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

Below is the first batch of the likely candidates based on the November 1~April 5 average market caps.A total of 195 names make the list.
Select candidates for each sector in order by avg daily MC (the cumulative cutoff at the 85th percentile)
Include the first company that crosses the 85th percentile mark
Exclude those whose avg DTV ranking is below the 85th percentile or (only new entrants) whose avg daily MC ranking is above 110%
If not 200, then re-select current constituents whose avg daily MC ranking is within 110%













Name
Ticker
Sector
KOSPI 200
MC C
MC R
DTV C
MC (₩B)


Samsung Electronics Co Ltd
005930
IT
1
70.08%
11.11%
1.56%
464,170.5


SK Hynix Inc
000660
IT
2
83.45%
22.22%
3.13%
88,604.8


LG Chem Ltd
051910
Mat
4
32.19%
3.57%
0.61%
60,426.4


Naver Corp
035420
Comm
3
31.51%
10.00%
3.57%
54,157.6


Samsung Biologics Co Ltd
207940
HC
21
32.83%
5.56%
9.09%
51,686.8


Hyundai Motor Co
005380
CD
6
21.73%
2.78%
1.31%
46,007.8


Samsung SDI Co Ltd
006400
IT
5
90.12%
33.33%
4.69%
44,129.1


Celltrion, Inc.
068270
HC
7
58.34%
11.11%
1.82%
40,166.4


Kakao Corp
035720
Comm
8
53.67%
20.00%
7.14%
38,080.8


Kia Motors Corporation
000270
CD
10
35.70%
5.56%
0.65%
29,596.9


HYUNDAI MOBIS CO., LTD.
012330
CD
11
48.57%
8.33%
3.27%
27,238.1


LG Household &amp; Healthcare Ltd
051900
CS
16
23.43%
3.85%
4.17%
24,522.4


Samsung C&amp;T Corp
028260
Ind
18
11.30%
2.04%
4.76%
24,027.4


POSCO
005490
Mat
9
44.82%
7.14%
1.22%
23,716.1


LG Electronics Inc.
066570
CD
13
58.63%
11.11%
1.96%
21,311.2


SK Innovation Co Ltd
096770
Energy
19
58.00%
25.00%
11.11%
20,679.3


NCSoft Corp
036570
Comm
14
65.28%
30.00%
14.29%
19,949.1


SK Telecom Co Ltd
017670
Comm
17
76.86%
40.00%
17.86%
19,902.7


KB Financial Group Inc
105560
Fin &amp; RE
12
12.91%
5.56%
1.54%
19,288.5


SK Holdings Co Ltd
034730
Ind
23
19.95%
4.08%
1.79%
18,380.8


Shinhan Financial Group Co., Ltd.
055550
Fin &amp; RE
15
24.52%
11.11%
3.08%
17,358.7


LG Corp
003550
Ind
26
27.20%
6.12%
11.90%
15,423.2


Korea Electric Power Corporation
015760
Util
28
69.74%
50.00%
7.14%
15,144.8


Samsung Life Insurance co., Ltd
032830
Fin &amp; RE
30
34.60%
16.67%
7.69%
15,068.4


Samsung SDS Co Ltd
018260
IT
31
92.31%
44.44%
18.75%
14,560.3


Samsung Electro-Mechanics Co., Ltd.
009150
IT
22
94.35%
55.56%
6.25%
13,493.2


Amorepacific Corp
090430
CS
27
35.47%
7.69%
2.78%
12,611.2


SK Biopharmaceuticals Co Ltd
326030
HC
88
65.71%
16.67%
7.27%
11,611.6


KT&amp;G Corp
033780
CS
24
46.29%
11.54%
5.56%
11,328.1


Hana Financial Group Inc
086790
Fin &amp; RE
20
42.04%
22.22%
6.15%
11,109.1


Netmarble Corp
251270
Comm
25
83.23%
50.00%
39.29%
10,953.3


Lotte Chemical Corp
011170
Mat
40
50.09%
10.71%
4.88%
9,889.1


Hanwha Solutions Corp
009830
Mat
36
55.07%
14.29%
3.66%
9,360.3


Samsung Fire &amp; Marine Insurance Co Ltd
000810
Fin &amp; RE
35
47.94%
27.78%
9.23%
8,826.8


Hanon Systems
018880
CD
39
62.77%
13.89%
6.54%
8,768.3


Korean Air Lines Co Ltd
003490
Ind
32
31.24%
8.16%
5.95%
8,573.2


S Oil Corp
010950
Energy
52
81.58%
50.00%
22.22%
8,407.1


Korea Zinc Inc
010130
Mat
49
59.16%
17.86%
15.24%
7,672.5


Korea Shipbuilding &amp;Offshore Engn Co Ltd
009540
Ind
33
34.83%
10.20%
3.57%
7,630.9


