Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>SK Hynix achieved record high results in terms of sales and operating profit in 2025, fueled by growing demand for artificial intelligence (AI) semiconductors. </li>
<li>SK Hynix announced that it plans to cancel 15.3 million treasury shares, representing 2.1% of its outstanding shares (728 million) to enhance shareholder value.</li>
<li>SK Hynix announced that it plans to establish an AI solutions company (tentatively named "AI Co") in the United States and invest up to US$10 billion (14.3 trillion won).</li>
</ul>


SK Hynix achieved record high results in terms of sales and operating profit in 2025, fueled by growing demand for artificial intelligence (AI) semiconductors. 
SK Hynix announced that it plans to cancel 15.3 million treasury shares, representing 2.1% of its outstanding shares (728 million) to enhance shareholder value.
SK Hynix announced that it plans to establish an AI solutions company (tentatively named "AI Co") in the United States and invest up to US$10 billion (14.3 trillion won).


SK Hynix: Record Results, Cancellation of Treasury Shares, & Start of an AI Solution Co in the US

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Chips &amp; Memory is now the largest theme in active Global funds, at 9.70% of the average portfolio versus 8.96% for Hyperscalers.</li>
<li>AI Build-out accounts for 24.4% of the average fund, well ahead of AI Adoption at 14.7%.</li>
<li>Ownership is spreading into memory stocks, but both leading themes remain underweight the benchmark. Rising exposure does not represent a uniform buying wave</li>
</ul>


Chips &amp; Memory is now the largest theme in active Global funds, at 9.70% of the average portfolio versus 8.96% for Hyperscalers.
AI Build-out accounts for 24.4% of the average fund, well ahead of AI Adoption at 14.7%.
Ownership is spreading into memory stocks, but both leading themes remain underweight the benchmark. Rising exposure does not represent a uniform buying wave


Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>Asia's PE at 10% discount to long-term mean, driven by Korea, Taiwan's earnings boom. P/BV is at 10% premium. All market valuations barring Taiwan are near or below long-term means.</li>
<li>Considering current valuations relative to long-term averages, Korea seems destined for rerating. Onshore China seems near bottom. HK looks attractive but the ongoing DM yield spike could keep valuations depressed.</li>
<li>Indian valuations, marginally above long-term means, look attractive but could remain depressed while DM rates stay high and Dollar stays strong. Taiwan valuations are not discounting a cyclical earnings peak.</li>
</ul>


Asia's PE at 10% discount to long-term mean, driven by Korea, Taiwan's earnings boom. P/BV is at 10% premium. All market valuations barring Taiwan are near or below long-term means.
Considering current valuations relative to long-term averages, Korea seems destined for rerating. Onshore China seems near bottom. HK looks attractive but the ongoing DM yield spike could keep valuations depressed.
Indian valuations, marginally above long-term means, look attractive but could remain depressed while DM rates stay high and Dollar stays strong. Taiwan valuations are not discounting a cyclical earnings peak.


Asian Equities: Valuation Mean Reversion Done for Some Markets, Not for Others

<ul>
<li>This is our first inaugural issue of Korea Sector ETFs Weekly. There are two main purposes of this weekly insight. </li>
<li>This weekly report tracks share price performance for Korea’s 23 major sector ETFs. It helps investors identify market trends by revealing exactly which sectors are outperforming or underperforming.</li>
<li>Second, tracking sector ETF performance reveals early clues about specific catalysts driving higher stock prices for the companies within those ETFs.</li>
</ul>


This is our first inaugural issue of Korea Sector ETFs Weekly. There are two main purposes of this weekly insight. 
This weekly report tracks share price performance for Korea’s 23 major sector ETFs. It helps investors identify market trends by revealing exactly which sectors are outperforming or underperforming.
Second, tracking sector ETF performance reveals early clues about specific catalysts driving higher stock prices for the companies within those ETFs.


Korea Sector ETFs Weekly #1 [Week Ending 14 August 2026]

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Roundhill Memory ETF / Technical Analysis

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.</li>
<li>2-Month base breakout on ACWI-US, MSCI EM(EEM-US) reversing its 1+month downtrend, and MSCI EAFE's(EFA-US) 5.5+ month base breakout reinforces our bullish outlook; these display bull flag patterns and remain healthy.</li>
<li>All signs are pointing to a resumption of prior uptrends, and we continue to recommend adding exposure to global Technology stocks (today buy list includes Samsung and SK Hynix).</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.
2-Month base breakout on ACWI-US, MSCI EM(EEM-US) reversing its 1+month downtrend, and MSCI EAFE's(EFA-US) 5.5+ month base breakout reinforces our bullish outlook; these display bull flag patterns and remain healthy.
All signs are pointing to a resumption of prior uptrends, and we continue to recommend adding exposure to global Technology stocks (today buy list includes Samsung and SK Hynix).


Buying Samsung and SK Hynix; MSCI EM (EEM-US) And Korea (EWY-US) Remain Buys

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)

SK Hynix: Record Results, Cancellation of Treasury Shares, & Start of an AI Solution Co in the US

SK Hynix achieved record high results in terms of sales and operating profit in 2025, fueled by growing demand for artificial intelligence (AI)...

Douglas Kim

The AI Build-Out Reshapes Global Funds

Chips & Memory has overtaken Hyperscalers as the largest theme in active Global funds. We examine the shift towards AI Build-out, growing memory...

Steven Holden

Asian Equities: Valuation Mean Reversion Done for Some Markets, Not for Others

All Asian market valuations barring TW are near or below long-term mean. KR and CN seem set to rerate. HK and India could remain depressed as long...

Manishi Raychaudhuri

Korea Sector ETFs Weekly #1 [Week Ending 14 August 2026]

This is our first inaugural issue of Korea Sector ETFs Weekly. There are two main purposes of this weekly insight. This weekly report tracks share...

Douglas Kim

Buying Samsung and SK Hynix; MSCI EM (EEM-US) And Korea (EWY-US) Remain Buys

Thursday pre-market report: Buying Samsung and SK Hynix $SKHY; MSCI EM $EEM and Korea $EWY $DRAM Remain Buys. Actionable Themes: Technology,...

Vermilion Research

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