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

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> / <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)

Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>Reuters leaks SK Hynix-Intel talks on U.S. memory production (Ohio lease or hyperscaler JV); SK Hynix's same-day statement denies specifics, not the underlying talks.</li>
<li>Chairman Chey (Jul) and CEO Kwak (Aug) already signalled U.S. capacity and a 2030 shortage — this "leak" is management's own thesis, not new information.</li>
<li>BULLISH maintained; TP KRW2,700,000, based on 10x FY27E earnings. Ohio plant optionality not yet in the number.</li>
</ul>


Reuters leaks SK Hynix-Intel talks on U.S. memory production (Ohio lease or hyperscaler JV); SK Hynix's same-day statement denies specifics, not the underlying talks.
Chairman Chey (Jul) and CEO Kwak (Aug) already signalled U.S. capacity and a 2030 shortage — this "leak" is management's own thesis, not new information.
BULLISH maintained; TP KRW2,700,000, based on 10x FY27E earnings. Ohio plant optionality not yet in the number.


SK HYNIX (000660 KS / SKHY US): Much Ado About Nothing - The SK Hynix-Intel Non-Denial

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.

<ul>
<li>Local concerns are resurfacing over Hynix and Samsung’s low utilization, with further GMR cuts potentially exposing deliberate production curbs, though KRW strength remains supportive for buybacks.</li>
<li>Hynix and Samsung’s dollar selling may be slowing as FX driven GMR deterioration risks exposing low utilization, while regulators increasingly flag KRW volatility.</li>
<li>Hynix ADR funding faces rising regulatory hurdles amid FX volatility, potentially delaying buyback funding and forcing slower dollar selling, creating a near term stock price pivot.</li>
</ul>


Local concerns are resurfacing over Hynix and Samsung’s low utilization, with further GMR cuts potentially exposing deliberate production curbs, though KRW strength remains supportive for buybacks.
Hynix and Samsung’s dollar selling may be slowing as FX driven GMR deterioration risks exposing low utilization, while regulators increasingly flag KRW volatility.
Hynix ADR funding faces rising regulatory hurdles amid FX volatility, potentially delaying buyback funding and forcing slower dollar selling, creating a near term stock price pivot.


Setup Pointing to Hynix (And Samsung) Slowing Their Dollar Selling Pretty Soon

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)

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