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>Korea has a total of 121 preferred shares trading in the public stock market. At the last close, 10 preferred shares are below -1.5σ relative to their respective ordinary shares on a 20-day moving average. Three of them are below -2.0σ, including <strong>Samsung SDI 1P.</strong> </p><table class="table table-striped">
<colgroup>
<col width="200">
<col width="200">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"Preferred shares"}'>Preferred share</td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"Ord"}'>Ordinary share</td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":2,"2":"Disparity to ordinary share"}'>Disparity to ordinary share</td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":2,"2":"Sigma on a 20-day moving average"}'>Sigma on a 20-day moving average</td>
</tr>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"Sungshin Cement Co Ltd 1P"}'>Sungshin Cement Co Ltd 1P</td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"Sungshin Cement Co Ltd"}'>Sungshin Cement Co Ltd</td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":3,"3":-0.3779527559055118}' data-sheets-numberformat='[null,3,"0.00%",1]'>-37.80%</td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":3,"3":-2.652932322814385}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-2.65</td>
</tr>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"Samsung SDI Co Ltd 1P"}'><strong>Samsung SDI Co Ltd 1P</strong></td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"Samsung SDI Co Ltd"}'><strong>Samsung SDI Co Ltd</strong></td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":3,"3":0.35769828926905134}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>35.77%</strong></td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":3,"3":-2.4869804295474376}' data-sheets-numberformat='[null,2,"#,##0.00",1]'><strong>-2.49</strong></td>
</tr>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"Kumkang Kind Co Ltd 1P"}'>Kumkang Kind Co Ltd 1P</td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"Kumkang Kind Co Ltd"}'>Kumkang Kind Co Ltd</td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":3,"3":-0.8367346938775511}' data-sheets-numberformat='[null,3,"0.00%",1]'>-83.67%</td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":3,"3":-2.2511038028914796}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-2.25</td>
</tr>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"Mirae Asset Securities Co Ltd 1P"}'><strong>Mirae Asset Securities Co Ltd 1P</strong></td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"Mirae Asset Securities Co Ltd"}'><strong>Mirae Asset Securities Co Ltd</strong></td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":3,"3":0.348}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>34.80%</strong></td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":3,"3":-1.8353464801840684}' data-sheets-numberformat='[null,2,"#,##0.00",1]'><strong>-1.84</strong></td>
</tr>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"Hyundai Engineering &amp; Construction Co. 1P"}'><strong>Hyundai Engineering &amp; Construction Co. 1P</strong></td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"Hyundai Engineering &amp; Construction Co."}'><strong>Hyundai Engineering &amp; Construction Co.</strong></td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":3,"3":-3.1254752851711025}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>-312.55%</strong></td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":3,"3":-1.7804411287688098}' data-sheets-numberformat='[null,2,"#,##0.00",1]'><strong>-1.78</strong></td>
</tr>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"SK Securities Co., Ltd 1P"}'>SK Securities Co., Ltd 1P</td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"SK Securities Co., Ltd"}'>SK Securities Co., Ltd</td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":3,"3":-4.303482587064677}' data-sheets-numberformat='[null,3,"0.00%",1]'>-430.35%</td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":3,"3":-1.778269782640592}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-1.78</td>
</tr>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"Hanyang Securities Co., Ltd. 1P"}'>Hanyang Securities Co., Ltd. 1P</td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"Hanyang Securities Co., Ltd."}'>Hanyang Securities Co., Ltd.</td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":3,"3":-0.5769230769230769}' data-sheets-numberformat='[null,3,"0.00%",1]'>-57.69%</td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":3,"3":-1.7597547389001398}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-1.76</td>
</tr>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"Doosan Corp 2PB"}'><strong>Doosan Corp 2PB</strong></td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"Doosan Corp"}'><strong>Doosan Corp</strong></td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":3,"3":-0.016107382550335572}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>-1.61%</strong></td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":3,"3":-1.6412907716398928}' data-sheets-numberformat='[null,2,"#,##0.00",1]'><strong>-1.64</strong></td>
</tr>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"Duksung Co Ltd 1P"}'>Duksung Co Ltd 1P</td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"Duksung Co Ltd"}'>Duksung Co Ltd</td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":3,"3":-0.6386554621848739}' data-sheets-numberformat='[null,3,"0.00%",1]'>-63.87%</td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":3,"3":-1.5966699157401607}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-1.60</td>
</tr>
<tr>
<td style="width: 252.727px;" data-sheets-value='{"1":2,"2":"Daesang Corp 1P"}'><strong>Daesang Corp 1P</strong></td>
<td style="width: 226.364px;" data-sheets-value='{"1":2,"2":"Daesang Corp"}'><strong>Daesang Corp</strong></td>
<td style="text-align: right; width: 100px;" data-sheets-value='{"1":3,"3":0.24910394265232974}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>24.91%</strong></td>
<td style="text-align: right; width: 81.8182px;" data-sheets-value='{"1":3,"3":-1.5934323730589053}' data-sheets-numberformat='[null,2,"#,##0.00",1]'><strong>-1.59</strong></td>
</tr>
<tr><td colspan="4" style="width: 252.727px;">Source: KRX</td></tr>
</tbody>
