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

SK IE Tech Post-IPO Lockup Releases: Local & Foreign Institutional Breakdown

SK IE Tech KOSPI 200 Fast-Entry Confirmed for June 11

Korea's Local Sector Index (FnGuide Secondary Battery) Rebalancing Made a Big Splash Last Friday

SK IE Tech MSCI Korea Index Fast Entry Situation Checkup

SK IE Tech: Why Selloff & How? Impacts on Index Inclusions

SK IE Tech KOSPI 200 Fast Entry Month Issue: June or September?

Clepsydra Capital

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

Event-Driven

<p>SK IE Tech's 5-day daily average market cap (May 11~17) is <span data-sheets-value='{"1":3,"3":10338.15084}' data-sheets-userformat='{"2":14529,"3":{"1":2,"2":"₩#,##0.0B","3":1},"9":2,"10":1,"14":{"1":2,"2":3815996},"15":"\"Courier New\"","16":9}' data-sheets-formula="=average(R[-5]C[0]:R[-1]C[0])*Terms!R[12]C[-9]/1000000000"><strong>₩10,338.2B</strong>, placing it at the <strong>35th spot</strong> among KOSPI's largest market cap ordinary shares. The 50th spot (CJ Cheiljedang) has a 5-day daily average market cap of ₩6,870.7B, 33.54% below where SK IE Tech sits. </span></p><div>
<p>SK IE Tech finally bounces back today with a 4.5% gain as I'm writing this post. We still have 10 more trading sessions to confirm SK IE Tech's fast entry into KOSPI 200. The last review day falls on May 31. <strong>But it seems to me that it is a done deal as a 33.54% gap is a pretty comfortable cushion.</strong> </p>
<p>The KRX will likely announce SK IET's entry on <strong>June 1</strong>, right after the 15-trading day review period. The inclusion should then occur on <strong>June 11</strong>.</p>
<div class="content-highlight"><em><strong>KOSPI 200 fast entry rule for an IPO stock</strong>: A newly listed stock in the <strong>top 50 ordinary shares</strong> in the KOSPI market by market capitalization is subject to index inclusion. The market capitalization refers to the <strong>average daily market capitalization for 15 trading days</strong> from the listing day.</em></div>
<hr>
<h2>Non-float and free float</h2>
<p>As filed at the <a href="http://find.krx.co.kr/p/Fids0207/" target="_blank" rel="noopener">KRX FIND</a>, SK Innovation and Premier Superior (the early investor) have a combined 71.00%. Adding the ESOP-owned 3.96% raises the total non-float shares to <strong>73.96%</strong>.</p>
<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 218.182px;" data-sheets-value='{"1":2,"2":"Non-float"}'>Non-float</td>
<td style="text-align: right; width: 79.0909px;" data-sheets-value='{"1":2,"2":"Shares"}'>Shares</td>
<td style="text-align: right; width: 120px;" data-sheets-value='{"1":2,"2":"Shareholding %"}'>Shareholding %</td>
<td style="text-align: right; width: 108.182px;" data-sheets-value='{"1":2,"2":"Lockup period"}'>Lockup period</td>
<td style="text-align: right; width: 114.545px;">Last filed</td>
</tr>
<tr>
<td style="width: 218.182px;" data-sheets-value='{"1":2,"2":"SK Innovation"}'><strong>SK Innovation</strong></td>
<td style="text-align: right; width: 79.0909px;" data-sheets-value='{"1":3,"3":43633432}' data-sheets-numberformat='[null,2,"#,##0",1]'>43,633,432</td>
<td style="text-align: right; width: 120px;" data-sheets-value='{"1":3,"3":0.6119902618871055}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5"><strong>61.20%</strong></td>
<td style="text-align: right; width: 108.182px;" data-sheets-value='{"1":2,"2":"6 months"}'>6 months</td>
<td style="text-align: right; width: 114.545px;">2021. 5. 13</td>
</tr>
<tr>
<td style="width: 218.182px;" data-sheets-value='{"1":2,"2":"Premier Superior Ltd."}'><strong>Premier Superior Ltd.</strong></td>
<td style="text-align: right; width: 79.0909px;" data-sheets-value='{"1":3,"3":6274160}' data-sheets-numberformat='[null,2,"#,##0",1]'>6,274,160</td>
<td style="text-align: right; width: 120px;" data-sheets-value='{"1":3,"3":0.08799960593339534}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5"><strong>8.80%</strong></td>
<td style="text-align: right; width: 108.182px;" data-sheets-value='{"1":2,"2":"6 months"}'>6 months</td>
<td style="text-align: right; width: 114.545px;">2021. 5. 12</td>
</tr>
<tr>
<td style="width: 218.182px;" data-sheets-value='{"1":2,"2":"ESOP"}'><strong>ESOP</strong></td>
<td style="text-align: right; width: 79.0909px;" data-sheets-value='{"1":3,"3":2823956}' data-sheets-numberformat='[null,2,"#,##0",1]'>2,823,956</td>
<td style="text-align: right; width: 120px;" data-sheets-value='{"1":3,"3":0.03960801368999951}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5"><strong>3.96%</strong></td>
<td style="text-align: right; width: 108.182px;" data-sheets-value='{"1":2,"2":"1 year"}'>1 year</td>
<td style="text-align: right; width: 114.545px;">-</td>
</tr>
<tr>
<td style="width: 218.182px;" data-sheets-value='{"1":2,"2":"Total"}'><strong>Total</strong></td>
<td style="text-align: right; width: 79.0909px;" data-sheets-value='{"1":3,"3":52731548}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=sum(R[-3]C[0]:R[-1]C[0])"><strong>52,731,548</strong></td>
<td style="text-align: right; width: 120px;" data-sheets-value='{"1":3,"3":0.7395978815105004}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5"><strong>73.96%</strong></td>
<td style="text-align: right; width: 108.182px;" data-sheets-value='{"1":2,"2":"-"}'><strong>-</strong></td>
