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

<p>The local secondary battery sector ETF rebalancing last Friday made a huge splash on several secondary battery sector big names, including LG Chem. The ETF appeared to have increased LG Chem's index weighting, resulting in a sharp increase in the ordinary share price during the simultaneous buy and buy period 10 minutes before the close last Friday. During this 10-minute period, LG Chem surged from 2.97% to 5.33%.<span> As a result, we now have a substantial disparity in LG Chem 1P vs. Ordinary.</span></p><hr><h2>Sigma on a 20D MA</h2><p>LG Chem 1P vs. Ordinary is at -1.92σ on a 20-day moving average. This is the widest diversion since April 16, when the sigma fell to -1.93.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/212/689/original/LG+Chem+1P+vs.+Ordinary+-+Sigma+on+a+20D+MA.png?1623517910" class="editor-image img-responsive" data-smartkarma-image-id="212689"></figure></section><h2>Pref discount</h2><p>LG Chem 1P's discount to the ordinary share now sits at 55.41%, 2.83%p up from the 180-day mean and a 7.92%p increase from the 180-day low.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/212/690/original/LG+Chem+1P+vs.+Ordinary+-+Pref+discount.png?1623517934" class="editor-image img-responsive" data-smartkarma-image-id="212690"></figure></section><table class="table table-striped">
<colgroup>
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"LG Chem Ltd Preference Shares"}' data-sheets-formula="=R[-52]C[0]">LG Chem Ltd Preference Shares</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Current discount"}'><strong>Current discount</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5541176470588236}' data-sheets-formula='=indirect("$E"&amp;R70C[0])'><strong>55.41%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Δ to 180-day mean"}'><strong>Δ to 180-day mean</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.02826786648363444}' data-sheets-formula='=indirect("$B"&amp;R70C[0])'><strong>2.83%p</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Δ to 180-day low"}'>Δ to 180-day low</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.07923920297454479}' data-sheets-formula='=indirect("$C"&amp;R70C[0])'>7.92%p</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Δ to 180-day high"}'>Δ to 180-day high</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.013687735963950676}' data-sheets-formula='=indirect("$D"&amp;R70C[0])'>-1.37%p</td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table>

The local secondary battery sector ETF rebalancing last Friday made a huge splash on several secondary battery sector big names, including LG Chem. The ETF appeared to have increased LG Chem's index weighting, resulting in a sharp increase in the ordinary share price during the simultaneous buy and buy period 10 minutes before the close last Friday. During this 10-minute period, LG Chem surged from 2.97% to 5.33%. As a result, we now have a substantial disparity in LG Chem 1P vs. Ordinary.Sigma on a 20D MALG Chem 1P vs. Ordinary is at -1.92σ on a 20-day moving average. This is the widest diversion since April 16, when the sigma fell to -1.93.Pref discountLG Chem 1P's discount to the ordinary share now sits at 55.41%, 2.83%p up from the 180-day mean and a 7.92%p increase from the 180-day low.





LG Chem Ltd Preference Shares

Current discount
55.41%


Δ to 180-day mean
2.83%p


Δ to 180-day low
7.92%p


Δ to 180-day high
-1.37%p

Source: KRX



LG Chem Pref Arb Trade: Capitalize on a Disparity Resulting from Index Rebalancing

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

Thematic (Sector/Industry)

<p>Does holding company ("holdco") discount in Korea apply to the likes of <a href="https://www.smartkarma.com/entities/sk-telecom-co-ltd-bbccd86c-474d-4a4d-946d-10e911a225a2" target="_blank" data-smartkarma-citation="entities:395:1" rel="noopener">SK Telecom (017670 KS)</a> , <a href="https://www.smartkarma.com/entities/sk-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:393:1" rel="noopener">SK Holdings (034730 KS)</a> (now Inc), <a href="https://www.smartkarma.com/entities/osstem-implant-co-ltd" target="_blank" data-smartkarma-citation="entities:1450:1" rel="noopener">Osstem Implant (048260 KS)</a> , <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a> , <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a> , <a href="https://www.smartkarma.com/entities/fila-holdings-corp" target="_blank" data-smartkarma-citation="entities:10699:1" rel="noopener">Fila Holdings (081660 KS)</a> and others? To answer that question I think we need to know the history of the holdco in Korea.</p>

Does holding company ("holdco") discount in Korea apply to the likes of SK Telecom (017670 KS) , SK Holdings (034730 KS) (now Inc), Osstem Implant (048260 KS) , LG Chem Ltd (051910 KS) , Kakao Corp (035720 KS) , Fila Holdings (081660 KS) and others? To answer that question I think we need to know the history of the holdco in Korea.

The Holding Company Dilemma in Korea -  What's the Right Discount?

