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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Event-Driven

<p>KOSPI 200 will see the next reshuffle on June 11 next year.</p><p>So, the review period is from <strong>November 1 to April 30</strong>.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Status"}'>Status</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Index"}'>Index</td>
<td data-sheets-value='{"1":2,"2":"KOSPI 200 Index"}' data-sheets-numberformat='{"1":5,"2":"mmmm d, yyyy","3":1}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>KOSPI 200 Index</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td data-sheets-value='{"1":2,"2":"KRX:KOSPI200"}' data-sheets-numberformat='{"1":5,"2":"mmmm d, yyyy","3":1}' data-sheets-formula='="KRX:KOSPI200"'>KRX:KOSPI200</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Date"}'>Date</td>
<td data-sheets-value='{"1":3,"3":44178}' data-sheets-numberformat='{"1":5,"2":"mmmm d, yyyy","3":1}' data-sheets-formula="=today()">December 13, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Rebalancing"}'>Rebalancing</td>
<td data-sheets-value='{"1":2,"2":"Biannually"}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>Biannually</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Effective date"}'>- Effective date</td>
<td data-sheets-value='{"1":2,"2":"Next trading day of 2nd Thursday of June &amp; December"}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>Next trading day of 2nd Thursday of June &amp; December</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - June"}'><strong>- June</strong></td>
<td data-sheets-value='{"1":3,"3":43994}' data-sheets-numberformat='{"1":5,"2":"mmmm d, yyyy","3":1}'><strong>June 11, 2021</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Review period"}'><strong>- Review period</strong></td>
<td data-sheets-value='{"1":2,"2":"May 1 to October 31"}'><strong>November 1 to April 30</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - December"}'>- December</td>
<td data-sheets-value='{"1":3,"3":44176}' data-sheets-numberformat='{"1":5,"2":"mmmm d, yyyy","3":1}'>December 10, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Review period"}'>- Review period</td>
<td data-sheets-value='{"1":2,"2":"November 1 to April 30"}'>May 1 to October 31</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Number of constituents"}'>Number of constituents</td>
<td data-sheets-value='{"1":3,"3":200}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>200</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Est. total mirroring funds"}'>Est. total mirroring funds</td>
<td data-sheets-value='{"1":3,"3":60000}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>60,000.0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total float MC"}'>Total float MC</td>
<td data-sheets-value='{"1":3,"3":1096021.987}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>1,096,022.0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Average"}'>- Average</td>
<td data-sheets-value='{"1":3,"3":5480.11}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>5,480.1</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Highest"}'>- Highest</td>
<td data-sheets-value='{"1":3,"3":346163.808}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>346,163.8</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Lowest"}'>- Lowest</td>
<td data-sheets-value='{"1":3,"3":80.338}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>80.3</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Median"}'>- Median</td>
<td data-sheets-value='{"1":3,"3":1183.525}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>1,183.5</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Top 10 largest"}'>- Top 10 largest</td>
<td data-sheets-value='{"1":3,"3":0.5812}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>58.12%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Current"}'>Current</td>
<td data-sheets-value='{"1":3,"3":372.24}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}' data-sheets-formula='=googlefinance(R[-16]C[0], "price")'>372.24</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"52W high (December 11, 2020)"}'>52W high (December 11, 2020)</td>
<td data-sheets-value='{"1":3,"3":372.24}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>372.24</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"52W low (March 19, 2020)"}'>52W low (March 19, 2020)</td>
<td data-sheets-value='{"1":3,"3":199.28}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>199.28</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><hr><div class="content-highlight"><p><strong><a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vQokO_6MTvdlTT682qY8daAjML-xYVdfBT-okk3_3p0oh7lWMvbhtDfTRtHXq_bVi2XD4eZNzDv4W1f/pubhtml?gid=1840582685&amp;single=true" target="_blank" rel="noopener">Here is the link to the latest full list of KOSPI stocks classified by the GICS.</a></strong></p></div>

KOSPI 200 will see the next reshuffle on June 11 next year.So, the review period is from November 1 to April 30.





Status

Index
KOSPI 200 Index


Ticker
KRX:KOSPI200


Date
December 13, 2020


Rebalancing
Biannually


- Effective date
Next trading day of 2nd Thursday of June &amp; December


- June
June 11, 2021


- Review period
November 1 to April 30


- December
December 10, 2020


- Review period
May 1 to October 31


Number of constituents
200


Est. total mirroring funds
60,000.0


Total float MC
1,096,022.0


- Average
5,480.1


- Highest
346,163.8


- Lowest
80.3


- Median
1,183.5


- Top 10 largest
58.12%


Current
372.24


52W high (December 11, 2020)
372.24


52W low (March 19, 2020)
199.28

Source: KRX

Here is the link to the latest full list of KOSPI stocks classified by the GICS.