<td style="text-align: right; width: 114.545px;"><strong>-</strong></td>
</tr>
<tr>
<td colspan="4" style="width: 588.182px;" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td>
<td style="width: 114.545px;"></td>
</tr>
</tbody>
</table>
<p>So, the eventual free float rate should be <strong>26.04%</strong>, of which <strong>11.00%</strong> are voluntary lockups from 15 days to 6 months by the IPO institutional shareholders.</p>
<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Free float"}'>Free float</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Shares"}'>Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Shareholding %"}'>Shareholding %</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Lockup period"}'>Lockup period</td>
</tr>
<tr>
<td colspan="1" rowspan="4" data-sheets-value='{"1":2,"2":"IPO voluntary lockup"}'><div>IPO voluntary lockup</div></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3020988}' data-sheets-numberformat='[null,2,"#,##0",1]'>3,020,988</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0423715291815185}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5">4.24%</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"6 months"}'>6 months</td>
</tr>
<tr>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2087672}' data-sheets-numberformat='[null,2,"#,##0",1]'>2,087,672</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.02928110110647215}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5">2.93%</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"3 months"}'>3 months</td>
</tr>
<tr>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2700264}' data-sheets-numberformat='[null,2,"#,##0",1]'>2,700,264</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.037873144439436325}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5">3.79%</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"1 month"}'>1 month</td>
</tr>
<tr>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":35922}' data-sheets-numberformat='[null,2,"#,##0",1]'>35,922</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0005038318825690495}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5">0.05%</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"15 days"}'>15 days</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"IPO institutional"}'><strong>IPO institutional</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":4304198}' data-sheets-numberformat='[null,2,"#,##0",1]'><strong>4,304,198</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.06036947222565385}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5"><strong>6.04%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}'><strong>-</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"IPO retail"}'><strong>IPO retail</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":6417000}' data-sheets-numberformat='[null,2,"#,##0",1]'><strong>6,417,000</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.09000303965384975}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5"><strong>9.00%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}'><strong>-</strong></td>
</tr>
<tr><td colspan="4" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table>
<p>But SK IE Tech's free float rate for the KOSPI 200 index should be 26.04% as the KRX considers institutional voluntary lockups as free float shares instead of non-float. The KRX then rounds it up to the nearest 1%. So, it will be <strong>27.00</strong>%.</p>
<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Free float schedule"}'>Free float schedule</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Shares"}'>Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Shareholding %"}'>Shareholding %</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Date"}'>Release date</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"6 months"}'><strong>6 months</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":18566044}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=R[1]C[0]+R[-9]C[0]"><strong>18,566,044</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2604021184894996}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5"><strong>26.04%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44511}' data-sheets-numberformat='{"1":5,"2":"m\". \"d","3":1}'><strong>11. 11</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"3 months"}'>3 months</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":15545056}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=R[1]C[0]+R[-9]C[0]">15,545,056</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2180305893079811}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5">21.80%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44419}' data-sheets-numberformat='{"1":5,"2":"m\". \"d","3":1}'>8. 11</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1 month"}'>1 month</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":13457384}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=R[1]C[0]+R[-9]C[0]">13,457,384</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.18874948820150897}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5">18.87%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44358}' data-sheets-numberformat='{"1":5,"2":"m\". \"d","3":1}'>6. 