SK IE Technology and LG Chem soared abruptly between 3:20 and 3:30 pm during the simultaneous bids and offers trade period. During this 10-minute period, SK IE Technology's daily gain rose from 3.51% to 10.53%. LG Chem also rose sharply from 2.97% to 5.33%.Why did this happen?The local street believes that the stock prices have moved significantly in such a short period of time as Samsung Asset Management newly added SK IE Technology to its secondary battery sector ETF and increased the weighting of LG Chem in the same ETF.Local ETFs tracking secondary battery sectorKorea currently has three ETFs specifically tracking the local secondary battery sector. The biggest one is Samsung KODEX Secondary Battery Industry ETF, mirroring the FnGuide Secondary Battery Industry Index. It now features a market cap of ₩1,233.6B with 26 constituents.The other two ETFs aren't too far behind by market cap. They are both Mirae Asset TIGER ETFs. One tracks the WISE Secondary Battery Them Index containing 26 constituents. The other one mirrors the government-initiated K-New Deal Index, which has 10 constituents.







Local secondary battery sector ETFs

Name
Samsung KODEX Secondary Battery Industry ETF
Mirae Asset TIGER Secondary Cell ETF
Mirae TIGER KRX Secondary Battery K-New Deal ETF


Ticker
305720
305540
364980


Manager
Samsung Asset Management
Mirae Asset Management
Mirae Asset Management


Market cap
₩1,233.6B
₩873.7B
₩812.8B


Underlying index
FnGuide Secondary Battery Industry Index
WISE Secondary Battery Theme Index
KRX Secondary Battery K-New Deal Index


Constituents
25
26
10

Source: KRX &amp; FnGuide Index

Portfolio Deposit File (PDF)Below is the full list of the constituents of the three ETFs with index weight as of last Friday. It seems that Samsung KODEX hasn't fully updated the constituent list of its Secondary Battery Sector Index ETF. It is presumably because most of the trades took place during the simultaneous bids and offers trade period, meaning that the trades were completed and reflected after 3:30 pm. Samsung KODEX updates the portfolio deposit file (PDF) of its ETFs at 3:30 pm of each day.










Samsung KODEX Secondary Battery Industry ETF
Weight
Mirae Asset TIGER Secondary Cell ETF
Weight
Mirae TIGER KRX Secondary Battery K-New Deal ETF
Weight


SK Innovation
17.13%
SK Innovation
11.45%
SK Innovation
26.41%


Posco Chemical
16.50%
LG Chem
9.84%
LG Chem
23.95%


LG Chem
15.96%
SKC
9.66%
Samsung SDI
22.96%


Samsung SDI
13.18%
Samsung SDI
9.21%
Posco Chemical
7.96%


Ecopro
8.35%
Posco Chemical
8.77%
SKC Co
5.22%


Ecopro HN
5.33%
Ecopro BM
6.92%
Ecopro BM
3.64%


L&amp;F
4.00%
L&amp;F
6.33%
L&amp;F
2.85%


Ecopro BM
3.94%
Iljin Materials
6.12%
Iljin Materials
2.73%


Iljin Materials
3.59%
SoulBrain
5.90%
SoulBrain
2.71%


Creative &amp; Innovative System
3.05%
Chunbo
3.14%
Chunbo
1.51%


People &amp; Technology
1.72%
Ecopro Co., Ltd.
3.06%




Foosung
1.02%
Creative &amp; Innovative System
2.49%




Cosmo Advanced Materials&amp;Technlgy
1.00%
Cosmo Advanced Materials&amp;Technlgy
2.24%




DA Technology
0.88%
Foosung
2.07%




Sang-A Frontec
0.88%
Ecopro HN
2.02%




Daejoo Electronic Materials
0.69%
Solus Advanced Materials
2.01%




Cosmo Chemical
0.42%
Daejoo Electronic Materials
1.89%




Wonik PNE
0.38%
People &amp; Technology
1.68%




mPlus
0.38%
Dongwha Enterprise
0.92%




Soulbrain Holdings
0.33%
Wonik PNE
0.91%




Philoptics
0.28%
Youlchon Chemical
0.80%




Sangsin Energy Display Precision
0.27%
CowinTech
0.71%




Shin Heung Energy &amp; Electronics
0.27%
Shin Heung Energy &amp; Electronics
0.55%




Chemtros
0.24%
mPlus
0.51%




NS
0.21%
Innometry
0.41%






Daebo Magnetic
0.27%



Source: Samsung KODEX &amp; Mirae Asset TIGER



Korea's Local Sector Index (FnGuide Secondary Battery) Rebalancing Made a Big Splash Last Friday