Posco Chemical Co Ltd
003670
Mat
41
63.16%
21.43%
4.27%
7,505.7


Hyundai Glovis Co Ltd
086280
Ind
48
38.22%
12.24%
8.93%
7,212.1


LG Display Co Ltd
034220
IT
37
95.43%
66.67%
9.38%
7,123.8


Woori Financial Group Inc
316140
Fin &amp; RE
38
52.68%
33.33%
16.92%
7,082.5


Big Hit Entertainment Co Ltd
352820
Comm
65
87.26%
60.00%
21.43%
6,929.0


Industrial Bank of Korea
024110
Fin &amp; RE
71
57.07%
38.89%
15.38%
6,567.4


KT Corp
030200
Comm
34
91.05%
70.00%
28.57%
6,520.2


Mirae Asset Daewoo Co Ltd
006800
Fin &amp; RE
51
61.19%
44.44%
23.08%
6,152.8


CJ Cheiljedang Corp
097950
CS
57
52.10%
15.38%
11.11%
6,079.0


Shinpoong Pharmaceutical Co Ltd
019170
HC
59
69.51%
22.22%
3.64%
5,984.0


Kumho Petro Chemical Co Ltd
011780
Mat
42
66.23%
25.00%
1.83%
5,764.3


HMM Co Ltd
011200
Ind
29
40.88%
14.29%
0.60%
5,647.8


Hyundai Steel Co
004020
Mat
43
69.07%
28.57%
6.10%
5,329.4


LG Uplus Corp
032640
Comm
50
94.11%
80.00%
35.71%
5,250.8


Coway Co Ltd
021240
CD
45
65.22%
16.67%
15.69%
5,186.1


Kangwon Land, Inc.
035250
CD
54
67.66%
19.44%
10.46%
5,174.7


Hankook Tire &amp; Technology Co Ltd
161390
CD
47
70.09%
22.22%
16.34%
5,137.1


Doosan Heavy Industries Constrctn Co Ltd
034020
Ind
66
43.21%
16.33%
13.69%
4,972.0


Orion Corp
271560
CS
60
56.81%
19.23%
16.67%
4,931.9


Amorepacific Group
002790
CS
84
61.42%
23.08%
20.83%
4,820.9


E-Mart Inc
139480
CS
46
65.84%
26.92%
6.94%
4,628.0


Korea Investment Holdings Co., Ltd.
071050
Fin &amp; RE
44
64.28%
50.00%
12.31%
4,618.5


Yuhan Corp
000100
HC
56
72.42%
27.78%
21.82%
4,585.7


Hanmi Science Co Ltd
008930
HC
105
75.31%
33.33%
38.18%
4,544.1


Green Cross Corp
006280
HC
86
78.19%
38.89%
10.91%
4,541.7


LG Innotek Co., Ltd.
011070
IT
58
96.10%
77.78%
12.50%
4,460.1


Hyundai Engineering &amp; Construction Co.
000720
Ind
53
45.28%
18.37%
14.88%
4,391.7


SK Chemicals Co Ltd
285130
Mat
81
71.40%
32.14%
5.49%
4,373.1


Hanjin Kal
180640
Ind
130
47.31%
20.41%
47.62%
4,322.3


Hyundai Heavy Industries Holdings Co Ltd
267250
Ind
64
49.33%
22.45%
22.02%
4,293.2


Samsung Heavy Industries Co.,Ltd
010140
Ind
55
51.31%
24.49%
2.98%
4,196.7


HanmiPharm
128940
HC
69
80.78%
44.44%
20.00%
4,076.1


SKC Co Ltd
011790
Mat
63
73.52%
35.71%
10.37%
3,983.3


CJ Logistics Corp
000120
Ind
74
53.12%
26.53%
26.79%
3,853.7


Samsung Card Co Ltd
029780
Fin &amp; RE
137
69.58%
61.11%
47.69%
3,830.2


Lotte Corp
004990
Ind
146
54.80%
28.57%
46.43%
3,569.5


GS Holdings Corp
078930
Energy
87
91.55%
75.00%
33.33%
3,553.4


Samsung Securities Co Ltd
016360
Fin &amp; RE
68
71.94%
66.67%
20.00%
3,527.5


KIWOOM Securities Co., Ltd.
039490
Fin &amp; RE
93
74.24%
72.22%
13.85%
3,439.5


Ssangyong Cement Industry Co Ltd
003410
Mat
147
75.34%
39.29%
17.07%
3,416.4


Doosan Fuel Cell Co Ltd
336260
Ind
113
56.39%
30.61%
11.31%
3,388.2


Doosan Bobcat Inc
241560
Ind
83
57.95%
32.65%
22.62%
3,303.2


Dong Suh Companies Inc
026960
CS
123
68.98%
30.77%
18.06%
3,285.4


Hotel Shilla Co Ltd
008770
CD
61
71.62%
25.00%
5.23%
3,248.8


GS Engineering &amp; Construction Corp
006360
Ind
67
59.46%
34.69%
8.33%
3,208.9


NH Investment &amp; Securities Co Ltd
005940
Fin &amp; RE
89
76.38%
77.78%
36.92%
3,198.3


S1 Corp
012750
Ind
78
60.95%
36.73%
51.79%
3,170.8


Lotte Shopping Co Ltd
023530
CD
110
73.11%
27.78%
13.73%
3,142.2


DB Insurance Co Ltd
005830
Fin &amp; RE
76
78.44%
83.33%
24.62%
3,072.1


Cs Wind Corp
112610
Ind
112
62.39%
38.78%
5.36%
3,068.0


Korea Aerospace Industries Ltd
047810
Ind
62
63.77%
40.82%
9.52%
2,934.3


Korea Gas Corp
036460
Util
118
83.14%
100.00%
14.29%
2,910.8


Mando Corp
204320
CD
72
74.46%
30.56%
5.88%
2,874.0


Daewoo Shipbuilding &amp; Marine Engineering
042660
Ind
104
65.11%
42.86%
31.55%
2,848.2


GS Retail Co Ltd
007070
CS
125
71.59%
34.62%
19.44%
2,730.8


Iljin Materials Co Ltd
020150
IT
92
96.99%
100.00%
17.19%
2,728.8


Pan Ocean Co Ltd
028670
Ind
100
66.36%
44.90%
1.19%
2,666.6


CJ Corp
001040
Ind
102
67.61%
46.94%
39.29%
2,655.6


Fila Holdings Corp
081660
CD
77
75.72%
33.33%
16.99%
2,651.2


MERITZ SECURITIES CO LTD
008560
Fin &amp; RE
99
80.18%
88.89%
29.23%
2,603.8


Samsung Engineering Co Ltd
028050
Ind
79
68.83%
48.98%
17.26%
2,591.3


BGF Retail Co Ltd
282330
CS
101
74.04%
38.46%
29.17%
2,563.9


Shinsegae Inc
004170
CD
80
76.88%
36.11%
7.19%
2,462.7


HiteJinro Co Ltd
000080
CS
115
76.33%
42.31%
9.72%
2,405.3


Hanssem Co Ltd
009240
CD
114
78.01%
38.89%
24.18%
2,398.2


Cheil Worldwide Inc
030000
Comm
94
95.50%
90.00%
57.14%
2,385.8


Hanwha Life Insurance Co Ltd
088350
Fin &amp; RE
126
81.74%
94.44%
10.77%
2,334.8