11</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"15 days"}'>15 days</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":10757120}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=R[1]C[0]+R[-9]C[0]">10,757,120</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.15087634376207265}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5">15.09%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44342}' data-sheets-numberformat='{"1":5,"2":"m\". \"d","3":1}'>5. 26</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Immediate"}'>Immediate</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":10721198}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=sum(R[-9]C[0]:R[-8]C[0])">10,721,198</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1503725118795036}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5">15.04%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44327}' data-sheets-numberformat='{"1":5,"2":"m\". \"d","3":1}'>5. 11</td>
</tr>
<tr><td colspan="4" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table>
<h2>Passive inflow estimation</h2>
<p>The 5-day daily average float-adjusted market cap arrives at <strong><span data-sheets-value='{"1":3,"3":2791.3140000000003}' data-sheets-userformat='{"2":15041,"3":{"1":2,"2":"₩#,##0.0B"},"9":2,"10":1,"12":0,"14":{"1":2,"2":3815996},"15":"\"Courier New\"","16":9}' data-sheets-formula="=R[-2]C[0]*R[-1]C[0]">₩2,791.3B with a free float rate of 27.00%, giving an estimated weight of 0.22% in the KOSPI 200. </span></strong><span data-sheets-value='{"1":3,"3":2791.3140000000003}' data-sheets-userformat='{"2":15041,"3":{"1":2,"2":"₩#,##0.0B"},"9":2,"10":1,"12":0,"14":{"1":2,"2":3815996},"15":"\"Courier New\"","16":9}' data-sheets-formula="=R[-2]C[0]*R[-1]C[0]">We realistically estimate total passive funds mirroring KOSPI 200 at ₩80T, 0.22% of which spits out ₩178.7B flowing into SK IE Tech.</span></p>
<p><span data-sheets-value='{"1":3,"3":2791.3140000000003}' data-sheets-userformat='{"2":15041,"3":{"1":2,"2":"₩#,##0.0B"},"9":2,"10":1,"12":0,"14":{"1":2,"2":3815996},"15":"\"Courier New\"","16":9}' data-sheets-formula="=R[-2]C[0]*R[-1]C[0]">How many shares? ₩178.7B at the 5-day VWAP (volume-weighted average price) translates into <strong>1,117,477 shares</strong>, representing <strong>10.42%</strong> of the immediate free float shares. The current daily trade volume (TV) hovers around 1M shares. So, it is equivalent to one full-day TV.</span></p>
<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" style="width: 723.636px;" data-sheets-value='{"1":2,"2":"KOSPI 200 estimated passive inflow"}' data-sheets-numberformat='[null,2,"#,##0.0"]'>Passive inflow estimation for SK IE Tech</td></tr>
<tr>
<td style="width: 485.455px;" data-sheets-value='{"1":2,"2":"5-day daily average market cap"}'>5-day daily average market cap</td>
<td style="text-align: right; width: 217.273px;" data-sheets-value='{"1":3,"3":10338.2}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}'>₩10,338.2B</td>
</tr>
<tr>
<td style="width: 485.455px;" data-sheets-value='{"1":2,"2":"Index free float"}'>Index free float</td>
<td style="text-align: right; width: 217.273px;" data-sheets-value='{"1":3,"3":0.2604}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>27.00%</td>
</tr>
<tr>
<td style="width: 485.455px;" data-sheets-value='{"1":2,"2":"5-day daily average float-adj market cap"}'><strong>5-day daily average float-adj market cap</strong></td>
<td style="text-align: right; width: 217.273px;" data-sheets-value='{"1":3,"3":2692.06728}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula="=R[-2]C[0]*R[-1]C[0]"><strong><span data-sheets-value='{"1":3,"3":2791.3140000000003}' data-sheets-userformat='{"2":15041,"3":{"1":2,"2":"₩#,##0.0B"},"9":2,"10":1,"12":0,"14":{"1":2,"2":3815996},"15":"\"Courier New\"","16":9}' data-sheets-formula="=R[-2]C[0]*R[-1]C[0]">₩2,791.3B</span></strong></td>
</tr>
<tr>
<td style="width: 485.455px;" data-sheets-value='{"1":2,"2":"Weight in KOSPI 200"}'><strong>Estimated weight in KOSPI 200</strong></td>
<td style="text-align: right; width: 217.273px;" data-sheets-value='{"1":3,"3":0.0022}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'><strong>0.22%</strong></td>
</tr>
<tr>
<td style="width: 485.455px;" data-sheets-value='{"1":2,"2":"Estimated passive inflow"}'><strong>Estimated passive inflow</strong></td>
<td style="text-align: right; width: 217.273px;" data-sheets-value='{"1":3,"3":178.7}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}'><strong>₩178.7B</strong></td>
</tr>
<tr>
<td style="width: 485.455px;" data-sheets-value='{"1":2,"2":"Passive inflow: amount of shares at the 5-day volume-weighted average price"}'>Passive inflow: the number of shares at the 5-day volume-weighted average price</td>
<td style="text-align: right; width: 217.273px;" data-sheets-value='{"1":3,"3":1117476.9164515114}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=R[-1]C[0]*1000000000/R[-1]C[1]">1,117,477 shares</td>
</tr>
<tr>
<td style="width: 485.455px;" data-sheets-value='{"1":2,"2":" - % of the immediate float (26.04%)"}'><strong>- % of the immediate free float shares (15.04%)</strong></td>
<td style="text-align: right; width: 217.273px;" data-sheets-value='{"1":3,"3":0.10388253700353918}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[-1]C[0]/R[-11]C[0]"><strong>10.42%</strong></td>
</tr>
<tr><td colspan="2" rowspan="1" style="width: 723.636px;" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table>
<p></p>
</div>

