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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

The review period for 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> June rebalance ends on 30 April. 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 currently see 15 inclusions and 15 exclusions from the index.The potential inclusions are Vaxcell Bio Therapeutics (323990 KS), <a href="https://www.smartkarma.com/entities/gemvax-kael-co-ltd" target="_blank" data-smartkarma-citation="entities:17026:1" rel="noopener">Gemvax &amp; Kael (082270 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>, <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>, <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/simmtech-co-ltd" target="_blank" data-smartkarma-citation="entities:28871:1" rel="noopener">SIMMTECH Co Ltd (222800 KS)</a>, Park Systems Corp (140860 KS), <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/hana-materials-inc" target="_blank" data-smartkarma-citation="entities:24088:1" rel="noopener">Hana Materials Inc (166090 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>, <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>, AJu IB Investment (027360 KS), <a href="https://www.smartkarma.com/entities/woori-technology-inv-co-ltd" target="_blank" data-smartkarma-citation="entities:2853:1" rel="noopener">Woori Technology Inv (041190 KS)</a>, <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> and <a href="https://www.smartkarma.com/entities/sungwoo-hitech-co-ltd" target="_blank" data-smartkarma-citation="entities:3963:1" rel="noopener">Sungwoo Hitech (015750 KS)</a>. The potential exclusions are <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>, <a href="https://www.smartkarma.com/entities/easy-bio-inc" target="_blank" data-smartkarma-citation="entities:5778:1" rel="noopener">Easy Bio Inc (035810 KS)</a>, <a href="https://www.smartkarma.com/entities/vt-gmp-co-ltd" target="_blank" data-smartkarma-citation="entities:8056:1" rel="noopener">VT GMP Co Ltd (018290 KS)</a>, <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/iriver-ltd" target="_blank" data-smartkarma-citation="entities:13005:1" rel="noopener">Iriver Ltd (060570 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/saraminhr-co-ltd" target="_blank" data-smartkarma-citation="entities:8494:1" rel="noopener">SaraminHR (143240 KS)</a>, <a href="https://www.smartkarma.com/entities/vitzrocell-co-ltd" target="_blank" data-smartkarma-citation="entities:4885:1" rel="noopener">Vitzrocell (082920 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/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/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/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/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/korea-ratings-corp" target="_blank" data-smartkarma-citation="entities:20020:1" rel="noopener">Korea Ratings (034950 KS)</a> and <a href="https://www.smartkarma.com/entities/caregen-co-ltd" target="_blank" data-smartkarma-citation="entities:27337:1" rel="noopener">Caregen Co Ltd (214370 KS)</a>.Limited short selling in Korea resumes on 3 May. The expected deletions could drop ahead of the announcement of the changes since <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> constituents are short sell eligible. The stocks that are included in the index could outperform the deletions, but drop off post their inclusion in 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>.

The review period for the KOSDAQ 150 Index (KOSDQ150 INDEX) June rebalance ends on 30 April. 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 currently see 15 inclusions and 15 exclusions from the index.The potential inclusions are Vaxcell Bio Therapeutics (323990 KS), Gemvax &amp; Kael (082270 KS), Binex Co Ltd (053030 KS), Nanos Co Ltd (151910 KS), Tesna Inc (131970 KS), SIMMTECH Co Ltd (222800 KS), Park Systems Corp (140860 KS), Sam Kang M&amp;T (100090 KS), Hana Materials Inc (166090 KS), Tse Co Ltd (131290 KS), Unison Co Ltd (018000 KS), AJu IB Investment (027360 KS), Woori Technology Inv (041190 KS), Icure Pharm Inc (175250 KS) and Sungwoo Hitech (015750 KS). The potential exclusions are HLscience Co. (239610 KS), Easy Bio Inc (035810 KS), VT GMP Co Ltd (018290 KS), STCube (052020 KS), Iriver Ltd (060570 KS), Shin Heung Energy &amp; Electronics Co (243840 KS), SaraminHR (143240 KS), Vitzrocell (082920 KS), Sangsangin Co., Ltd. (038540 KS), Advanced Process Systems (265520 KS), Ebest Investment &amp; Securitie (078020 KS), Spigen Korea (192440 KS), Daea Ti Co Ltd (045390 KS), Korea Ratings (034950 KS) and Caregen Co Ltd (214370 KS).Limited short selling in Korea resumes on 3 May. The expected deletions could drop ahead of the announcement of the changes since KOSDAQ 150 Index (KOSDQ150 INDEX) constituents are short sell eligible. The stocks that are included in the index could outperform the deletions, but drop off post their inclusion in the KOSDAQ 150 Index (KOSDQ150 INDEX). 

