Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Private Capital Markets

<ul>
<li>WCP is a leading maker of separators which are key materials used in EV batteries.</li>
<li>WCP is a wholly-owned subsidiary of W-Scope in Japan. At the end of 2021, W-Scope Corp (Japan) owned a 49.7% stake in WCP. </li>
<li>The company is expected to complete its IPO in 2022 and the valuation of WCP is expected to be about 3 trillion won to 4 trillion won.</li>
</ul>


WCP is a leading maker of separators which are key materials used in EV batteries.
WCP is a wholly-owned subsidiary of W-Scope in Japan. At the end of 2021, W-Scope Corp (Japan) owned a 49.7% stake in WCP. 
The company is expected to complete its IPO in 2022 and the valuation of WCP is expected to be about 3 trillion won to 4 trillion won.


WCP: Leading Producer of Separators for EV Batteries in Korea

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>Among the local theme indexes in Korea, we have three noteworthy ones for July. They are the WISE theme indexes. They will all rebalance on July 15.</li>
<li>Due to some constituents' recent significant price movements, we can now expect some notable passive flows.</li>
<li>These names are worthy of our attention: SKIET, Solus Advanced, Kangwon Land, Hanatour, T'way Air, Yong Pyong Resort, HYBE, CJ ENM, and Studio Dragon.</li>
</ul>


Among the local theme indexes in Korea, we have three noteworthy ones for July. They are the WISE theme indexes. They will all rebalance on July 15.
Due to some constituents' recent significant price movements, we can now expect some notable passive flows.
These names are worthy of our attention: SKIET, Solus Advanced, Kangwon Land, Hanatour, T'way Air, Yong Pyong Resort, HYBE, CJ ENM, and Studio Dragon.


WISE Theme Indexes (TIGER ETFs): Rebalancing Flow Estimations

<ul>
<li>This ETF's AUM has stayed flat over the past three months, sitting at ₩1.3T. It has 28 constituents, and it is unlikely that there will be any addition/deletion.</li>
<li>SKIET is expected to have the most inflow relative to ADTV. Then, we have Ecopro BM, which will increase the number of shares through a rights offering.</li>
<li>On the other hand, among the top-tier stocks, SK Innovation, SKC, and Ecopro Co Ltd deserve our attention for shorting.</li>
</ul>


This ETF's AUM has stayed flat over the past three months, sitting at ₩1.3T. It has 28 constituents, and it is unlikely that there will be any addition/deletion.
SKIET is expected to have the most inflow relative to ADTV. Then, we have Ecopro BM, which will increase the number of shares through a rights offering.
On the other hand, among the top-tier stocks, SK Innovation, SKC, and Ecopro Co Ltd deserve our attention for shorting.


TIGER Theme ETF "Secondary Cell" Rebalancing Projections: SKIET, Ecopro BM, SKI, SKC, & Ecopro

<ul>
<li>There is a strong possibility of the launch of corporate growth fund private companies ETFs in Korea in 2023. </li>
<li>Once government gives final approval to launch the unlisted Korean companies ETFs in 2023, there is likely to be much greater interest in investing and researching in private Korean companies.</li>
<li>Starting next year, there is a strong probability that we will spend a lot more time on researching and writing about these promising, private companies in Korea. </li>
</ul>


There is a strong possibility of the launch of corporate growth fund private companies ETFs in Korea in 2023. 
Once government gives final approval to launch the unlisted Korean companies ETFs in 2023, there is likely to be much greater interest in investing and researching in private Korean companies.
Starting next year, there is a strong probability that we will spend a lot more time on researching and writing about these promising, private companies in Korea. 


Launch Of Unlisted Korean Companies ETFs in 2023 & How Our Smartkarma Research Would Change

<ul>
<li>In the KOSPI, Kakao Pay and SK IET deserve our attention. Their prices are 20-25% above the offering prices, and the release size is 10x ADTV. Both are short-selling available.</li>
<li>On the KOSDAQ, Enchem, Dear U, 4by4, and Poongwon Precision are worth paying attention to. They will face a sizable release with the share prices sitting above their offering prices.</li>
<li>However, none of these KOSDAQ names are available for short-selling. So, we should consider underweighting existing positions rather than building up new positions.</li>
</ul>


In the KOSPI, Kakao Pay and SK IET deserve our attention. Their prices are 20-25% above the offering prices, and the release size is 10x ADTV. Both are short-selling available.
On the KOSDAQ, Enchem, Dear U, 4by4, and Poongwon Precision are worth paying attention to. They will face a sizable release with the share prices sitting above their offering prices.
However, none of these KOSDAQ names are available for short-selling. So, we should consider underweighting existing positions rather than building up new positions.


KOSPI/KOSDAQ Lockup Releases: Kakao Pay, SKIET, Enchem, Dear U, 4by4, & Poongwon Precision

South Korea

SK IE Technology Co., Ltd operates as a material solution provider. The Company provides information material solutions, electronic materials solutions, and other products. SK IE Technology conducts businesses across worldwide.

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SK IE Technology (361610 KS)

WCP: Leading Producer of Separators for EV Batteries in Korea

WCP is a leading maker of separators which are key materials used in EV batteries. WCP is a wholly-owned subsidiary of W-Scope in Japan.

Douglas Kim

WISE Theme Indexes (TIGER ETFs): Rebalancing Flow Estimations

This post contains the estimations of the passive flows for the constituents of the three WISE theme indexes, which rebalance on July 14.

Sanghyun Park

TIGER Theme ETF "Secondary Cell" Rebalancing Projections: SKIET, Ecopro BM, SKI, SKC, & Ecopro

This post projects the upcoming rebalancing of the TIGER Theme ETF "Secondary Cell": SKIET, Ecopro BM, SKI, SKC, & Ecopro.

Sanghyun Park

Launch Of Unlisted Korean Companies ETFs in 2023 & How Our Smartkarma Research Would Change

Once government gives final approval to launch the unlisted Korean companies ETFs in 2023, there is likely to be much greater interest in investing...

Douglas Kim

KOSPI/KOSDAQ Lockup Releases: Kakao Pay, SKIET, Enchem, Dear U, 4by4, & Poongwon Precision

This post compiles all the KOSPI/KOSDAQ lockup releases in May based on the data released by the KSD. Kakao Pay, SKIET, Enchem, Dear U, 4by4, &...

Sanghyun Park

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