In today’s briefing:
- MSCI Korea: Potential Inclusions & Exclusions in February 2023 Highlighted by Locals
- KOSPI200 Index Rebalance: JB Financial (175330 KS) To Replace Meritz F&M (000060 KS)
- EQD | KOSPI2 Index: Buy Calls/Call Spreads into CPI Release
- Oasis Corporation IPO – Peer Comparison – Smallest in Scale but Largest in Profitability
MSCI Korea: Potential Inclusions & Exclusions in February 2023 Highlighted by Locals
- We discuss the potential inclusions and exclusions in the next MSCI Korea Index rebalance announcement (10 February) that are being highlighted by the locals.
- The potential candidates for inclusion in the MSCI Korea Index emphasized by locals in February 2023 include Kakao Pay and Hanwha Aerospace.
- The potential exclusion candidates in the MSCI Korea Index emphasized by locals include S-1 Corp, Celltrion Pharm, and Cheil Worldwide.
KOSPI200 Index Rebalance: JB Financial (175330 KS) To Replace Meritz F&M (000060 KS)
- Jb Financial Group (175330 KS) will replace Meritz Fire & Marine Insurance (000060 KS) in the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) at the close on 27 January.
- We estimate passive KOSPI2 INDEX trackers will need to buy 3.494m shares (KRW 36.34bn; 4.04 days of ADV) of Jb Financial Group (175330 KS) at the close on 27 January.
- DGB Financial Group (139130 KS) could be added to the KOSPI2 INDEX in April, replacing Meritz Securities (008560 KS) following its merger with Meritz Financial Group (138040 KS).
EQD | KOSPI2 Index: Buy Calls/Call Spreads into CPI Release
- Korean equities have recovered from the December sell-off but are still playing catch up versus other Asian indices over the last year
- We see the upcoming CPI release as an underpriced event in the vol space
- We consider some cheap derivative strategies on the upside to play the disinflation theme
Oasis Corporation IPO – Peer Comparison – Smallest in Scale but Largest in Profitability
- OASIS Corp (370190 KS) is looking to raise up to US$166m in its upcoming Korea IPO.
- Oasis Corporation is an early morning delivery service business that delivers fresh food to consumers. It runs an e-commerce platform named ‘Oasis Market’ as well as offline stores.
- In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison.
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