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


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>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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Index Rebalance

<ul>
<li><em><strong>On 10 September, Mirae Asset's Global X Japan launched Japan's first exchange-traded fund called Global X Korea Semiconductor TOP10 ETF focusing directly on South Korean semiconductor companies. </strong></em></li>
<li>This ETF tracks the yen-denominated index of the 'FnGuide Semiconductor TOP10 Index,' which comprises ten South Korean semiconductor firms.</li>
<li>Given strong demand for Samsung Electronics and SK Hynix along with the need to enhance diversification, this Global X Korea Semiconductor TOP10 ETF could gain much higher demand in Japan. </li>
</ul>


On 10 September, Mirae Asset's Global X Japan launched Japan's first exchange-traded fund called Global X Korea Semiconductor TOP10 ETF focusing directly on South Korean semiconductor companies. 
This ETF tracks the yen-denominated index of the 'FnGuide Semiconductor TOP10 Index,' which comprises ten South Korean semiconductor firms.
Given strong demand for Samsung Electronics and SK Hynix along with the need to enhance diversification, this Global X Korea Semiconductor TOP10 ETF could gain much higher demand in Japan. 


Launch of Global X Korea Semiconductor TOP10 ETF in Japan by Mirae Asset

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<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> / <a href="https://www.smartkarma.com/entities/sk-hynix-inc-a4e8e2ec-1a75-4752-b58c-eaa0d074d145" target="_blank" data-smartkarma-citation="entities:50283:1" rel="noopener">SK Hynix (SKHY US)</a> announces earnings on 29 July. Expectations are for the company to announce a buyback or a special dividend.</li>
<li>A buyback will provide <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> with an option to issue more ADSs, something that they cannot do as things stand.</li>
<li>A buyback and the subsequent issuance of ADSs will help keep the ADS premium under control and reduce volatility transmission from the US markets to the local listing.</li>
</ul>



SK Hynix (000660 KS) / SK Hynix (SKHY US) announces earnings on 29 July. Expectations are for the company to announce a buyback or a special dividend.
A buyback will provide SK Hynix (000660 KS) with an option to issue more ADSs, something that they cannot do as things stand.
A buyback and the subsequent issuance of ADSs will help keep the ADS premium under control and reduce volatility transmission from the US markets to the local listing.


SK Hynix (000660 KS; SKHY US): Buyback Provides More Optionality than a Special Div

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>After losing 58% of its value from its peak at the end of June, <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> started a recovery and it may close this week up.</li>
<li>If confirmed on Friday, this would be the stock first weekly positive close since June 19th, roughly 2 months ago.</li>
<li>This insight leverages our model to assess whether <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix</a>'s current trend pattern indicates the start of a new rally or merely a dead cat bounce.</li>
</ul>


After losing 58% of its value from its peak at the end of June, SK Hynix (000660 KS) started a recovery and it may close this week up.
If confirmed on Friday, this would be the stock first weekly positive close since June 19th, roughly 2 months ago.
This insight leverages our model to assess whether SK Hynix's current trend pattern indicates the start of a new rally or merely a dead cat bounce.


Is SK Hynix (000660 KS) About to Restart Its Rally? (Tactical Outlook)

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)

Overview #81 — More of the Same

A review of recent events/data impacting our investment themes and outlook. Current trends have shown no sign yet of reversal. OIl is flowing...

Rikki Malik

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

Sep 22’s MTD opposition deadline should be a key catalyst for Hynix and Samsung. The HBM transition narrative sets this case apart from prior...

Sanghyun Park

Launch of Global X Korea Semiconductor TOP10 ETF in Japan by Mirae Asset

On 10 September, Mirae Asset's Global X Japan launched Japan's first exchange-traded fund called Global X Korea Semiconductor TOP10 ETF focusing...

Douglas Kim