In today’s briefing:
- Aggressive Shorting on Dongwon Industries, Which Has Not Been Noticed as a K200 Deletion
- Korea Small Cap Gem #21: TS Corp – Addicted to Sugar
Aggressive Shorting on Dongwon Industries, Which Has Not Been Noticed as a K200 Deletion
- Dongwon Industries’ float rate is less than 10% (1 – 63.15% – 27.65% = 9.20%), which makes it ineligible for KOSPI 200. KRX will reflect this in the June review.
- The passive outflow size due to K200 deletion is expected to be about 50 billion won, which will cause an impact of about 28x ADTV.
- Considering this deletion has not been sufficiently exposed in the market, the actual price impact may be even more significant and preemptive.
Korea Small Cap Gem #21: TS Corp – Addicted to Sugar
- Ts Corporation (001790 KS) is the 21st company in our Korea Small Cap Gems series.
- TS Corp is one of the largest sugar refining companies in Korea. Rising raw sugar prices generally have a positive impact on TS Corp’s sales and profits.
- TS Corp owns very valuable real estate assets that are much larger than its current market cap (299 billion won).
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