (131970 KS)</a>, <a href="https://www.smartkarma.com/entities/unison-co-ltd-south-korea" target="_blank" data-smartkarma-citation="entities:18617:1" rel="noopener">Unison Co Ltd (018000 KS)</a>, <a href="https://www.smartkarma.com/entities/tse-co-ltd" target="_blank" data-smartkarma-citation="entities:17821:1" rel="noopener">Tse Co Ltd (131290 KS)</a>, ABPro Bio (195990 KS), <a href="https://www.smartkarma.com/entities/icure-pharm-inc" target="_blank" data-smartkarma-citation="entities:27142:1" rel="noopener">Icure Pharm Inc (175250 KS)</a>, <a href="https://www.smartkarma.com/entities/sam-kang-m-t-co-ltd" target="_blank" data-smartkarma-citation="entities:7263:1" rel="noopener">Sam Kang M&amp;T (100090 KS)</a>, <a href="https://www.smartkarma.com/entities/simmtech-co-ltd" target="_blank" data-smartkarma-citation="entities:28871:1" rel="noopener">SIMMTECH Co Ltd (222800 KS)</a>, <a href="https://www.smartkarma.com/entities/binex-co-ltd" target="_blank" data-smartkarma-citation="entities:1949:1" rel="noopener">Binex Co Ltd (053030 KS)</a>, Vaxcell Bio (323990 KS), <a href="https://www.smartkarma.com/entities/kmh-co-ltd" target="_blank" data-smartkarma-citation="entities:18525:1" rel="noopener">Kmh Co Ltd (122450 KS)</a>, <a href="https://www.smartkarma.com/entities/solid-inc" target="_blank" data-smartkarma-citation="entities:14701:1" rel="noopener">Solid Inc (050890 KS)</a>, PSK Inc (319660 KS), AJu IB Investment (027360 KS) and <a href="https://www.smartkarma.com/entities/kpm-tech-co-ltd" target="_blank" data-smartkarma-citation="entities:15948:1" rel="noopener">Kpm Tech Co Ltd (042040 KS)</a>. The potential exclusions are <a href="https://www.smartkarma.com/entities/stcube" target="_blank" data-smartkarma-citation="entities:4872:1" rel="noopener">Stcube (052020 KS)</a>, <a href="https://www.smartkarma.com/entities/daea-ti-co-ltd" target="_blank" data-smartkarma-citation="entities:1473:1" rel="noopener">Daea Ti Co Ltd (045390 KS)</a>, <a href="https://www.smartkarma.com/entities/spigen-korea-co-ltd" target="_blank" data-smartkarma-citation="entities:9852:1" rel="noopener">Spigen Korea (192440 KS)</a>, <a href="https://www.smartkarma.com/entities/jusung-engineering-co-ltd" target="_blank" data-smartkarma-citation="entities:12277:1" rel="noopener">Jusung Engineering (036930 KS)</a>, <a href="https://www.smartkarma.com/entities/advanced-process-systems-corporation" target="_blank" data-smartkarma-citation="entities:24087:1" rel="noopener">Advanced Process Systems (265520 KS)</a>, <a href="https://www.smartkarma.com/entities/saraminhr-co-ltd" target="_blank" data-smartkarma-citation="entities:8494:1" rel="noopener">Saraminhr (143240 KS)</a>, <a href="https://www.smartkarma.com/entities/vt-gmp-co-ltd" target="_blank" data-smartkarma-citation="entities:8056:1" rel="noopener">Gmp Co Ltd (018290 KS)</a>, <a href="https://www.smartkarma.com/entities/iriver-ltd" target="_blank" data-smartkarma-citation="entities:13005:1" rel="noopener">Iriver Ltd (060570 KS)</a>, <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>, <a href="https://www.smartkarma.com/entities/ebest-investment-securitie" target="_blank" data-smartkarma-citation="entities:18895:1" rel="noopener">Ebest Investment &amp; Securitie (078020 KS)</a>, <a href="https://www.smartkarma.com/entities/sangsangin-co-ltd" target="_blank" data-smartkarma-citation="entities:10494:1" rel="noopener">Sangsangin Co., Ltd. (038540 KS)</a>, <a href="https://www.smartkarma.com/entities/shinheung-sec" target="_blank" data-smartkarma-citation="entities:24426:1" rel="noopener">Shin Heung Energy &amp; Electronics Co (243840 KS)</a>, <a href="https://www.smartkarma.com/entities/neopharm-co-ltd" target="_blank" data-smartkarma-citation="entities:10273:1" rel="noopener">Neopharm Co Ltd (092730 KS)</a> and <a href="https://www.smartkarma.com/entities/hlscience-co-ltd" target="_blank" data-smartkarma-citation="entities:23629:1" rel="noopener">HLSCIENCE Co. (239610 KS)</a>.One-way turnover is estimated at 5.44%. While the impact of passive funds is not high on the expected inclusions, the impact on the expected exclusions is much higher.

