Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China, SK Hynix</li>
<li>The rebound in US equity continued overnight, amid bets the Fed could cut rates sooner than anticipated to prevent a recession. The S&amp;P 500 rallied by 2%, while US treasuries rallied 7-9 bps across the curve.</li>
<li>Some 5 bps of additional Fed cuts were priced in for 2025 after comments by Fed officials. Gold climbed 1.7%, continuing its strong rally YTD.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China, SK Hynix
The rebound in US equity continued overnight, amid bets the Fed could cut rates sooner than anticipated to prevent a recession. The S&amp;P 500 rallied by 2%, while US treasuries rallied 7-9 bps across the curve.
Some 5 bps of additional Fed cuts were priced in for 2025 after comments by Fed officials. Gold climbed 1.7%, continuing its strong rally YTD.


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Apr 18th which has an aggregated short interest worth USD5.4bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Hanmi Semi, SK Hynix, Samsung Electro-Mech, Sk Innovation, Ls Electric, Samsung Electronics.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Apr 18th which has an aggregated short interest worth USD5.4bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Hanmi Semi, SK Hynix, Samsung Electro-Mech, Sk Innovation, Ls Electric, Samsung Electronics.


KRX Short Interest Weekly (Apr 18th): Hanmi Semi, SK Hynix, Samsung Electro-Mech, Sk Innovation

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Apr 18th which has an aggregated holding worth USD474.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD41mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Hdhms, Celltrion, SK Hynix, Samsung Electronics, Hyundai Motor.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Apr 18th which has an aggregated holding worth USD474.6bn.
We estimate that foreign flows to be outflows of USD41mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Hdhms, Celltrion, SK Hynix, Samsung Electronics, Hyundai Motor.


KRX Foreign Holding Weekly (Apr 18th): Hdhms, Celltrion, SK Hynix, Samsung Electronics

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>
TSMC’s Arizona fab hits Taiwan-level yields, easing replication concerns and reinforcing its global leadership across N2 and advanced packaging. </li>
<li>
AI demand offsets smartphone softness in 1Q25; TSMC guides +13% QoQ revenue for 2Q25 as margins hold firm despite tariff and earthquake headwinds. </li>
<li>
Faraday and UMC results ahead this week -- Key readouts on Taiwan’s ASIC, mature node, and design service momentum amid U.S.-China tech decoupling.</li>
</ul>



TSMC’s Arizona fab hits Taiwan-level yields, easing replication concerns and reinforcing its global leadership across N2 and advanced packaging. 

AI demand offsets smartphone softness in 1Q25; TSMC guides +13% QoQ revenue for 2Q25 as margins hold firm despite tariff and earthquake headwinds. 

Faraday and UMC results ahead this week -- Key readouts on Taiwan’s ASIC, mature node, and design service momentum amid U.S.-China tech decoupling.


Taiwan Tech Weekly: TSMC U.S. Bet Pays Off; UMC & Faraday Step Up Next; Latest Mobile Shipments Data

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.

Index Rebalance

<ul>
<li>Korea's battery sector got wrecked, crushing POSCO and Samsung SDI's caps. Shakeup incoming: Hanwha Aerospace locks in, and Samsung Biologics is also a strong contender.</li>
<li>Low pre-positioning leads to highly correlated moves on rebalance day; last June, KB and Shinhan got in while LG Chem and Energy got cut with similar impact, netting ~3% yield.</li>
<li>Given the track record, it makes sense to trim the holding window on rebalance day and deploy a long-short strategy.</li>
</ul>


Korea's battery sector got wrecked, crushing POSCO and Samsung SDI's caps. Shakeup incoming: Hanwha Aerospace locks in, and Samsung Biologics is also a strong contender.
Low pre-positioning leads to highly correlated moves on rebalance day; last June, KB and Shinhan got in while LG Chem and Energy got cut with similar impact, netting ~3% yield.
Given the track record, it makes sense to trim the holding window on rebalance day and deploy a long-short strategy.


4 Key Movers in TIGER Top 10 in June Reshuffle

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)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China, SK Hynix The rebound in US...

Lucror Analytics

KRX Short Interest Weekly (Apr 18th): Hanmi Semi, SK Hynix, Samsung Electro-Mech, Sk Innovation

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanmi Semi, SK Hynix, Samsungelecmech, Sk...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Apr 18th): Hdhms, Celltrion, SK Hynix, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Hdhms, Celltrion, SK Hynix, Samsung Electronics,...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: TSMC U.S. Bet Pays Off; UMC & Faraday Step Up Next; Latest Mobile Shipments Data

TSMC's Arizona fab achieves Taiwan-level yields, reinforcing global leadership in N2 and advanced packaging, while AI demand offsets smartphone...

Vincent Fernando, CFA

4 Key Movers in TIGER Top 10 in June Reshuffle

This post breaks down June’s key passive event in the Korean market: the TIGER Top 10 rebalancing, with four heavy hitters in play.

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Sands China, SK Hynix The rebound in US...

Lucror Analytics

KRX Short Interest Weekly (Apr 18th): Hanmi Semi, SK Hynix, Samsung Electro-Mech, Sk Innovation

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanmi Semi, SK Hynix, Samsungelecmech, Sk...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Apr 18th): Hdhms, Celltrion, SK Hynix, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Hdhms, Celltrion, SK Hynix, Samsung Electronics,...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: TSMC U.S. Bet Pays Off; UMC & Faraday Step Up Next; Latest Mobile Shipments Data

​TSMC's Arizona fab achieves Taiwan-level yields, reinforcing global leadership in N2 and advanced packaging, while AI demand offsets smartphone...

Vincent Fernando, CFA

4 Key Movers in TIGER Top 10 in June Reshuffle

This post breaks down June’s key passive event in the Korean market: the TIGER Top 10 rebalancing, with four heavy hitters in play.

Sanghyun Park

TSMC's Arizona fab achieves Taiwan-level yields, reinforcing global leadership in N2 and advanced packaging, while AI demand offsets smartphone...