Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>SK Hynix missed its 2Q 2026 earnings. Sales of 79.3 trillion won was 5.5% lower than consensus and operating profit of 60.5 trillion won was 6.8% lower than consensus.</li>
<li>Most importantly, the company did not adequately address oversupply concerns, in my view.</li>
<li>Ongoing concerns regarding ultra-aggressive capex spending by CXMT and YMTC combined with heightened concerns about the excessive capex spending on AI infrastructure by the hyperscalers could negatively impact SK Hynix. </li>
</ul>


SK Hynix missed its 2Q 2026 earnings. Sales of 79.3 trillion won was 5.5% lower than consensus and operating profit of 60.5 trillion won was 6.8% lower than consensus.
Most importantly, the company did not adequately address oversupply concerns, in my view.
Ongoing concerns regarding ultra-aggressive capex spending by CXMT and YMTC combined with heightened concerns about the excessive capex spending on AI infrastructure by the hyperscalers could negatively impact SK Hynix. 


Major Highlights of SK Hynix 2Q 2026 Earnings

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,500+ insights shared on Smartkarma. We're back after a brief one-issue hiatus.</li>
<li>In this cut, we revisit memory's grip on the record-breaking KOSPI, count down to the record-setting <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> IPO, and unpack cooling iron ore prices.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,500+ insights shared on Smartkarma. We're back after a brief one-issue hiatus.
In this cut, we revisit memory's grip on the record-breaking KOSPI, count down to the record-setting SpaceX (SPCX US) IPO, and unpack cooling iron ore prices.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Memory's Hold on the KOSPI, Counting Down to SpaceX & Iron Ore's Cold Snap

<ul>
<li>Samsung Electronics' management and labor union has yet to reach a deal. The labor union plans to start its strike on 21 May. </li>
<li>Samsung's labor union has warned that the strike could cause damages of about 1 trillion won per day.</li>
<li><em><strong>My base case - I think the most likely scenario with regards to Samsung Electronics' labor union dispute is an actual partial shutdown that could last one to several days. </strong></em></li>
</ul>


Samsung Electronics' management and labor union has yet to reach a deal. The labor union plans to start its strike on 21 May. 
Samsung's labor union has warned that the strike could cause damages of about 1 trillion won per day.
My base case - I think the most likely scenario with regards to Samsung Electronics' labor union dispute is an actual partial shutdown that could last one to several days. 


Lee Byung Chul's Famous Quote - "A Labor Union Would Be Recognized Over My Dead Body"

<ul>
<li>The U.S. Department of Defense announced that it has added numerous Chinese companies including Tencent and CATL as companies that work with China's military.</li>
<li>This is likely to negatively impact Tencent and CATL's prices in the next several weeks but positively impact on some of the major Korean rechargeable battery and gaming stocks.</li>
<li>The higher probability scenario at this point is for Tencent and CATL to be officially included in the Chinese Military Industrial Complex list in the coming weeks. </li>
</ul>


The U.S. Department of Defense announced that it has added numerous Chinese companies including Tencent and CATL as companies that work with China's military.
This is likely to negatively impact Tencent and CATL's prices in the next several weeks but positively impact on some of the major Korean rechargeable battery and gaming stocks.
The higher probability scenario at this point is for Tencent and CATL to be officially included in the Chinese Military Industrial Complex list in the coming weeks. 


US Defense Dept Designates Tencent and CATL as Military Companies - Impact on Korean Competitors

China

CXMT Corporation develops, manufactures, and distributes integrated circuit products. The Company produces dynamic random-access memory chips. CXMT conducts businesses in China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CXMT Corporation (688825 CH)

Major Highlights of SK Hynix 2Q 2026 Earnings

SK Hynix missed its 2Q 2026 earnings. Most importantly, the company did not adequately address oversupply concerns, in my view.

Douglas Kim

Curator's Cut: Memory's Hold on the KOSPI, Counting Down to SpaceX & Iron Ore's Cold Snap

Discover standout themes from Smartkarma's insights on KOSPI, SpaceX IPO, and iron ore prices in the latest Curator's Cut. Comment to suggest...

Pranav Rao

Lee Byung Chul's Famous Quote - "A Labor Union Would Be Recognized Over My Dead Body"

Samsung Electronics' management and labor union has yet to reach a deal. The labor union plans to start its strike on 21 May.

Douglas Kim

US Defense Dept Designates Tencent and CATL as Military Companies - Impact on Korean Competitors

The U.S. Department of Defense announced that it has added numerous Chinese companies including Tencent and CATL as companies that work with...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Major Highlights of SK Hynix 2Q 2026 Earnings

SK Hynix missed its 2Q 2026 earnings. Most importantly, the company did not adequately address oversupply concerns, in my view.

Douglas Kim

Curator's Cut: Memory's Hold on the KOSPI, Counting Down to SpaceX & Iron Ore's Cold Snap

​Discover standout themes from Smartkarma's insights on KOSPI, SpaceX IPO, and iron ore prices in the latest Curator's Cut. Comment to suggest...

Pranav Rao

Lee Byung Chul's Famous Quote - "A Labor Union Would Be Recognized Over My Dead Body"

Samsung Electronics' management and labor union has yet to reach a deal. The labor union plans to start its strike on 21 May.

Douglas Kim

US Defense Dept Designates Tencent and CATL as Military Companies - Impact on Korean Competitors

The U.S. Department of Defense announced that it has added numerous Chinese companies including Tencent and CATL as companies that work with...

Douglas Kim

Discover standout themes from Smartkarma's insights on KOSPI, SpaceX IPO, and iron ore prices in the latest Curator's Cut. Comment to suggest...