KOSPI 200 Rebalancing Preview: Early Early Birds Special

Taeyoung Engineering & Construction / Event-Driven

<p>TY Holdings announce a tender offer to the shareholders of Tae Young E&amp;C.</p><p>It is a stock swap, not a cash offer. Yes, it is a well-anticipated event to complete the holding company conversion.</p><p>The target volume is 15.6M, 40.1% of the target company's SO. So, the holding company's stake will rise from 10.6% to 50.7% (ord).</p><p>The tender begins on December 28 and runs until January 18. FYI, no shareholder record date here. That is, you can buy and tender your shares even during the tendering period.</p><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Overview"}'>Overview</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Type"}'>Type</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Exchange offer"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>Exchange offer</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Consideration"}'>Consideration</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>-</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Acquirer"}'>Acquirer</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"TY Holdings Co Ltd"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>TY Holdings Co Ltd</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Ticker"}'>- Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"363280"}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula='="363280"'>363280</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Target company"}'>Target company</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Tae Young Engineering&amp;Constructin Co Ltd"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>Tae Young Engineering&amp;Constructin Co Ltd</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Ticker"}'>- Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"009410"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula='="009410"'>009410</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - SO (ord)"}'>- SO (ord)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":38899098}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula='=googlefinance(R[-1]C[0], "shares")'>38,899,098</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Offering price"}'><strong>Offering price</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":10245}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'><strong>₩10,245</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Target volume"}'>Target volume</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":15600000}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>15,600,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - % of SO (ord)"}'><strong>- % of SO (ord)</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.40103757675820656}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[-1]C[0]/R[-3]C[0]"><strong>40.10%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Target value"}'><strong>Target value</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":159822000000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula="=R[-3]C[0]*R[-2]C[0]"><strong>₩159,822,000,000</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stake % before tender (ord)"}'>Stake % before tender (ord)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.10628272151709019}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=4134302/R8C[0]">10.63%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stake % after tender (ord)"}'>Stake % after tender (ord)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5073202982752968}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=19734302/R8C[0]">50.73%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Banker"}'>Banker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"KIS"}'>KIS</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Timetable"}'>Timetable</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Announcement"}'>Announcement</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44161}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2020. 11. 26</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Tender offer begins"}'><strong>Tender offer begins</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44193}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'><strong>2020. 12. 28</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Tender offer ends"}'><strong>Tender offer ends</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":43848}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'><strong>2020. 1. 18</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Payment"}'>Payment</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":43850}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2020. 1. 20</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table>

TY Holdings announce a tender offer to the shareholders of Tae Young E&amp;C.It is a stock swap, not a cash offer. Yes, it is a well-anticipated event to complete the holding company conversion.The target volume is 15.6M, 40.1% of the target company's SO. So, the holding company's stake will rise from 10.6% to 50.7% (ord).The tender begins on December 28 and runs until January 18. FYI, no shareholder record date here. That is, you can buy and tender your shares even during the tendering period.





Overview

Type
Exchange offer


Consideration
-


Acquirer
TY Holdings Co Ltd


- Ticker
363280


Target company
Tae Young Engineering&amp;Constructin Co Ltd


- Ticker
009410


- SO (ord)
38,899,098


Offering price
₩10,245


Target volume
15,600,000


- % of SO (ord)
40.10%


Target value
₩159,822,000,000


Stake % before tender (ord)
10.63%


Stake % after tender (ord)
50.73%


Banker
KIS

Source: DART







Timetable

Announcement
2020. 11. 26


Tender offer begins
2020. 12. 28


Tender offer ends
2020. 1. 18


Payment
2020. 1. 20

Source: DART



Tae Young E&C Tender Offer: Terms & Trading Situation

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<p>The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. </p><p>Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example <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>which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including <a href="https://www.smartkarma.com/entities/sang-a-frontec-co-ltd" target="_blank" data-smartkarma-citation="entities:20692:1" rel="noopener">Sang A Frontec (089980 KS)</a>, Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), <a href="https://www.smartkarma.com/entities/koreacenter-com-co-ltd" target="_blank" data-smartkarma-citation="entities:28329:1" rel="noopener">Koreacenter.com Co Ltd (290510 KS)</a>, and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  </p><p>The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions. </p>

The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example Nanos Co Ltd (151910 KS),which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including Sang A Frontec (089980 KS), Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), Koreacenter.com Co Ltd (290510 KS), and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions. 