SK IE Tech's 5-day daily average market cap (May 11~17) is ₩10,338.2B, placing it at the 35th spot among KOSPI's largest market cap ordinary shares. The 50th spot (CJ Cheiljedang) has a 5-day daily average market cap of ₩6,870.7B, 33.54% below where SK IE Tech sits. 
SK IE Tech finally bounces back today with a 4.5% gain as I'm writing this post. We still have 10 more trading sessions to confirm SK IE Tech's fast entry into KOSPI 200. The last review day falls on May 31. But it seems to me that it is a done deal as a 33.54% gap is a pretty comfortable cushion. 
The KRX will likely announce SK IET's entry on June 1, right after the 15-trading day review period. The inclusion should then occur on June 11.
KOSPI 200 fast entry rule for an IPO stock: A newly listed stock in the top 50 ordinary shares in the KOSPI market by market capitalization is subject to index inclusion. The market capitalization refers to the average daily market capitalization for 15 trading days from the listing day.

Non-float and free float
As filed at the KRX FIND, SK Innovation and Premier Superior (the early investor) have a combined 71.00%. Adding the ESOP-owned 3.96% raises the total non-float shares to 73.96%.









Non-float
Shares
Shareholding %
Lockup period
Last filed


SK Innovation
43,633,432
61.20%
6 months
2021. 5. 13


Premier Superior Ltd.
6,274,160
8.80%
6 months
2021. 5. 12


ESOP
2,823,956
3.96%
1 year
-


Total
52,731,548
73.96%
-
-


Source: DART




So, the eventual free float rate should be 26.04%, of which 11.00% are voluntary lockups from 15 days to 6 months by the IPO institutional shareholders.









Free float
Shares
Shareholding %
Lockup period


IPO voluntary lockup
3,020,988
4.24%
6 months


2,087,672
2.93%
3 months


2,700,264
3.79%
1 month


35,922
0.05%
15 days


IPO institutional
4,304,198
6.04%
-


IPO retail
6,417,000
9.00%
-

Source: DART


But SK IE Tech's free float rate for the KOSPI 200 index should be 26.04% as the KRX considers institutional voluntary lockups as free float shares instead of non-float. The KRX then rounds it up to the nearest 1%. So, it will be 27.00%.









Free float schedule
Shares
Shareholding %
Release date


6 months
18,566,044
26.04%
11. 11


3 months
15,545,056
21.80%
8. 11


1 month
13,457,384
18.87%
6. 11


15 days
10,757,120
15.09%
5. 26


Immediate
10,721,198
15.04%
5. 11

Source: DART


Passive inflow estimation
The 5-day daily average float-adjusted market cap arrives at ₩2,791.3B with a free float rate of 27.00%, giving an estimated weight of 0.22% in the KOSPI 200. We realistically estimate total passive funds mirroring KOSPI 200 at ₩80T, 0.22% of which spits out ₩178.7B flowing into SK IE Tech.
How many shares? ₩178.7B at the 5-day VWAP (volume-weighted average price) translates into 1,117,477 shares, representing 10.42% of the immediate free float shares. The current daily trade volume (TV) hovers around 1M shares. So, it is equivalent to one full-day TV.






Passive inflow estimation for SK IE Tech

5-day daily average market cap
₩10,338.2B


Index free float
27.00%


5-day daily average float-adj market cap
₩2,791.3B


Estimated weight in KOSPI 200
0.22%


Estimated passive inflow
₩178.7B


Passive inflow: the number of shares at the 5-day volume-weighted average price
1,117,477 shares


- % of the immediate free float shares (15.04%)
10.42%

Source: KRX





SK IE Tech KOSPI 200 Fast Entry: Estimated Passive Inflow & Ongoing Local Passive Buying

SK IE Technology

SK IE Tech KOSPI 200 Fast Entry: Estimated Passive Inflow & Ongoing Local Passive Buying