Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Macroeconomics

<ul>
<li>China’s GDP growth continues to be driven by government spending while domestic demand and consumer confidence remains weak.</li>
<li>Exports fall in 2023, the first time since 2016 despite industrial production and utilisation rising.</li>
<li>China’s CPI inflation in December comes in at -0.3 % YoY, falls for three consecutive months.</li>
</ul>


China’s GDP growth continues to be driven by government spending while domestic demand and consumer confidence remains weak.
Exports fall in 2023, the first time since 2016 despite industrial production and utilisation rising.
China’s CPI inflation in December comes in at -0.3 % YoY, falls for three consecutive months.


Mint Macro Roundup: Deflation, Anaemic GDP Growth & Falling Exports Amplifies China Headwinds

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> gained 7.2% in August MTD, but combined 2x leveraged ETF AUM fell 3.2% to KRW 3.1tn.</li>
<li>Cumulative net outflows reached KRW 534bn MTD, with all leveraged ETFs recording reductions in units outstanding.</li>
<li>Despite Samsung Electronics falling 8.3% since launch, the 2x inverse ETF has lost 56.4%, reducing its AUM to approximately KRW 15bn.</li>
</ul>



Samsung Electronics (005930 KS) gained 7.2% in August MTD, but combined 2x leveraged ETF AUM fell 3.2% to KRW 3.1tn.
Cumulative net outflows reached KRW 534bn MTD, with all leveraged ETFs recording reductions in units outstanding.
Despite Samsung Electronics falling 8.3% since launch, the 2x inverse ETF has lost 56.4%, reducing its AUM to approximately KRW 15bn.


Samsung Electronics (005930 KS): 2x Leveraged ETF Investors Exit into the August Rally

<ul>
<li>August MTD marks the first monthly outflow since launch: <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> 2x leveraged ETFs combined AUM fell 20% to KRW 4.2tn amid KRW 777bn in net outflows.</li>
<li>The 2x Leveraged Index fell 4.7% despite the underlying stock remaining broadly flat, reflecting performance drag in a sideways market.</li>
<li>The 2x inverse ETF lost 12.8% despite a broadly flat underlying stock, highlighting the risks of holding daily-reset products beyond very short trading periods.</li>
</ul>


August MTD marks the first monthly outflow since launch: SK hynix (000660 KS) 2x leveraged ETFs combined AUM fell 20% to KRW 4.2tn amid KRW 777bn in net outflows.
The 2x Leveraged Index fell 4.7% despite the underlying stock remaining broadly flat, reflecting performance drag in a sideways market.
The 2x inverse ETF lost 12.8% despite a broadly flat underlying stock, highlighting the risks of holding daily-reset products beyond very short trading periods.


SK Hynix (000660 KS): 2x Leveraged ETFs Record First Monthly Net Outflow

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> stabilised in the first half of August, gaining 4.6%, while the 2x Leveraged Index rose 6.8%.</li>
<li>Despite the rebound, leveraged ETFs recorded KRW 372bn of net outflows, reducing combined AUM by 2% in August MTD.</li>
<li>Investor flows—not performance alone—are driving AUM. Their effect on demand for Samsung shares may be amplified or offset by the ETFs’ daily leverage rebalancing.</li>
</ul>



Samsung Electronics (005930 KS) stabilised in the first half of August, gaining 4.6%, while the 2x Leveraged Index rose 6.8%.
Despite the rebound, leveraged ETFs recorded KRW 372bn of net outflows, reducing combined AUM by 2% in August MTD.
Investor flows—not performance alone—are driving AUM. Their effect on demand for Samsung shares may be amplified or offset by the ETFs’ daily leverage rebalancing.


Samsung Elec (005930 KS): August Gains Fail to Stem 2x Leveraged ETF Outflows

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>The KOSPI Index has done well in recent weeks, months, but financials are hardly participating</li>
<li>There are vast differences amongst the financial in Korea, not only large Chaebol-like banks</li>
<li>Kakaobank, one of few listed internet banks in the world, is unique with ROA expansion</li>
</ul>


The KOSPI Index has done well in recent weeks, months, but financials are hardly participating
There are vast differences amongst the financial in Korea, not only large Chaebol-like banks
Kakaobank, one of few listed internet banks in the world, is unique with ROA expansion


South Korea

The KOSPI Index is a capitalization-weighted index of all common shares on the Korean Stock Exchanges. The Index was developed with a base value of 100 as of January 4, 1980. Note: The preferred shares are excluded in calculating the KOSPI Index from June 14, 2002. 

Korea Stock Exchange Kospi Index (KOSPI INDEX)

Korea Stock Exchange Kospi Index (KOSPI INDEX)

Mint Macro Roundup: Deflation, Anaemic GDP Growth & Falling Exports Amplifies China Headwinds

China's GDP growth largely driven by government spending, fails to impress markets. Domestic consumer demand remains weak and property investment...

Mint Finance

Samsung Electronics (005930 KS): 2x Leveraged ETF Investors Exit into the August Rally

Samsung Electronics (005930 KS) gained 7.2% in August MTD and its 2x Leveraged Index rose 10.4%, yet the ETFs recorded net outflows as investors...

Gaudenz Schneider

SK Hynix (000660 KS): 2x Leveraged ETFs Record First Monthly Net Outflow

With combined assets down 20% in August MTD, SK hynix-linked 2x leveraged ETFs recorded their first net outflow since launch as sideways trading...

Gaudenz Schneider

Samsung Elec (005930 KS): August Gains Fail to Stem 2x Leveraged ETF Outflows

Samsung Electronics gained 4.6% in early August, but KRW 372bn of 2x leveraged ETF outflows cut AUM by 2%. Flows are shaping ETF-driven demand for...

Gaudenz Schneider

KOSPI Index - Banks Hardly Participating

KOSPI index has done well, but banks are hardly participating. Kakaobank may be most interesting given its ROA expansion and size, while Woori may...

Daniel Tabbush