Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Index Rebalance

Wonik Holdings Co., Ltd / Index Rebalance

Wonik Holdings Co., Ltd manufactures, sells, and exports semiconductor processing equipment such as gas supply systems, gas purifiers, and scrubbers.  The Company's products include gas cabinets, controller composition, valve manifold boxes (VMB), a line of gas purifiers, and plasma-enhanced chemical vapor disposition (PE-CVD).

<ul>
<li>FnGuide’s December MKF500 rebalance adds Wonik Holdings (030530) to the semis bucket, clearing screens for TIGER Semiconductor TOP 10 ETF, Korea’s largest sector ETF.</li>
<li>October rebalance: Wonik IPS added at 5% weight, pulling ₩100B passive flows and ripping 15%+ as retail chased.</li>
<li>For April rebalance, Wonik Holdings’ high volume lowers theoretical passive impact, but strong retail chasing could trigger Oct 2–style price action—definitely worth monitoring.</li>
</ul>


FnGuide’s December MKF500 rebalance adds Wonik Holdings (030530) to the semis bucket, clearing screens for TIGER Semiconductor TOP 10 ETF, Korea’s largest sector ETF.
October rebalance: Wonik IPS added at 5% weight, pulling ₩100B passive flows and ripping 15%+ as retail chased.
For April rebalance, Wonik Holdings’ high volume lowers theoretical passive impact, but strong retail chasing could trigger Oct 2–style price action—definitely worth monitoring.


High-Conviction TIGER Semi Top 10 Rebal Trade from MKF500 Rebalance Cues

Event-Driven

Wonik IPS Co., Ltd. manufactures and sells semiconductor processing equipments.  The Company's main businesses include Semiconductor, Display and Solar industries.

<ul>
<li>Fresh intel hit at lunch. Official rollout is penciled for the 11th or 12th, sourced straight from a key gov’t operator and pushed to Hankyung.</li>
<li>The package basically boils down to two levers: juiced tax perks for retail in Kosdaq venture funds and a structural bump-up in pension-fund allocation.</li>
<li>Street sees this as constructive: tax tweaks to pull retail, pension weight-ups to juice flows, and focus on 300bn+ Kosdaq names that beat Q3 consensus 10%+.</li>
</ul>


Fresh intel hit at lunch. Official rollout is penciled for the 11th or 12th, sourced straight from a key gov’t operator and pushed to Hankyung.
The package basically boils down to two levers: juiced tax perks for retail in Kosdaq venture funds and a structural bump-up in pension-fund allocation.
Street sees this as constructive: tax tweaks to pull retail, pension weight-ups to juice flows, and focus on 300bn+ Kosdaq names that beat Q3 consensus 10%+.


Fresh Intel: Kosdaq Stimulus Drop Date & Key Targets

SK Square Co., Ltd. operates as an investment company. The Company invests in semiconductors, information and communications technologies, and other industries. SK Square conducts businesses in South Korea.

<ul>
<li>Structurally, Square’s NAV trade still works. The Hynix stake alone implies a 60%+ discount, well above local norms, with policy tailwinds supporting long-term compression.</li>
<li>Near term, Square’s NAV is a derivative of retail Hynix flows. Today was the first real unwind since the 10th, with retail net selling roughly 5x yesterday’s retail net-sell.</li>
<li>Retail sold both, but Hynix again dominated the tape. Retail is range-trading ₩500ks, and that behavior is the key driver of Square’s short-term NAV inflection.</li>
</ul>


Structurally, Square’s NAV trade still works. The Hynix stake alone implies a 60%+ discount, well above local norms, with policy tailwinds supporting long-term compression.
Near term, Square’s NAV is a derivative of retail Hynix flows. Today was the first real unwind since the 10th, with retail net selling roughly 5x yesterday’s retail net-sell.
Retail sold both, but Hynix again dominated the tape. Retail is range-trading ₩500ks, and that behavior is the key driver of Square’s short-term NAV inflection.


Retail Range-Trading Hynix Is Driving Short-Term Inflection in Square NAV Trade

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

<ul>
<li>Names outside the new tax regime may hike year-end payouts, with gov’t push boosting odds despite fuzzy timing, drawing local desk interest.</li>
<li>With timing murky, local desks are targeting high-yield names, 25–40% FY25 payout, and ~10%+ DPS growth as prime candidates for year-end dividend hikes ahead of AGMs.</li>
<li>Nine first-tier names (25–40% payout, &lt;10% DPS growth, 3%+ yield) are prime dividend plays; five second-tier names (20–25% payout) need monitoring for potential Q4 expense tweaks.</li>
</ul>


Names outside the new tax regime may hike year-end payouts, with gov’t push boosting odds despite fuzzy timing, drawing local desk interest.
With timing murky, local desks are targeting high-yield names, 25–40% FY25 payout, and ~10%+ DPS growth as prime candidates for year-end dividend hikes ahead of AGMs.
Nine first-tier names (25–40% payout, &lt;10% DPS growth, 3%+ yield) are prime dividend plays; five second-tier names (20–25% payout) need monitoring for potential Q4 expense tweaks.


Local Desks Target Year-End Dividend Boost Trading Setup

<ul>
<li>“Effective immediately” matters for L2 exit timing and re-flag risk; KRX confirmed year-end announcement with instant rollout, making year-end the key flow inflection if big L2 names get exempted.</li>
<li>Large caps (₩10tn+ market cap) pulled from market-warning universe, with L2 tagging now factoring relative outperformance, not just absolute price gains, to curb overuse.</li>
<li>Of 33 L2 names, five KOSPI blue chips see re-flag risk drop after their mandatory 10-day lockup; near-term trades focus on timing these expiries for relief rallies and flow resets.</li>
</ul>


“Effective immediately” matters for L2 exit timing and re-flag risk; KRX confirmed year-end announcement with instant rollout, making year-end the key flow inflection if big L2 names get exempted.
Large caps (₩10tn+ market cap) pulled from market-warning universe, with L2 tagging now factoring relative outperformance, not just absolute price gains, to curb overuse.
Of 33 L2 names, five KOSPI blue chips see re-flag risk drop after their mandatory 10-day lockup; near-term trades focus on timing these expiries for relief rallies and flow resets.


Fresh Intel Just in on KRX’s L2 Warning Revamp

I investigate special situations in Korea.

Sanghyun Park
Korea / Special Situations
• Clepsydra Capital

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