The Korea Exchange (KRX) will announce the results of the June 2021 review of the KOSDAQ 150 Index (KOSDQ150 INDEX)  in May with the changes becoming effective after the close of trading on 10 June.We see 14 potential changes to the index in the June review and we are less than a third of the way through the review period. The end of the short sell ban in March could bring a lot more changes to the index.The potential inclusions are Tesna Inc (131970 KS), Unison Co Ltd (018000 KS), Tse Co Ltd (131290 KS), ABPro Bio (195990 KS), Icure Pharm Inc (175250 KS), Sam Kang M&amp;T (100090 KS), SIMMTECH Co Ltd (222800 KS), Binex Co Ltd (053030 KS), Vaxcell Bio (323990 KS), Kmh Co Ltd (122450 KS), Solid Inc (050890 KS), PSK Inc (319660 KS), AJu IB Investment (027360 KS) and Kpm Tech Co Ltd (042040 KS). The potential exclusions are Stcube (052020 KS), Daea Ti Co Ltd (045390 KS), Spigen Korea (192440 KS), Jusung Engineering (036930 KS), Advanced Process Systems (265520 KS), Saraminhr (143240 KS), Gmp Co Ltd (018290 KS), Iriver Ltd (060570 KS), Innox Advanced Materials Co,Ltd. (272290 KS), Ebest Investment &amp; Securitie (078020 KS), Sangsangin Co., Ltd. (038540 KS), Shin Heung Energy &amp; Electronics Co (243840 KS), Neopharm Co Ltd (092730 KS) and HLSCIENCE Co. (239610 KS).One-way turnover is estimated at 5.44%. While the impact of passive funds is not high on the expected inclusions, the impact on the expected exclusions is much higher.

KOSDAQ150 Index Rebalance Preview: Lots of Changes Expected Already; More to Come

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example <a href="https://www.smartkarma.com/entities/nanos-co-ltd" target="_blank" data-smartkarma-citation="entities:16796:1" rel="noopener">Nanos Co Ltd (151910 KS),</a>which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including <a href="https://www.smartkarma.com/entities/sang-a-frontec-co-ltd" target="_blank" data-smartkarma-citation="entities:20692:1" rel="noopener">Sang A Frontec (089980 KS)</a>, Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), <a href="https://www.smartkarma.com/entities/koreacenter-com-co-ltd" target="_blank" data-smartkarma-citation="entities:28329:1" rel="noopener">Koreacenter.com Co Ltd (290510 KS)</a>, and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions.

The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example Nanos Co Ltd (151910 KS),which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including Sang A Frontec (089980 KS), Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), Koreacenter.com Co Ltd (290510 KS), and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions. 

