Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<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> (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.</li>
<li>SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.
SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: SK Hynix ADR Listing - Part 2 - The Quest for a US$1tn+ Valuation

Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>
Cash Mountain: Samsung and SK Hynix's combined net cash US$263bn by year-end — exceeding the rest of the Magnificent Seven combined. The suppliers of AI are richer than its builders.</li>
<li>
The Anomaly: Net cash ~14% of market cap for both names — 5x Nvidia's ratio — as stocks price in a demand collapse that long-term supply agreements directly contradict.</li>
<li>
The Catalyst: SK Hynix has formally committed to expanded returns; Samsung says "very soon." At 70–80% FCF payout, the combined programme implies a double-digit effective yield on current market cap.</li>
</ul>



Cash Mountain: Samsung and SK Hynix's combined net cash US$263bn by year-end — exceeding the rest of the Magnificent Seven combined. The suppliers of AI are richer than its builders.

The Anomaly: Net cash ~14% of market cap for both names — 5x Nvidia's ratio — as stocks price in a demand collapse that long-term supply agreements directly contradict.

The Catalyst: SK Hynix has formally committed to expanded returns; Samsung says "very soon." At 70–80% FCF payout, the combined programme implies a double-digit effective yield on current market cap.


Samsung & SK Hynix: The Richest Cheap Stocks in Global Tech, With More Cash Than the Mag 7 Combined

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>Asian rerating is over. A new chapter has commenced. Asian earnings estimate upgrades are in full swing and so is an earnings-driven rally, particularly in a few markets and sectors.</li>
<li>Korea is the most notable earnings-driven market. The market has appreciated 12.4% since late October and its forward PE has declined 17%. Hong Kong and Indonesia also fit the bill.</li>
<li>Nine market-sectors have the strongest EPS revisions and strongest earnings growth forecasts. HK materials, Korean technology and utilities, Taiwan technology, Indonesian materials, Thai technology and communications and Malaysia tech services.</li>
</ul>


Asian rerating is over. A new chapter has commenced. Asian earnings estimate upgrades are in full swing and so is an earnings-driven rally, particularly in a few markets and sectors.
Korea is the most notable earnings-driven market. The market has appreciated 12.4% since late October and its forward PE has declined 17%. Hong Kong and Indonesia also fit the bill.
Nine market-sectors have the strongest EPS revisions and strongest earnings growth forecasts. HK materials, Korean technology and utilities, Taiwan technology, Indonesian materials, Thai technology and communications and Malaysia tech services.


Asian Equities: An Emerging Earnings-Driven Rally - Watch These Three Markets and Nine Sectors

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 nearly 60% 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> appears may have started resuming its uptrend.</li>
<li>In our <a href="https://www.smartkarma.com/insights/is-sk-hynix-000660-ks-about-to-restart-its-rally-tactical-outlook" target="_blank" rel="noopener">latest insight</a> we made a tactical call for a possible restart of the rally, target at 1.7-1.9M (the stock peaked at 1,792,000 on August 18, then pulled back).</li>
<li>This insight leverages our model to present support price zones where to buy SK Hynix's current pullback, to enter a tactical, asymmetric risk LONG trade to ride the trend long-term.
</li>
</ul>


After losing nearly 60% of its value from its peak at the end of June, SK Hynix (000660 KS) appears may have started resuming its uptrend.
In our latest insight we made a tactical call for a possible restart of the rally, target at 1.7-1.9M (the stock peaked at 1,792,000 on August 18, then pulled back).
This insight leverages our model to present support price zones where to buy SK Hynix's current pullback, to enter a tactical, asymmetric risk LONG trade to ride the trend long-term.



SK Hynix (000660 KS) Uptrend Resuming (Tactical Entry, Long-Term)

<ul>
<li>
 What he said. At the 27 Aug Indiana groundbreaking, CEO Kwak Noh-jung said the memory shortage runs through end-2030 with no downturn signal visible. He was serious on this. </li>
<li>
 What it is worth. If right, FY2027E OP is ~KRW 295tn vs our KRW 250tn base, and FY2026-30 after-tax earnings exceeds its current MCAP. </li>
<li>
 What to do. BULLISH, FV KRW 3,500,000 unchanged — it needs him right on 2027 only as the market is treating the stock as if earnings have peaked already. </li>
</ul>



 What he said. At the 27 Aug Indiana groundbreaking, CEO Kwak Noh-jung said the memory shortage runs through end-2030 with no downturn signal visible. He was serious on this. 

 What it is worth. If right, FY2027E OP is ~KRW 295tn vs our KRW 250tn base, and FY2026-30 after-tax earnings exceeds its current MCAP. 

 What to do. BULLISH, FV KRW 3,500,000 unchanged — it needs him right on 2027 only as the market is treating the stock as if earnings have peaked already. 


SK Hynix: CEO Sees Shortage Through 2030. Big Profits Continues, Yet Still Trades at ~6x PE

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)

Aequitas: SK Hynix ADR Listing - Part 2 - The Quest for a US$1tn+ Valuation

SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing. In this note, we have a look at the...

Sumeet Singh

Samsung & SK Hynix: The Richest Cheap Stocks in Global Tech, With More Cash Than the Mag 7 Combined

Samsung & SK Hynix hit US$263bn net cash by year-end — 2.6x Nvidia — while trading at trough multiples. Capital return catalyst is weeks away....

Mo Aziz

Asian Equities: An Emerging Earnings-Driven Rally - Watch These Three Markets and Nine Sectors

Asian markets are experiencing an earnings-driven rally with earnings est upgrades, particularly in KR, HK, and Indonesia. 9 market-sectors show...

Manishi Raychaudhuri