</table><p>Among the largest cap preferred shares having a market cap of +₩500B, 3 names are below -1.0σ (or close) on a 20-day moving average. <strong>Samsung SDI 1P</strong> tops the list at -2.49σ, followed by <strong>LG Chem 1P</strong> with -1.26σ and <strong>Hyundai Motor 1P</strong> with -0.91σ.</p><table class="table table-striped">
<colgroup>
<col width="200">
<col width="70">
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Preferred share"}'>Preferred share</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Market cap"}'>Market cap</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Disparity to ordinary share"}'>Disparity to ordinary share</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Sigma on a 20-day moving average"}'>Sigma on a 20-day moving average</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Samsung Electronics Co Ltd 1P"}'>Samsung Electronics Co Ltd 1P</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":60070.7291}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'>₩60,070.7B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.08863920099875156}' data-sheets-numberformat='[null,3,"0.00%",1]'>8.86%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.17793857994805093}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>0.18</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Motor Co 2PB"}'>Hyundai Motor Co 2PB</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3995.1568845}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'>₩3,995.2B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5186813186813187}' data-sheets-numberformat='[null,3,"0.00%",1]'>51.87%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.569196648465938}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-0.57</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Chem Ltd 1P"}'><strong>LG Chem Ltd 1P</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3137.0304}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'><strong>₩3,137.0B</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5436241610738255}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>54.36%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-1.2600935362723429}' data-sheets-numberformat='[null,2,"#,##0.00",1]'><strong>-1.26</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Motor Co 1P"}'><strong>Hyundai Motor Co 1P</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2691.4136925}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'><strong>₩2,691.4B</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5142857142857142}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>51.43%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.9053094049952057}' data-sheets-numberformat='[null,2,"#,##0.00",1]'><strong>-0.91</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Household &amp; Healthcare Ltd 1P"}'>LG Household &amp; Healthcare Ltd 1P</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1530.679113}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'>₩1,530.7B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5162574651625746}' data-sheets-numberformat='[null,3,"0.00%",1]'>51.63%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.5138709182936434}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>1.51</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Electronics Inc. 1P"}'>LG Electronics Inc. 1P</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1213.3310352}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'>₩1,213.3B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5277591973244147}' data-sheets-numberformat='[null,3,"0.00%",1]'>52.78%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.09711712745185148}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-0.10</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Amorepacific Corp 1P"}'>Amorepacific Corp 1P</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1055.783}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'>₩1,055.8B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6472663139329806}' data-sheets-numberformat='[null,3,"0.00%",1]'>64.73%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.9736023999998425}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>0.97</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Mirae Asset Securities Co Ltd 2PB"}'>Mirae Asset Securities Co Ltd 2PB</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":681.8}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'>₩681.8B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.513}' data-sheets-numberformat='[null,3,"0.00%",1]'>51.30%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.1642296122273978}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-0.16</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Samsung SDI Co Ltd 1P"}'><strong>Samsung SDI Co Ltd 1P</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":668.191048}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'><strong>₩668.2B</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.35769828926905134}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>35.77%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-2.4869804295474376}' data-sheets-numberformat='[null,2,"#,##0.00",1]'><strong>-2.49</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Samsung Fire &amp; Marine Insurance Co Ltd 1P"}'>Samsung Fire &amp; Marine Insurance Co Ltd 1P</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":513.912}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'>₩513.9B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2222222222222222}' data-sheets-numberformat='[null,3,"0.00%",1]'>22.22%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.3047924743702875}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>-0.30</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Korea Investment Holdings Co., Ltd. 1P"}'>Korea Investment Holdings Co., Ltd. 1P</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":510.8394872}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]'>₩510.8B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1533980582524272}' data-sheets-numberformat='[null,3,"0.00%",1]'>15.34%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.7986505752954771}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>0.80</td>
</tr>
<tr><td colspan="4">Source: KRX</td></tr>
</tbody>
</table>