Daewoong Co., Ltd.
003090
HC
148
82.25%
50.00%
34.55%
2,306.8


Oci Co Ltd
010060
Mat
73
76.56%
42.86%
7.93%
2,295.5


DL E&amp;C Ord Shs
375500
Ind
82
69.90%
51.02%
10.12%
2,272.4


Hansol Chemical Co Ltd
014680
Mat
70
77.75%
46.43%
15.85%
2,236.9


Hanwha Corp
000880
Ind
96
70.93%
53.06%
32.14%
2,195.4


LS Corp.
006260
Ind
120
71.96%
55.10%
25.00%
2,171.2


Daewoo Engineering &amp; Construction Co Ltd
047040
Ind
103
72.98%
57.14%
10.71%
2,171.0


Posco International Corp
047050
Ind
136
73.99%
59.18%
7.74%
2,161.4


Ottogi Corp
007310
CS
154
78.32%
46.15%
38.89%
2,083.9


Hyundai Marine &amp; Fire Insurance Co., Ltd
001450
Fin &amp; RE
98
83.11%
100.00%
27.69%
2,038.9


Hyundai Rotem Co
064350
Ind
108
74.95%
61.22%
17.86%
2,037.1


Chong Kun Dang Pharmaceutical Corp
185750
HC
121
83.54%
55.56%
12.73%
2,030.8


Hyundai Mipo Dockyard Co., Ltd.
010620
Ind
91
75.89%
63.27%
13.10%
1,986.9


BNK Financial Group Inc
138930
Fin &amp; RE
85
84.42%
105.56%
21.54%
1,958.0


Hyundai Wia Corp
011210
CD
109
78.91%
41.67%
9.80%
1,894.7


Doosan Infracore Co Ltd
042670
Ind
90
76.76%
65.31%
2.38%
1,850.5


Hanwha Systems Co Ltd
272210
Ind
142
77.62%
67.35%
6.55%
1,838.4


Korea Petro Chemical Ind Co Ltd
006650
Mat
133
78.73%
50.00%
14.63%
1,830.6


Green Cross Holdings
005250
HC
141
84.70%
61.11%
29.09%
1,828.6


Hyundai Department Store Co Ltd
069960
CD
107
79.77%
44.44%
9.15%
1,822.3


LS Electric Co Ltd
010120
Ind
127
78.47%
69.39%
38.10%
1,804.2


Nongshim Co Ltd
004370
CS
135
80.01%
50.00%
27.78%
1,765.2


Hanwha Aerospace Co Ltd
012450
Ind
95
79.29%
71.43%
18.45%
1,743.7


Hyundai Elevator Co Ltd
017800
Ind
97
80.11%
73.47%
27.98%
1,735.5


KCC Corp
002380
Mat
116
79.65%
53.57%
23.78%
1,731.4


HDC Hyundai Development Co
294870
Ind
106
80.92%
75.51%
23.81%
1,721.2


Hyosung Corp
004800
Ind
143
81.72%
77.55%
34.52%
1,711.7


F&amp;F Co., Ltd
007700
CD
140
80.55%
47.22%
18.95%
1,667.5


Bukwang Pharm Co Ltd
003000
HC
111
85.73%
66.67%
5.45%
1,616.9


Hanall Biopharma Co Ltd
009420
HC
129
86.75%
72.22%
43.64%
1,609.5


Daewoong Pharmaceutical Co., Ltd.
069620
HC
149
87.76%
77.78%
23.64%
1,594.5


IS DONGSEO CO., LTD.
010780
Ind
144
82.47%
79.59%
50.60%
1,586.3


Hankook &amp; Company Co Ltd
000240
CD
175
81.29%
50.00%
23.53%
1,566.5


Youngone Corporation
111770
CD
138
82.02%
52.78%
29.41%
1,543.1


Lotte Fine Chemical Co Ltd
004000
Mat
119
80.41%
57.14%
28.66%
1,429.7


Hyosung TNC Corp
298020
CD
#N/A
82.68%
55.56%
4.58%
1,380.9


Yungjin Pharm Co Ltd
003520
HC
172
88.59%
83.33%
58.18%
1,313.4


KEPCO Plant Service &amp; Engineering Co Ltd
051600
Ind
145
83.08%
81.63%
30.95%
1,295.2


