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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

The Korea Exchange (KRX) will announce the results of the June 2021 review 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> in May with the changes becoming effective after the close of trading on 10 June.Currently, we see <a href="https://www.smartkarma.com/entities/taihan-electric-wire-co-ltd" target="_blank" data-smartkarma-citation="entities:11551:1" rel="noopener">Taihan Electric Wire (001440 KS)</a> being included in the index and <a href="https://www.smartkarma.com/entities/taeyoung-engineering-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:18740:1" rel="noopener">Taeyoung Engineering &amp; Construction (009410 KS)</a> being deleted, with a few stocks as close adds/ deletes. <a href="https://www.smartkarma.com/entities/taeyoung-engineering-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:18740:1" rel="noopener">Taeyoung Engineering &amp; Construction (009410 KS)</a>'s expected deletion is a result of the demerger of TY Holdings (363280 KS) in September which has significantly lowered its market cap.<a href="https://www.smartkarma.com/entities/krafton-inc" target="_blank" data-smartkarma-citation="entities:28956:1" rel="noopener">Krafton Inc (1486402D KS)</a>'s estimated market cap of US$26-30bn would see it included in the index as a Fast Entry if it lists before the end of April which would put <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> at risk of deletion. If Krafton lists by end January/ beginning February (seems unlikely at this point in time), it could be included in the KOSPI 200 in March. If it lists after mid Feb but before end April, Krafton could be included in the index at the June review.<a href="https://www.smartkarma.com/entities/taihan-electric-wire-co-ltd" target="_blank" data-smartkarma-citation="entities:11551:1" rel="noopener">Taihan Electric Wire (001440 KS)</a> has increased in price sharply over the last month and we would wait for the price to stabilize a bit before buying into the stock.

The Korea Exchange (KRX) will announce the results of the June 2021 review of the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) in May with the changes becoming effective after the close of trading on 10 June.Currently, we see Taihan Electric Wire (001440 KS) being included in the index and Taeyoung Engineering &amp; Construction (009410 KS) being deleted, with a few stocks as close adds/ deletes. Taeyoung Engineering &amp; Construction (009410 KS)'s expected deletion is a result of the demerger of TY Holdings (363280 KS) in September which has significantly lowered its market cap.Krafton Inc (1486402D KS)'s estimated market cap of US$26-30bn would see it included in the index as a Fast Entry if it lists before the end of April which would put Sebang Global Battery (004490 KS) at risk of deletion. If Krafton lists by end January/ beginning February (seems unlikely at this point in time), it could be included in the KOSPI 200 in March. If it lists after mid Feb but before end April, Krafton could be included in the index at the June review.Taihan Electric Wire (001440 KS) has increased in price sharply over the last month and we would wait for the price to stabilize a bit before buying into the stock.

KOSPI200 Index Rebalance Preview: IPO Fast Entry & End of Short Sell Ban Will Shake Things Up

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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

KOSPI 200 will see the next reshuffle on June 11 next year.So, the review period is from November 1 to April 30.<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"}'>- June</td>
<td data-sheets-value='{"1":3,"3":43994}' data-sheets-numberformat='{"1":5,"2":"mmmm d, yyyy","3":1}'>June 11, 2021</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Review period"}'>- Review period</td>
<td data-sheets-value='{"1":2,"2":"May 1 to October 31"}'>November 1 to April 30</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"><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></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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

In this insight, we highlight 26 Korean companies that are/may be seeking to find new owners through M&amp;As in 2021. Key sectors of M&amp;A in Korea in 2021 include consumer and industrial. We also provide a review of our M&amp;A research in 2020. We wrote 29 reports about the M&amp;As in 2020. The M&amp;A market in Korea is estimated to be about 35 trillion won in 2020, down 8% YoY. The local media have mentioned that the M&amp;A market in Korea could be nearly <a href="https://finance.naver.com/news/news_read.nhn?article_id=0004711778&amp;office_id=009&amp;mode=LSS2D&amp;type=0&amp;section_id=101&amp;section_id2=258&amp;section_id3=&amp;date=20201207&amp;page=3" target="_blank" rel="noopener">45 trillion won</a> in 2021, up 29% YoY, which would surpass the all-time high of 38 trillion won in 2019.

In this insight, we highlight 26 Korean companies that are/may be seeking to find new owners through M&amp;As in 2021. Key sectors of M&amp;A in Korea in 2021 include consumer and industrial. We also provide a review of our M&amp;A research in 2020. We wrote 29 reports about the M&amp;As in 2020. The M&amp;A market in Korea is estimated to be about 35 trillion won in 2020, down 8% YoY. The local media have mentioned that the M&amp;A market in Korea could be nearly 45 trillion won in 2021, up 29% YoY, which would surpass the all-time high of 38 trillion won in 2019.  

Review of Our M&A Research in 2020 & Korea M&A Market Outlook in 2021: What’s For Sale?

M&A Reporting, CTFN

Jonathan Spitzer

M&A Reporting

CTFN

Bringing the marketplace leading coverage of mergers, events, and major corporate actions, CTFN has a team of seasoned reporters from Los Angeles to London, publishing news that advances stories that matter to event-driven investors and deal professionals.

General Cable, the producer of cables and wires that has been reviewing strategic alternatives, may be of interest to Asian peers, sources told CTFN. A banker familiar with the sector said that the European Commission would take a hard look at a potential acquisition of General Cable by Italy's listed cable producer Prysmian and by Paris listed Nexans.

General Cable, the producer of cables and wires that has been reviewing strategic alternatives, may be of interest to Asian peers, sources told CTFN. A banker familiar with the sector said that the European Commission would take a hard look at a potential acquisition of General Cable by Italy's listed cable producer Prysmian and by Paris listed Nexans. 

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Thematic (Sector/Industry)

<blockquote>
“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.”
―Nassim Nicholas Taleb, Ten principles for a Black Swan-proof world (2009)
</blockquote>This morning, Hanjin Shipping Co. said it will apply for court receivership after lenders decided to halt all support. We have been highlighting these risks from 2013 and in our last update on troubled container shipping company, we had highlighted the…


“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.”
―Nassim Nicholas Taleb, Ten principles for a Black Swan-proof world (2009)
This morning, Hanjin Shipping Co. said it will apply for court receivership after lenders decided to halt all support. We have been highlighting these risks from 2013 and in our last update on troubled container shipping company, we had highlighted the…

Hanjin Shipping(117930 KS) - Borrowed Time Comes to an End

South Korea

Taihan Electric Wire Co., Ltd. manufactures a wide range of cables and wires, such as power, communications, copper rod, and enameled cables and wires.  The Company also produces stainless steel sheets and aluminum products including coils, sheets, and plates.  In addition, Taihan Electric offers information and communications equipment, such as optical transmission and network systems.

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Taihan Electric Wire (001440 KS)

KOSPI200 Index Rebalance Preview: IPO Fast Entry & End of Short Sell Ban Will Shake Things Up

We just just one addition and deletion to the KOSPI200 index in the June 2021 review. The end of the short sell ban in March will bring a lot more...

Brian Freitas

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

Review of Our M&A Research in 2020 & Korea M&A Market Outlook in 2021: What’s For Sale?

In this insight, we highlight 26 Korean companies that are/may be seeking to find new owners through M&As in 2021. We also provide a review of our...

Douglas Kim

General Cable Could Attract Asian Peers

General Cable, the producer of cables and wires that has been reviewing strategic alternatives, may be of interest to Asian peers, sources told...

CTFN

Hanjin Shipping(117930 KS) - Borrowed Time Comes to an End

“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a...

Drewry Maritime Financial Research

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