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>June rebal results are mostly in line, but Korea District Heating’s add and PI Advanced Materials’s drop surprised; Fadu missed KQ150 likely on KRX’s qual screen.</li>
<li>As for Value-up Index, KRX avoided bold calls like cutting Samsung Electronics or Hanwha Aerospace, favoring stability over surprises—though this may further blur the Value-up Index’s purpose and spark criticism.</li>
<li>June’s KRX rebalance flow looks muted amid macro noise and politics; expect punchier post-announcement trading but watch for momentum to fade about a week before June 13.</li>
</ul>


June rebal results are mostly in line, but Korea District Heating’s add and PI Advanced Materials’s drop surprised; Fadu missed KQ150 likely on KRX’s qual screen.
As for Value-up Index, KRX avoided bold calls like cutting Samsung Electronics or Hanwha Aerospace, favoring stability over surprises—though this may further blur the Value-up Index’s purpose and spark criticism.
June’s KRX rebalance flow looks muted amid macro noise and politics; expect punchier post-announcement trading but watch for momentum to fade about a week before June 13.


My Take on June KS200, KQ150 & Value-Up Index Rebal

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 foreign holdings of KRX stocks as of May 23rd. The aggregated holding was USD519.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD210mln. We tabulates 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 Hyosung Heavy, SK Hynix, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of May 23rd. The aggregated holding was USD519.5bn.
We estimate that foreign flows to be outflows of USD210mln. We tabulates 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 Hyosung Heavy, SK Hynix, Samsung Electronics.


KRX Foreign Holding Weekly (May 23rd): Hyosung Heavy, SK Hynix, Samsung Electronics

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Reports of Samsung securing 2nm customers (Nvidia, Qualcomm), but AMD is saying that TSMC has the best and only 2nm, Nvidia saying there’s no alternative to TSMC CoWoS.   </li>
<li>Competition at 2nm / 18A is already over. Chips tape-out are rolling out. If Intel, Samsung can gain Foundry customers, it is for the next node 14A in 2027-28.</li>
<li>The difficulty for Intel and Samsung is that TSMC is a lot faster to develop PDK, qualify process, tape-out chips. The total cost of chipdesign at US$0.5-1bn is another hurdle.  </li>
</ul>


Reports of Samsung securing 2nm customers (Nvidia, Qualcomm), but AMD is saying that TSMC has the best and only 2nm, Nvidia saying there’s no alternative to TSMC CoWoS.   
Competition at 2nm / 18A is already over. Chips tape-out are rolling out. If Intel, Samsung can gain Foundry customers, it is for the next node 14A in 2027-28.
The difficulty for Intel and Samsung is that TSMC is a lot faster to develop PDK, qualify process, tape-out chips. The total cost of chipdesign at US$0.5-1bn is another hurdle.  


Just Listen to Jensen (And Lisa): TSMC, Intel, Samsung

Taiwan Tech Focused Senior Analyst

Patrick Liao

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Xiaomi to launch strategic new products on the 22nd, including the new SoC chip “Surge O1”.</li>
<li>Xiaomi Surge O1 at a glance: benchmark scores suggest it’s a strong rival to MediaTek and Qualcomm.   </li>
<li>While Xiaomi has not confirmed the chip’s foundry partner,  we believe it is very likely manufactured by <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a>.  </li>
</ul>


Xiaomi to launch strategic new products on the 22nd, including the new SoC chip “Surge O1”.
Xiaomi Surge O1 at a glance: benchmark scores suggest it’s a strong rival to MediaTek and Qualcomm.   
While Xiaomi has not confirmed the chip’s foundry partner,  we believe it is very likely manufactured by Taiwan Semiconductor (TSMC) - ADR (TSM US).  


TSMC (2330.TT; TSM.US): Xiaomi Launch "Surge O1" With 3nm.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

HD Hyundai Marine Solution  / Equity Capital Markets

<ul>
<li>KKR is looking to raise around US$410m via selling some of its stake in <a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a>.</li>
<li>KKR had come out of its IPO linked lockup in Nov 2024 and had  tried to launch a deal in Dec 2024 and finally undertook a deal in Feb 2025.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework</li>
</ul>


KKR is looking to raise around US$410m via selling some of its stake in HD Hyundai Marine Solution (443060 KS).
KKR had come out of its IPO linked lockup in Nov 2024 and had  tried to launch a deal in Dec 2024 and finally undertook a deal in Feb 2025.
In this note, we will talk about the placement and run the deal through our ECM framework


HD Hyundai Marine Placement - Very Well Flagged, Overhang Easing but Last Deal Didn’t Do Well

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (005930 KS)

My Take on June KS200, KQ150 & Value-Up Index Rebal

Here’s my take on June’s KS200, KQ150, and Value-up Index reshuffle — the key moves, who’s in or out, and what to watch.

Sanghyun Park

KRX Foreign Holding Weekly (May 23rd): Hyosung Heavy, SK Hynix, Samsung Electronics

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

Ke Yan, CFA, FRM

Just Listen to Jensen (And Lisa): TSMC, Intel, Samsung

Samsung allegedly secures 2nm customers. AMD claims TSMC has the only 2nm. Competition at 2nm is over, chips rolling out. Intel, Samsung face...

Nicolas Baratte

TSMC (2330.TT; TSM.US): Xiaomi Launch "Surge O1" With 3nm.

Xiaomi set to launch new products on the 22nd, including powerful Surge O1 chip potentially manufactured by TSMC, challenging MediaTek and Qualcomm.

Patrick Liao

HD Hyundai Marine Placement - Very Well Flagged, Overhang Easing but Last Deal Didn’t Do Well

KKR is looking to raise around US$410m via selling some of its stake in HD Hyundai Marine Solution (443060 KS). In this note, we talk about the...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

My Take on June KS200, KQ150 & Value-Up Index Rebal

Here’s my take on June’s KS200, KQ150, and Value-up Index reshuffle — the key moves, who’s in or out, and what to watch.

Sanghyun Park

KRX Foreign Holding Weekly (May 23rd): Hyosung Heavy, SK Hynix, Samsung Electronics

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

Ke Yan, CFA, FRM

Just Listen to Jensen (And Lisa): TSMC, Intel, Samsung

​Samsung allegedly secures 2nm customers. AMD claims TSMC has the only 2nm. Competition at 2nm is over, chips rolling out. Intel, Samsung face...

Nicolas Baratte

TSMC (2330.TT; TSM.US): Xiaomi Launch "Surge O1" With 3nm.

​Xiaomi set to launch new products on the 22nd, including powerful Surge O1 chip potentially manufactured by TSMC, challenging MediaTek and Qualcomm.

Patrick Liao

HD Hyundai Marine Placement - Very Well Flagged, Overhang Easing but Last Deal Didn’t Do Well

KKR is looking to raise around US$410m via selling some of its stake in HD Hyundai Marine Solution (443060 KS). In this note, we talk about the...

Sumeet Singh

Samsung allegedly secures 2nm customers. AMD claims TSMC has the only 2nm. Competition at 2nm is over, chips rolling out. Intel, Samsung face...

Xiaomi set to launch new products on the 22nd, including powerful Surge O1 chip potentially manufactured by TSMC, challenging MediaTek and Qualcomm.