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-health-international-inc" target="_blank" data-smartkarma-citation="entities:29677:1" rel="noopener">JD Health (6618 HK)</a>, <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a>, <a href="https://www.smartkarma.com/entities/smoore-international" target="_blank" data-smartkarma-citation="entities:28241:1" rel="noopener">Smoore International (6969 HK)</a> and <a href="https://www.smartkarma.com/entities/microport-scientific-corp" target="_blank" data-smartkarma-citation="entities:4487:1" rel="noopener">Microport Scientific (853 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group Ltd (1299 HK)</a>, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a> and <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings (5 HK)</a>. Shorts increased in the Consumer Discretionary and Health Care sectors, while decreasing in Financials and Industrials sectors.</p></div><div><p>In Japan, stocks increased on <a href="https://www.smartkarma.com/entities/kirin-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16977:1" rel="noopener">Kirin Holdings (2503 JP)</a>, <a href="https://www.smartkarma.com/entities/nippon-building-fund-inc" target="_blank" data-smartkarma-citation="entities:1900:1" rel="noopener">Nippon Building Fund (8951 JP)</a>, <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a>, <a href="https://www.smartkarma.com/entities/hulic-co-ltd" target="_blank" data-smartkarma-citation="entities:388:1" rel="noopener">Hulic Co Ltd (3003 JP)</a> and <a href="https://www.smartkarma.com/entities/japan-prime-realty-investmen" target="_blank" data-smartkarma-citation="entities:495:1" rel="noopener">Japan Prime Realty Investmen (8955 JP)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/inpex-corp" target="_blank" data-smartkarma-citation="entities:20665:1" rel="noopener">Inpex Corp (1605 JP)</a>, <a href="https://www.smartkarma.com/entities/casio-computer-co-ltd" target="_blank" data-smartkarma-citation="entities:18338:1" rel="noopener">Casio Computer (6952 JP)</a>, <a href="https://www.smartkarma.com/entities/showa-denko-k-k" target="_blank" data-smartkarma-citation="entities:1496:1" rel="noopener">Showa Denko K.K. (4004 JP)</a> and <a href="https://www.smartkarma.com/entities/medley-inc" target="_blank" data-smartkarma-citation="entities:31041:1" rel="noopener">Medley (4480 JP)</a>. Shorts increased on Consumer Staples, Real Estate and Communication Services, while reducing on Industrials, Energy and Consumer Discretionary names.</p></div><div><p>In Korea, shorts increased on <a href="https://www.smartkarma.com/entities/hmm-co-ltd" target="_blank" data-smartkarma-citation="entities:13494:1" rel="noopener">HMM Co., Ltd. (011200 KS)</a>, <a href="https://www.smartkarma.com/entities/doosan-heavy-industries-construction" target="_blank" data-smartkarma-citation="entities:7389:1" rel="noopener">Doosan Heavy Industries &amp; Construction (034020 KS)</a>, <a href="https://www.smartkarma.com/entities/lg-display-co-ltd" target="_blank" data-smartkarma-citation="entities:7145:1" rel="noopener">LG Display (034220 KS)</a> and <a href="https://www.smartkarma.com/entities/hanwha-solutions" target="_blank" data-smartkarma-citation="entities:8656:1" rel="noopener">Hanwha Solutions (009830 KS)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp (035420 KS)</a>, <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> and <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a>.</p></div><div><p>In Taiwan, shorts increased on <a href="https://www.smartkarma.com/entities/asustek-computer-inc" target="_blank" data-smartkarma-citation="entities:13002:1" rel="noopener">Asustek Computer (2357 TT)</a>, <a href="https://www.smartkarma.com/entities/unimicron-technology-corp" target="_blank" data-smartkarma-citation="entities:18778:1" rel="noopener">Unimicron Technology (3037 TT)</a>, <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a>, <a href="https://www.smartkarma.com/entities/innolux-corp" target="_blank" data-smartkarma-citation="entities:4509:1" rel="noopener">Innolux Corp (3481 TT)</a> and <a href="https://www.smartkarma.com/entities/hannstar-display-corp" target="_blank" data-smartkarma-citation="entities:13922:1" rel="noopener">Hannstar Display (6116 TT)</a> while shorts covered on <a href="https://www.smartkarma.com/entities/evergreen-marine-corp-ltd" target="_blank" data-smartkarma-citation="entities:15428:1" rel="noopener">Evergreen Marine Corp (2603 TT)</a>, <a href="https://www.smartkarma.com/entities/china-airlines-ltd" target="_blank" data-smartkarma-citation="entities:4591:1" rel="noopener">China Airlines (2610 TT)</a>, <a href="https://www.smartkarma.com/entities/fitipower-integrated-technology-inc" target="_blank" data-smartkarma-citation="entities:8712:1" rel="noopener">Fitipower Integrated Technology (4961 TT)</a>, <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> and <a href="https://www.smartkarma.com/entities/ase-technology-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:27270:1" rel="noopener">ASE Technology Holding Co Ltd (3711 TT)</a>.</p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Meituan (3690 HK), JD Health (6618 HK), Kuaishou Technology (1024 HK), Smoore International (6969 HK) and Microport Scientific (853 HK) while there was short covering on Ping An Insurance (H) (2318 HK), AIA Group Ltd (1299 HK), Tencent (700 HK), Sunny Optical (2382 HK) and HSBC Holdings (5 HK). Shorts increased in the Consumer Discretionary and Health Care sectors, while decreasing in Financials and Industrials sectors.In Japan, stocks increased on Kirin Holdings (2503 JP), Nippon Building Fund (8951 JP), NTT (Nippon Telegraph &amp; Telephone) (9432 JP), Hulic Co Ltd (3003 JP) and Japan Prime Realty Investmen (8955 JP) while there was short covering on Toshiba Corp (6502 JP), Inpex Corp (1605 JP), Casio Computer (6952 JP), Showa Denko K.K. (4004 JP) and Medley (4480 JP). Shorts increased on Consumer Staples, Real Estate and Communication Services, while reducing on Industrials, Energy and Consumer Discretionary names.In Korea, shorts increased on HMM Co., Ltd. (011200 KS), Doosan Heavy Industries &amp; Construction (034020 KS), LG Display (034220 KS) and Hanwha Solutions (009830 KS) while shorts were covered on Samsung Electronics (005930 KS), Naver Corp (035420 KS), SK Hynix (000660 KS) and LG Chem Ltd (051910 KS).In Taiwan, shorts increased on Asustek Computer (2357 TT), Unimicron Technology (3037 TT), Nanya Technology (2408 TT), Innolux Corp (3481 TT) and Hannstar Display (6116 TT) while shorts covered on Evergreen Marine Corp (2603 TT), China Airlines (2610 TT), Fitipower Integrated Technology (4961 TT), Mediatek Inc (2454 TT) and ASE Technology Holding Co Ltd (3711 TT).

