Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>A noteworthy flow trend in the Korean stock market is the National Pension Service's local equity purchase. For this, they tend to overweight those previously underweighted blue-chip stocks. </li>
<li>All of the top 10 most net-bought stocks by local pensions on April 18-26 are KOSPI 200 constituents. And most of them all have a relatively small NPS-owned stake.</li>
<li>Most of them have significantly outperformed the KOSPI 200 (-0.90%) during this period.</li>
</ul>


A noteworthy flow trend in the Korean stock market is the National Pension Service's local equity purchase. For this, they tend to overweight those previously underweighted blue-chip stocks. 
All of the top 10 most net-bought stocks by local pensions on April 18-26 are KOSPI 200 constituents. And most of them all have a relatively small NPS-owned stake.
Most of them have significantly outperformed the KOSPI 200 (-0.90%) during this period.


Noteworthy Flow Trend: Korea NPS Overweighting Local Equity

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

Posco International Corporation / Equity Bottom-Up

<ul>
<li>In this insight, we review Warren Buffett's stakes in Japanese trading  companies and review investment opportunities in Korean trading companies amid a war between Russia and Ukraine. </li>
<li>The recent war between Russia and Ukraine has resulted in <strong>higher commodities prices.</strong> This has boosted the share prices of commodities related companies globally, including <strong>Japanese and Korean trading companies.</strong>
</li>
<li><strong>We would focus on GS Global Corp, Hanwha Corporation, Posco International Corporation, and LX International as Korean trading companies that could continue to outperform the market amid war in Ukraine. </strong></li>
</ul>


In this insight, we review Warren Buffett's stakes in Japanese trading  companies and review investment opportunities in Korean trading companies amid a war between Russia and Ukraine. 
The recent war between Russia and Ukraine has resulted in higher commodities prices. This has boosted the share prices of commodities related companies globally, including Japanese and Korean trading companies.

We would focus on GS Global Corp, Hanwha Corporation, Posco International Corporation, and LX International as Korean trading companies that could continue to outperform the market amid war in Ukraine. 


Buffett’s Stakes in Japanese Trading Firms & A Review of Korean Trading Firms Amid War in Ukraine

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/senex-energy-ltd" target="_blank" data-smartkarma-citation="entities:18390:1" rel="noopener">Senex Energy (SXY AU)</a></strong>'s Scheme Booklet is now out. The Scheme Meeting will be held on the 15 March. </li>
<li>The Independent Expert has concluded this US$600mn Offer is fair and reasonable and in the best interest of Senex shareholders.</li>
<li>The Offer price is full. And trading tight to terms.</li>
</ul>



Senex Energy (SXY AU)'s Scheme Booklet is now out. The Scheme Meeting will be held on the 15 March. 
The Independent Expert has concluded this US$600mn Offer is fair and reasonable and in the best interest of Senex shareholders.
The Offer price is full. And trading tight to terms.


Senex Energy: Scheme Booklet Out. Meeting On The 15 March

<ul>
<li>
<a href="https://www.smartkarma.com/entities/senex-energy-ltd" target="_blank" data-smartkarma-citation="entities:18390:1" rel="noopener"><strong>Senex Energy (SXY AU)</strong></a> has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02465599-2A1345453?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">entered</a> into a Scheme of Arrangement with Posco at A$4.60/share, in cash. In addition, Senex intends to pay an interim dividend of up to A$0.05/share.</li>
<li>Senex's board unanimously recommends that shareholders vote in favour of the Scheme. Key conditions of the Scheme include Senex shareholder approval and FIRB approval.</li>
<li>Senex expects a Scheme Meeting to occur in March 2022 and, if approved, the transaction is expected to complete in late March 2022.</li>
</ul>



Senex Energy (SXY AU) has entered into a Scheme of Arrangement with Posco at A$4.60/share, in cash. In addition, Senex intends to pay an interim dividend of up to A$0.05/share.
Senex's board unanimously recommends that shareholders vote in favour of the Scheme. Key conditions of the Scheme include Senex shareholder approval and FIRB approval.
Senex expects a Scheme Meeting to occur in March 2022 and, if approved, the transaction is expected to complete in late March 2022.


Senex Energy Enters Into Scheme With Posco

<div>
<p>This insight provides a quick summary of gross/annualised (where possible) spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and how those spreads have changed over the last week; plus the next hard events over the coming weeks.</p>
</div>
<div>
<p>I number 46, mostly firm, deals around the region.</p>
</div>
<div>
<p>More below the fold.</p>
</div>


This insight provides a quick summary of gross/annualised (where possible) spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and how those spreads have changed over the last week; plus the next hard events over the coming weeks.


I number 46, mostly firm, deals around the region.


More below the fold.


Asia-Pac Weekly Risk Arb Summary: Shinsei Bank, HomeCo/Aventus, Irongate, Spark Infra, ICar, Yorkey

South Korea

Posco International Corporation is a general trading company.  The Company exports and imports steel, cement, crude oil, heavy machinery, automobile parts, and textiles.  Daewoo also manufactures synthetic fabrics for footwear, garments, and car seats, and operates a department store in Masan.

Posco International Corporation (047050 KS)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Posco International Corporation (047050 KS)

Noteworthy Flow Trend: Korea NPS Overweighting Local Equity

The NPS seems to have recently begun to overweight local equity, and this post investigates this significant flow trend and the stocks worthy of...

Sanghyun Park

Buffett’s Stakes in Japanese Trading Firms & A Review of Korean Trading Firms Amid War in Ukraine

We would focus on GS Corp, Hanwha Corporation, Posco International Corporation, and LX International as Korean trading companies that could...

Douglas Kim

Senex Energy: Scheme Booklet Out. Meeting On The 15 March

Trading tight at a gross/annualised spread of 0.9%/6.3%, including the A$0.05/share dividend. This is a done deal. Play the spread.

David Blennerhassett

Senex Energy Enters Into Scheme With Posco

The Offer price is full. Trading at a gross/annualised spread of 1.9%/6.8%, including the A$0.05/share dividend. This is a done deal. Play the...

David Blennerhassett

Asia-Pac Weekly Risk Arb Summary: Shinsei Bank, HomeCo/Aventus, Irongate, Spark Infra, ICar, Yorkey

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)