Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>In this analysis, we provide a back testing analysis of the end of mandatory lock-up periods monthly data in Korea in the past six months.</li>
<li>All in all, this end of mandatory lock-up period monthly data continues to provide some alpha generating results.</li>
<li>In the past six months, they have tended to work better in periods when KOSPI declines rather than in periods when KOSPI rises. </li>
</ul>


In this analysis, we provide a back testing analysis of the end of mandatory lock-up periods monthly data in Korea in the past six months.
All in all, this end of mandatory lock-up period monthly data continues to provide some alpha generating results.
In the past six months, they have tended to work better in periods when KOSPI declines rather than in periods when KOSPI rises. 


Back Testing the End of Mandatory Lock-Up Periods Monthly Data in Korea

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ecopro-bm-co-ltd" target="_blank" data-smartkarma-citation="entities:27873:1" rel="noopener">Ecopro BM (247540 KS)</a>'s Board has approved the delisting of the stock from the KOSDAQ market and to list on the KOSPI market. The shareholder meeting is on 26 March. </li>
<li>Historically, the KRX has taken an average of 64 days from application to approve the listing to transfer from the KOSDAQ market to the KOSPI market.</li>
<li>
<a href="https://www.smartkarma.com/entities/ecopro-bm-co-ltd" target="_blank" data-smartkarma-citation="entities:27873:1" rel="noopener">Ecopro BM (247540 KS)</a> will be deleted from the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index</a> on its last trading day and inclusion in the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200 Index</a> could take place in September.</li>
</ul>



Ecopro BM (247540 KS)'s Board has approved the delisting of the stock from the KOSDAQ market and to list on the KOSPI market. The shareholder meeting is on 26 March. 
Historically, the KRX has taken an average of 64 days from application to approve the listing to transfer from the KOSDAQ market to the KOSPI market.

Ecopro BM (247540 KS) will be deleted from the KOSDAQ 150 Index on its last trading day and inclusion in the KOSPI 200 Index could take place in September.


Ecopro BM (247540 KS): Index Impact of KOSDAQ to KOSPI Transfer

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.

<ul>
<li>The schedule includes submitting the transfer listing application post-EGM on March 26th. KRX approval expected in 4-6 weeks due to Ecopro BM's financial soundness. KOSPI listing follows in 2-3 weeks.</li>
<li>As for KOSDAQ 150 ad-hoc change, it will be replaced with the top reserved issue. The anticipated timing for this ad-hoc change is around mid or late May.</li>
<li>Following Feb 7 disclosure, stock surged over 10% in 2 days. Precedents show rallies pre-shareholder meetings, but KOSPI listing brings corrections. Today's resolution could boost Ecopro BM short term.</li>
</ul>


The schedule includes submitting the transfer listing application post-EGM on March 26th. KRX approval expected in 4-6 weeks due to Ecopro BM's financial soundness. KOSPI listing follows in 2-3 weeks.
As for KOSDAQ 150 ad-hoc change, it will be replaced with the top reserved issue. The anticipated timing for this ad-hoc change is around mid or late May.
Following Feb 7 disclosure, stock surged over 10% in 2 days. Precedents show rallies pre-shareholder meetings, but KOSPI listing brings corrections. Today's resolution could boost Ecopro BM short term.


Ecopro BM KOSPI Transfer Listing Disclosure

Posco International Corporation / Event-Driven

<ul>
<li>We discuss the end of the mandatory lock-up periods for 41 stocks in Korea in January 2024, among which 4 are in KOSPI and 37 are in KOSDAQ.</li>
<li>These 41 stocks on average could be subject to further selling pressures in January and could underperform relative to the market.</li>
<li>Among these 41 stocks, top five market cap stocks include Posco International, Doosan Robotics, Rainbow Robotics, Qualitas Semiconductor, and PhilEnergy.</li>
</ul>


We discuss the end of the mandatory lock-up periods for 41 stocks in Korea in January 2024, among which 4 are in KOSPI and 37 are in KOSDAQ.
These 41 stocks on average could be subject to further selling pressures in January and could underperform relative to the market.
Among these 41 stocks, top five market cap stocks include Posco International, Doosan Robotics, Rainbow Robotics, Qualitas Semiconductor, and PhilEnergy.


End of Mandatory Lock-Up Periods for 41 Companies in Korea in January 2024

<ul>
<li>We discuss the end of the mandatory lock-up periods for 45 stocks in Korea in October 2023, among which 2 are in KOSPI and 43 are in KOSDAQ.</li>
<li>These 45 stocks on average could be subject to further selling pressures in October and could underperform relative to the market.</li>
<li>Among these 45 stocks, top five market cap stocks include Fadu, Ottogi Corporation, CanariaBio,  Top Material, and PhilEnergy.  </li>
</ul>


We discuss the end of the mandatory lock-up periods for 45 stocks in Korea in October 2023, among which 2 are in KOSPI and 43 are in KOSDAQ.
These 45 stocks on average could be subject to further selling pressures in October and could underperform relative to the market.
Among these 45 stocks, top five market cap stocks include Fadu, Ottogi Corporation, CanariaBio,  Top Material, and PhilEnergy.  


End of Mandatory Lock-Up Periods for 45 Companies in Korea in October 2023

South Korea

Korea Circuit Co., Ltd. specializes in manufacturing printed circuit boards such as multi-layer, flexible, metal-core, and single-sided and double-sided boards. The Company's products are used in computers, audio and video products, and office automation (OA) equipment.