Korea has a total of 121 preferred shares trading in the public stock market. At the last close, 10 preferred shares are below -1.5σ relative to their respective ordinary shares on a 20-day moving average. Three of them are below -2.0σ, including Samsung SDI 1P. 








Preferred share
Ordinary share
Disparity to ordinary share
Sigma on a 20-day moving average


Sungshin Cement Co Ltd 1P
Sungshin Cement Co Ltd
-37.80%
-2.65


Samsung SDI Co Ltd 1P
Samsung SDI Co Ltd
35.77%
-2.49


Kumkang Kind Co Ltd 1P
Kumkang Kind Co Ltd
-83.67%
-2.25


Mirae Asset Securities Co Ltd 1P
Mirae Asset Securities Co Ltd
34.80%
-1.84


Hyundai Engineering &amp; Construction Co. 1P
Hyundai Engineering &amp; Construction Co.
-312.55%
-1.78


SK Securities Co., Ltd 1P
SK Securities Co., Ltd
-430.35%
-1.78


Hanyang Securities Co., Ltd. 1P
Hanyang Securities Co., Ltd.
-57.69%
-1.76


Doosan Corp 2PB
Doosan Corp
-1.61%
-1.64


Duksung Co Ltd 1P
Duksung Co Ltd
-63.87%
-1.60


Daesang Corp 1P
Daesang Corp
24.91%
-1.59

Source: KRX

Among the largest cap preferred shares having a market cap of +₩500B, 3 names are below -1.0σ (or close) on a 20-day moving average. Samsung SDI 1P tops the list at -2.49σ, followed by LG Chem 1P with -1.26σ and Hyundai Motor 1P with -0.91σ.








Preferred share
Market cap
Disparity to ordinary share
Sigma on a 20-day moving average