KOSDAQ150 and KRX300 Indices Rebalances (Overlapping Additions & Deletions)

The KRX announced the list of inclusions and exclusions to the KOSDAQ150 Index today. The rebalance is effective as of 12 June and all passive buying/selling will be done at the closing auction on 11 June.There are 14 inclusions and 14 exclusions in the June 2020 review with an expected one-way turnover of 5.15%.The inclusions and exclusions are shown in the table below<table class="table table-striped">
<colgroup>
<col>
<col>
<col>
<col>
</colgroup>
<tbody>
<tr>
<td style="text-align: center; width: 230pt;" colspan="2">INCLUSIONS</td>
<td style="text-align: center; width: 219pt;" colspan="2">EXCLUSIONS</td>
</tr>
<tr>
<td>018290.KQ</td>
<td>VT GMP Co Ltd</td>
<td>007820.KQ</td>
<td>SM Core Inc</td>
</tr>
<tr>
<td>032190.KQ</td>
<td>Daou Data Corp</td>
<td>013030.KQ</td>
<td>HY-Lok Corp</td>
</tr>
<tr>
<td>038540.KQ</td>
<td>Sangsangin Co Ltd</td>
<td>016250.KQ</td>
<td>eTEC E&amp;C Ltd</td>
</tr>
<tr>
<td>041190.KQ</td>
<td>Woori Technology Investment Co Ltd</td>
<td>019210.KQ</td>
<td>YG-1 Co Ltd</td>
</tr>
<tr>
<td>052260.KQ</td>
<td>SK Bio Land Co Ltd</td>
<td>036630.KQ</td>
<td>Sejong Telecom Inc</td>
</tr>
<tr>
<td>060720.KQ</td>
<td>KH Vatec Co Ltd</td>
<td>041140.KQ</td>
<td>Nexon GT Co Ltd</td>
</tr>
<tr>
<td>078020.KQ</td>
<td>eBEST Investment &amp; Securities Co Ltd</td>
<td>044490.KQ</td>
<td>Taewoong Co Ltd</td>
</tr>
<tr>
<td>078070.KQ</td>
<td>Ubiquoss Holdings Inc</td>
<td>045100.KQ</td>
<td>Hanyang ENG Co Ltd</td>
</tr>
<tr>
<td>084370.KQ</td>
<td>Eugene Technology Co Ltd</td>
<td>067390.KQ</td>
<td>AeroSpace Technology of Korea Inc</td>
</tr>
<tr>
<td>084850.KQ</td>
<td>ITM Semiconductor Co Ltd</td>
<td>095190.KQ</td>
<td>EMKorea Co Ltd</td>
</tr>
<tr>
<td>085660.KQ</td>
<td>Chabiotech Co Ltd</td>
<td>215360.KQ</td>
<td>Woory Industrial Co Ltd</td>
</tr>
<tr>
<td>214370.KQ</td>
<td>Caregen Co Ltd</td>
<td>215600.KQ</td>
<td>SillaJen Inc</td>
</tr>
<tr>
<td>268600.KQ</td>
<td>Cellivery Therapeutics Inc</td>
<td>217730.KQ</td>
<td>Kang Stem Biotech Co Ltd</td>
</tr>
<tr>
<td>282880.KQ</td>
<td>CowinTech Co Ltd</td>
<td>222040.KQ</td>
<td>Cosmax NBT Inc</td>
</tr>
</tbody>
</table>There is significant volume to buy and sell on quite a few inclusions and exclusions and stocks will move since there are only 11 trading days to implementation.

The KRX announced the list of inclusions and exclusions to the KOSDAQ150 Index today. The rebalance is effective as of 12 June and all passive buying/selling will be done at the closing auction on 11 June.There are 14 inclusions and 14 exclusions in the June 2020 review with an expected one-way turnover of 5.15%.The inclusions and exclusions are shown in the table below








