Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>Reuters: Solidigm weighs IPO up to $150bn, ~$15bn raise, 2027 listing — 4x the KRW50T figure our August stub-value thesis modeled, but single-sourced and unfiled.</li>
<li>Re-Run SOTP: Solidigm optionality lifts Fair Value by ₩324,000/share to ₩3,024,000, up 12% from our current TP of ₩2,700,000.</li>
<li>We keep our  Fair Value unchanged. This confirms our 40%-probability base case rather than surprising it. The SKHY rose by ~3% on Friday, a good sign it will rise today. </li>
</ul>


Reuters: Solidigm weighs IPO up to $150bn, ~$15bn raise, 2027 listing — 4x the KRW50T figure our August stub-value thesis modeled, but single-sourced and unfiled.
Re-Run SOTP: Solidigm optionality lifts Fair Value by ₩324,000/share to ₩3,024,000, up 12% from our current TP of ₩2,700,000.
We keep our  Fair Value unchanged. This confirms our 40%-probability base case rather than surprising it. The SKHY rose by ~3% on Friday, a good sign it will rise today. 


SK HYNIX (000660 KS / SKHY US):  Solidigm's Value Just Quadrupled, According to Reuters

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<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> gained 11.2% in September MTD and its 2x Leveraged Index rose 20.9%, but combined AUM increased only 10% as redemptions offset performance.</li>
<li>Units outstanding fell across all seven long leveraged ETFs. In contrast, units in the inverse product more than doubled and its market capitalisation rose 56%, despite negative performance.</li>
<li>Annualised 21-day volatility more than halved from its late-July peak of 179% to 55%. The decline coincided with the collapse in ETF trading activity and fund flows following regulatory changes.</li>
</ul>



SK hynix (000660 KS) gained 11.2% in September MTD and its 2x Leveraged Index rose 20.9%, but combined AUM increased only 10% as redemptions offset performance.
Units outstanding fell across all seven long leveraged ETFs. In contrast, units in the inverse product more than doubled and its market capitalisation rose 56%, despite negative performance.
Annualised 21-day volatility more than halved from its late-July peak of 179% to 55%. The decline coincided with the collapse in ETF trading activity and fund flows following regulatory changes.


SK Hynix (000660 KS): Volatility Falls to 55% as Leveraged ETF Activity Fades

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>Sept. 22 Opposition largely recycles the CAC, but its January 2026 customer vetting logic strengthens MTD survival odds, keeping Hynix as the key litigation focus.</li>
<li>The January 2026 customer vetting point makes Hynix’s need to double down on its HBM transition narrative even more critical, potentially strengthening the case for ADR expansion.</li>
<li>Regulatory approval remains key, but political and strategic incentives increasingly support ADR expansion, potentially making Hynix ADR arb a key trade setup from mid October.</li>
</ul>


Sept. 22 Opposition largely recycles the CAC, but its January 2026 customer vetting logic strengthens MTD survival odds, keeping Hynix as the key litigation focus.
The January 2026 customer vetting point makes Hynix’s need to double down on its HBM transition narrative even more critical, potentially strengthening the case for ADR expansion.
Regulatory approval remains key, but political and strategic incentives increasingly support ADR expansion, potentially making Hynix ADR arb a key trade setup from mid October.


Sept 22 MTD Opposition Raises Oct 21 Survival Odds, Boosting Hynix ADR Expansion Incentive

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>The dispute between <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> management and the labor union has been resolved; thus, production halt risks have been avoided at a critical time.</li>
<li>Paying 50% of the bonus pool in treasury shares allows SK Hynix to retain billions in cash compared to paying 100% in cash. </li>
<li>The investment thesis remains intact with major hyperscalers locked into multi-year contracts with Sk Hynix while PER remains at 6x. </li>
</ul>


The dispute between SK Hynix (000660 KS) management and the labor union has been resolved; thus, production halt risks have been avoided at a critical time.
Paying 50% of the bonus pool in treasury shares allows SK Hynix to retain billions in cash compared to paying 100% in cash. 
The investment thesis remains intact with major hyperscalers locked into multi-year contracts with Sk Hynix while PER remains at 6x. 


SK Hynix (000660): Dispute Resolved, Cash Intact.

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

<ul>
<li>
<a href="https://www.smartkarma.com/profiles/sanghyun-park" target="_blank" data-smartkarma-citation="accounts:354" rel="noopener">Sanghyun Park</a> has explained in detail what happens on Sep 22 (Plaintiffs' MTD Opposition Filing Deadline) for <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> . Effects could be visible from Sep 23.</li>
<li>Our <a href="https://www.smartkarma.com/insights/sk-hynix-000660-ks-profit-targets-tactical-update" target="_blank" rel="noopener">previous insight</a> updated the stock's profit targets for this rally ("the rally could reach 2,000,000 on the third week"). This is the third week and it's still below target.</li>
<li>SK Hynix rallied less than expected and seems to be at  an inflection point: has cleared P50 resistance but P75/1,996,000 is far. Sep 22 could be a turning point.</li>
</ul>



Sanghyun Park has explained in detail what happens on Sep 22 (Plaintiffs' MTD Opposition Filing Deadline) for SK Hynix (000660 KS) . Effects could be visible from Sep 23.
Our previous insight updated the stock's profit targets for this rally ("the rally could reach 2,000,000 on the third week"). This is the third week and it's still below target.
SK Hynix rallied less than expected and seems to be at  an inflection point: has cleared P50 resistance but P75/1,996,000 is far. Sep 22 could be a turning point.


SK Hynix (000660 KS) Tactical UPDATE Ahead of Sep 22’s MTD Opposition Deadline

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)