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

Equity Bottom-Up

<ul>
<li>As we hit Chinese New Year break,  we want to examine if Hynix's earnings and investor call met investor expectations</li>
<li>6 key questions going in and where we are post <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> reporting and before <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> reports early February</li>
<li>The consensus is that the key questions were not answered.  Well, not all answered and some remains to be seen. </li>
</ul>


As we hit Chinese New Year break,  we want to examine if Hynix's earnings and investor call met investor expectations
6 key questions going in and where we are post SK Hynix (000660 KS) reporting and before Samsung Electronics (005930 KS) reports early February
The consensus is that the key questions were not answered.  Well, not all answered and some remains to be seen. 


Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC hit a record high average fund allocation of 9.07% at the end of last year, yet EM funds switched to a sizeable underweight of -1.47% throughout the year.</li>
<li>Active UCITS funds become forced sellers as weights hit 10%, with non-UCITS selling in to strength as weights rise on strong performance.</li>
<li>EM Value funds maintain an overweight in Alibaba, the only Style group to do so. Alibaba is now the most widely held stock for Value funds alongside TSMC and Samsung.</li>
</ul>


TSMC hit a record high average fund allocation of 9.07% at the end of last year, yet EM funds switched to a sizeable underweight of -1.47% throughout the year.
Active UCITS funds become forced sellers as weights hit 10%, with non-UCITS selling in to strength as weights rise on strong performance.
EM Value funds maintain an overweight in Alibaba, the only Style group to do so. Alibaba is now the most widely held stock for Value funds alongside TSMC and Samsung.


TSMC Forced Underweight, Alibaba Value Trap?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>DeepSeek has been the biggest story in the global markets in the past couple of weeks.</li>
<li>In this insight, we discuss how the rise of DeepSeek could impact the share prices of the major AI related companies in Korea including SK Hynix (000660 KS). </li>
<li><em><strong>The top five Korean companies that could be negatively impacted by the rise of DeepSeek include SK Hynix, Hanmi Semiconductor, SK Square, HD Hyundai Electric, and LS Electric. </strong></em></li>
</ul>


DeepSeek has been the biggest story in the global markets in the past couple of weeks.
In this insight, we discuss how the rise of DeepSeek could impact the share prices of the major AI related companies in Korea including SK Hynix (000660 KS). 
The top five Korean companies that could be negatively impacted by the rise of DeepSeek include SK Hynix, Hanmi Semiconductor, SK Square, HD Hyundai Electric, and LS Electric. 


Rise of DeepSeek - Impact on SK Hynix and Other Major Korean Stocks

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>SK Hynix Expects 100% HBM Revenue Growth in 2025E After a Massive 2024 -- Which Means Traditional DRAM Doesn't Matter as Much Anymore</li>
<li>DeepSeek Market Fears -- A Problem for HBM &amp; Enterprise SSD Memory?</li>
<li>AI Industry Opportunities Are Not a Fixed Size Pie -- Will DeepSeek Impact HBM DRAM TAM? Why We Don't Think So</li>
</ul>


SK Hynix Expects 100% HBM Revenue Growth in 2025E After a Massive 2024 -- Which Means Traditional DRAM Doesn't Matter as Much Anymore
DeepSeek Market Fears -- A Problem for HBM &amp; Enterprise SSD Memory?
AI Industry Opportunities Are Not a Fixed Size Pie -- Will DeepSeek Impact HBM DRAM TAM? Why We Don't Think So


Memory Monitor: Is DeepSeek a Problem for SK Hynix & Micron's HBM DRAM Growth?

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


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)

Did Hynix Meet Expectations ?

Where are we on Hynix post earnings (pre Deep Seek)? 6 questions that investors wanted to know going into 4Q24 earnings call

Ken S. Kim

TSMC Forced Underweight, Alibaba Value Trap?

TSMC sees record high fund allocation, but EM funds hit limits and are forced to sell. Alibaba moved to the most widely held stocks among EM Value...

Steven Holden

Rise of DeepSeek - Impact on SK Hynix and Other Major Korean Stocks

The top five Korean companies that could be negatively impacted by the rise of DeepSeek include SK Hynix, Hanmi Semiconductor, SK Square, HD...

Douglas Kim

Memory Monitor: Is DeepSeek a Problem for SK Hynix & Micron's HBM DRAM Growth?

SK Hynix predicts 100% HBM revenue growth in 2025E, signaling a shift away from traditional DRAM importance. DeepSeek fears raise concerns for HBM...

Vincent Fernando, CFA

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Did Hynix Meet Expectations ?

Where are we on Hynix post earnings (pre Deep Seek)? 6 questions that investors wanted to know going into 4Q24 earnings call

Ken S. Kim

TSMC Forced Underweight, Alibaba Value Trap?

​TSMC sees record high fund allocation, but EM funds hit limits and are forced to sell. Alibaba moved to the most widely held stocks among EM Value...

Steven Holden

Rise of DeepSeek - Impact on SK Hynix and Other Major Korean Stocks

The top five Korean companies that could be negatively impacted by the rise of DeepSeek include SK Hynix, Hanmi Semiconductor, SK Square, HD...

Douglas Kim

Memory Monitor: Is DeepSeek a Problem for SK Hynix & Micron's HBM DRAM Growth?

​SK Hynix predicts 100% HBM revenue growth in 2025E, signaling a shift away from traditional DRAM importance. DeepSeek fears raise concerns for HBM...

Vincent Fernando, CFA

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

TSMC sees record high fund allocation, but EM funds hit limits and are forced to sell. Alibaba moved to the most widely held stocks among EM Value...

SK Hynix predicts 100% HBM revenue growth in 2025E, signaling a shift away from traditional DRAM importance. DeepSeek fears raise concerns for HBM...

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