KOSDAQ150 Index Rebalance Preview: 15 Potential Changes; Big Impact on Deletions

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

SEMCNS is the market leader in Korea in the ceramic STFs (space transformers) market, which is mainly used in the semiconductor sector. Ceramic STF is a core component of a probe card for evaluating the electrical performance of a wafer. It supports MEMS PIN and transmits an electrical signal to the test inspection equipment through a PCB. Its main competitors are based in Japan. Major customers of the company's products include Samsung Electronics and SK Hynix.<a href="https://www.smartkarma.com/entities/semcns-co-ltd" target="_blank" data-smartkarma-citation="entities:33009:1" rel="noopener">SEMCNS Co Ltd (252990 KS)</a> is getting ready to complete its IPO in Korea in May. The IPO price range is from 5,000 won to 5,700 won. The IPO base deal size is from $54 million to $61 million. According to the bankers' valuation, the expected market cap after the IPO ranges from 251 billion won to 286 billion won. Of the 12 million shares slated for this IPO, 10 million are new shares and 2 million are old shares. The book building for the institutional investors starts on 3 March 2021.The company plans to spend the bulk of its IPO proceeds to double its capacity of STF from 5,000 units per year to 10,000 units per year at its Osong facility. The company has excellent technology and competes in a high barriers to entry industry. <table class="table table-striped">
<colgroup>
<col>
<col>
</colgroup>
<tbody>
<tr>
<td style="width: 292.32px;">Deal Specifics of the SEMCNS IPO:</td>
<td style="width: 344.16px;"> </td>
</tr>
<tr>
<td style="width: 292.32px;">Lead underwriters of the IPO: </td>
<td style="width: 344.16px;">Daishin Secuities</td>
</tr>
<tr>
<td style="width: 292.32px;">Expected IPO price per share: </td>
<td style="width: 344.16px;">5,000 won (low)/5,700 won (high)</td>
</tr>
<tr>
<td style="width: 292.32px;">Number of Shares for IPO:</td>
<td style="width: 344.16px;">12m shares (10m new shares; 2m old shares)</td>
</tr>
<tr>
<td style="width: 292.32px;">IPO base deal size: </td>
<td style="width: 344.16px;">US$54m (low);  US$61m (high)</td>
</tr>
<tr>
<td style="width: 292.32px;">Expected common shares outstanding, fully diluted (post-IPO):  </td>
<td style="width: 344.16px;">50.2 m shares</td>
</tr>
<tr>
<td style="width: 292.32px;">Expected market cap after IPO:</td>
<td style="width: 344.16px;">251 billion won (low)/286 billion won (high)</td>
</tr>
<tr>
<td style="width: 292.32px;">Book open: </td>
<td style="text-align: left; width: 344.16px;">03-May-21</td>
</tr>
<tr>
<td style="width: 292.32px;">Book closed:</td>
<td style="text-align: left; width: 344.16px;">04-May-21</td>
</tr>
<tr>
<td style="width: 292.32px;">Listing date: </td>
<td style="text-align: left; width: 344.16px;">TBD</td>
</tr>
<tr>
<td style="width: 292.32px;">Source: Company data</td>
<td style="width: 344.16px;"> </td>
</tr>
</tbody>
</table>

SEMCNS is the market leader in Korea in the ceramic STFs (space transformers) market, which is mainly used in the semiconductor sector. Ceramic STF is a core component of a probe card for evaluating the electrical performance of a wafer. It supports MEMS PIN and transmits an electrical signal to the test inspection equipment through a PCB. Its main competitors are based in Japan. Major customers of the company's products include Samsung Electronics and SK Hynix.SEMCNS Co Ltd (252990 KS) is getting ready to complete its IPO in Korea in May. The IPO price range is from 5,000 won to 5,700 won. The IPO base deal size is from $54 million to $61 million. According to the bankers' valuation, the expected market cap after the IPO ranges from 251 billion won to 286 billion won. Of the 12 million shares slated for this IPO, 10 million are new shares and 2 million are old shares. The book building for the institutional investors starts on 3 March 2021.The company plans to spend the bulk of its IPO proceeds to double its capacity of STF from 5,000 units per year to 10,000 units per year at its Osong facility. The company has excellent technology and competes in a high barriers to entry industry. 






Deal Specifics of the SEMCNS IPO:
 


Lead underwriters of the IPO: 
Daishin Secuities


Expected IPO price per share: 
5,000 won (low)/5,700 won (high)


Number of Shares for IPO:
12m shares (10m new shares; 2m old shares)


IPO base deal size: 
US$54m (low);  US$61m (high)


Expected common shares outstanding, fully diluted (post-IPO):  
50.2 m shares


Expected market cap after IPO:
251 billion won (low)/286 billion won (high)


