Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>SK Hynix has exceeded bullish expectations, with investors now having a better understanding of the memory space, and its importance in the progression of AI.</li>
<li>ETFs have made SK Hynix even more volatile and leveraged as retail and institutional investors put on leverage, and move out quickly when the market starts to take risk off.</li>
<li>The company's cash flows, and continued demand for memory indicate some options strategies could be deployed to benefit from the ADR listing.</li>
</ul>


SK Hynix has exceeded bullish expectations, with investors now having a better understanding of the memory space, and its importance in the progression of AI.
ETFs have made SK Hynix even more volatile and leveraged as retail and institutional investors put on leverage, and move out quickly when the market starts to take risk off.
The company's cash flows, and continued demand for memory indicate some options strategies could be deployed to benefit from the ADR listing.


The AI Memory Supercycle: SK Hynix’s $29B ADR, HBM4E Ramp-Up, and the DEC26 Option Strategy

Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>Priced at US$149/ADR, raising US$26.5bn — the largest-ever US first-time share sale by a foreign company. Order book approached US$200bn. Access thesis emphatically validated.</li>
<li>KRX fell ~15% during the roadshow on memory-sector unwind — our buy-the-dip window arrived early. <strong>BUY reiterated: KRX TP ₩3.5mn unchanged; ADR TP ~US$230,</strong> +54% from pricing.</li>
<li>Fungibility is now the live trade: UBS is pushing long-ADR/short-KRX citing conversion restrictions. The Form F-6 read — our flagged Risk #4 — decides the premium path.</li>
</ul>


Priced at US$149/ADR, raising US$26.5bn — the largest-ever US first-time share sale by a foreign company. Order book approached US$200bn. Access thesis emphatically validated.
KRX fell ~15% during the roadshow on memory-sector unwind — our buy-the-dip window arrived early. BUY reiterated: KRX TP ₩3.5mn unchanged; ADR TP ~US$230, +54% from pricing.
Fungibility is now the live trade: UBS is pushing long-ADR/short-KRX citing conversion restrictions. The Form F-6 read — our flagged Risk #4 — decides the premium path.


SK Hynix ADR: US$200bn Book, US$26.5bn Raised — Marking Our Calls to Market on Debut Day

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>August's WSTS semiconductor revenues registered a record high of more than $53 billion</li>
<li>Nobody seemed to notice, including the organization making the announcement</li>
<li>There's valid concern that the market is on the verge of a collapse, and this may be overshadowing record sales</li>
</ul>


August's WSTS semiconductor revenues registered a record high of more than $53 billion
Nobody seemed to notice, including the organization making the announcement
There's valid concern that the market is on the verge of a collapse, and this may be overshadowing record sales


Semis Just Broke a Record.  Why Did Nobody Notice?

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Forecasting PC &amp; Smartphone unit shipments to increase 5% YoY on the back on "AI Enablement"</li>
<li>Server unit shipments declined ~20% in 2023 but overall revenues remained flat, a consequence of higher ASPs associated with AI-accelerated servers</li>
<li>Server shipments will return to growth in 2024, likely +10% YoY. Server ASPs will increase yet again YoY as AI-server mix grows. </li>
</ul>


Forecasting PC &amp; Smartphone unit shipments to increase 5% YoY on the back on "AI Enablement"
Server unit shipments declined ~20% in 2023 but overall revenues remained flat, a consequence of higher ASPs associated with AI-accelerated servers
Server shipments will return to growth in 2024, likely +10% YoY. Server ASPs will increase yet again YoY as AI-server mix grows. 


Semiconductor 2023 Key Indicators In Review, 2024 Forecasts

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<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> (SKH), a leading global memory producer, raised around US$26.5bn via an ADR listing.</li>
<li>We have looked at the past performance and other deal dynamics in our previous notes.</li>
<li>In this note, we talk about the recent updates and trading dynamics.</li>
</ul>



SK Hynix (000660 KS) (SKH), a leading global memory producer, raised around US$26.5bn via an ADR listing.
We have looked at the past performance and other deal dynamics in our previous notes.
In this note, we talk about the recent updates and trading dynamics.


Aequitas: SK Hynix US$26.5bn ADR Trading - Where to from Here? Samsung -Ve, Micron +ve Influence

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)

The AI Memory Supercycle: SK Hynix’s $29B ADR, HBM4E Ramp-Up, and the DEC26 Option Strategy

SK Hynix (SKHYV) ADR rose to the $166-177 range in the morning session. US investors reacted positively on the IPO as expected. Headlines...

Jay Cameron

SK Hynix ADR: US$200bn Book, US$26.5bn Raised — Marking Our Calls to Market on Debut Day

Foreign company's US$26.5bn share sale sets record, KRX falls during roadshow, buy-the-dip opportunity identified, UBS pushes long-ADR/short-KRX...

Mo Aziz

Semis Just Broke a Record. Why Did Nobody Notice?

August's semiconductor revenues hit a record high of over $53 billion, but concerns about a potential market collapse are overshadowing the...

Jim Handy

Semiconductor 2023 Key Indicators In Review, 2024 Forecasts

PC & Smartphone unit shipments will increase 5% YoY on the back on "AI Enablement". Server shipments fell ~20% in 2023 but overall revenues...

William Keating

Aequitas: SK Hynix US$26.5bn ADR Trading - Where to from Here? Samsung -Ve, Micron +ve Influence

SK Hynix (000660 KS) (SKH), a leading global memory producer, raised around US$25bn via an ADR listing. In this note, we talk about the trading...

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The AI Memory Supercycle: SK Hynix’s $29B ADR, HBM4E Ramp-Up, and the DEC26 Option Strategy

SK Hynix (SKHYV) ADR rose to the $166-177 range in the morning session. US investors reacted positively on the IPO as expected. Headlines...

Jay Cameron

SK Hynix ADR: US$200bn Book, US$26.5bn Raised — Marking Our Calls to Market on Debut Day

​Foreign company's US$26.5bn share sale sets record, KRX falls during roadshow, buy-the-dip opportunity identified, UBS pushes long-ADR/short-KRX...

Mo Aziz

Semis Just Broke a Record. Why Did Nobody Notice?

​August's semiconductor revenues hit a record high of over $53 billion, but concerns about a potential market collapse are overshadowing the...

Jim Handy

Semiconductor 2023 Key Indicators In Review, 2024 Forecasts

PC & Smartphone unit shipments will increase 5% YoY on the back on "AI Enablement". Server shipments fell ~20% in 2023 but overall revenues...

William Keating

Aequitas: SK Hynix US$26.5bn ADR Trading - Where to from Here? Samsung -Ve, Micron +ve Influence

SK Hynix (000660 KS) (SKH), a leading global memory producer, raised around US$25bn via an ADR listing. In this note, we talk about the trading...

Sumeet Singh

Foreign company's US$26.5bn share sale sets record, KRX falls during roadshow, buy-the-dip opportunity identified, UBS pushes long-ADR/short-KRX...

August's semiconductor revenues hit a record high of over $53 billion, but concerns about a potential market collapse are overshadowing the...