SK Networks Co Ltd
001740
Ind
159
83.68%
83.67%
32.74%
1,276.0


Zinus Inc
013890
CD
160
83.28%
58.33%
37.25%
1,274.1


Kolon Industries Inc
120110
Mat
117
81.08%
60.71%
11.59%
1,259.6


Shinsegae International Inc
031430
CD
157
83.87%
61.11%
20.92%
1,249.3


SK Discovery Co Ltd
006120
Energy
158
95.01%
100.00%
44.44%
1,234.7


Lotte Tour Development Co., Ltd.
032350
CD
153
84.43%
63.89%
14.38%
1,186.6


Kolmar Korea Co Ltd
161890
CS
132
81.13%
53.85%
15.28%
1,176.0


KG DongbuSteel Co Ltd
016380
Mat
182
81.69%
64.29%
22.56%
1,137.5


Kumho Tire Co Inc
073240
CD
152
84.96%
66.67%
57.52%
1,125.4


Doubleu Games Co Ltd
192080
CD
150
85.48%
69.44%
20.26%
1,111.1


Cosmax Inc
192820
CS
128
82.15%
57.69%
12.50%
1,064.2


Dongwon Systems Corp
014820
Mat
191
82.25%
67.86%
39.02%
1,044.9


Ilyang Pharmaceutical Co., Ltd
007570
HC
179
89.92%
94.44%
25.45%
1,041.5


Lotte Chilsung Beverage Co Ltd
005300
CS
170
83.13%
61.54%
33.33%
1,023.7


Taihan Electric Wire Co Ltd
001440
Ind
#N/A
84.16%
85.71%
19.05%
1,021.5


Youngpoong Corp
000670
Mat
187
82.79%
71.43%
63.41%
1,015.4


Hyosung Advanced Materials Corp
298050
Mat
#N/A
83.33%
75.00%
6.71%
1,015.0


Boryung Pharmaceutical Co., Ltd
003850
HC
174
90.56%
100.00%
27.27%
1,007.5


Foosung Co Ltd
093370
Mat
163
83.86%
78.57%
23.17%
1,002.0


Sebang Global Battery Co Ltd
004490
CD
156
85.96%
72.22%
18.30%
1,001.2


TY Holdings Co Ltd
363280
Ind
#N/A
84.63%
87.76%
52.98%
1,000.4


GRAND KOREA LEISURE CO LTD
114090
CD
164
86.42%
75.00%
28.10%
984.3


Huchems Fine Chemical Corporation
069260
Mat
166
84.38%
82.14%
21.34%
977.1


LG International Corp
001120
Ind
134
85.08%
89.80%
26.19%
969.4


Taekwang Industrial Co., Ltd.
003240
Mat
197
84.89%
85.71%
69.51%
956.2


HYUNDAI HOME SHOPPING NETWORK CORP
057050
CD
151
87.33%
80.56%
53.59%
945.4


Cuckoo Homesys Co Ltd
284740
CD
189
87.77%
83.33%
43.14%
938.6


Daesang Corp
001680
CS
162
83.99%
65.38%
37.50%
900.1


Dongwon Industries Co., Ltd
006040
CS
#N/A
84.83%
69.23%
69.44%
881.6


Hwaseung Enterprise Co Ltd
241590
CD
178
88.19%
86.11%
24.84%
877.4


Hyundai Green Food Co Ltd
005440
CS
167
85.66%
73.08%
22.22%
871.0


SNT MOTIV Co Ltd
064960
CD
171
88.59%
88.89%
38.56%
861.4


ORION Holdings Corp
001800
CS
195
86.48%
76.92%
41.67%
853.9


Doosan Corp
000150
Ind
192
85.48%
91.84%
59.52%
847.9


POONGSAN CORPORATION
103140
Mat
155
85.34%
89.29%
17.68%
840.6


LOTTE Himart Co Ltd
071840
CD
183
88.99%
91.67%
41.83%
836.5


Dongkuk Steel Mill Co., Ltd
001230
Mat
124
85.78%
92.86%
12.20%
835.4


Handsome Corp
020000
CD
165
89.38%
94.44%
33.33%
822.8


Asiana Airlines Inc
020560
Ind
139
85.86%
93.88%
33.33%
809.2


Cuckoo Holdings Co Ltd
192400
CD
198
90.12%
100.00%
69.28%
769.9


LIG Nex1 Co Ltd
079550
Ind
169
86.95%
100.00%
41.67%
762.8


DL Holdings Co Ltd
000210
Ind
122
87.30%
102.04%
15.48%
754.2


Samyang Foods Co Ltd
003230
CS
185
87.87%
84.62%
44.44%
723.3


Hansae Co., Ltd.
105630
CD
176
90.47%
102.78%
26.80%
722.3


Dongwon F&amp;B Co Ltd
049770
CS
190
88.55%
88.46%
48.61%
710.3


Samyang Holdings Corp
000070
CS
186
89.20%
92.31%
47.22%
685.3


HDC Holdings Co Ltd
012630
Mat
177
86.90%
103.57%
44.51%
659.0


Aekyung Industrial Co Ltd
018250
CS
188
89.83%
96.15%
56.94%
657.0


Nexen Tire Corp
002350
CD
194
90.77%
105.56%
44.44%
652.5


Lock&amp;Lock Co Ltd
115390
CD
193
91.08%
108.33%
46.41%
641.1


SPC Samlip Co Ltd
005610
CS
201
91.04%
103.85%
75.00%
623.5

Source: KRX

Now, we have the second batch based on the second filter.We have 5 names here.
If still not 200, then select additional names among the unselected current constituents in order by avg. MC, regardless of classification













Name
Ticker
Sector
KOSPI 200
MC C
MC R
DTV C
MC (₩B)


DB HiTek Co Ltd
000990
IT
75
97.69%
122.22%
10.94%
2,214.0


Innocean Worldwide Inc
214320
Comm
131
97.03%
110.00%
75.00%
1,217.7


CJ CGV Co Ltd
079160
Comm
161
97.55%
120.00%
50.00%
904.8


KEPCO Engineering &amp; Construction Co Inc
052690
Ind
181
89.63%
116.33%
36.31%
692.4


JW Pharmaceutical Corp
001060
HC
180
93.58%
133.33%
70.91%
681.7

Source: KRX




KOSPI 200 Rebalancing: SK BioS/SK IET Fast Entry & LG Corp New Entity (8 Added & 9 Deleted)

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<p><a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> is a biopharmaceutical company that focuses on the discovery and production of vaccines. The company was spun off from <a href="https://www.smartkarma.com/entities/sk-chemicals-co-ltd-new" target="_blank" data-smartkarma-citation="entities:26190:1" rel="noopener">Sk Chemicals Co Ltd/New (285130 KS)</a> in 2018 and is now 68.65% owned by SK Chemicals.</p><p>The company issued stock at KRW 65,000/share in the IPO and the stock closed limit up at KRW 169,000 on listing day. Since then, the stock has dropped 30% and is trading at the lows since listing. The stock has been stable over the last few days as volumes taper off and a lot of flippers have likely exited the stock.</p><p>With 2 days to go in the 15 day period that is used to determine Fast Entry for new listings in 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>, we take a look at the probability of the stock getting Fast Entry into the index, the lock up expiry schedule and the impact of passive buying on the stock.</p><p>If included in the index, passive trackers will need to buy over 4% of the free floating <a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> stock as of the implementation date. We see <a href="https://www.smartkarma.com/entities/sebang-global-battery-co-ltd" target="_blank" data-smartkarma-citation="entities:9618:1" rel="noopener">Sebang Global Battery (004490 KS)</a> as the most likely deletion to make way for SK Bioscience in the index.</p>

