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

Equity Bottom-Up

<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

Equity Derivatives

<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

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook.</li>
<li>No sign yet of a reversal in US government bonds and the dollar.</li>
<li>Brent Oil still above $100 despite exports moving back to pre-war levels</li>
</ul>


A review of recent events/data impacting our investment themes and outlook.
No sign yet of a reversal in US government bonds and the dollar.
Brent Oil still above $100 despite exports moving back to pre-war levels


<ul>
<li>Fresh local chatter links Samsung and Hynix accelerating buyback completion to the DRAM price fixing litigation, with September 29 CMC and October 21 MTD as key binary events.</li>
<li>MTD denial could shift the narrative from supply discipline to coordinated supply discipline, with Micron's divergent stance and tight Samsung and Hynix inventories adding to legal overhang.</li>
<li>The key trading window may be Sep 29 to Oct 21, as the CMC could signal discovery scope and trigger front running of the MTD outcome.</li>
</ul>


Fresh local chatter links Samsung and Hynix accelerating buyback completion to the DRAM price fixing litigation, with September 29 CMC and October 21 MTD as key binary events.
MTD denial could shift the narrative from supply discipline to coordinated supply discipline, with Micron's divergent stance and tight Samsung and Hynix inventories adding to legal overhang.
The key trading window may be Sep 29 to Oct 21, as the CMC could signal discovery scope and trigger front running of the MTD outcome.


Trading Setup from Samsung and Hynix Timing Buyback Completion Around Litigation Key Dates

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)

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

The Sept. 22 MTD Opposition raises the odds of MTD survival on Oct. 21, which in turn strengthens Hynix’s incentive to expand its ADR volume.

Sanghyun Park

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

The management resolved the dispute and managed to negotiate to pay 50% of the bonus in stock, thus saving some cash for capex. SK Hynix is still...

Henry Soediarko