Asia Shorts: Meituan, JDH, Smoore, Ping An, Kirin, NTT, Toshiba, HMM, Doosan, LGD, Hanwha, Evergreen

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<div class="content-highlight"><p><a href="https://www.reuters.com/article/lg-energy-solution-ipo/update-3-lg-energy-moves-ahead-on-skorea-ipo-that-ifr-says-may-raise-10-12-bln-idUSL2N2NQ0HI" target="_blank" rel="noopener">LG Energy Solution</a> is getting ready for an IPO in Korea in 2H 2021. LG Energy Solution is expected to be the largest IPO in Korea this year. It is expected that LG Energy Solution (LGES) could raise $10 billion to $12 billion, which would be the biggest ever IPO offering in Korea. The biggest ever IPO (in terms of amount raised) in Korea was Samsung Life IPO when it raised $4.4 billion in 2010. <a href="https://www.smartkarma.com/entities/coupang" target="_blank" data-smartkarma-citation="entities:28425:1" rel="noopener">Coupang (CPNG US)</a> recently raised $4.6 billion in the United States this year. </p></div>

LG Energy Solution is getting ready for an IPO in Korea in 2H 2021. LG Energy Solution is expected to be the largest IPO in Korea this year. It is expected that LG Energy Solution (LGES) could raise $10 billion to $12 billion, which would be the biggest ever IPO offering in Korea. The biggest ever IPO (in terms of amount raised) in Korea was Samsung Life IPO when it raised $4.4 billion in 2010. Coupang (CPNG US) recently raised $4.6 billion in the United States this year. 

Initial Thoughts on the LG Energy Solution IPO

South Korea

LG Chem Ltd. is a chemical manufacturer. The Company's products include petrochemicals, plastic resins, and engineering plastics. LG Chem also produces industrial and electronic materials.

Price Gauge
52-week Range	0.00 - 0.00
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LG Chem (051915 KS)

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The Holding Company Dilemma in Korea - What's the Right Discount?

The discount rate to NAV that is rule of thumb in Korea is 30% but does not make sense across the board? We discuss if there is a better way to...

Ken S. Kim

Korea's Local Sector Index (FnGuide Secondary Battery) Rebalancing Made a Big Splash Last Friday

The local sector index rebalancing made a huge passive flow impact on SK IE Tech last Friday, and here are the upcoming index events potentially...

Sanghyun Park

Asia Shorts: Meituan, JDH, Smoore, Ping An, Kirin, NTT, Toshiba, HMM, Doosan, LGD, Hanwha, Evergreen

The Insight looks at large short interest movements across HK, Japan, Korea and Taiwan stocks and highlights large increases/decreases in shorts to...

Brian Freitas

Initial Thoughts on the LG Energy Solution IPO

LG Energy Solution is getting ready for an IPO in Korea in 2H 2021. LG Energy Solution is expected to be the largest IPO in Korea this year.

Douglas Kim

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