SK Bioscience (302440 KS) is a biopharmaceutical company that focuses on the discovery and production of vaccines. The company was spun off from Sk Chemicals Co Ltd/New (285130 KS) in 2018 and is now 68.65% owned by SK Chemicals.The company issued stock at KRW 65,000/share in the IPO and the stock closed limit up at KRW 169,000 on listing day. Since then, the stock has dropped 30% and is trading at the lows since listing. The stock has been stable over the last few days as volumes taper off and a lot of flippers have likely exited the stock.With 2 days to go in the 15 day period that is used to determine Fast Entry for new listings in the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX), we take a look at the probability of the stock getting Fast Entry into the index, the lock up expiry schedule and the impact of passive buying on the stock.If included in the index, passive trackers will need to buy over 4% of the free floating SK Bioscience (302440 KS) stock as of the implementation date. We see Sebang Global Battery (004490 KS) as the most likely deletion to make way for SK Bioscience in the index.

SK Bioscience IPO: KOSPI200 Fast Entry Guaranteed; SGBC Most Likely Deletion

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

SK IE Technology   / Equity Capital Markets

<div class="content-highlight"><ul>
<li>SK IET plans to complete its IPO in May.  The IPO price range is from 78,000 won to 105,000 won. The IPO base deal size is from $1.5 billion to $2.0 billion. According to the bankers' valuation, the expected market cap of SK IET is from 5.6 trillion won to 7.5 trillion won. SK IET IPO will be the biggest IPO in Korea so far this year, beating <a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> which recently raised $1.3 billion in its IPO in March. </li>
<li>The company will offer 21.39 million shares in the IPO (8.56 million new shares and 12.83 million old shares). The offered shares of 21.39 million represents nearly 30% of the outstanding shares (post IPO), which is large relative to its total outstanding shares. SK Innovation, which has a 90% stake in SK IET, plans to sell a 22.7% stake in the company in this IPO. In September 2020, SK Innovation sold a 10% stake in <a href="https://www.kedglobal.com/newsView/ked202009220004" target="_blank" rel="noopener">SK IET</a> for 300 billion won to Premier Partners, a local fund management company. </li>
<li>SK IET generated 197 billion won in EBITDA in 2020. Applying a 48.1x EV/EBITDA multiple (average valuation multiple of the company's comps), this results in an EV of 9,458 billion won and implied market cap of 9,309 billion won (130,572 won per share). After applying IPO discount 19.6% - 40.3%, this results in an IPO price range of 78,000 - 105,000 won. </li>
</ul></div>


SK IET plans to complete its IPO in May.  The IPO price range is from 78,000 won to 105,000 won. The IPO base deal size is from $1.5 billion to $2.0 billion. According to the bankers' valuation, the expected market cap of SK IET is from 5.6 trillion won to 7.5 trillion won. SK IET IPO will be the biggest IPO in Korea so far this year, beating SK Bioscience (302440 KS) which recently raised $1.3 billion in its IPO in March. 
The company will offer 21.39 million shares in the IPO (8.56 million new shares and 12.83 million old shares). The offered shares of 21.39 million represents nearly 30% of the outstanding shares (post IPO), which is large relative to its total outstanding shares. SK Innovation, which has a 90% stake in SK IET, plans to sell a 22.7% stake in the company in this IPO. In September 2020, SK Innovation sold a 10% stake in SK IET for 300 billion won to Premier Partners, a local fund management company. 
SK IET generated 197 billion won in EBITDA in 2020. Applying a 48.1x EV/EBITDA multiple (average valuation multiple of the company's comps), this results in an EV of 9,458 billion won and implied market cap of 9,309 billion won (130,572 won per share). After applying IPO discount 19.6% - 40.3%, this results in an IPO price range of 78,000 - 105,000 won. 


SK Bioscience ended another losing day with a -4.74% loss yesterday.The price is at -28.70% from the first trading close. Of course, it is still +85.38% from the offering price of ₩65,000.












Date
Open
High
Low
Close
Volume
TV/SO
Daily


3/18
130,000
169,000
130,000
169,000
876,189
1.15%
-


3/19
184,000
190,000
166,000
166,500
12,468,903
16.30%
-1.48%


3/22
161,000
162,500
143,000
144,000
4,675,116
6.11%
-13.51%


3/23
147,000
149,500
138,000
140,500
2,980,953
3.90%
-2.43%


3/24
138,000
142,000
135,500
136,500
1,707,179
2.23%
-2.85%


3/25
138,500
140,000
135,500
136,000
1,111,829
1.45%
-0.37%


3/26
136,500
138,000
131,500
132,000
1,157,841
1.51%
-2.94%


3/29
132,000
132,500
123,500
123,500
1,412,312
1.85%
-6.44%


3/30
126,500
129,500
124,500
126,500
1,269,769
1.66%
2.43%


3/31
124,500
125,500
120,000
120,500
1,016,714
1.33%
-4.74%

Source: KRX

KOSPI 200 fast entryIt has to stay within the top 50 ordinary shares on KOSPI by avg daily market cap for the first 15 trading days.We are now Day 11 today. For the past 10 trading sessions (March 18~31), SK Bioscience's avg daily MC is ₩10.8T, enough to occupy the 30th spot.The last spot (50th) is CJ Cheiljedang Corp, with a ₩6.3T MC.SK Bioscience needs to lose another 41.9% in the next 5 trading sessions to avoid KOSPI 200 fast entry.Well, I guess fast entry is still a foregone conclusion.