Samsung Electronics Co Ltd 1P
₩60,070.7B
8.86%
0.18


Hyundai Motor Co 2PB
₩3,995.2B
51.87%
-0.57


LG Chem Ltd 1P
₩3,137.0B
54.36%
-1.26


Hyundai Motor Co 1P
₩2,691.4B
51.43%
-0.91


LG Household &amp; Healthcare Ltd 1P
₩1,530.7B
51.63%
1.51


LG Electronics Inc. 1P
₩1,213.3B
52.78%
-0.10


Amorepacific Corp 1P
₩1,055.8B
64.73%
0.97


Mirae Asset Securities Co Ltd 2PB
₩681.8B
51.30%
-0.16


Samsung SDI Co Ltd 1P
₩668.2B
35.77%
-2.49


Samsung Fire &amp; Marine Insurance Co Ltd 1P
₩513.9B
22.22%
-0.30


Korea Investment Holdings Co., Ltd. 1P
₩510.8B
15.34%
0.80

Source: KRX



Korea Share Class Pair Trade: Assessing 3 Large Cap Prefs Below -1σ

<p>LG Corp is currently in trade suspension. It will resume trading on May 27.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Corporate action schedule"}'>LG Corp (003550) spinoff schedule</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Trade suspension begins"}'>Trade suspension begins</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"4/29/21"}'>4/29/21</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Trade suspensino ends"}'>Trade suspension ends</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"5/26/21"}'>5/26/21</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Re-listing"}'><strong>Re-listing</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"5/27/21"}'><strong>5/27/21</strong></td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><div><p>The re-listing day base price is calculated as follows:</p></div><div><div><ul>
<li>Base price: (Market cap on the last trading day X Split ratio) / total shares</li>
<li>Opening price band: 50% &lt; Base price &lt; 200%</li>
</ul></div></div><div>
<p><strong>At the current market cap, LG Corp's base price comes at ₩126,500, giving a ₩19.90T market cap. LX Holdings' base price arrives at ₩25,300 with a ₩1.93T market cap.</strong></p>
<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"Re-listing day base price calculation"}'>Re-listing day base price calculation</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":2,"2":"LG Corp"}'>LG Corp</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":2,"2":"LX Holdings"}'>LX Holdings</td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"Last trading day MC"}'>Combined market cap on the last trading day</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":21828.4770715}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula='=googlefinance(Table!R3C2, "price")*googlefinance(Table!R3C2, "shares")/1000000000'>₩21,828.5B</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":21828.4770715}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula='=googlefinance(Table!R3C2, "price")*googlefinance(Table!R3C2, "shares")/1000000000'>₩21,828.5B</td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"LG Corp split ratio"}'><strong>Split ratio</strong></td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":0.9115879}' data-sheets-formula="=R[13]C[-4]"><strong>0.9115879</strong></td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":0.0884121}' data-sheets-formula="=R[13]C[-4]"><strong>0.0884121</strong></td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"LG Corp SO"}'>Total shares</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":157300992.6783149}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=NAV!R[-1]C[1]">157,300,993</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":76280691.6084255}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=NAV!R[-1]C[6]">76,280,692</td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"LG Corp base price"}'><strong>Base price</strong></td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":126500.00000000001}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula="=R[-3]C[0]*R[-2]C[0]/R[-1]C[0]*1000000000"><strong>₩126,500</strong></td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":25300}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula="=R[-3]C[0]*R[-2]C[0]/R[-1]C[0]*1000000000"><strong>₩25,300</strong></td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"- Market cap"}'><strong>- Market cap</strong></td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":19898.575573806836}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula="=R[-1]C[0]*R4C[0]/1000000000"><strong>₩19,898.6B</strong></td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":1929.901497693165}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula="=R[-1]C[0]*R4C[0]/1000000000"><strong>₩1,929.9B</strong></td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"Opening price at 50%"}'>Opening price at 50%</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":63250.00000000001}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula="=R[-2]C[0]/2">₩63,250</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":12650}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula="=R[-2]C[0]/2">₩12,650</td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"- Market cap"}'>- Market cap</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":9949.287786903418}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula="=R[-1]C[0]*R4C[0]/1000000000">₩9,949.3B</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":964.9507488465825}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula="=R[-1]C[0]*R4C[0]/1000000000">₩965.0B</td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"Opening price at 200%"}'>Opening price at 200%</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":253000.00000000003}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula="=R[-4]C[0]*2">₩253,000</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":50600}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula="=R[-4]C[0]*2">₩50,600</td>
