In today’s briefing:
- Retrospectively Reviewing Prop Traders Vs. Retail on T±4 Ex-Date
- China Allows Import of 45 Foreign Video Games Including 7 Korean Games
Retrospectively Reviewing Prop Traders Vs. Retail on T±4 Ex-Date
- This year is less intense compared to previous years. However, given this year’s overall market returns and the lower visibility of yearend dividends, it is still a reasonably aggressive flow.
- Most of this PROP flow should have been dividend hunting aimed at the distortion of ex-date price correction caused by RETAIL’s tax avoidance-driven selling flow.
- The performance of the individual stock position strategy (entering on T-4~1 ex-date) might not have been as juicy as expected, but it still managed to deliver a positive return.
China Allows Import of 45 Foreign Video Games Including 7 Korean Games
- On 28 December, the Chinese regulators announced that it will allow import of 45 foreign video games in China, among which seven are Korean video games.
- Now that the Chinese authorities have allowed greater imports of foreign games, this will act as a significant positive catalyst to boost share prices of Korean game companies.
- Among the major Korean game companies, we believe that NCsoft and Netmarble are best positioned to capitalize on this catalyst.
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