Top 50 KOSPI 200 by Avg daily MC (March 18~31)
Rank
Ticker
Avg daily MC (₩B)


Samsung Electronics Co Ltd
1
005930
488,029.7


SK Hynix Inc
2
000660
98,535.1


Naver Corp
3
035420
63,463.2


LG Chem Ltd
4
051910
56,876.3


Samsung Biologics Co Ltd
5
207940
48,035.8


Hyundai Motor Co
6
005380
47,573.2


Samsung SDI Co Ltd
7
006400
44,607.6


Kakao Corp
8
035720
43,716.6


Celltrion, Inc.
9
068270
38,115.3


Kia Motors Corporation
10
000270
33,916.8


HYUNDAI MOBIS CO., LTD.
11
012330
27,513.7


POSCO
12
005490
27,049.7


LG Electronics Inc.
13
066570
24,367.2


LG Household &amp; Healthcare Ltd
14
051900
24,013.0


Samsung C&amp;T Corp
15
028260
22,818.9


KB Financial Group Inc
16
105560
21,802.9


SK Telecom Co Ltd
17
017670
21,050.4


NCSoft Corp
18
036570
19,817.9


SK Innovation Co Ltd
19
096770
19,422.4


Shinhan Financial Group Co., Ltd.
20
055550
18,669.9


SK Holdings Co Ltd
21
034730
18,244.4


Samsung Life Insurance co., Ltd
22
032830
15,360.0


LG Corp
23
003550
15,261.0


Korea Electric Power Corporation
24
015760
14,951.3


Amorepacific Corp
25
090430
14,863.1


Samsung SDS Co Ltd
26
018260
14,527.7


Samsung Electro-Mechanics Co., Ltd.
27
009150
14,076.0


Hana Financial Group Inc
28
086790
12,455.5


KT&amp;G Corp
29
033780
11,113.8


SK Bioscience Co Ltd
30
302440
10,847.7


Netmarble Corp
31
251270
10,721.0


Lotte Chemical Corp
32
011170
10,483.1


HMM Co Ltd
33
011200
9,669.3


Korean Air Lines Co Ltd
34
003490
9,632.9


Hanon Systems
35
018880
9,587.0


S Oil Corp
36
010950
9,077.6


Posco Chemical Co Ltd
37
003670
9,041.5


Hanwha Solutions Corp
38
009830
8,891.6


Samsung Fire &amp; Marine Insurance Co Ltd
39
000810
8,873.3


Korea Shipbuilding &amp;Offshore Engn Co Ltd
40
009540
8,772.3


Big Hit Entertainment Co Ltd
41
352820
8,302.1


SK Biopharmaceuticals Co Ltd
42
326030
8,226.8


LG Display Co Ltd
43
034220
7,929.2


Korea Zinc Inc
44
010130
7,656.5


Kumho Petro Chemical Co Ltd
45
011780
7,332.0


Woori Financial Group Inc
46
316140
7,263.8


Hyundai Glovis Co Ltd
47
086280
7,170.0


KT Corp
48
030200
7,167.5


Industrial Bank of Korea
49
024110
6,700.4


CJ Cheiljedang Corp
50
097950
6,302.4

Source: KRX



SK Bioscience: K200 Fast Entry, Lock-Up Expiry, Loan/Short Balance, & Exit Points

