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

Samsung Electronics Pref Shares (005935 KS)

<ul>
<li>Compression not driven by memory multiple derating but FX flows. KRW strength vs JPY from Hynix ADR inflows drove futures rotation. As FX normalizes, positioning unwinds, implying pref discount reversion.</li>
<li>Key trigger is special div timing under 50% FCF. Samsung wary of cash outflow amid memory pivot and capex push, likely shifting to buybacks via ADR to retain cash.</li>
<li>Pref compression near pivot as KRW normalizes. Low odds of special div. Aggressive buyback plus ADR flow could trigger sharp reversal.</li>
</ul>


Compression not driven by memory multiple derating but FX flows. KRW strength vs JPY from Hynix ADR inflows drove futures rotation. As FX normalizes, positioning unwinds, implying pref discount reversion.
Key trigger is special div timing under 50% FCF. Samsung wary of cash outflow amid memory pivot and capex push, likely shifting to buybacks via ADR to retain cash.
Pref compression near pivot as KRW normalizes. Low odds of special div. Aggressive buyback plus ADR flow could trigger sharp reversal.


Samsung Likely Pivots to ADR Driven Buybacks to Conserve Cash Amid Memory Turn and Capex Pressure

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>Last week, KRX-listed 2x long ETFs on <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> saw outflows, signalling weakening investor demand.</li>
<li>Among other measures, Korea will triple minimum cash deposit requirements for single-stock leveraged ETFs from 31 July, potentially adding pressure on future flows and AUM.</li>
<li>The inverse ETF has benefited from Samsung Electronics’ decline but is also seeing outflows.</li>
</ul>


Last week, KRX-listed 2x long ETFs on Samsung Electronics (005930 KS) saw outflows, signalling weakening investor demand.
Among other measures, Korea will triple minimum cash deposit requirements for single-stock leveraged ETFs from 31 July, potentially adding pressure on future flows and AUM.
The inverse ETF has benefited from Samsung Electronics’ decline but is also seeing outflows.


Samsung Electronics (005930 KS): 2x Leveraged ETF Outflows Signal Weakening Demand

Independent Fund Manager, Swaen Capital

Swaen Capital

Independent Fund Manager

Swaen Capital is a Singapore based licensed independent fund manager with an open architecture, a non bias financial platform creating access to the best custodians and investment managers. Our focus lies within the wealth management business, covering client relationships, financial planning, advisory, as well as discretionary portfolio management. We have developed strategic alliances with other leading independent firms to complement and extend our offerings to clients (global hedge fund research capability, alternative investment offerings, corporate finance, fund structuring & administration, etc). Our know-how, extensive global network and long standing presence in Asia allows us to provide a global footprint and at the same time enables us to capitalize on regional opportunities.

Thematic (Sector/Industry)

<ul>
<li>The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and signal-integrity penalties. The industry's answer is to move the optics off the faceplate and onto the chip package itself — Co Packaged Optics (CPO).</li>
<li>Adoption is switch-first. NVIDIA and Broadcom are shipping CPO switches in 2026 on external-laser designs; the XPU side and an in-package laser are deferred by packaging and reliability limits, not yet solved.</li>
<li>Money moves with the architecture. As the optical engine moves into the package, value migrates away from module assemblers toward the layers that fabricate the optical engine itself.</li>
</ul>


The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and signal-integrity penalties. The industry's answer is to move the optics off the faceplate and onto the chip package itself — Co Packaged Optics (CPO).
Adoption is switch-first. NVIDIA and Broadcom are shipping CPO switches in 2026 on external-laser designs; the XPU side and an in-package laser are deferred by packaging and reliability limits, not yet solved.
Money moves with the architecture. As the optical engine moves into the package, value migrates away from module assemblers toward the layers that fabricate the optical engine itself.


Co-Packaged Optics 101: The Future of High-Density AI Interconnects

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

Cross Asset Strategy

<ul>
<li>South Korea overtakes China &amp; HK as EM's second-largest country allocation at 22.4%, driven almost entirely by a surge in Technology weights in recent months.</li>
<li>Samsung and SK Hynix anchor the move, with Hynix's ownership climbing to 76.8% of funds — closing the gap to Samsung to single digits for the first time.</li>
<li>Rotation is broadening beneath the mega-caps: SK Square, Samsung Electro-Mechanics and Celltrion all see fresh inflows, funded partly by trims in Coway and Samsung Epis.</li>
</ul>


South Korea overtakes China &amp; HK as EM's second-largest country allocation at 22.4%, driven almost entirely by a surge in Technology weights in recent months.
Samsung and SK Hynix anchor the move, with Hynix's ownership climbing to 76.8% of funds — closing the gap to Samsung to single digits for the first time.
Rotation is broadening beneath the mega-caps: SK Square, Samsung Electro-Mechanics and Celltrion all see fresh inflows, funded partly by trims in Coway and Samsung Epis.


South Korea Overtakes China as EM's 2nd Largest Allocation

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li><em><strong>Repatriation Investment Account (RIA) has surpassed 1 trillion won ($690 million) since its launch about a month ago in Korea. </strong></em></li>
<li>Total amount of overseas listed investments by Korean investors increased from $27 billion at the end of 2020 to $131.7 billion as of 22 April 2026.</li>
<li>RIA account is aiming to slow down this aggressive growth of overseas stock investments by Korean investors and rather try to repatriate these overseas investments into the Korean stock market. </li>
</ul>


Repatriation Investment Account (RIA) has surpassed 1 trillion won ($690 million) since its launch about a month ago in Korea. 
Total amount of overseas listed investments by Korean investors increased from $27 billion at the end of 2020 to $131.7 billion as of 22 April 2026.
RIA account is aiming to slow down this aggressive growth of overseas stock investments by Korean investors and rather try to repatriate these overseas investments into the Korean stock market. 


Repatriation Investment Account (RIA) Surpasses 1 Trillion Won in One Month in Korea

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 Pref Shares (005935 KS)

Samsung Likely Pivots to ADR Driven Buybacks to Conserve Cash Amid Memory Turn and Capex Pressure

Samsung faces cash preservation pressure amid memory pivot and renewed capex push, likely leveraging ADR backed buybacks to keep liquidity on...

Sanghyun Park

Samsung Electronics (005930 KS): 2x Leveraged ETF Outflows Signal Weakening Demand

KRX-listed 2x long ETFs on Samsung Electronics saw outflows last week; meanwhile, Korea will triple minimum cash deposit requirements for single...

Gaudenz Schneider

Co-Packaged Optics 101: The Future of High-Density AI Interconnects

The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and...

Swaen Capital

South Korea Overtakes China as EM's 2nd Largest Allocation

South Korea overtakes China & HK as EM's second-largest country allocation at 22.4%, driven almost entirely by a surge in Technology weights in...

Steven Holden

Repatriation Investment Account (RIA) Surpasses 1 Trillion Won in One Month in Korea

Repatriation Investment Account (RIA) has surpassed 1 trillion won ($690 million) since its launch about a month ago in Korea.

Douglas Kim

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