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

Korean Spinoffs Trade Ideas Amid Trade Suspension on April 29

Closing the Gap: Korean Holdcos Vs. Opcos

Amorepacific Corp: 2021 High Conviction - Highlights of Better than Expected 1Q 2021 Earnings

LG Corp – The Whitebox Case in Light of Activist Victory at Toshiba

LG Corp: Updated SoTP Valuation Analysis & Timing of Key Upcoming Catalyst Events

LG Corp Split: Schedule, Financials, Base Price MC, Subs Stake Value, & KOSPI 200 Inclusion

Clepsydra Capital

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

Event-Driven

<p>LG Corp continues to fly high. The share price is now only -7.14% from the 52H set on January 7.</p><table class="table table-striped">
<colgroup>
<col width="150">
<col width="150">
</colgroup>
<tbody>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"LG Corp"}' data-sheets-formula='=googlefinance(R[1]C[1], "name")'>LG Corp</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ticker"}' data-sheets-numberformat='[null,5,"m\"/\"d\"/\"yy"]'>Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"003550"}' data-sheets-numberformat='[null,4,"[$₩]#,##0"]' data-sheets-formula='="003550"'>003550</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"MC (₩B)"}'>MC (₩B)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":19067.5629755}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula='=googlefinance(R[-1]C[0], "price")*googlefinance(R[-1]C[0], "shares")/1000000000'>19,067.6</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"DTV (₩B)"}'>DTV (₩B)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":32.313497133333335}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula='=googlefinance(R[-2]C[0], "volumeavg")*average(index(googlefinance(R[-2]C[0], "price", today()-30, today()), 0,2))/1000000000'>32.3</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Close"}'>Close</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":110500}' data-sheets-numberformat='[null,4,"[$₩-412]#,##0"]' data-sheets-formula='=googlefinance(R[-3]C[0], "price")'>₩110,500</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Δ Daily"}'>Δ Daily</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.08866995073891626}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R5C2-R[1]C[1])/R[1]C[1]">8.87%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Open"}'>Open</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.04245283018867924}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R5C2-R[1]C[1])/R[1]C[1]">4.25%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"High"}'>High</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.04741379310344827}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R5C2-R[1]C[1])/R[1]C[1]">-4.74%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Low"}'>Low</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.05238095238095238}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R5C2-R[1]C[1])/R[1]C[1]">5.24%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"x DTV"}'>x DTV</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":4.177984876606475}' data-sheets-numberformat='[null,2,"#,##0.00",1]' data-sheets-formula='=googlefinance(R[-8]C[0], "volume")/googlefinance(R[-8]C[0], "volumeavg")'>4.18</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"TV (₩B)"}'>TV (₩B)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":164.4168175}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula='=googlefinance(R2C[0], "volume")*R[-6]C[0]/1000000000'>164.4</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"TV/SO"}'>TV/SO</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.008622854305569094}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula='=googlefinance(R[-10]C[0], "volume")/googlefinance(R[-10]C[0], "shares")'>0.86%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"x Open"}'>x Open</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"10.37%p"}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula='=if((R[-4]C[1]-R[-3]C[1])/R[-5]C[1]&gt;0.1, left((R[-4]C[1]-R[-3]C[1])/R[-5]C[1]*100, 5)&amp;"%p", left((R[-4]C[1]-R[-3]C[1])/R[-5]C[1]*100, 4)&amp;"%p")'>10.37%p</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"52WH"}'><strong>52WH</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.07142857142857142}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-12]C[0]-R[4]C[1])/R[4]C[1]"><strong>-7.14%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Date"}'><strong>- Date</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44203.64583333333}' data-sheets-numberformat='[null,5,"m\"/\"d\"/\"yy"]' data-sheets-formula='=index(googlefinance(R[-16]C[0], "all", today()-365, today()+2), (match(max(index(googlefinance(R[-16]C[0], "all", today()-365, today()+2), 0, 3)), index(googlefinance(R[-16]C[0], "all", today()-365, today()+2), 0, 3), 0)), 1)'><strong>1/7/21</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"52WL"}'><strong>52WL</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.9051724137931034}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-14]C[0]-R[4]C[1])/R[4]C[1]"><strong>90.52%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Date"}'><strong>- Date</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":43937.64583333333}' data-sheets-numberformat='[null,5,"m\"/\"d\"/\"yy"]' data-sheets-formula='=index(googlefinance(R[-18]C[0], "all", today()-365, today()+2), (match(MIN(index(googlefinance(R[-18]C[0], "all", today()-365, today()+2), 