<p>SK Bioscience ended Day 2 with a 1.48% loss.</p><p>Unlike Day 1, the TV soared to 16.3% of the SO with a price volatility of 13.04% of the opening.</p><p>The price ended only 2.08% above the daily low.</p><table class="table table-striped">
<colgroup>
<col width="70">
<col width="70">
<col width="70">
<col width="70">
<col width="70">
<col width="70">
<col width="70">
<col width="70">
<col width="70">
<col width="70">
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Date"}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}'>Date</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Close"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>Close</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Open"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>Open</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"High"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>High</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Low"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>Low</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"U Wick"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>U Wick</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Body"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>Body</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"L Wick"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>L Wick</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"TV/SO"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>TV/SO</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Volume"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>Volume</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"x Open"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>x Open</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Daily Δ"}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>Daily Δ</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44274.64583333333}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}' data-sheets-formula="=Chart!R[506]C[0]">3/19/21</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":166500}' data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-formula="=Chart!R[506]C[3]">166,500</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":184000}' data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-formula="=Chart!R[506]C[-1]">184,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":190000}' data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-formula="=Chart!R[506]C[-1]">190,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":166000}' data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-formula="=Chart!R[506]C[-1]">166,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.25}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=if((R[0]C[-4]-R[0]C[-3])&gt;0, (R[0]C[-4]-R[0]C[-2])/(R[0]C[-2]-R[0]C[-1]), (R[0]C[-3]-R[0]C[-2])/(R[0]C[-2]-R[0]C[-1]))">-25.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.7291666666666666}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-5]-R[0]C[-4])/(R[0]C[-3]-R[0]C[-2])">-72.92%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.020833333333333332}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=if((R[0]C[-6]-R[0]C[-5])&gt;0, (R[0]C[-5]-R[0]C[-3])/(R[0]C[-4]-R[0]C[-3]), (R[0]C[-6]-R[0]C[-3])/(R[0]C[-4]-R[0]C[-3]))">2.08%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.16299219607843138}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[1]/76500000">16.30%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":12468903}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=Chart!R[506]C[-4]">12,468,903</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.13043478260869565}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-7]-R[0]C[-6])/R[0]C[-8]">13.04%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.014792899408284023}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-10]-R[1]C[-10])/R[1]C[-10]">-1.48%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44273.64583333333}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}' data-sheets-formula="=Chart!R[506]C[0]">3/18/21</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":169000}' data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-formula="=Chart!R[506]C[3]">169,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":130000}' data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-formula="=Chart!R[506]C[-1]">130,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":169000}' data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-formula="=Chart!R[506]C[-1]">169,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":130000}' data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-formula="=Chart!R[506]C[-1]">130,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=if((R[0]C[-4]-R[0]C[-3])&gt;0, (R[0]C[-4]-R[0]C[-2])/(R[0]C[-2]-R[0]C[-1]), (R[0]C[-3]-R[0]C[-2])/(R[0]C[-2]-R[0]C[-1]))">0.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-5]-R[0]C[-4])/(R[0]C[-3]-R[0]C[-2])">100.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=if((R[0]C[-6]-R[0]C[-5])&gt;0, (R[0]C[-5]-R[0]C[-3])/(R[0]C[-4]-R[0]C[-3]), (R[0]C[-6]-R[0]C[-3])/(R[0]C[-4]-R[0]C[-3]))">0.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.011453450980392157}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[1]/76500000">1.15%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":876189}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=Chart!R[506]C[-4]">876,189</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[0]C[-7]-R[0]C[-6])/R[0]C[-8]">30.00%</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'></td>
</tr>
<tr><td colspan="12">Source: KRX</td></tr>
</tbody>
</table><hr><p><strong>Now, what's noteworthy is a suspicious activity seen at the Kyobo account.</strong></p><p>Day 1, the trade was virtually frozen as the price immediately hit the daily ceiling after the market opened.</p><p>Only 876,189 shares changed hands, representing 1.15% of the SO.</p><table class="table table-striped">
<colgroup>
<col width="70">
<col width="70">
<col width="70">
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Date"}'>Date</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Type"}'>Type</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Retail"}'>Retail</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Foreign"}'>Foreign</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Local inst."}'>Local inst.</td>
</tr>
<tr>
<td rowspan="3" data-sheets-value='{"1":3,"3":44274}' data-sheets-numberformat='[null,5,"yyyy-mm-dd",1]'>2021-03-19</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Sell"}'>Sell</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":11746546}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>11,746,546</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":980169}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>980,169</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":447703}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>447,703</td>
</tr>
<tr>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Buy"}'>Buy</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":12850670}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>12,850,670</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":217284}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>217,284</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":208502}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>208,502</td>
</tr>
<tr>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Net"}'>Net</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1104124}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>1,104,124</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-762885}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>-762,885</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-239201}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>-239,201</td>
</tr>
<tr>
<td rowspan="3" data-sheets-value='{"1":3,"3":44273}' data-sheets-numberformat='[null,5,"yyyy-mm-dd",1]'>2021-03-18</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Sell"}'>Sell</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":576646}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>576,646</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":178783}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>178,783</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":102294}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>102,294</td>
</tr>
<tr>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Buy"}'>Buy</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":752889}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>752,889</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":100850}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>100,850</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":20300}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>20,300</td>
</tr>
<tr>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Net"}'>Net</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":176243}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>176,243</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-77933}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>-77,933</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-81994}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>-81,994</td>
</tr>
<tr><td colspan="5" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><p>What draws our attention is that 61% of the total buys on Day 1 came from the Kyobo account alone.</p><p>Yes, it is infrequent for a single brokerage, out of more than 60 brokerages, to take 60+% trades of stock in very high demand like this one on a single day.</p><table class="table table-striped">
<colgroup>
<col width="70">
<col width="70">
<col width="70">
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Kyobo"}'>Kyobo account</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Buy"}'>Sell</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Sell"}'>Buy</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Net"}'>Net</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Avg price"}'>Avg price</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44274}' data-sheets-numberformat='[null,5,"yyyy-mm-dd",1]'>2021-03-19</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":666280}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'><strong>666,280</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":152471}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>152,471</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-513809}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>-513,809</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":166500}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>166,500</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44273}' data-sheets-numberformat='[null,5,"yyyy-mm-dd",1]'>2021-03-18</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":900}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>900</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":529814}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'><strong>529,814</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":528914}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>528,914</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":169000}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>169,000</td>
</tr>
<tr><td colspan="5" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><p>Then, where did this Day 1 portion from Kyobo go on Day 2?</p><p>About 480,000 shares got sold <strong>within 10 minutes after the opening on Day 2</strong>, and the remaining got fully liquidated before 9:30 AM.</p><p>In the first 10 minutes on Day 2, the price change peaked at 12%p.</p><p><strong>This Kyobo trade set the tone for this volatility very early on Day 2 and possibly for the rest of the day.</strong></p><p>Their one-day swing trade return is estimated at 8~12%.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Time"}'>Time</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Price (₩)"}'>Price (₩)</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"TV"}'>TV</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"% to prev"}'>% to prev session</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":0.37569444444444444}' data-sheets-numberformat='[null,6,"h:mm:ss",1]'>9:01:00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":185000}' data-sheets-numberformat='[null,2,"#,##0"]'>185,000</td>
<td style="text-align: right;" data-sheets-numberformat='[null,2,"#,##0"]'>-</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.09467455621301775}' data-sheets-formula="=(R[0]C[-2]-R1C5)/R1C5">9.47%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":0.3763888888888889}' data-sheets-numberformat='[null,6,"h:mm:ss",1]'>9:02:00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":186500}' data-sheets-numberformat='[null,2,"#,##0"]'>186,500</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":212847}' data-sheets-numberformat='[null,2,"#,##0"]'>212,847</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.10355029585798817}' data-sheets-formula="=(R[0]C[-2]-R1C5)/R1C5">10.36%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":0.3770833333333333}' data-sheets-numberformat='[null,6,"h:mm:ss",1]'>9:03:00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":189500}' data-sheets-numberformat='[null,2,"#,##0"]'>189,500</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":291542}' data-sheets-numberformat='[null,2,"#,##0"]'>291,542</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.12130177514792899}' data-sheets-formula="=(R[0]C[-2]-R1C5)/R1C5">12.13%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":0.37777777777777777}' data-sheets-numberformat='[null,6,"h:mm:ss",1]'>9:04:00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":186500}' data-sheets-numberformat='[null,2,"#,##0"]'>186,500</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":405693}' data-sheets-numberformat='[null,2,"#,##0"]'>405,693</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.10355029585798817}' data-sheets-formula="=(R[0]C[-2]-R1C5)/R1C5">10.36%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":0.3784722222222222}' data-sheets-numberformat='[null,6,"h:mm:ss",1]'>9:05:00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":180500}' data-sheets-numberformat='[null,2,"#,##0"]'>180,500</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":324453}' data-sheets-numberformat='[null,2,"#,##0"]'>324,453</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.06804733727810651}' data-sheets-formula="=(R[0]C[-2]-R1C5)/R1C5">6.80%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":0.37916666666666665}' data-sheets-numberformat='[null,6,"h:mm:ss",1]'>9:06:00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":181500}' data-sheets-numberformat='[null,2,"#,##0"]'>181,500</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":213182}' data-sheets-numberformat='[null,2,"#,##0"]'>213,182</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.07396449704142012}' data-sheets-formula="=(R[0]C[-2]-R1C5)/R1C5">7.40%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":0.3798611111111111}' data-sheets-numberformat='[null,6,"h:mm:ss",1]'>9:07:00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":175500}' data-sheets-numberformat='[null,2,"#,##0"]'>175,500</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":266934}' data-sheets-numberformat='[null,2,"#,##0"]'>266,934</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.038461538461538464}' data-sheets-formula="=(R[0]C[-2]-R1C5)/R1C5">3.85%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":0.38055555555555554}' data-sheets-numberformat='[null,6,"h:mm:ss",1]'>9:08:00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":174000}' data-sheets-numberformat='[null,2,"#,##0"]'>174,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":193794}' data-sheets-numberformat='[null,2,"#,##0"]'>193,794</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.029585798816568046}' data-sheets-formula="=(R[0]C[-2]-R1C5)/R1C5">2.96%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":0.38125}' data-sheets-numberformat='[null,6,"h:mm:ss",1]'>9:09:00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":174000}' data-sheets-numberformat='[null,2,"#,##0"]'>174,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":146324}' data-sheets-numberformat='[null,2,"#,##0"]'>146,324</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.029585798816568046}' data-sheets-formula="=(R[0]C[-2]-R1C5)/R1C5">2.96%</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":0.3819444444444444}' data-sheets-numberformat='[null,6,"h:mm:ss",1]'>9:10:00</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":172500}' data-sheets-numberformat='[null,2,"#,##0"]'>172,500</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":167856}' data-sheets-numberformat='[null,2,"#,##0"]'>167,856</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.020710059171597635}' data-sheets-formula="=(R[0]C[-2]-R1C5)/R1C5">2.07%</td>
</tr>
<tr><td colspan="4">Source: KRX</td></tr>
</tbody>
</table><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/195/799/original/chart+%281%29.png?1616258828" class="editor-image img-responsive" data-smartkarma-image-id="195799"></figure></section>

