Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In 2018, SK Hynix invested 2.7 trillion won in Bain Capital consortium that invested in Kioxia and an additional 1.3 trillion won in Kioxia convertible bonds, totaling 3.7 trillion won.</li>
<li>SK Hynix has hit a huge homerun with its investment in Kioxia Holdings. SK Hynix's investment in Kioxia has surged by more than 32x its original investment in eight years. </li>
<li>SK Hynix's stake in Kioxia is now worth nearly US$79 billion (121 trillion won), representing 5.8% of SK Hynix's current market cap (2,080 trillion won). </li>
</ul>


In 2018, SK Hynix invested 2.7 trillion won in Bain Capital consortium that invested in Kioxia and an additional 1.3 trillion won in Kioxia convertible bonds, totaling 3.7 trillion won.
SK Hynix has hit a huge homerun with its investment in Kioxia Holdings. SK Hynix's investment in Kioxia has surged by more than 32x its original investment in eight years. 
SK Hynix's stake in Kioxia is now worth nearly US$79 billion (121 trillion won), representing 5.8% of SK Hynix's current market cap (2,080 trillion won). 


SK Hynix - A Homerun Investment in Kioxia

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>Two+ years ago, the TSE announced a second phase methodology change for its main equity index TOPIX. TOPIX would change from being inclusive to being exclusive, resembling global indices. </li>
<li>The data cutoff for TOPIX methodology change rankings is 14bd away. That cutoff determines who gets in, who stays in, and who gets the boot. The annual FFW review coincides.</li>
<li>The BEST trades are the unrelated FFW trades, the INs, the LFRs, and of course, the NOT OUTs. Borderlines are interesting. Two stocks +2%? -4%?, +42/24x ADV. Or not. </li>
</ul>


Two+ years ago, the TSE announced a second phase methodology change for its main equity index TOPIX. TOPIX would change from being inclusive to being exclusive, resembling global indices. 
The data cutoff for TOPIX methodology change rankings is 14bd away. That cutoff determines who gets in, who stays in, and who gets the boot. The annual FFW review coincides.
The BEST trades are the unrelated FFW trades, the INs, the LFRs, and of course, the NOT OUTs. Borderlines are interesting. Two stocks +2%? -4%?, +42/24x ADV. Or not. 


[Quiddity Index] The TOPIX Change in Oct26 - Part III (INs Vs OUTs - Borderlines Are Trading Opps)

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>Semiconductor revenues through January are behaving as Objective Analysis predicted in October</li>
<li>There has been a slight delay in the collapse, but overall, the collapse is very nearly following its predicted course.</li>
<li>Large memory makers will be the hardest hit, followed by processor vendors</li>
</ul>


Semiconductor revenues through January are behaving as Objective Analysis predicted in October
There has been a slight delay in the collapse, but overall, the collapse is very nearly following its predicted course.
Large memory makers will be the hardest hit, followed by processor vendors


Semiconductor Collapse Is Following Predicted Course

<ul>
<li>Semiconductor memories, the most volatile part of the chip market, have declined dramatically since June</li>
<li>During downturns memory chip prices typically collapse until they hit cost</li>
<li>NAND appears to be selling at or near cost, but DRAM still has room for further declines</li>
</ul>


Semiconductor memories, the most volatile part of the chip market, have declined dramatically since June
During downturns memory chip prices typically collapse until they hit cost
NAND appears to be selling at or near cost, but DRAM still has room for further declines


Memory Makers Update: Samsung, SK Hynix, Micron, WDC, Kioxia

<ul>
<li>The semiconductor revenue decline took a short break in October.</li>
<li>Spot market prices for DRAM and NAND flash have slowed their decrease.</li>
<li>These are signs that the current market collapse is slowing, although we haven't hit bottom yet.</li>
</ul>


The semiconductor revenue decline took a short break in October.
Spot market prices for DRAM and NAND flash have slowed their decrease.
These are signs that the current market collapse is slowing, although we haven't hit bottom yet.


Japan

Kioxia Holdings Corporation manufactures semiconductor memory products. The Company develops, produces, and sells flash memory cards, solid state drives, secure digital memory cards, and other products. Kioxia Holdings also operates group management strategy formulation and management.

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Kioxia Holdings (285A JP)

SK Hynix - A Homerun Investment in Kioxia

It has been reported that SK Hynix has become the largest shareholder of Kioxia Holdings (285A JP). A special purpose company (SPC) backed by SK...

Douglas Kim

[Quiddity Index] The TOPIX Change in Oct26 - Part III (INs Vs OUTs - Borderlines Are Trading Opps)

The TOPIX Rebal is interesting. One pricing date, on a long flat tail of rankings, to determine whether to buy or sell 5-40x ADV. That kicks up...

Travis Lundy

Semiconductor Collapse Is Following Predicted Course

Today's semiconductor market is closely following the forecast we shared in October. This Insight compares the forecast to actual data for the...

Jim Handy

Memory Makers Update: Samsung, SK Hynix, Micron, WDC, Kioxia

The semiconductor memory market has collapsed, but the collapse is nearly over for Samsung, SK hynix, Micron, WDC, and Kioxia.

Jim Handy

Is The Semiconductor Collapse Slowing?

One week before most chip companies report revenues, the semiconductor market seems to be slowing its decline. Although the market hasn't yet hit...

Jim Handy

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