KOSDAQ150 and KRX300 Indices Rebalances (Overlapping Additions & Deletions)

<p>KRX announced the rebalance to the KOSPI200 index today. There was not much surprise among the new 10 additions, which included stocks such as Samyang Foods, Zinus, and Kiwoom Securities. However, there was some surprises among the deletions including Unid, <a href="https://www.smartkarma.com/entities/dong-a-socio-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:4271:1" rel="noopener">Dong A Socio Holdings (000640 KS), </a>and <a href="https://www.smartkarma.com/entities/dong-a-st-co-ltd" target="_blank" data-smartkarma-citation="entities:16873:1" rel="noopener">Dong A St (170900 KS)</a>.</p><p>Among the newly included companies, in terms of their fundamental business outlook and reasonable valuations, we think Samyang Foods, Zinus, and Hanwha Systems fit into these categories. We would be cautious on Big Hit Entertainment, CS Wind, and Shinpoong Pharm as we think there could be some sellers on investors that trade on the "sell on news" strategy of being included in KOSPI 200.  </p>

KRX announced the rebalance to the KOSPI200 index today. There was not much surprise among the new 10 additions, which included stocks such as Samyang Foods, Zinus, and Kiwoom Securities. However, there was some surprises among the deletions including Unid, Dong A Socio Holdings (000640 KS), and Dong A St (170900 KS).Among the newly included companies, in terms of their fundamental business outlook and reasonable valuations, we think Samyang Foods, Zinus, and Hanwha Systems fit into these categories. We would be cautious on Big Hit Entertainment, CS Wind, and Shinpoong Pharm as we think there could be some sellers on investors that trade on the "sell on news" strategy of being included in KOSPI 200.  

KOSPI 200 Index Rebalances: No Surprises Among Additions, A Few Surprises Among Deletions

<p>Tae Young E&amp;C demerger got shareholder approval on July 15. More critically, it finally obtained regulatory approval (albeit conditional).</p><p>So, the demerger proceeds as scheduled at a 0.49:0.51 ratio.</p><p>E&amp;C will become an operating company carrying the same ticker, whereas we will be a newly spun-off company acting as a holding company.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/154/482/original/1.png?1598198017" class="editor-image img-responsive" data-smartkarma-image-id="154482"></figure><p>We have four more trading days before the trading suspension, August 28. September 22 will be for re-listing.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/154/483/original/2.png?1598198381" class="editor-image img-responsive" data-smartkarma-image-id="154483"></figure>

Tae Young E&amp;C demerger got shareholder approval on July 15. More critically, it finally obtained regulatory approval (albeit conditional).So, the demerger proceeds as scheduled at a 0.49:0.51 ratio.E&amp;C will become an operating company carrying the same ticker, whereas we will be a newly spun-off company acting as a holding company.We have four more trading days before the trading suspension, August 28. September 22 will be for re-listing.

Tae Young E&C Demerger: Value Accretion Checkup

South Korea

Taeyoung Engineering & Construction provides civil engineering, architectural, and plant construction services.  The Company concentrates on public civil engineering projects including highways, water drainage systems, and bridges. Taeyoung also operates leisure and broadcasting businesses through its affiliate s, such as Taeyoung Leisure, and Seoul Broadcasting System (SBS) Production.

Taeyoung Engineering & Construction (009410 KS)

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

Taeyoung Engineering & Construction (009410 KS)

KOSPI 200 Rebalancing Preview: Early Early Birds Special

This insight is a preview of the upcoming KOSPI 200 rebalancing in June 2021. The review period is November 1 to April 30, and this insight is...

Sanghyun Park

Tae Young E&C Tender Offer: Terms & Trading Situation

TY Holdings announces a well-anticipated stock-swap tender offer to Tae Young E&C. It is to complete the holding company conversion.

Sanghyun Park

KOSDAQ150 and KRX300 Indices Rebalances (Overlapping Additions & Deletions)

We highlight the KOSDAQ150 and KRX300 indices rebalances. There are some interesting new names, especially among those that are over lapping in...

Douglas Kim

KOSPI 200 Index Rebalances: No Surprises Among Additions, A Few Surprises Among Deletions

KRX anounced its KOSPI200 index rebalance. There were no surprises among the new additions but a few surprises among the deletions.

Douglas Kim

Tae Young E&C Demerger: Value Accretion Checkup

Tae Young E&C demerger got shareholder approval on July 15. More critically, it finally obtained regulatory approval (albeit conditional).So,...

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)