</tr>
<tr>
<td style="width: 253.636px;" data-sheets-value='{"1":2,"2":"- Market cap"}'>- Market cap</td>
<td style="text-align: right; width: 214.545px;" data-sheets-value='{"1":3,"3":39797.15114761367}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula="=R[-1]C[0]*R4C[0]/1000000000">₩39,797.2B</td>
<td style="text-align: right; width: 213.636px;" data-sheets-value='{"1":3,"3":3859.80299538633}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula="=R[-1]C[0]*R4C[0]/1000000000">₩3,859.8B</td>
</tr>
<tr><td colspan="3" rowspan="1" style="width: 723.636px;" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table>
</div><hr><h2><strong>Pre-spinoff NAV</strong></h2><p><strong>The last closing price before the suspension kicked in on April 29 gives a 52.41% discount to its NAV.</strong> It is still a harsh discount, but at the same time, it is a substantial improvement from a +60% NAV discount not that long ago.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"NAV (₩B)"}' data-sheets-note="Sang Hyun Park: Cases when a company's net cash position and the value of its publically traded interests are worth more than its market cap create the opportunity of a stub trade, in which investors can take a view that the company's core business will rise by shorting the minority stakes whilst going long the underlying. Such an opportunity has arisen in the wake of the Alibaba listing which has seen early investing company Yahoo trade at a discount to the value of its stake in Alibaba.">Pre-spinoff NAV (₩B)</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of listed holdings"}'>Value of listed holdings</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":41626.31228257122}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=SUM(R[34]C[2]:R[42]C[2])">₩41,626.3B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - % of Holdco market cap"}'>- % of Holdco market cap</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.9069728110771385}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[-1]C[0]/((R[-12]C[0]*R[-15]C[0])/1000000000)">190.70%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of unlisted holdings"}'>Value of unlisted holdings</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2631.699}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=SUM(R[41]C[2]:R[42]C[2])">₩2,631.7B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stub value"}'>Stub value</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-22429.53421107122}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=(R[-14]C[0]*R[-17]C[0]/1000000000)-R[-3]C[0]-R[-1]C[0]">-₩22,429.5₩</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stub value per share"}'>Stub value per share</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-129983.23558747172}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-1]C[0]*1000000000/R[-18]C[0]">-₩129,983</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of operating assets"}'>Value of operating assets</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=SUM(R[60]C[2])">0.0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"GAV"}'><strong>GAV</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44258.01128257122}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=R[-6]C[0]+R[-4]C[0]+R[-1]C[0]"><strong>₩44,258.0B</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"GAV per share"}'>GAV per share</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":256483.23558747175}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-1]C[0]/R[-11]C[0]*1000000000">₩256,483</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Discount to GAV (excl. treasury shares)"}'>Discount to GAV (excl. treasury shares)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5067903767267545}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-1]C[0]-R[-19]C[0])/R[-1]C[0]">50.68%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Holdco net cash/debt (de-consolidated)"}'>Holdco net cash/debt</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1941.8010390000002}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=R[57]C[2]">₩1,941.8B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of pref shares"}'>Value of pref shares</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":329.8103615}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=(R[-20]C[0]*R[-17]C[0])/1000000000">₩329.8B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"NAV"}'><strong>NAV</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":45870.00196007122}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula="=R[-5]C[0]+R[-2]C[0]-R[-1]C[0]"><strong>₩45,870.0B</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"NAV per share (excl. treasury shares)"}'>NAV per share (excl. treasury shares)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":265825.0151369938}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-1]C[0]/R[-16]C[0]*1000000000">₩265,825</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Discount to NAV"}'><strong>Discount to NAV</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5241230403586817}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-1]C[0]-R[-24]C[0])/R[-1]C[0]"><strong>52.41%</strong></td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX &amp; DART","6":1}'>Source: KRX &amp; DART</td></tr>
</tbody>
</table>