SK Bioscience ended Day 2 with a 1.48% loss.Unlike Day 1, the TV soared to 16.3% of the SO with a price volatility of 13.04% of the opening.The price ended only 2.08% above the daily low.
















Date
Close
Open
High
Low
U Wick
Body
L Wick
TV/SO
Volume
x Open
Daily Δ


3/19/21
166,500
184,000
190,000
166,000
-25.00%
-72.92%
2.08%
16.30%
12,468,903
13.04%
-1.48%


3/18/21
169,000
130,000
169,000
130,000
0.00%
100.00%
0.00%
1.15%
876,189
30.00%


Source: KRX

Now, what's noteworthy is a suspicious activity seen at the Kyobo account.Day 1, the trade was virtually frozen as the price immediately hit the daily ceiling after the market opened.Only 876,189 shares changed hands, representing 1.15% of the SO.









Date
Type
Retail
Foreign
Local inst.


2021-03-19
Sell
11,746,546
980,169
447,703


Buy
12,850,670
217,284
208,502


Net
1,104,124
-762,885
-239,201


2021-03-18
Sell
576,646
178,783
102,294


Buy
752,889
100,850
20,300


Net
176,243
-77,933
-81,994

Source: KRX

What draws our attention is that 61% of the total buys on Day 1 came from the Kyobo account alone.Yes, it is infrequent for a single brokerage, out of more than 60 brokerages, to take 60+% trades of stock in very high demand like this one on a single day.









Kyobo account
Sell
Buy
Net
Avg price


2021-03-19
666,280
152,471
-513,809
166,500


2021-03-18
900
529,814
528,914
169,000

Source: KRX

Then, where did this Day 1 portion from Kyobo go on Day 2?About 480,000 shares got sold within 10 minutes after the opening on Day 2, and the remaining got fully liquidated before 9:30 AM.In the first 10 minutes on Day 2, the price change peaked at 12%p.This Kyobo trade set the tone for this volatility very early on Day 2 and possibly for the rest of the day.Their one-day swing trade return is estimated at 8~12%.








Time
Price (₩)
TV
% to prev session


9:01:00
185,000
-
9.47%


9:02:00
186,500
212,847
10.36%


9:03:00
189,500
291,542
12.13%


9:04:00
186,500
405,693
10.36%


9:05:00
180,500
324,453
6.80%


9:06:00
181,500
213,182
7.40%


9:07:00
175,500
266,934
3.85%


9:08:00
174,000
193,794
2.96%


9:09:00
174,000
146,324
2.96%


9:10:00
172,500
167,856
2.07%

Source: KRX



What Happened to SK Bioscience on Day 2 (Feat. Kyobo Securities)?

South Korea

SK Bioscience Co.,Ltd. operates biopharmaceutical businesses. The Company produces vaccines, sky cellflu prefilled syringes, sky cellflu quadrivalent prefilled syringes, varicella drugs, and other related products. SK Bioscience markets its products throughout South Korea.

Price Gauge
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SK Bioscience (302440 KS)

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