Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

GigaDevice Semiconductor / Equity Bottom-Up

<ul>
<li>Revenue grew by 230% YoY in 2Q26 with gross margin up to 66% from 37% in 2Q25.</li>
<li>Chip giants pursue high-margin HBM and leave the niche DRAM market behind.</li>
<li>GigaDevice is the only fabless company that focus on niche DRAM.</li>
</ul>


Revenue grew by 230% YoY in 2Q26 with gross margin up to 66% from 37% in 2Q25.
Chip giants pursue high-margin HBM and leave the niche DRAM market behind.
GigaDevice is the only fabless company that focus on niche DRAM.


GigaDevice (3986 HK): 2Q26, Taking Niche Market, Revenue Up by 230%

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>A new AI platform named DeepSeek threatens today's Large Language Model status quo</li>
<li>Certain chip companies have become over-dependent on AI, including Nvidia, Samsung, SK hynix, and Micron, and their stock has tumbled</li>
<li>It's too early to tell what will occur over the long term</li>
</ul>


A new AI platform named DeepSeek threatens today's Large Language Model status quo
Certain chip companies have become over-dependent on AI, including Nvidia, Samsung, SK hynix, and Micron, and their stock has tumbled
It's too early to tell what will occur over the long term


Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

<ul>
<li>Politics - where do we go from here and is more uncertainty ahead? </li>
<li>Changes to corporate governance for the better for minority investors? </li>
<li>Can the KOSPI perform if Samsung Electronics continues not to? </li>
</ul>


Politics - where do we go from here and is more uncertainty ahead? 
Changes to corporate governance for the better for minority investors? 
Can the KOSPI perform if Samsung Electronics continues not to? 


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Following its ADR listing, <a href="https://www.smartkarma.com/entities/sk-hynix-inc-a4e8e2ec-1a75-4752-b58c-eaa0d074d145" target="_blank" data-smartkarma-citation="entities:50283:1" rel="noopener">SK Hynix (SKHY US)</a> will be added to the <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF in September. <a href="https://www.smartkarma.com/entities/skyworks-solutions-inc" target="_blank" data-smartkarma-citation="entities:6121:1" rel="noopener">Skyworks Solutions (SWKS US)</a> will be deleted.</li>
<li>Estimated one-way turnover is 6.4% resulting in a round-trip trade of US$8.8bn. There are 2 stocks with over a yard and a half to trade.</li>
<li>The largest flows will be in <a href="https://www.smartkarma.com/entities/sk-hynix-inc-a4e8e2ec-1a75-4752-b58c-eaa0d074d145" target="_blank" data-smartkarma-citation="entities:50283:1" rel="noopener">SK Hynix (SKHY US)</a>, <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA (NVDA US)</a>, <a href="https://www.smartkarma.com/entities/advanced-micro-devices-inc" target="_blank" data-smartkarma-citation="entities:19009:1" rel="noopener">Advanced Micro Devices (AMD US)</a>, <a href="https://www.smartkarma.com/entities/micron-technology-inc" target="_blank" data-smartkarma-citation="entities:13382:1" rel="noopener">Micron Technology (MU US)</a>, <a href="https://www.smartkarma.com/entities/kla-tencor-corp" target="_blank" data-smartkarma-citation="entities:1115:1" rel="noopener">KLA-Tencor (KLAC US)</a> and <a href="https://www.smartkarma.com/entities/asml-holding-nv-b0092428-e3ec-4a92-bdd6-2f6eff7f1879" target="_blank" data-smartkarma-citation="entities:28204:1" rel="noopener">ASML Holding (ASML US)</a>. </li>
</ul>


Following its ADR listing, SK Hynix (SKHY US) will be added to the VanEck Vectors Semiconductor (SMH US) ETF in September. Skyworks Solutions (SWKS US) will be deleted.
Estimated one-way turnover is 6.4% resulting in a round-trip trade of US$8.8bn. There are 2 stocks with over a yard and a half to trade.
The largest flows will be in SK Hynix (SKHY US), NVIDIA (NVDA US), Advanced Micro Devices (AMD US), Micron Technology (MU US), KLA-Tencor (KLAC US) and ASML Holding (ASML US). 


MV US Listed Semiconductor 25 Index Rebalance: SK Hynix ADR Added as Trade Nears US$9bn

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways down as the market awaits the outcome of the MPC and US FOMC meetings today.</li><li>KTX expects the Fed to cut interest rates by 0.25% and revise its outlook to indicate more limited downside for interest rates in the long term during the meeting on December 18.</li><li>In view of the aforementioned factors, the pressure on the MPC to cut interest rates owing to a slower-than-expected inflation recovery is diminishing.</li></ul>

Technically, the SET Index is expected to move sideways down as the market awaits the outcome of the MPC and US FOMC meetings today.KTX expects the Fed to cut interest rates by 0.25% and revise its outlook to indicate more limited downside for interest rates in the long term during the meeting on December 18.In view of the aforementioned factors, the pressure on the MPC to cut interest rates owing to a slower-than-expected inflation recovery is diminishing.

United States

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

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

Micron Technology (MU US)

GigaDevice (3986 HK): 2Q26, Taking Niche Market, Revenue Up by 230%

Revenue grew by 230% YoY in 2Q26 with gross margin up to 66% from 37% in 2Q25. Chip giants leave the niche DRAM market behind. GigaDevice is the...

Ming Lu

Semiconductor's Over-Dependency on AI

The emergence of DeepSeek AI platform threatens current Large Language Models, causing stock tumbles for chip companies like Nvidia and Samsung....

Jim Handy

2025 Korea

What to expect in Korea for 2025 after a doldrum 2024? Korea has been one of the better performers to start 2025...can it continue?

Ken S. Kim

MV US Listed Semiconductor 25 Index Rebalance: SK Hynix ADR Added as Trade Nears US$9bn

SK Hynix ADR replaces Skyworks in the index. Estimated one-way turnover is 6.4% resulting in a round-trip trade of US$8.8bn. Watch the Hynix ADR...

Brian Freitas

US FOMC & MPC Meetings

Technically, the SET Index is expected to move sideways down as the market awaits the outcome of the MPC and US FOMC meetings today. KTX expects...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GigaDevice (3986 HK): 2Q26, Taking Niche Market, Revenue Up by 230%

Revenue grew by 230% YoY in 2Q26 with gross margin up to 66% from 37% in 2Q25. Chip giants leave the niche DRAM market behind. GigaDevice is the...

Ming Lu

Semiconductor's Over-Dependency on AI

​The emergence of DeepSeek AI platform threatens current Large Language Models, causing stock tumbles for chip companies like Nvidia and Samsung....

Jim Handy

2025 Korea

What to expect in Korea for 2025 after a doldrum 2024? Korea has been one of the better performers to start 2025...can it continue?

Ken S. Kim

MV US Listed Semiconductor 25 Index Rebalance: SK Hynix ADR Added as Trade Nears US$9bn

SK Hynix ADR replaces Skyworks in the index. Estimated one-way turnover is 6.4% resulting in a round-trip trade of US$8.8bn. Watch the Hynix ADR...

Brian Freitas

US FOMC & MPC Meetings

Technically, the SET Index is expected to move sideways down as the market awaits the outcome of the MPC and US FOMC meetings today. KTX expects...

Krungthai XSpring

The emergence of DeepSeek AI platform threatens current Large Language Models, causing stock tumbles for chip companies like Nvidia and Samsung....