LG Corp is currently in trade suspension. It will resume trading on May 27.





LG Corp (003550) spinoff schedule

Trade suspension begins
4/29/21


Trade suspension ends
5/26/21


Re-listing
5/27/21

Source: KRX

The re-listing day base price is calculated as follows:
Base price: (Market cap on the last trading day X Split ratio) / total shares
Opening price band: 50% &lt; Base price &lt; 200%

At the current market cap, LG Corp's base price comes at ₩126,500, giving a ₩19.90T market cap. LX Holdings' base price arrives at ₩25,300 with a ₩1.93T market cap.








Re-listing day base price calculation
LG Corp
LX Holdings


Combined market cap on the last trading day
₩21,828.5B
₩21,828.5B


Split ratio
0.9115879
0.0884121


Total shares
157,300,993
76,280,692


Base price
₩126,500
₩25,300


- Market cap
₩19,898.6B
₩1,929.9B


Opening price at 50%
₩63,250
₩12,650


- Market cap
₩9,949.3B
₩965.0B


Opening price at 200%
₩253,000
₩50,600


- Market cap
₩39,797.2B
₩3,859.8B

Source: KRX


Pre-spinoff NAVThe last closing price before the suspension kicked in on April 29 gives a 52.41% discount to its NAV. It is still a harsh discount, but at the same time, it is a substantial improvement from a +60% NAV discount not that long ago.





Pre-spinoff NAV (₩B)

Value of listed holdings
₩41,626.3B


- % of Holdco market cap
190.70%


Value of unlisted holdings
₩2,631.7B


Stub value
-₩22,429.5₩


Stub value per share
-₩129,983


Value of operating assets
0.0


GAV
₩44,258.0B


GAV per share
₩256,483


Discount to GAV (excl. treasury shares)
50.68%


Holdco net cash/debt
₩1,941.8B


Value of pref shares
₩329.8B


NAV
₩45,870.0B


NAV per share (excl. treasury shares)
₩265,825


Discount to NAV
52.41%

Source: KRX &amp; DART



LG Holdings Post-Spinoff NAV Discounts & Stub Synthetic Pair Trading

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Thematic (Sector/Industry)

<p>This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.  </p><p><strong><em>Companies mentioned this week:</em></strong></p><p><a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</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/posco" target="_blank" data-smartkarma-citation="entities:208:1" rel="noopener">Posco (005490 KS)</a>, <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>, <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom Hong Kong (762 HK)</a>, <a href="https://www.smartkarma.com/entities/china-telecom-corp-ltd-h" target="_blank" data-smartkarma-citation="entities:1015:1" rel="noopener">China Telecom Corp Ltd (H) (728 HK)</a></p>

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.  Companies mentioned this week:TSMC (2330 TT), Tencent (700 HK), Posco (005490 KS), China Mobile (941 HK), China Unicom Hong Kong (762 HK), China Telecom Corp Ltd (H) (728 HK)

Global Emerging Markets Weekly: 7 May 2021

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<div class="content-highlight"><p>In this insight, we highlight the closing of the pricing gaps between the major Korean holdcos and opcos, especially with the upcoming end of the ban on the short selling of shares in Korea in May. In this insight, we highlight 26 pair trades that involve Korean holdcos and opcos.</p></div><p>Just a reminder that the ban on short selling of KOSPI 200 and KOSDAQ 150 included stocks will remain in place until May 2nd and investors will be able to resume their shorting on these 350 stocks starting on May 3rd. Once this ban on short selling of stocks ends, there could be more investors that may look to add to the holdco shares and short the opco shares (especially among the pairs where the holdco shares have underperformed the opco shares in the past year). However, some of these moves have already started to take place in the past few weeks, which could reduce the overall profits on the pair trades. </p><p>Traditionally, the pair trades involving Korean holdcos and opcos have been a trading strategy that many hedge funds have employed for many years. However, the ban on short selling of stocks in Korea have prevented many of these funds from employing these pair trade strategies. Once the ban ends, you will likely see these funds becoming more active in these trading methods once again. </p><div class="content-highlight">
<p>In the section below, we separated the pair trades into two different sections. The first table involves major opcos outperforming holdcos (regular and quasi) in the past year. Of the 26 pair trade strategies mentioned in this insight, this section I involves 19 of them (73% of total). The section II (which involve holdcos outperforming the opcos in the past year) involves 7 pair trade strategies (27% of total).</p>
<p>In other words, the opcos in general have vastly outperformed the holdcos in the past year, especially due to the ban on the short selling of stocks in Korea. Because the opcos tend to be the bigger company than the holdcos in terms of market cap, many fund managers (both active and passive) have tended to just invest in the opcos and pay less attention to the holdcos.  </p>
</div><p>Also, we described the holdcos as either regular or quasi. SK Telecom and Samsung C&amp;T would be examples of "quasi" holdcos whereas Orion Holdings and Hanjin Kal would be examples of regular holdcos. </p>

