Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

I investigate special situations, pairs, and index rebalancing trades in Korea.

Korea / Special Sits, Pairs, Index Rebalancing

Short LG Corp on the Unsustainable Price Spike

Korea Stubs Status Check: 15 in Total Incl. 3 New Ones

KOSPI 200 June Rebalancing: Nearly Finalized Results with 7 Adds/Deletes

Post KOSPI 200 Rebalancing Shorting Event: Watch Iljin Hysolus, F&F, & K Car

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>F&amp;F Holdings is a single-subsidiary PURE STUB PLAY with no operating assets. It currently trades at a 54.30% discount to its NAV, and its 20-day MA sigma sits below -2.0.</li>
<li>The pair is currently in a substantial diversion. The passive inflow caused by F&amp;F's KOSPI 200 inclusion appears to have caused a flow imbalance.</li>
<li>F&amp;F is becoming a primary target for KOSPI 200's post-rebalancing shorting events. Then, we can consider using F&amp;F Holdings as a long hedge, in addition to outright shorting for F&amp;F.</li>
</ul>


F&amp;F Holdings is a single-subsidiary PURE STUB PLAY with no operating assets. It currently trades at a 54.30% discount to its NAV, and its 20-day MA sigma sits below -2.0.
The pair is currently in a substantial diversion. The passive inflow caused by F&amp;F's KOSPI 200 inclusion appears to have caused a flow imbalance.
F&amp;F is becoming a primary target for KOSPI 200's post-rebalancing shorting events. Then, we can consider using F&amp;F Holdings as a long hedge, in addition to outright shorting for F&amp;F.


Korea Stub Trades: F&F Holdings Pair in a Substantial Diversion with F&F's KOSPI 200 Inclusion

F&F / New

Korea Stub Trades: F&F Holdings Pair in a Substantial Diversion with F&F's KOSPI 200 Inclusion