In today’s briefing:
- Targeting the Widening of KT Corp ADR Premium Amid MSCI Inclusion
- Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2023
Targeting the Widening of KT Corp ADR Premium Amid MSCI Inclusion
- We should expect significant changes in KT’s ADR premium approaching the implementation date as foreign institutions leading the passive flow for MSCI Korea constituents have typically preferred ADRs.
- Looking at the previous two occasions, the ADR disparity widened from the midpoint of the review period. And this trend continued for a while after the implementation.
- Although KT’s ADR disparity has not yet significantly expanded, we may witness a similar pattern this time as well, given that it has been continuously moving in the premium recently.
Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2023
- In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 2Q 2023.
- Of the 38 pair trades, 21 of them involved holdcos outperforming opcos YTD and 17 of them involved opcos outperforming holdcos in the same period.
- We highlight 38 pair trades that involve Korean holdcos and opcos.
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