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

KOSPI 200 September Rebalancing Results & Passive Impact Estimations

Korea Post's Kakao Bank Block Deal, Yes, It Is Unexpected

September Lockup Releases on KOSPI: Looking at Each Stock's Flow Situation

Why Would Kakao Bank/Krafton's KOSPI 200 Fast Entry Float Estimations Be Such an Extraordinary Task?

Kakao Bank Passive Flow Tracking Ahead of MSCI & KOSPI 200 Implementations

Krafton Today: KOSPI 200 Rebalancing Trading Continues + Local Retail Re-Entry

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

<h2>KOSPI 200 likely deletes</h2><p><strong>Lock&amp;Lock and JW Pharmaceutical Corp are expected to be excluded due to Kakao Bank and Krafton's inclusion in the KOSPI 200.</strong></p><p>Below is the Fast Entry rule of KOSPI 200. Stocks with the lowest market cap in the recent rebalancing period are excluded.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/225/508/original/image?1629690665" class="editor-image img-responsive" data-smartkarma-image-id="225508"></figure></section><p>The recent rebalancing period is from November 1, 2020 to April 30, 2021. The stocks with the lowest daily average market cap during this period are as follows:</p><table class="table table-striped">
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<td>KOSPI 200 constituents sitting at the bottom by average daily market cap</td>
<td style="text-align: right;">Ticker</td>
<td style="text-align: right;">Average daily market cap from November 1, 2020 to April 30, 2021</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LX Hausys Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>LX Hausys Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":108670}' data-sheets-formula='=if(len(R[0]C[2])=2, "0000"&amp;R[0]C[2], if(len(R[0]C[2])=3, "000"&amp;R[0]C[2], if(LEN(R[0]C[2])=4, "00"&amp;R[0]C[2], if(len(R[0]C[2])=5, "0"&amp;R[0]C[2], if(len(R[0]C[2])=6, R[0]C[2], 0)))))'>108670</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":694.5749694677418}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}' data-sheets-formula='=average(index(googlefinance(R[0]C[-1], "price", date(2020,11,1), date(2021,4,30)), 0, 2))*googlefinance(R[0]C[-1], "shares")/1000000000'>₩694.6B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Doosan Infracore Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Doosan Infracore Co Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"042670"}' data-sheets-formula='=if(len(R[0]C[2])=2, "0000"&amp;R[0]C[2], if(len(R[0]C[2])=3, "000"&amp;R[0]C[2], if(LEN(R[0]C[2])=4, "00"&amp;R[0]C[2], if(len(R[0]C[2])=5, "0"&amp;R[0]C[2], if(len(R[0]C[2])=6, R[0]C[2], 0)))))'>042670</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":694.195389710244}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}' data-sheets-formula='=average(index(googlefinance(R[0]C[-1], "price", date(2020,11,1), date(2021,4,30)), 0, 2))*googlefinance(R[0]C[-1], "shares")/1000000000'>₩694.2B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Nexen Tire Corp"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Nexen Tire Corp</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"002350"}' data-sheets-formula='=if(len(R[0]C[2])=2, "0000"&amp;R[0]C[2], if(len(R[0]C[2])=3, "000"&amp;R[0]C[2], if(LEN(R[0]C[2])=4, "00"&amp;R[0]C[2], if(len(R[0]C[2])=5, "0"&amp;R[0]C[2], if(len(R[0]C[2])=6, R[0]C[2], 0)))))'>002350</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":676.5942179175}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}' data-sheets-formula='=average(index(googlefinance(R[0]C[-1], "price", date(2020,11,1), date(2021,4,30)), 0, 2))*googlefinance(R[0]C[-1], "shares")/1000000000'>₩676.6B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"JW Pharmaceutical Corp"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'><strong>JW Pharmaceutical Corp</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"001060"}' data-sheets-formula='=if(len(R[0]C[2])=2, "0000"&amp;R[0]C[2], if(len(R[0]C[2])=3, "000"&amp;R[0]C[2], if(LEN(R[0]C[2])=4, "00"&amp;R[0]C[2], if(len(R[0]C[2])=5, "0"&amp;R[0]C[2], if(len(R[0]C[2])=6, R[0]C[2], 0)))))'><strong>001060</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":675.1852089654669}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}' data-sheets-formula='=average(index(googlefinance(R[0]C[-1], "price", date(2020,11,1), date(2021,4,30)), 0, 2))*googlefinance(R[0]C[-1], "shares")/1000000000'><strong>₩675.2B</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Lock&amp;Lock Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'><strong>Lock&amp;Lock Co Ltd</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":115390}' data-sheets-formula='=if(len(R[0]C[2])=2, "0000"&amp;R[0]C[2], if(len(R[0]C[2])=3, "000"&amp;R[0]C[2], if(LEN(R[0]C[2])=4, "00"&amp;R[0]C[2], if(len(R[0]C[2])=5, "0"&amp;R[0]C[2], if(len(R[0]C[2])=6, R[0]C[2], 0)))))'><strong>115390</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":669.7708991682928}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}' data-sheets-formula='=average(index(googlefinance(R[0]C[-1], "price", date(2020,11,1), date(2021,4,30)), 0, 2))*googlefinance(R[0]C[-1], "shares")/1000000000'><strong>₩669.8B</strong></td>
</tr>
<tr>
<td>Source: KRX</td>
<td style="text-align: right;"></td>
<td style="text-align: right;"></td>
</tr>
</tbody>
</table>

KOSPI 200 likely deletesLock&amp;Lock and JW Pharmaceutical Corp are expected to be excluded due to Kakao Bank and Krafton's inclusion in the KOSPI 200.Below is the Fast Entry rule of KOSPI 200. Stocks with the lowest market cap in the recent rebalancing period are excluded.The recent rebalancing period is from November 1, 2020 to April 30, 2021. The stocks with the lowest daily average market cap during this period are as follows:







KOSPI 200 constituents sitting at the bottom by average daily market cap
Ticker
Average daily market cap from November 1, 2020 to April 30, 2021


LX Hausys Ltd
108670
₩694.6B


Doosan Infracore Co Ltd
042670
₩694.2B


Nexen Tire Corp
002350
₩676.6B


JW Pharmaceutical Corp
001060
₩675.2B


Lock&amp;Lock Co Ltd
115390
₩669.8B


Source: KRX






Likely Deletes by KOSPI 200 Fast Entry on September 9: JW Pharma & Lock&Lock

Jw Pharmaceutical

Likely Deletes by KOSPI 200 Fast Entry on September 9: JW Pharma & Lock&Lock