INCLUSIONS
EXCLUSIONS


018290.KQ
VT GMP Co Ltd
007820.KQ
SM Core Inc


032190.KQ
Daou Data Corp
013030.KQ
HY-Lok Corp


038540.KQ
Sangsangin Co Ltd
016250.KQ
eTEC E&amp;C Ltd


041190.KQ
Woori Technology Investment Co Ltd
019210.KQ
YG-1 Co Ltd


052260.KQ
SK Bio Land Co Ltd
036630.KQ
Sejong Telecom Inc


060720.KQ
KH Vatec Co Ltd
041140.KQ
Nexon GT Co Ltd


078020.KQ
eBEST Investment &amp; Securities Co Ltd
044490.KQ
Taewoong Co Ltd


078070.KQ
Ubiquoss Holdings Inc
045100.KQ
Hanyang ENG Co Ltd


084370.KQ
Eugene Technology Co Ltd
067390.KQ
AeroSpace Technology of Korea Inc


084850.KQ
ITM Semiconductor Co Ltd
095190.KQ
EMKorea Co Ltd


085660.KQ
Chabiotech Co Ltd
215360.KQ
Woory Industrial Co Ltd


214370.KQ
Caregen Co Ltd
215600.KQ
SillaJen Inc


268600.KQ
Cellivery Therapeutics Inc
217730.KQ
Kang Stem Biotech Co Ltd


282880.KQ
CowinTech Co Ltd
222040.KQ
Cosmax NBT Inc


There is significant volume to buy and sell on quite a few inclusions and exclusions and stocks will move since there are only 11 trading days to implementation.

KOSDAQ150 Index Review - Let's Not Follow The Index Methodology

<ul>
<li>The Korea Exchange announced its bi-annual changes to KOSPI200 today. These changes are effective 12 June 2020. For the KOSPI200, there were 11 new additions including <a href="https://www.smartkarma.com/entities/hanjin-kal-corp" target="_blank" data-smartkarma-citation="entities:19086:1" rel="noopener">Hanjin KAL Corp (180640 KS)</a>, <a href="https://www.smartkarma.com/entities/asiana-airlines" target="_blank" data-smartkarma-citation="entities:1896:1" rel="noopener">Asiana Airlines (020560 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>.  There were also 11 deletions including <a href="https://www.smartkarma.com/entities/namyang-dairy-products-co" target="_blank" data-smartkarma-citation="entities:16249:1" rel="noopener">Namyang Dairy Products Co (003920 KS)</a>, <a href="https://www.smartkarma.com/entities/ak-holdings-inc" target="_blank" data-smartkarma-citation="entities:3472:1" rel="noopener">Ak Holdings Inc (006840 KS)</a>, and <a href="https://www.smartkarma.com/entities/hyosung-heavy-industries-corp" target="_blank" data-smartkarma-citation="entities:27750:1" rel="noopener">Hyosung Heavy Industries Corp (298040 KS)</a>.  </li>
<li>Comparing the actual inclusions vs. our estimates for the KOSPI 200 Inclusion, five of the companies were included in both lists (Hajin Kal, POSCO Chem, F&amp;F, Asiana Airlines, &amp; HMM). </li>
<li>Comparing the actual exclusions vs. our estimates for the KOSPI 200 Exclusion, seven of the companies were included in both lists (Hyosung Heavy, Ssangyong Motor, Namyang Dairy, Hyundai Livart, Hankook Shell Oil, Tongyang, and AK Holdings). </li>
</ul>


The Korea Exchange announced its bi-annual changes to KOSPI200 today. These changes are effective 12 June 2020. For the KOSPI200, there were 11 new additions including Hanjin KAL Corp (180640 KS), Asiana Airlines (020560 KS), and Lotte Tour Development Co, Ltd. (032350 KS).  There were also 11 deletions including Namyang Dairy Products Co (003920 KS), Ak Holdings Inc (006840 KS), and Hyosung Heavy Industries Corp (298040 KS).  
Comparing the actual inclusions vs. our estimates for the KOSPI 200 Inclusion, five of the companies were included in both lists (Hajin Kal, POSCO Chem, F&amp;F, Asiana Airlines, &amp; HMM). 
Comparing the actual exclusions vs. our estimates for the KOSPI 200 Exclusion, seven of the companies were included in both lists (Hyosung Heavy, Ssangyong Motor, Namyang Dairy, Hyundai Livart, Hankook Shell Oil, Tongyang, and AK Holdings). 