PARTRON Co., Ltd. manufactures various parts that are used in mobile phones such as filters, duplexer, crystal oscillators, chip dielectric antenna, and isolators.  The Company also produces camera modules that is used in mobile phone cameras.

EM-Tech Co,. Ltd specializes in manufacturing micro-speakers, dynamic receivers, two-way and two-magnet mode speakers.  The product is used for speakers in CDMA, GSM and other mobile devices.  The company also produces hearing aid speakers.

Woori Technology Inc. manufactures and sells communications devices, such as audio video receivers (AVR) and digital convergence platform (DCP).  The Company also produces industrial monitoring systems, such as power management, distributed control, plant monitoring and digital radiation monitoring systems.

Mcnex Co., Ltd. manufactures and develops camera module for mobile phones and automobiles.

CHEMTRONICS Co., Ltd. (CHEMTRON) manufactures PBA (PCB Board Ass'y) Function Board for LCD monitors, LCD/PDP televisions, and home appliances.  The Company's products include Touch Board for PBA.  CHEMTRON also produces and supplies chemical products for semiconductor and LCD manufacturing.

INTOPS Co., Ltd. manufactures telecommunication equipment, plastic injection and mold, and computer peripherals.  The Company's products include assembly parts for cellular phones, printers, cordless and caller ID telephones, and various plastic parts.

Sang-A Frontec Co., Ltd. produces various fluoroplastic and functional engineering plastic products for a wide range of industries.

Samwha Capacitor Co., Ltd. manufactures various types of capacitors used in high voltage transformers in residential houses and commercial buildings. The Company's products include film capacitors, ceramic capacitors, and chip capacitors.

Jahwa Electronics Co., Ltd. manufactures a variety of magnetic electronic components such as purity convergence magnets (PCM), vibration motors, and positive temperature coefficients (PTC).  The Company also produces plastic and rubber magnets used in home appliances and automobiles.  Jahwa Electronics, through its subsidiary, provides venture capital services.

First Hi-Tec Enterprise Co., Ltd. manufactures and markets printed circuit boards (PCBs).  The Company's products include double-sided and multilayered PCBs.  First Hi-Tec sells its products in Taiwan and exports worldwide.

Yao Sheng Electronic Co., Ltd. manufactures and markets transformers and coils.

Oriental Times Media Corporation produces and operates HD digital entertainment platforms and TV shows. The Company also designs, manufactures and markets digital measuring instruments.

Prosperity Dielectrics Co., Ltd. manufactures and markets ceramic chip capacitors, chip resistors, disc type semiconductive capacitor elements, and dielectric powder.

YOKOWO CO., LTD, manufactures and markets antennas for communication equipment. The Company's products include antennas for car radio/phone, wireless equipment, and circuit testing connectors.  Yokowo has overseas manufacturing subsidiaries in Taiwan, Malaysia, and China, and markets its products overseas especially in Asia.

Alltek Technology Corp. distributes semiconductor components for the telecommunication industry.  The Company's products include voice processing devices, broadband access devices, protection devices, wireless communication components, optical devices, and power management devices.

Acme Electronics Corporation manufactures manganese zinc soft ferrite cores as well as other electromagnetic parts and components.  The Company's products are elements of inductance passive electronic components, such as power transformers, loaded coils, chokes, and demagnetization coils that apply to 3C products, e.g. power supplies, computer monitors, notebooks, PDA, etc.

WUS Printed Circuit Co., Ltd. manufactures, processes, assembles, and sells printed circuit boards (PCBs).  The Company's products include double sided PCBs and multilayer PCBs.

Comintel Corporation Berhad is an investment holding company. The Company, through its subsidiaries, provides turnkey engineering design and integration. Comintel also manufactures and assembles electronic components.

Speed Tech Corp. manufactures electronic connectors for notebook computers, communications, and electronics applications. The Company's products include board to board sockets, pin headers and Centronics, and integrated circuit sockets.

Philenergy Co., Ltd. operates battery manufacturing businesses. The Company produces secondary batteries, fuel cells, and other products. Philenergy conducts businesses in Asia.

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PhilEnergy (378340 KS)

Back Testing the End of Mandatory Lock-Up Periods Monthly Data in Korea

In this analysis, we provide a back testing analysis of the end of mandatory lock-up periods monthly data in Korea in the past six months....

Douglas Kim

Ecopro BM (247540 KS): Index Impact of KOSDAQ to KOSPI Transfer

Ecopro BM's Board has approved the KOSDAQ delisting and KOSPI listing. The shareholder meeting is on 26 March and KRX approval could come mid-May...

Brian Freitas

Ecopro BM KOSPI Transfer Listing Disclosure

This post delves into Ecopro BM's confirmation of its KOSPI transfer listing, officially announced today after the market's close.

Sanghyun Park

End of Mandatory Lock-Up Periods for 41 Companies in Korea in January 2024

We discuss the end of the mandatory lock-up periods for 41 stocks in Korea in January 2024, among which 4 are in KOSPI and 37 are in KOSDAQ.

Douglas Kim

End of Mandatory Lock-Up Periods for 45 Companies in Korea in October 2023

We discuss the end of the mandatory lock-up periods for 45 stocks in Korea in October 2023, among which 2 are in KOSPI and 43 are in KOSDAQ.

Douglas Kim

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