Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

Korea Stock Exchange KOSPI 200 / Equity Derivatives

<ul>
<li>The Bank of Korea is expected to cut interest rates to 2.75% on 25 February 2025. The decision, however, is not expected to be unanimous and some analysts argue against.</li>
<li>Historical data from 120 BoK announcements and subsequent moves in the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)</a> is examined.</li>
<li>Options market pricing seems to lean toward a "surprise and no-change" outcome. Traders can seek opportunities with short straddles or long puts depending on anticipated outcomes.</li>
</ul>


The Bank of Korea is expected to cut interest rates to 2.75% on 25 February 2025. The decision, however, is not expected to be unanimous and some analysts argue against.
Historical data from 120 BoK announcements and subsequent moves in the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY) is examined.
Options market pricing seems to lean toward a "surprise and no-change" outcome. Traders can seek opportunities with short straddles or long puts depending on anticipated outcomes.


KOSPI 200 - Upcoming BOK Rate Decision: Navigating Market Moves and Profit Opportunities

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>It is a paradox US President wanted to make the US the number one semiconductor manufacturing country but is very likely unable to change the existing environment in the US.</li>
<li>Another paradox is that a foreign company must obtain approval from the relevant US authorities before transferring control of the specific US company, which may not be feasible.</li>
<li>It raises the third paradox that a Taiwanese company would need to operate an existing US entity with their company's expertise under different cost conditions.  </li>
</ul>


It is a paradox US President wanted to make the US the number one semiconductor manufacturing country but is very likely unable to change the existing environment in the US.
Another paradox is that a foreign company must obtain approval from the relevant US authorities before transferring control of the specific US company, which may not be feasible.
It raises the third paradox that a Taiwanese company would need to operate an existing US entity with their company's expertise under different cost conditions.  


TSMC (2330.TT; TSM.US): Will TSMC Work on Intel Foundry Services? There Are Three Paradoxes...

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.

Event-Driven

Samsung Electronics Pref Shares / Event-Driven

<ul>
<li>Samsung Life isn't getting a boost from Samsung Fire, so they need to stay focused on managing equity to maintain their K-ICS ratio.</li>
<li>They’ll use capital securities issuance as a quick fix but must also monitor their Samsung Electronics stake, a major asset, to manage the situation effectively.</li>
<li>Samsung Electronics will likely focus on dividends over buybacks. Watch for a pair trade setup between common and preferred shares, favoring long positions on preferreds.</li>
</ul>


Samsung Life isn't getting a boost from Samsung Fire, so they need to stay focused on managing equity to maintain their K-ICS ratio.
They’ll use capital securities issuance as a quick fix but must also monitor their Samsung Electronics stake, a major asset, to manage the situation effectively.
Samsung Electronics will likely focus on dividends over buybacks. Watch for a pair trade setup between common and preferred shares, favoring long positions on preferreds.


Clarifying Samsung Life’s Position on How Samsung Electronics Structures Its Shareholder Returns

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>On 19 February, it was reported that Rainbow Robotics' VP Kim In-Hyeok sold 30,000 of his 55,000 shares (0.28% stake) on the 14th. Disposal price was 413,796 won per share.</li>
<li>At end of 2024, Samsung Electronics announced that it will become the largest shareholder of Rainbow Robotics which has been the key reason why Rainbow Robotics' share price has surged.</li>
<li>Despite Samsung Electronics becoming the largest shareholder of Rainbow Robotics, the overly stretched valuations could result in higher downside risk ahead. It is trading at P/S of 106x in 2026.</li>
</ul>


On 19 February, it was reported that Rainbow Robotics' VP Kim In-Hyeok sold 30,000 of his 55,000 shares (0.28% stake) on the 14th. Disposal price was 413,796 won per share.
At end of 2024, Samsung Electronics announced that it will become the largest shareholder of Rainbow Robotics which has been the key reason why Rainbow Robotics' share price has surged.
Despite Samsung Electronics becoming the largest shareholder of Rainbow Robotics, the overly stretched valuations could result in higher downside risk ahead. It is trading at P/S of 106x in 2026.


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 Feb 14th which has an aggregated short interest worth USD3.7bn.</li>
<li>We tabulate league table 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 SK Hynix, Hanwha Ocean.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Feb 14th which has an aggregated short interest worth USD3.7bn.
We tabulate league table 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 SK Hynix, Hanwha Ocean.


KRX Short Interest Weekly (Feb 14th): SK Hynix, Hanwha Ocean

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)

KOSPI 200 - Upcoming BOK Rate Decision: Navigating Market Moves and Profit Opportunities

Timely reminder of the anticipated 0.25% Rate Cut by the Bank of Korea tomorrow, 25 Feb. The outcome of the decision is far from certain, and...

Gaudenz Schneider

TSMC (2330.TT; TSM.US): Will TSMC Work on Intel Foundry Services? There Are Three Paradoxes...

US President's goal of making the US the top semiconductor manufacturing country faces paradoxes due to existing environment, approval...

Patrick Liao

Clarifying Samsung Life’s Position on How Samsung Electronics Structures Its Shareholder Returns

This post clarifies Samsung Life’s position on how Samsung Electronics structures its shareholder returns in the upcoming value-up disclosure.

Sanghyun Park

Insider Selling at Rainbow Robotics

On 19 February, it was reported that Rainbow Robotics' VP Kim In-Hyeok sold 30,000 of his 55,000 shares (0.28% stake) on the 14th. Disposal price...

Douglas Kim

KRX Short Interest Weekly (Feb 14th): SK Hynix, Hanwha Ocean

We analyzed KRX short interest report for the past week and highlighted short interest changes in SK Hynix, Hanwha Ocean.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KOSPI 200 - Upcoming BOK Rate Decision: Navigating Market Moves and Profit Opportunities

Timely reminder of the anticipated 0.25% Rate Cut by the Bank of Korea tomorrow, 25 Feb. The outcome of the decision is far from certain, and...

Gaudenz Schneider

TSMC (2330.TT; TSM.US): Will TSMC Work on Intel Foundry Services? There Are Three Paradoxes...

​US President's goal of making the US the top semiconductor manufacturing country faces paradoxes due to existing environment, approval...

Patrick Liao

Clarifying Samsung Life’s Position on How Samsung Electronics Structures Its Shareholder Returns

This post clarifies Samsung Life’s position on how Samsung Electronics structures its shareholder returns in the upcoming value-up disclosure.

Sanghyun Park

Insider Selling at Rainbow Robotics

On 19 February, it was reported that Rainbow Robotics' VP Kim In-Hyeok sold 30,000 of his 55,000 shares (0.28% stake) on the 14th. Disposal price...

Douglas Kim

KRX Short Interest Weekly (Feb 14th): SK Hynix, Hanwha Ocean

We analyzed KRX short interest report for the past week and highlighted short interest changes in SK Hynix, Hanwha Ocean.

Ke Yan, CFA, FRM

US President's goal of making the US the top semiconductor manufacturing country faces paradoxes due to existing environment, approval...