In this insight, we highlight the closing of the pricing gaps between the major Korean holdcos and opcos, especially with the upcoming end of the ban on the short selling of shares in Korea in May. In this insight, we highlight 26 pair trades that involve Korean holdcos and opcos.Just a reminder that the ban on short selling of KOSPI 200 and KOSDAQ 150 included stocks will remain in place until May 2nd and investors will be able to resume their shorting on these 350 stocks starting on May 3rd. Once this ban on short selling of stocks ends, there could be more investors that may look to add to the holdco shares and short the opco shares (especially among the pairs where the holdco shares have underperformed the opco shares in the past year). However, some of these moves have already started to take place in the past few weeks, which could reduce the overall profits on the pair trades. Traditionally, the pair trades involving Korean holdcos and opcos have been a trading strategy that many hedge funds have employed for many years. However, the ban on short selling of stocks in Korea have prevented many of these funds from employing these pair trade strategies. Once the ban ends, you will likely see these funds becoming more active in these trading methods once again. 
In the section below, we separated the pair trades into two different sections. The first table involves major opcos outperforming holdcos (regular and quasi) in the past year. Of the 26 pair trade strategies mentioned in this insight, this section I involves 19 of them (73% of total). The section II (which involve holdcos outperforming the opcos in the past year) involves 7 pair trade strategies (27% of total).
In other words, the opcos in general have vastly outperformed the holdcos in the past year, especially due to the ban on the short selling of stocks in Korea. Because the opcos tend to be the bigger company than the holdcos in terms of market cap, many fund managers (both active and passive) have tended to just invest in the opcos and pay less attention to the holdcos.  
Also, we described the holdcos as either regular or quasi. SK Telecom and Samsung C&amp;T would be examples of "quasi" holdcos whereas Orion Holdings and Hanjin Kal would be examples of regular holdcos. 

Closing the Gap: Korean Holdcos Vs. Opcos

The May 3 short-selling resumption will likely highlight the 5 local pairs:
1 stub pair
4 share class pairs
They are the exclusive members of the MC &gt; ₩1T and DTV &gt; ₩10B club, making them the most actively arb-traded pairs in Korea.Also, they are eligible for short-selling right on May 3 as they are part of the Short 350.












Name
Ticker
MC (₩B)
SO
DTV
DTV/SO
30D avg
DTV (₩B)


AmoreG
002790
5,648.4
82,458,180
160,858
0.20%
₩66,850
10.8


Amorepacific
090430
15,023.8
58,458,490
187,379
0.32%
₩260,386
48.8



Samsung Elec 1P
005935
61,716.5
822,886,700
1,415,401
0.17%
₩74,655
105.7


Samsung Elec Ord
005930
493,104.0
5,969,782,550
16,220,095
0.27%
₩83,305
1,351.2



LG Chem 1P
051915
3,017.9
7,688,800
30,796
0.40%
₩387,955
11.9


LG Chem Ord
051910
60,991.8
70,592,343
418,077
0.59%
₩830,818
347.3



Hyundai Motor 1P
005385
2,630.5
24,356,685
79,662
0.33%
₩105,491
8.4


Hyundai Motor Ord
005380
48,182.2
213,668,187
955,060
0.45%
₩226,159
216.0



Hyundai Motor 2PB
005387
3,794.5
36,485,451
90,328
0.25%
₩103,468
9.3


Hyundai Motor Ord
005380
48,182.2
213,668,187
955,060
0.45%
₩226,159
216.0

Source: KRX

On a 20D MA, LG Chem is the only one at -1σ or less.