0, 4)), index(googlefinance(R[-18]C[0], "all", today()-365, today()+2), 0, 4), 0)), 1)'><strong>4/16/20</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"20D SMA"}'>20D SMA</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.20226308345120225}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-16]C[0]-R299C[15])/R299C[15]">20.23%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"20D EMA"}'>20D EMA</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.17089718552575575}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-17]C[0]-R299C[16])/R299C[16]">17.09%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D SMA"}'>120D SMA</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.24521072796934865}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-18]C[0]-R299C[17])/R299C[17]">24.52%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"20D Δ"}'>20D Δ</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.24858757062146894}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R5C2-R[256]C[14])/R[256]C[14]">24.86%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"20D SD"}'>20D SD</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.06219922829019171}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=stdev.s(R[256]C[14]:R299C[14])/average(R[256]C[14]:R299C[14])">6.22%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D Δ"}'>120D Δ</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5241379310344828}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R5C2-R[154]C[14])/R[154]C[14]">52.41%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D SD"}'>120D SD</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1429634136802705}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=stdev.s(R[153]C[14]:R299C[14])/average(R[153]C[14]:R299C[14])">14.30%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"180D Δ"}'>180D Δ</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.522038567493113}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R5C2-R[92]C[14])/R[92]C[14]">52.20%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"180D SD"}'>180D SD</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.13722575036706663}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=stdev.s(R[91]C[14]:R299C[14])/average(R[91]C[14]:R299C[14])">13.72%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"RSI (14)"}'>RSI (14)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":78.88769798525578}' data-sheets-numberformat='[null,2,"#,##0.00",1]' data-sheets-formula="=R[475]C[7]">78.89</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"%K"}'>%K</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":81.60535117056857}' data-sheets-numberformat='[null,2,"#,##0.00",1]' data-sheets-formula="=R[474]C[10]">81.61</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"%D"}'>%D</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":90.98536997551831}' data-sheets-numberformat='[null,2,"#,##0.00",1]' data-sheets-formula="=R[473]C[11]">90.99</td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/200/738/original/chart.png?1618455537" class="editor-image img-responsive" data-smartkarma-image-id="200738"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/200/739/original/chart+%281%29.png?1618455547" class="editor-image img-responsive" data-smartkarma-image-id="200739"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/200/740/original/chart+%282%29.png?1618455557" class="editor-image img-responsive" data-smartkarma-image-id="200740"></figure></section><hr><div><p>The trend will likely stay until the April 29~May 26 trading suspension unless we face a market systematic risk.</p></div><div><div><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Schedule"}'>Schedule</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Trade suspension begins"}'>Trade suspension begins</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44315}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}'>4/29/21</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Trade suspensino ends"}'>Trade suspensino ends</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44342}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}'>5/26/21</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Relistnig"}'>Re-listing</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44343}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}'>5/27/21</td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table></div></div>

LG Corp continues to fly high. The share price is now only -7.14% from the 52H set on January 7.





LG Corp

Ticker
003550


MC (₩B)
19,067.6


DTV (₩B)
32.3


Close
₩110,500


Δ Daily
8.87%


Open
4.25%


High
-4.74%


Low
5.24%


x DTV
4.18


TV (₩B)
164.4


TV/SO
0.86%


x Open
10.37%p


52WH
-7.14%


- Date
1/7/21


52WL
90.52%


- Date
4/16/20


20D SMA
20.23%


20D EMA
17.09%


120D SMA
24.52%


20D Δ
24.86%


20D SD
6.22%


120D Δ
52.41%


120D SD
14.30%


180D Δ
52.20%


180D SD
13.72%


RSI (14)
78.89


%K
81.61


%D
90.99

Source: KRX

The trend will likely stay until the April 29~May 26 trading suspension unless we face a market systematic risk.





Schedule

Trade suspension begins
4/29/21


Trade suspensino ends
5/26/21


Re-listing
5/27/21

Source: DART



LG Corp Split: Major Shareholder Cross Trading Dynamics