Book open: 
03-May-21


Book closed:
04-May-21


Listing date: 
TBD


Source: Company data
 




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 expect <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/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/tse-co-ltd" target="_blank" data-smartkarma-citation="entities:17821:1" rel="noopener">Tse Co Ltd (131290 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/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>, Park Systems Corp (140860 KS), <a href="https://www.smartkarma.com/entities/hankook-atlasbx-co-ltd" target="_blank" data-smartkarma-citation="entities:15603:1" rel="noopener">Hankook AtlasBX Co.,Ltd. (023890 KS)</a>, Aju IB Investment (027360 KS), Vaxcell Bio (323990 KS), <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>, <a href="https://www.smartkarma.com/entities/fine-semitech-corp" target="_blank" data-smartkarma-citation="entities:15348:1" rel="noopener">Fine Semitech (036810 KS)</a> and <a href="https://www.smartkarma.com/entities/sungwoo-hitech-co-ltd" target="_blank" data-smartkarma-citation="entities:3963:1" rel="noopener">Sungwoo Hitech (015750 KS)</a> to be included in the index at the June review.Deletion possibilities include <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/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/hlscience-co-ltd" target="_blank" data-smartkarma-citation="entities:23629:1" rel="noopener">HLSCIENCE Co. (239610 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/easy-bio-inc" target="_blank" data-smartkarma-citation="entities:5778:1" rel="noopener">Easy Bio Inc (035810 KS)</a>, Golfzon (215000 KS), <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/lemon-co-ltd" target="_blank" data-smartkarma-citation="entities:28841:1" rel="noopener">Lemon (294140 KQ)</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> and <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>.The short sell ban in Korea has been extended to 2 May. Stocks that are constituents of the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> and <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> can be short sold from 3 May. The commencement of short selling on these stocks prior to the announcement of the June review changes could result in the expected inclusions outperforming the expected exclusions and opening up other trading strategies.

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 expect Tesna Inc (131970 KS), SIMMTECH Co Ltd (222800 KS), Tse Co Ltd (131290 KS), Unison Co Ltd (018000 KS), Icure Pharm Inc (175250 KS), Sam Kang M&amp;T (100090 KS), Park Systems Corp (140860 KS), Hankook AtlasBX Co.,Ltd. (023890 KS), Aju IB Investment (027360 KS), Vaxcell Bio (323990 KS), Binex Co Ltd (053030 KS), Fine Semitech (036810 KS) and Sungwoo Hitech (015750 KS) to be included in the index at the June review.Deletion possibilities include Stcube (052020 KS), Gmp Co Ltd (018290 KS), Iriver Ltd (060570 KS), HLSCIENCE Co. (239610 KS), Advanced Process Systems (265520 KS), SaraminHR (143240 KS), Easy Bio Inc (035810 KS), Golfzon (215000 KS), Daea Ti Co Ltd (045390 KS), Spigen Korea (192440 KS), Lemon (294140 KQ), Sangsangin Co., Ltd. (038540 KS) and Shin Heung Energy &amp; Electronics Co (243840 KS).The short sell ban in Korea has been extended to 2 May. Stocks that are constituents of the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) and KOSDAQ 150 Index (KOSDQ150 INDEX) can be short sold from 3 May. The commencement of short selling on these stocks prior to the announcement of the June review changes could result in the expected inclusions outperforming the expected exclusions and opening up other trading strategies.

KOSDAQ150 Index Rebalance Preview: Expected Inclusions Continue to Move Higher

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 / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

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Corrigenda: There is an error in this Insight. Please check the discussion at the end of this Insight for the correction.
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Simmtech, a small-cap PCB maker (&lt;₩300bil), announced a 92bil rights offering yesterday. It carries a usual 20% oversubscription privilege, and Mirae will serve as a banker. There is no cancellation risk since it is a standby offer. The capital increase rate sits at 40%. 20% of the offering will go to the ESOP, so the per share allocation for the stockholders remains at 0.32. March 17 is the first round pricing, followed by March 19 for the ex-rights date. The subscription rights will get traded starting April 7. Then, the pricing deadline is April 20.
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Corrigenda: There is an error in this Insight. Please check the discussion at the end of this Insight for the correction.

Simmtech, a small-cap PCB maker (&lt;₩300bil), announced a 92bil rights offering yesterday. It carries a usual 20% oversubscription privilege, and Mirae will serve as a banker. There is no cancellation risk since it is a standby offer. The capital increase rate sits at 40%. 20% of the offering will go to the ESOP, so the per share allocation for the stockholders remains at 0.32. March 17 is the first round pricing, followed by March 19 for the ex-rights date. The subscription rights will get traded starting April 7. Then, the pricing deadline is April 20.




Simmtech Rights Offer: Small Size but Higher Price Volatility May Ensure Fun for Arb Hunters

South Korea

Simmtech Co., Ltd. manufactures Printed Circuit Board (PCB) modules.  The Company's Memory Module PCBs are used to expand the semiconductor memory and the Mobile Phone Boards are used in communication devices such as mobile phones and navigation devices.

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SIMMTECH Co Ltd (222800 KS)

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Corrigenda: There is an error in this Insight. Please check the discussion at the end of this Insight for the correction. Simmtech, a small-cap...

Sanghyun Park

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