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>The rebalancing trade of the WISE Secondary Cell ETF will take place tomorrow, January 13 (Thursday), supposedly at the close.</li>
<li>Those names with a significant passive impact among the stocks with a daily trading amount of +US$10M are: SKIET +0.71x ADTV, POSCO Chemical +0.46x ADTV, &amp; SoulBrain: -0.69x ADTV 
</li>
<li>
The most likely new addition is Enchem (348370) with a passive impact of 0.60x ADTV. So, I expect a significant level of price action tomorrow.</li>
</ul>


The rebalancing trade of the WISE Secondary Cell ETF will take place tomorrow, January 13 (Thursday), supposedly at the close.
Those names with a significant passive impact among the stocks with a daily trading amount of +US$10M are: SKIET +0.71x ADTV, POSCO Chemical +0.46x ADTV, &amp; SoulBrain: -0.69x ADTV 


The most likely new addition is Enchem (348370) with a passive impact of 0.60x ADTV. So, I expect a significant level of price action tomorrow.


TIGER Secondary Cell ETF Rebalancing Trading on January 13

<ul>
<li>KRX calculates floats fairly aggressively even in new IPOs. This was symbolically shown in the case of Kakao Pay, which received a 35% float rate.</li>
<li>So, we need a trading setup that raises the float rate prediction range in future KOSPI 200 Fast Entry cases.</li>
<li>Considering that rebalancing trading that occurs on the implementation day is now partially digested in regular trading hours, we need to consider getting out positions before the closing auction hours.</li>
</ul>


KRX calculates floats fairly aggressively even in new IPOs. This was symbolically shown in the case of Kakao Pay, which received a 35% float rate.
So, we need a trading setup that raises the float rate prediction range in future KOSPI 200 Fast Entry cases.
Considering that rebalancing trading that occurs on the implementation day is now partially digested in regular trading hours, we need to consider getting out positions before the closing auction hours.


KOSPI 200 New Entrants: KRX-Concluded Float Rates & Rebalancing Trading Pattern Today

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

LG Energy Solution / Equity Capital Markets

<ul>
<li>This is our 7th "Annual Edition of the Major Korean IPOs Pipeline Preview" at Smartkarma! </li>
<li>This insight will feature 50 of the biggest potential IPOs in Korea in 2022. </li>
<li>The IPO pipeline in 2022 is very strong, led by LG Energy Solution. However, 2022 is likely to be the peak year for IPO capital raising in Korea. </li>
</ul>


This is our 7th "Annual Edition of the Major Korean IPOs Pipeline Preview" at Smartkarma! 
This insight will feature 50 of the biggest potential IPOs in Korea in 2022. 
The IPO pipeline in 2022 is very strong, led by LG Energy Solution. However, 2022 is likely to be the peak year for IPO capital raising in Korea. 


<ul>
<li>The upcoming rebalancing should feature a total of 12 constituents having a ±5%p free float change: eight members with +5%p or greater and four members with -5%p or harsher.</li>
<li>It seems better to outright trade individual liquidity-rich stocks: SK Bioscience, SKIET, Kakao Bank, and Krafton.</li>
<li>Considering that SKIET's recent share price correction was severe, we may want to take a relatively long trading window for SKIET while taking a tighter approach to the rest.</li>
</ul>


The upcoming rebalancing should feature a total of 12 constituents having a ±5%p free float change: eight members with +5%p or greater and four members with -5%p or harsher.
It seems better to outright trade individual liquidity-rich stocks: SK Bioscience, SKIET, Kakao Bank, and Krafton.
Considering that SKIET's recent share price correction was severe, we may want to take a relatively long trading window for SKIET while taking a tighter approach to the rest.


KOSPI 200 December Rebalancing: Constituents with a Substantial Free Float Change

<ul>
<li>SK IE Technology's second largest shareholder Premier Partners is selling its shares through a block deal worth between 465 billion won to 538.9 billion won.</li>
<li>We would AVOID this block deal due to lack valuation merits coupled with additional overhang from the remaining shares by Premier Partners post this block sale. </li>
<li>SK IET, which is trading at 51.7x P/E and 5.3x P/B consensus 2022 earnings estimates, appears to be fully valued at current levels. </li>
</ul>


SK IE Technology's second largest shareholder Premier Partners is selling its shares through a block deal worth between 465 billion won to 538.9 billion won.
We would AVOID this block deal due to lack valuation merits coupled with additional overhang from the remaining shares by Premier Partners post this block sale. 
SK IET, which is trading at 51.7x P/E and 5.3x P/B consensus 2022 earnings estimates, appears to be fully valued at current levels. 


SK IE Technology - Block Deal Sale by Second Largest Shareholder Premier Partners

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)

TIGER Secondary Cell ETF Rebalancing Trading on January 13

WISE Secondary Cell ETF rebalancing will take place tomorrow, supposedly at the close. Those worthy of our attention are SKIET +0.71x ADTV, POSCO...

Sanghyun Park

KOSPI 200 New Entrants: KRX-Concluded Float Rates & Rebalancing Trading Pattern Today

Kakao Pay eventually received a 35% float rate, meaning that KRX has included all of Alipay's non-locked stake in the float.

Sanghyun Park

2022 Major IPOs Pipeline in Korea

This is our 7th "Annual Edition of the Major Korean IPOs Pipeline Preview" at Smartkarma! This insight will feature 50 of the biggest IPOs in Korea...

Douglas Kim

KOSPI 200 December Rebalancing: Constituents with a Substantial Free Float Change

KOSPI 200 rebalancing next month should feature a total of 12 constituents having a ±5%p free float change: eight members with +5%p or greater and...

Sanghyun Park

SK IE Technology - Block Deal Sale by Second Largest Shareholder Premier Partners

SK IE Technology's second largest shareholder Premier Partners is selling its shares through a block deal worth between 465 billion won to 538.9...

Douglas Kim

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