In today’s briefing:
- Quiddity Leaderboard KOSPI 200 Jun 24: Up to Five Changes Possible
- Noteworthy Price Movements Associated with 1Q Ex-Dates Trading Setups
- Jeil Machine & Solution IPO Valuation Analysis
Quiddity Leaderboard KOSPI 200 Jun 24: Up to Five Changes Possible
- KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
- In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in June 2024.
- There could be up to five changes in the KOSPI 200 index during the June 2024 index rebal event.
Noteworthy Price Movements Associated with 1Q Ex-Dates Trading Setups
- Investors buying on February ex-dates, perhaps due to the Value-up factor, led to a successful strategy for local managers: buying before ex-date and selling at close, yielding positive results.
- On March 19th, Kia Corp (000270 KS) diverged from February’s pattern. Notably, FINANCIAL INVESTMENT sold heavily on Kia’s ex-date, a deviation from their quiet February activity.
- FINANCIAL INVESTMENT’s trend of liquidating positions held since last quarter, especially for dividends, gains momentum as March ends, possibly overshadowing February’s Value-up factor.
Jeil Machine & Solution IPO Valuation Analysis
- Our base case valuation of Jeil M&S is target price of 24,354 won per share, which is 35% higher than the high end of the IPO price range.
- We estimate the Jeil M&S to generate sales of 279 billion won (up 94.9% YoY) and operating profit of 18.1 billion won (up 928% YoY).
- Jeil M&S’s main products include mixing equipment for the rechargeable battery sector. Its major customers include Samsung SDI, LG Energy Solution, and Northvolt.
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