Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Bottom-Up

<ul>
<li>Street chatter says Hynix’s HBM4 hike tops ~20%, not covering costs — and Nvidia’s pushing similar cuts on its flagship 12-Hi HBM3E.</li>
<li>Yeouido’s watching “Blind” posts from Samsung engineers saying 1c 12-Hi HBM4 yields look strong — fueling bets Samsung will cut prices, ramp HBM3E now, and challenge Hynix in HBM4.</li>
<li>In Yeouido, the Samsung long/Hynix short theme is seen as a structural trade through 1H next year amid Hynix’s contract uncertainty and Samsung’s supply entry potential.</li>
</ul>


Street chatter says Hynix’s HBM4 hike tops ~20%, not covering costs — and Nvidia’s pushing similar cuts on its flagship 12-Hi HBM3E.
Yeouido’s watching “Blind” posts from Samsung engineers saying 1c 12-Hi HBM4 yields look strong — fueling bets Samsung will cut prices, ramp HBM3E now, and challenge Hynix in HBM4.
In Yeouido, the Samsung long/Hynix short theme is seen as a structural trade through 1H next year amid Hynix’s contract uncertainty and Samsung’s supply entry potential.


Yeouido Views Grow: Hynix’s Contract Risks & Samsung Supply Push Drive Long-Short Play Through 1H26

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li> A closer look at MOSF's Tax Reform Plan for dividends suggests that it may not have a material impact on most listed companies unless the National Assembly drastically improves it.</li>
<li>According to MOSF, it currently estimates that approximately 350 of the 2,500 listed companies, or 14%, could meet these requirements (two main dividend tax reduction requirements). </li>
<li>We provide a list of 70 companies in the Korean stock market with 40% or higher dividend payouts (excluding companies with smaller market caps). </li>
</ul>


 A closer look at MOSF's Tax Reform Plan for dividends suggests that it may not have a material impact on most listed companies unless the National Assembly drastically improves it.
According to MOSF, it currently estimates that approximately 350 of the 2,500 listed companies, or 14%, could meet these requirements (two main dividend tax reduction requirements). 
We provide a list of 70 companies in the Korean stock market with 40% or higher dividend payouts (excluding companies with smaller market caps). 


Separate Dividend Tax Plan in Korea: Devil Is In the Details

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Aug 1st. The aggregated short interest was USD9.7bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG H&amp;H, Hanwha Vision.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 1st. The aggregated short interest was USD9.7bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG H&amp;H, Hanwha Vision.


KRX Short Interest Weekly (Aug 1st): HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG H&H

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-cns-co-ltd" target="_blank" data-smartkarma-citation="entities:35945:1" rel="noopener">LG CNS (064400 KS)</a> raised around US$825m in its Korea IPO in February 2025. LG CNS is a South Korean information technology company.</li>
<li>The shares didn’t do much at listing and have only recently moved higher to trade above its IPO price.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



LG CNS (064400 KS) raised around US$825m in its Korea IPO in February 2025. LG CNS is a South Korean information technology company.
The shares didn’t do much at listing and have only recently moved higher to trade above its IPO price.
In this note, we will talk about the lock-up dynamics and updates since our last note.


LG CNS IPO Lockup Expiry - US$1.1bn Release, with PE Well in the Money

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>A quick synoptic look at the tactical models for the key indices, stocks, commodities and bonds we cover, for the week August 4 - August 8.</li>
<li>
OVERSOLD: <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> , <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a> , <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200 INDEX</a> </li>
<li>
OVERBOUGHT: <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> is the only stock clearly overbought. </li>
</ul>


A quick synoptic look at the tactical models for the key indices, stocks, commodities and bonds we cover, for the week August 4 - August 8.

OVERSOLD: China Mobile (941 HK) , NIFTY Index , KOSPI 200 INDEX 

OVERBOUGHT: NVIDIA Corp (NVDA US) is the only stock clearly overbought. 


Global Markets Tactical Outlook: Week of August 4 – August 8

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (SMSN LI)

Yeouido Views Grow: Hynix’s Contract Risks & Samsung Supply Push Drive Long-Short Play Through 1H26

Momentum is building in Yeouido around the Samsung long, Hynix short trade, now seen as a key structural theme through 1H next year amid Hynix’s...

Sanghyun Park

Separate Dividend Tax Plan in Korea: Devil Is In the Details

A closer look at MOSF's Tax Reform Plan for dividends suggests that it may not have a material impact on most listed companies unless the National...

Douglas Kim

KRX Short Interest Weekly (Aug 1st): HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG H&H

We analyzed KRX short interest report for the past week and highlighted short interest changes in HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG...

Ke Yan, CFA, FRM

LG CNS IPO Lockup Expiry - US$1.1bn Release, with PE Well in the Money

There was a US$250m placement in LG CNS after market close, with Macquaire having sold nearly a quarter of its stake right after lockup expiry.

Sumeet Singh

Global Markets Tactical Outlook: Week of August 4 – August 8

Our WEEKLY tactical models show oversold conditions for China Mobile, NIFTY Index, and KOSPI 200 Index, while NVIDIA Corp is the only stock...

Nico Rosti

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Yeouido Views Grow: Hynix’s Contract Risks & Samsung Supply Push Drive Long-Short Play Through 1H26

Momentum is building in Yeouido around the Samsung long, Hynix short trade, now seen as a key structural theme through 1H next year amid Hynix’s...

Sanghyun Park

Separate Dividend Tax Plan in Korea: Devil Is In the Details

A closer look at MOSF's Tax Reform Plan for dividends suggests that it may not have a material impact on most listed companies unless the National...

Douglas Kim

KRX Short Interest Weekly (Aug 1st): HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG H&H

We analyzed KRX short interest report for the past week and highlighted short interest changes in HANWHA SOLUTIONS, Hyundai Motor, Samsung SDI, LG...

Ke Yan, CFA, FRM

LG CNS IPO Lockup Expiry - US$1.1bn Release, with PE Well in the Money

There was a US$250m placement in LG CNS after market close, with Macquaire having sold nearly a quarter of its stake right after lockup expiry.

Sumeet Singh

Global Markets Tactical Outlook: Week of August 4 – August 8

​Our WEEKLY tactical models show oversold conditions for China Mobile, NIFTY Index, and KOSPI 200 Index, while NVIDIA Corp is the only stock...

Nico Rosti

Our WEEKLY tactical models show oversold conditions for China Mobile, NIFTY Index, and KOSPI 200 Index, while NVIDIA Corp is the only stock...