Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

<ul>
<li>After the market close on 9 September, it was reported that Hong Ra-hee is selling a 0.11% stake in Samsung Electronics (worth 1.94 trillion won) to her son Lee Jae-yong. </li>
<li>Her decision to transfer the shares directly to Chairman Lee rather than selling them on the open market is seen as a move to minimize the impact on the market. </li>
<li>After this transaction is completed, Lee Jae-yong's stake in Samsung Electronics will rise from 1.47% to 1.58%. </li>
</ul>


After the market close on 9 September, it was reported that Hong Ra-hee is selling a 0.11% stake in Samsung Electronics (worth 1.94 trillion won) to her son Lee Jae-yong. 
Her decision to transfer the shares directly to Chairman Lee rather than selling them on the open market is seen as a move to minimize the impact on the market. 
After this transaction is completed, Lee Jae-yong's stake in Samsung Electronics will rise from 1.47% to 1.58%. 


Hong Ra-Hee Is Selling 1.9 Trillion Won of Samsung Electronics to Her Son Lee Jae-Yong

AI and Energy Infrastructure, Explained Plainly, The Physical Layer

The Physical Layer

AI and Energy Infrastructure, Explained Plainly

A journal on the physical constraints behind the AI buildout: power, grid connection, data centres, cooling and the supply chains that gate them. Written to be understood by anyone.

Equity Bottom-Up

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

<ul><li>Micron, one of three companies that make the stacked memory beside AI chips, commits most of each year's supply of it before that year starts.</li><li>By Micron's own account, each unit of it uses about three times the silicon of ordinary computer memory.</li><li>So while AI memory grows faster than the rest, it takes silicon away from the ordinary memory in phones, laptops and servers, and keeps that short too.</li></ul>

Micron, one of three companies that make the stacked memory beside AI chips, commits most of each year's supply of it before that year starts.By Micron's own account, each unit of it uses about three times the silicon of ordinary computer memory.So while AI memory grows faster than the rest, it takes silicon away from the ordinary memory in phones, laptops and servers, and keeps that short too.

Micron sells AI memory before the year starts, and each bit takes three times the wafer

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> gained 3.3% in September and its 2x Leveraged Index rose 4.6%, while combined long-ETF AUM remained broadly steady, declining 0.9%.</li>
<li>All seven long-leveraged ETFs recorded unit redemptions, with net outflows reaching KRW 200bn in September and continuing in early October.</li>
<li>In contrast, the inverse ETF’s unit count rose 90% and AUM increased 62%, despite the product losing 14.7% in September.</li>
</ul>



Samsung Electronics (005930 KS) gained 3.3% in September and its 2x Leveraged Index rose 4.6%, while combined long-ETF AUM remained broadly steady, declining 0.9%.
All seven long-leveraged ETFs recorded unit redemptions, with net outflows reaching KRW 200bn in September and continuing in early October.
In contrast, the inverse ETF’s unit count rose 90% and AUM increased 62%, despite the product losing 14.7% in September.


Samsung Elec (005930 KS): Long 2x ETF Outflows Persist as Inverse Product Attracts Assets

Equity Long-Short

Mo Aziz

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>3Q26 revenue is NT$1,494bn (+17.6% QoQ, +50.9% YoY), about US$46.7bn: 2% above the top of guidance and 2.3% above consensus. The beat is a public fact, no surprises.</li>
<li>A known beat moves nothing, AI stocks have been sticky. In July a beat-and-raise cost the ADR 4–6%; Micron's went nowhere. Margin, the Q4 guide and capex decide 15 Oct.</li>
<li>Maintain BULLISH, FV NT$3,450/US$545 held. We model 67.0% gross margin and EPS NT$29.2. Do not chase into the print; own it in Taipei, not the ADR (17% premium).</li>
</ul>


3Q26 revenue is NT$1,494bn (+17.6% QoQ, +50.9% YoY), about US$46.7bn: 2% above the top of guidance and 2.3% above consensus. The beat is a public fact, no surprises.
A known beat moves nothing, AI stocks have been sticky. In July a beat-and-raise cost the ADR 4–6%; Micron's went nowhere. Margin, the Q4 guide and capex decide 15 Oct.
Maintain BULLISH, FV NT$3,450/US$545 held. We model 67.0% gross margin and EPS NT$29.2. Do not chase into the print; own it in Taipei, not the ADR (17% premium).


