Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>CTAs are positioned in Asia uptrends, but the stocks that support it are losing momentum.</li>
<li>We uncovered stocks that sit outside the CTA trade that may be less vulnerable to outflows.</li>
<li>Tech uptrends remain intact, just lower their weight and make room for less volatile trends in financials.</li>
</ul>


CTAs are positioned in Asia uptrends, but the stocks that support it are losing momentum.
We uncovered stocks that sit outside the CTA trade that may be less vulnerable to outflows.
Tech uptrends remain intact, just lower their weight and make room for less volatile trends in financials.


CTA Trend Picks in Taiwan, South Korea, and Japan

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>We maintain our Buy rating on SK Hynix with a target price of W2,800,000, implying nearly 100% upside.</li><li>The stock has fallen 51% from its peak amid profit-taking and unfavorable market flows.</li><li>Given the company’s strong operating conditions and the solid industry outlook, the correction looks overdone. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our Buy rating on SK Hynix with a target price of W2,800,000, implying nearly 100% upside.The stock has fallen 51% from its peak amid profit-taking and unfavorable market flows.Given the company’s strong operating conditions and the solid industry outlook, the correction looks overdone. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SK Hynix (000660 KS/Buy)A Series of Landmark Achievements

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>Since 2x leveraged ETFs linked to <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK hynix (000660 KS)</a> launched in late May, volatility in the underlying stock has increased significantly.</li>
<li>Although daily rebalancing can amplify price moves, the data do not indicate that it does so systematically.</li>
<li>Overnight and intraday returns are largely uncorrelated across the sample, although they tend to reinforce each other on days with extreme moves.</li>
</ul>


Since 2x leveraged ETFs linked to SK hynix (000660 KS) launched in late May, volatility in the underlying stock has increased significantly.
Although daily rebalancing can amplify price moves, the data do not indicate that it does so systematically.
Overnight and intraday returns are largely uncorrelated across the sample, although they tend to reinforce each other on days with extreme moves.


SK Hynix (000660 KS): 130% Volatility and 2x Leveraged ETF Rebalancing

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In 2018, SK Hynix invested 2.7 trillion won in Bain Capital consortium that invested in Kioxia and an additional 1.3 trillion won in Kioxia convertible bonds, totaling 3.7 trillion won.</li>
<li>SK Hynix has hit a huge homerun with its investment in Kioxia Holdings. SK Hynix's investment in Kioxia has surged by more than 32x its original investment in eight years. </li>
<li>SK Hynix's stake in Kioxia is now worth nearly US$79 billion (121 trillion won), representing 5.8% of SK Hynix's current market cap (2,080 trillion won). </li>
</ul>


In 2018, SK Hynix invested 2.7 trillion won in Bain Capital consortium that invested in Kioxia and an additional 1.3 trillion won in Kioxia convertible bonds, totaling 3.7 trillion won.
SK Hynix has hit a huge homerun with its investment in Kioxia Holdings. SK Hynix's investment in Kioxia has surged by more than 32x its original investment in eight years. 
SK Hynix's stake in Kioxia is now worth nearly US$79 billion (121 trillion won), representing 5.8% of SK Hynix's current market cap (2,080 trillion won). 


SK Hynix - A Homerun Investment in Kioxia

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.

Event-Driven

<ul>
<li>Street sees end-August print with Solidigm tie in; total around 70 trillion won, mix buyback plus special dividend, staged from 4Q with multi year buyback and FCF linked quarterly payouts.</li>
<li>Near term narrative weak; immediate shareholder return signal unlikely. Faster Solidigm timeline could signal urgency on peak out risk and reinforce concerns rather than remove them.</li>
<li>Tactical setup; if stock catches a bid, play the pop, monetize relief, and rotate out rather than chase strength.</li>
</ul>


Street sees end-August print with Solidigm tie in; total around 70 trillion won, mix buyback plus special dividend, staged from 4Q with multi year buyback and FCF linked quarterly payouts.
Near term narrative weak; immediate shareholder return signal unlikely. Faster Solidigm timeline could signal urgency on peak out risk and reinforce concerns rather than remove them.
Tactical setup; if stock catches a bid, play the pop, monetize relief, and rotate out rather than chase strength.


Latest Read on Hynix Shareholder Return and Solidigm Since Last Friday’s Filings

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (000660 KS)

CTA Trend Picks in Taiwan, South Korea, and Japan

Trend followers are long Asian equities, but the mega-cap leaders are decelerating. If CTAs unwind, what survives? Hold strength at lower weights...

Damanick Dantes, CMT