σ on 20D MA
Ticker
Today
T-1
T-2
T-3
T-4
T-5


AmoreG
002790
1.31
1.77
1.46
1.79
0.92
1.28


Amorepacific
090430



Samsung Elec 1P
005935
1.44
0.69
1.10
0.18
-0.35
-0.03


Samsung Elec Ord
005930



LG Chem 1P
051915
-1.34
-1.80
-1.30
-1.93
-1.53
-0.95


LG Chem Ord
051910



Hyundai Motor 1P
005385
1.13
1.16
1.73
1.87
2.18
2.60


Hyundai Motor Ord
005380



Hyundai Motor 2PB
005387
0.34
1.45
1.06
0.79
1.29
1.45


Hyundai Motor Ord
005380

Source: KRX

But they (the holding company and prefs) are at a discount to the 1-yr means, except for Samsung Elec 1P.Hyundai Motor 2PB, AmoreG, and LG Chem 1P had substantially declined relative to their respective partner.












Price ratio
Ticker
Today
120D mean
120DH
120DL
1Y mean
2Y mean


AmoreG
002790
0.26654
-1.08%
-9.30%
9.17%
-9.13%
-22.50%


Amorepacific
090430



Samsung Elec 1P
005935
0.90799
0.87%
-4.16%
4.52%
2.76%
6.01%


Samsung Elec Ord
005930



LG Chem 1P
051915
0.45428
-3.34%
-13.17%
5.11%
-6.10%
-10.43%


LG Chem Ord
051910



Hyundai Motor 1P
005385
0.47894
3.09%
-5.02%
12.74%
-4.68%
-11.77%


Hyundai Motor Ord
005380



Hyundai Motor 2PB
005387
0.46120
1.18%
-6.27%
10.15%
-9.48%
-20.03%


Hyundai Motor Ord
005380

Source: KRX



5 Most Actively Arb-Traded Pairs in Korea: 1 Stub & 4 Share Class with +₩1T MC & +₩10B DTV

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.

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LG Chem Ltd (051910 KS)

LG Holdings Post-Spinoff NAV Discounts & Stub Synthetic Pair Trading

This post investigates the discounts to the NAV for pre and post-spinoff LG Holdings entities and discusses stub synthetic pair trades.

Sanghyun Park

Global Emerging Markets Weekly: 7 May 2021

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity...

Wium Malan, CFA

Closing the Gap: Korean Holdcos Vs. Opcos

In this insight, we highlight the closing of the pricing gaps between the major Korean holdcos and opcos, especially with the upcoming end of the...

Douglas Kim

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Korea Share Class Pair Trade: Assessing 3 Large Cap Prefs Below -1σ

This post tracks the 20-day sigma of Korea's preferred shares relative to their respective ordinary share and assesses the 3 large-cap preferred...

Sanghyun Park

LG Holdings Post-Spinoff NAV Discounts & Stub Synthetic Pair Trading

This post investigates the discounts to the NAV for pre and post-spinoff LG Holdings entities and discusses stub synthetic pair trades.

Sanghyun Park

Global Emerging Markets Weekly: 7 May 2021

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity...

Wium Malan, CFA

Closing the Gap: Korean Holdcos Vs. Opcos

In this insight, we highlight the closing of the pricing gaps between the major Korean holdcos and opcos, especially with the upcoming end of the...

Douglas Kim

5 Most Actively Arb-Traded Pairs in Korea: 1 Stub & 4 Share Class with +₩1T MC & +₩10B DTV

The May 3 shorting resumption will highlight the 5 most actively arb-traded pairs: 1 stub & 4 share classes (+₩1T MC & +₩10B DTV). This post...

Sanghyun Park