Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<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> fell 3.8% in August MTD, while its 2x Leveraged Index declined 13.4% and combined KRX-listed ETF AUM fell 28% to KRW 3.8tn.</li>
<li>The seven KRX-listed 2x long ETFs recorded combined net outflows of KRW 763bn, with units outstanding declining in six products and redemptions amplifying negative performance.</li>
<li>Daily flows in the long and inverse ETFs were negatively correlated, causing associated hedge flows to reinforce rather than offset each other, although the larger long products dominate the effect.</li>
</ul>



SK hynix (000660 KS) fell 3.8% in August MTD, while its 2x Leveraged Index declined 13.4% and combined KRX-listed ETF AUM fell 28% to KRW 3.8tn.
The seven KRX-listed 2x long ETFs recorded combined net outflows of KRW 763bn, with units outstanding declining in six products and redemptions amplifying negative performance.
Daily flows in the long and inverse ETFs were negatively correlated, causing associated hedge flows to reinforce rather than offset each other, although the larger long products dominate the effect.


SK Hynix (000660 KS): 2x Leveraged ETF Redemptions Compound 13% August Index Loss

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>A month into SHEIN's IPO process, its near-term (FY26) growth prospects are downbeat</li>
<li>Here we present an array of FY27e PERs based on a range of top-line, OPM% estimates</li>
<li>Objective is to show combinations of revenue growth, margin that make SHEIN cheap-ish</li>
</ul>


A month into SHEIN's IPO process, its near-term (FY26) growth prospects are downbeat
Here we present an array of FY27e PERs based on a range of top-line, OPM% estimates
Objective is to show combinations of revenue growth, margin that make SHEIN cheap-ish


SHEIN IPO in Hong Kong: What 2027E Revenue Growth, OPM% Assumptions Are Needed to Make It Cheap-Ish?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

<ul>
<li>In this insight, we discuss LG Electronics (066570 KS) 's investment in Bear Robotics (US) and LG Electronics' aggressive ambitions to become a major player in the global robotics industry. </li>
<li>LG Electronics announced that it invested a $60 million Series C funding round in Bear Robotics, a Silicon Valley based company that provides service robotics and artificial intelligence solutions.</li>
<li>One of the key goals of LG Electronics is to expand into the global robotics software market, which is expected to grow to about 100 trillion won in eight years.</li>
</ul>


In this insight, we discuss LG Electronics (066570 KS) 's investment in Bear Robotics (US) and LG Electronics' aggressive ambitions to become a major player in the global robotics industry. 
LG Electronics announced that it invested a $60 million Series C funding round in Bear Robotics, a Silicon Valley based company that provides service robotics and artificial intelligence solutions.
One of the key goals of LG Electronics is to expand into the global robotics software market, which is expected to grow to about 100 trillion won in eight years.


LG Electronics: Investment In Bear Robotics and Aggressive Plans to Expand in Global Robotics

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>E-Commerce growth slowed marginally as the sector consolidated post-Covid but remained higher than any other channel in 2022. </li>
<li>By 2025-26, it will be the largest channel, overtaking convenience stores – but Japan’s continuing support for retail stores means that omnichannel will be the main model.</li>
<li>As a result, the majority of transactions will be researched, initiated, and fulfilled through a combination of online and physical stores.</li>
</ul>


E-Commerce growth slowed marginally as the sector consolidated post-Covid but remained higher than any other channel in 2022. 
By 2025-26, it will be the largest channel, overtaking convenience stores – but Japan’s continuing support for retail stores means that omnichannel will be the main model.
As a result, the majority of transactions will be researched, initiated, and fulfilled through a combination of online and physical stores.


E-Commerce in Japan: Omnichannel Consolidation

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A monthly review at how the markets and our themes are currently performing</li>
<li>Analysing what went wrong and what went right in stocks and sectors</li>
<li>Highlighting positions  added or removed  from the thematic investment portfolio</li>
</ul>


A monthly review at how the markets and our themes are currently performing
Analysing what went wrong and what went right in stocks and sectors
Highlighting positions  added or removed  from the thematic investment portfolio


February Themes and Thematic Portfolio Review

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

SK Hynix (000660 KS): 2x Leveraged ETF Redemptions Compound 13% August Index Loss

Daily flows in SK hynix (000660 KS) 2x long and inverse ETFs were negatively correlated, aligning associated hedge flows and reinforcing pressure...

Gaudenz Schneider

SHEIN IPO in Hong Kong: What 2027E Revenue Growth, OPM% Assumptions Are Needed to Make It Cheap-Ish?

In this insight we present a matrix of Revenue and OP margin assumptions so readers can see which combinations could potentially generate strong...

Tracking Traffic

LG Electronics: Investment In Bear Robotics and Aggressive Plans to Expand in Global Robotics

In this insight, we discuss LG Electronics (066570 KS) 's investment in Bear Robotics (US) and LG Electronics' aggressive ambitions to become a...

Douglas Kim

E-Commerce in Japan: Omnichannel Consolidation

E-commerce growth in Japan remains strong post-Covid, set to overtake convenience stores by 2025-26, with omnichannel model becoming dominant for...

Michael Causton

February Themes and Thematic Portfolio Review

We review market performance, our investment themes, highlighting additions and subtractions in the thematic investment portfolio.

Rikki Malik

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

SK Hynix (000660 KS): 2x Leveraged ETF Redemptions Compound 13% August Index Loss

Daily flows in SK hynix (000660 KS) 2x long and inverse ETFs were negatively correlated, aligning associated hedge flows and reinforcing pressure...

Gaudenz Schneider

SHEIN IPO in Hong Kong: What 2027E Revenue Growth, OPM% Assumptions Are Needed to Make It Cheap-Ish?

In this insight we present a matrix of Revenue and OP margin assumptions so readers can see which combinations could potentially generate strong...

Tracking Traffic

LG Electronics: Investment In Bear Robotics and Aggressive Plans to Expand in Global Robotics

In this insight, we discuss LG Electronics (066570 KS) 's investment in Bear Robotics (US) and LG Electronics' aggressive ambitions to become a...

Douglas Kim

E-Commerce in Japan: Omnichannel Consolidation

​E-commerce growth in Japan remains strong post-Covid, set to overtake convenience stores by 2025-26, with omnichannel model becoming dominant for...

Michael Causton

February Themes and Thematic Portfolio Review

We review market performance, our investment themes, highlighting additions and subtractions in the thematic investment portfolio.

Rikki Malik

E-commerce growth in Japan remains strong post-Covid, set to overtake convenience stores by 2025-26, with omnichannel model becoming dominant for...