Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<ul>
<li>Tesla is facing a dilemma whether to aggressively cut price to boost shipment but lose margins or to keep price stable with a more moderated shipment growth like 10-20% y/y. </li>
<li>Three challenges ahead: 1. Collapsing margin vs. rising margin for key competitors? 2. Cybertruck is selling at a loss, more margin downside? 3. Valuation reset for lower sales CAGR? </li>
<li>Cautious on Tesla as its sales/earnings CAGR is falling below 20% with a rich valuation until we see cost cut on Cybertruck, FSD AI breakthrough, and low price model introduction.</li>
</ul>


Tesla is facing a dilemma whether to aggressively cut price to boost shipment but lose margins or to keep price stable with a more moderated shipment growth like 10-20% y/y. 
Three challenges ahead: 1. Collapsing margin vs. rising margin for key competitors? 2. Cybertruck is selling at a loss, more margin downside? 3. Valuation reset for lower sales CAGR? 
Cautious on Tesla as its sales/earnings CAGR is falling below 20% with a rich valuation until we see cost cut on Cybertruck, FSD AI breakthrough, and low price model introduction.


Tesla (TSLA) No Longer Prevails, a Dilemma and Touch Challenges Ahead

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>There is an important upcoming change in regulation for land value disclosures in Korea. </li>
<li>Starting December year end companies' financials, the "officially assessed land values" (공시지가) will become mandatory in the financial footnotes.</li>
<li>I provide a list of 30 companies that could be key beneficiaries of the change in regulation for land value disclosures in Korea. </li>
</ul>


There is an important upcoming change in regulation for land value disclosures in Korea. 
Starting December year end companies' financials, the "officially assessed land values" (공시지가) will become mandatory in the financial footnotes.
I provide a list of 30 companies that could be key beneficiaries of the change in regulation for land value disclosures in Korea. 


Change in Disclosure of Land Value in Korea (Officially Assessed Land Value): Top 30 Beneficiaries

<ul>
<li>In this insight, I discuss numerous gap trade opportunities involving Korean preferred and common shares in 2Q 2026.</li>
<li>The preferred companies' share price discount (relative to the common shares) on the 27 pairs below was 42.8% as of 1 April 2026.</li>
<li>Among these 27 pairs, there were 24 common shares that outperformed preferred shares in the past six months (89%).</li>
</ul>


In this insight, I discuss numerous gap trade opportunities involving Korean preferred and common shares in 2Q 2026.
The preferred companies' share price discount (relative to the common shares) on the 27 pairs below was 42.8% as of 1 April 2026.
Among these 27 pairs, there were 24 common shares that outperformed preferred shares in the past six months (89%).


Gap Trade Opportunities in Korean Prefs Vs Common Share Pairs in 2Q 2026

Event-Driven

<ul>
<li>In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in December 2025 and January 2026.</li>
<li>We provide a list of 18 companies in the Korean stock market that have announced share buyback programs in December 2025 and January 2026.</li>
<li>There were five companies with more than 200 billion won in market cap that announced share buybacks in the past two months with at least 1% of outstanding shares.</li>
</ul>


In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in December 2025 and January 2026.
We provide a list of 18 companies in the Korean stock market that have announced share buyback programs in December 2025 and January 2026.
There were five companies with more than 200 billion won in market cap that announced share buybacks in the past two months with at least 1% of outstanding shares.


Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (December 2025 & January 2026)

<ul>
<li>In this insight, we argue how the gap between Hyundai Motor (005380 KS) (common) and Hyundai Motor (005385 KS) (preferred) shares has widened too much.</li>
<li>It is time for Hyundai Motor (005385 KS) (preferred) shares to catch up to its common shares. Price ratio of preferred/common shares has exceeded 2 standard deviations (3 months). </li>
<li>The biggest driver of higher share price performance of Hyundai Motor in the past three months has been the tremendous positive sentiment from the Atlas robots made by Boston Dynamics.</li>
</ul>


In this insight, we argue how the gap between Hyundai Motor (005380 KS) (common) and Hyundai Motor (005385 KS) (preferred) shares has widened too much.
It is time for Hyundai Motor (005385 KS) (preferred) shares to catch up to its common shares. Price ratio of preferred/common shares has exceeded 2 standard deviations (3 months). 
The biggest driver of higher share price performance of Hyundai Motor in the past three months has been the tremendous positive sentiment from the Atlas robots made by Boston Dynamics.


Hyundai Motor Preferred - Time to Catch Up to Common Shares

South Korea

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

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Hyundai Motor (005385 KS)

Tesla (TSLA) No Longer Prevails, a Dilemma and Touch Challenges Ahead

Tesla No Longer Prevails, a Dilemma and Three Touch Challenges Ahead: 1. Collapsing margin vs. rising margin for peers; 2. Cybertruck is selling at...

Andrew Lu

Change in Disclosure of Land Value in Korea (Officially Assessed Land Value): Top 30 Beneficiaries

I provide a list of 30 companies that could be key beneficiaries of the change in regulation for land value disclosures in Korea.

Douglas Kim

Hyundai Motor Preferred - Time to Catch Up to Common Shares

It is time for Hyundai Motor (005385 KS) (preferred) shares to catch up to its common shares. Price ratio of preferred/common shares has exceeded 2...

Douglas Kim

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