Final Bi-Annual Rebalance Announced for KOSPI200, KOSDAQ150, & KRX300

In this insight, we provide additional insights regarding the upcoming KOSPI 200 and KOSDAQ 150 rebalancing. According to the KRX, it plans to announce the KOSPI 200 and KOSDAQ 150 rebalanced stocks at the end of May and the changed KOSPI 200 and KOSDAQ 150 indices will be effective starting 12 June.We have broken down the potential inclusions into KOSPI 200 KOSDAQ 150 into 3 major categories including the following:<ul>
<li>Share price performances YTD</li>
<li>Market Cap</li>
<li>Operating Profit Growth Momentum</li>
</ul><div class="content-highlight">
Combining all of these three factors, the top five companies in our list including Zinus, Hwa Sung Enterprises, F&amp;F, Cuckoo Homesys, POSCO Chemtech, and Cuckoo Homesys are the ones that not only are potential inclusions in KOSPI 200 but also those that can potentially outperform the market after being included in KOSPI 200. 
Combining all of these three factors, the top five companies in our list including ITM Semiconductor, Cowintech, Daou Data Corp, Ebest Investment &amp; Securities, and Neowiz Games are the ones that not only are potential inclusions in KOSDAQ 150 but also those that can potentially outperform the market after being included in KOSDAQ 150.  
</div>

In this insight, we provide additional insights regarding the upcoming KOSPI 200 and KOSDAQ 150 rebalancing. According to the KRX, it plans to announce the KOSPI 200 and KOSDAQ 150 rebalanced stocks at the end of May and the changed KOSPI 200 and KOSDAQ 150 indices will be effective starting 12 June.We have broken down the potential inclusions into KOSPI 200 KOSDAQ 150 into 3 major categories including the following:
Share price performances YTD
Market Cap
Operating Profit Growth Momentum

Combining all of these three factors, the top five companies in our list including Zinus, Hwa Sung Enterprises, F&amp;F, Cuckoo Homesys, POSCO Chemtech, and Cuckoo Homesys are the ones that not only are potential inclusions in KOSPI 200 but also those that can potentially outperform the market after being included in KOSPI 200. 
Combining all of these three factors, the top five companies in our list including ITM Semiconductor, Cowintech, Daou Data Corp, Ebest Investment &amp; Securities, and Neowiz Games are the ones that not only are potential inclusions in KOSDAQ 150 but also those that can potentially outperform the market after being included in KOSDAQ 150.  


KOSPI 200 & KOSDAQ 150 Rebalancing in June Update

South Korea

KH Vatec Co., Ltd. designs, manufactures, and sells electronic components.  The Company specializes in die casting of zinc based components for application in telecommunication parts.  KH Vatec's products include electro magnetic interference (EMI) shields, antenna brackets, and notebook hinges.

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Kh Vatec Co Ltd (060720 KS)

KOSDAQ150 Index Rebalance Preview: Lots of Changes Expected Already; More to Come

Less than a third of the way through the review period, we see 14 potential inclusions and exclusions from the KOSDAQ150 index. The resumption of...

Brian Freitas

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We highlight the KOSDAQ150 and KRX300 indices rebalances. There are some interesting new names, especially among those that are over lapping in...

Douglas Kim

KOSDAQ150 Index Review - Let's Not Follow The Index Methodology

The KRX announced the list of inclusions and exclusions to the KOSDAQ150 Index today. The rebalance is effective as of 12 June and all passive...

Brian Freitas

Final Bi-Annual Rebalance Announced for KOSPI200, KOSDAQ150, & KRX300

The Korea Exchange announced its bi-annual changes to KOSPI200 today. These changes are effective 12 June 2020. For the KOSPI200, there were 11...

Douglas Kim

KOSPI 200 & KOSDAQ 150 Rebalancing in June Update

In this insight, we provide additional insights regarding the upcoming KOSPI 200 and KOSDAQ 150 rebalancing. According to the KRX, it plans to...

Douglas Kim

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