TSMC (2330 TW): 3Q26 Preview – The Beat Is Known and Priced; Margin and the Q4 Guide Decide 15 Oct

<ul>
<li>In this insight, I revisit the growth in the quarterly operating profit/operating margins of Samsung Electronics in the past 16 years and compare them against their actual share price performances.</li>
<li>I remain moderately Bullish on Samsung Electronics since the first two pros (super cheap valuations and huge shareholder returns) outweighs the cons, in my view over the next 3-6 months.</li>
<li>Certainly, we are not in the 2nd/3rd round of the super AI semiconductor cycle. We are probably closer to the 7th/8th inning. Nonetheless, time seems to be running out. </li>
</ul>


In this insight, I revisit the growth in the quarterly operating profit/operating margins of Samsung Electronics in the past 16 years and compare them against their actual share price performances.
I remain moderately Bullish on Samsung Electronics since the first two pros (super cheap valuations and huge shareholder returns) outweighs the cons, in my view over the next 3-6 months.
Certainly, we are not in the 2nd/3rd round of the super AI semiconductor cycle. We are probably closer to the 7th/8th inning. Nonetheless, time seems to be running out. 


How Much Ahead Does Samsung Electronics' Share Price Look Forward Change in Operating Profit?

Insights on Companies in the AMD Supply Chain

AMD Supply Chain
Insights on Companies in the AMD Supply Chain

Hong Ra-Hee Is Selling 1.9 Trillion Won of Samsung Electronics to Her Son Lee Jae-Yong

Hong Ra-hee s gifting her son Lee Jae-yong 2.6 trillion won ($1.9 billion) (11.158 million common shares of Samsung Electronics). The scheduled...

Douglas Kim

Micron sells AI memory before the year starts, and each bit takes three times the wafer

Micron, one of three companies that make the stacked memory beside AI chips, commits most of each year's supply of it before that year starts. By...

The Physical Layer

Samsung Elec (005930 KS): Long 2x ETF Outflows Persist as Inverse Product Attracts Assets

Positive performance kept long 2x leveraged ETF assets broadly steady despite continued redemptions, while the inverse product attracted...

Gaudenz Schneider

TSMC (2330 TW): 3Q26 Preview – The Beat Is Known and Priced; Margin and the Q4 Guide Decide 15 Oct

TSMC's 3Q revenue beat is known and priced. 15 Oct turns on margin and the Q4 guide. Base case: flat-to-down on a good print. BULLISH, FV NT$3,450...

Mo Aziz

Hong Ra-Hee Is Selling 1.9 Trillion Won of Samsung Electronics to Her Son Lee Jae-Yong

Hong Ra-hee s gifting her son Lee Jae-yong 2.6 trillion won ($1.9 billion) (11.158 million common shares of Samsung Electronics). The scheduled...

Douglas Kim

Micron sells AI memory before the year starts, and each bit takes three times the wafer

Micron, one of three companies that make the stacked memory beside AI chips, commits most of each year's supply of it before that year starts. By...

The Physical Layer

Samsung Elec (005930 KS): Long 2x ETF Outflows Persist as Inverse Product Attracts Assets

Positive performance kept long 2x leveraged ETF assets broadly steady despite continued redemptions, while the inverse product attracted...

Gaudenz Schneider

TSMC (2330 TW): 3Q26 Preview – The Beat Is Known and Priced; Margin and the Q4 Guide Decide 15 Oct

TSMC's 3Q revenue beat is known and priced. 15 Oct turns on margin and the Q4 guide. Base case: flat-to-down on a good print. BULLISH, FV NT$3,450...

Mo Aziz

How Much Ahead Does Samsung Electronics' Share Price Look Forward Change in Operating Profit?

In this insight, I revisit the growth in the quarterly operating profit/operating margins of Samsung Electronics in the past 16 years and compare...

Douglas Kim