Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>Samsung has fallen hard since announcing a 19-fold increase in its quarterly profit.  Higher chip prices, rather than increased shipment volumes, were the primary driver of the profit surge.</li>
<li>The consensus average 12-month price target is KRW 497,952, implying approximately +71% upside from the July 7 close of ~KRW 291,000 following the post-earnings selloff.</li>
<li>Some investors interpreted the record results as a potential peak signal, raising fears that today's memory bottleneck could become tomorrow's overcapacity risk — particularly if hyperscaler capex moderates.</li>
</ul>


Samsung has fallen hard since announcing a 19-fold increase in its quarterly profit.  Higher chip prices, rather than increased shipment volumes, were the primary driver of the profit surge.
The consensus average 12-month price target is KRW 497,952, implying approximately +71% upside from the July 7 close of ~KRW 291,000 following the post-earnings selloff.
Some investors interpreted the record results as a potential peak signal, raising fears that today's memory bottleneck could become tomorrow's overcapacity risk — particularly if hyperscaler capex moderates.


Samsung Beat Estimates: HEAD FOR THE EXIT!!!

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

Event-Driven

<ul>
<li>
<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> is looking to raise around US$30bn via a new share issue to back ADRs listed on the NASDAQ.</li>
<li>The ADR to local share ratio is 10:1 and the ADRs are expected to start trading in the second half of July.</li>
<li>There will be passive buying from multiple index trackers and that will mop up a significant amount of the new share offering.</li>
</ul>



SK Hynix (000660 KS) is looking to raise around US$30bn via a new share issue to back ADRs listed on the NASDAQ.
The ADR to local share ratio is 10:1 and the ADRs are expected to start trading in the second half of July.
There will be passive buying from multiple index trackers and that will mop up a significant amount of the new share offering.


SK Hynix (000660 KS; SKHY US) ADR Issue: Large Index Flows & Potential Timing

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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 Capital Markets

<ul>
<li>
<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> (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.</li>
<li>SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.
SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: SK Hynix ADR Listing - Part 1 - Early Look at the US$10-15bn Offering

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Korea’s new 2x single-stock ETFs on Samsung Electronics and SK hynix attracted strong early inflows, but performance since launch has been disappointing.</li>
<li>
Mechanics: Daily leveraged ETFs rebalance exposure each day, creating a pro-cyclical pattern: they buy after gains and sell after losses to maintain the 2x target.</li>
<li>
Implication: The structure can enhance returns in trending markets, but choppy conditions can rapidly erode value — making these products best suited to short-term tactical momentum exposure.</li>
</ul>



Context: Korea’s new 2x single-stock ETFs on Samsung Electronics and SK hynix attracted strong early inflows, but performance since launch has been disappointing.

Mechanics: Daily leveraged ETFs rebalance exposure each day, creating a pro-cyclical pattern: they buy after gains and sell after losses to maintain the 2x target.

Implication: The structure can enhance returns in trending markets, but choppy conditions can rapidly erode value — making these products best suited to short-term tactical momentum exposure.


Samsung Elec (005930 KS) & SK Hynix (000660 KS): New 2x Leveraged ETFs Face First Reality Check

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Korea Stock Exchange KOSPI 200 / Equity Derivatives

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

<ul>
<li>The <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 (KOSPI2)</a> sold off -8.52% on Monday. It's down -17% from its peak last week.</li>
<li>If the AI/semis narrative is true, this is the best possible opportunity to buy/add positions in the KOSPI 200 at discounted prices.</li>
<li>Our model sees a very oversold condition based on analysis of similar past trend patterns, suggesting this is a good time to initiate accumulation.</li>
</ul>


The KOSPI 200 INDEX (KOSPI2) sold off -8.52% on Monday. It's down -17% from its peak last week.
If the AI/semis narrative is true, this is the best possible opportunity to buy/add positions in the KOSPI 200 at discounted prices.
Our model sees a very oversold condition based on analysis of similar past trend patterns, suggesting this is a good time to initiate accumulation.


KOSPI 200 Tactical View: Is Now A Good Time to BUY The Dip?

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.

Samsung Electronics Pref Shares (005935 KS)

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Samsung Electronics Pref Shares (005935 KS)

Samsung Beat Estimates: HEAD FOR THE EXIT!!!

Samsung has fallen hard since announcing a 19-fold increase in its quarterly profit. Higher chip prices, rather than increased shipment volumes,...

David Mudd

SK Hynix (000660 KS; SKHY US) ADR Issue: Large Index Flows & Potential Timing

Hynix is looking to raise US$30bn and list on the NASDAQ. Passive buying will mop up around 30% of the issue with smaller flows at the time of...

Brian Freitas

Aequitas: SK Hynix ADR Listing - Part 1 - Early Look at the US$10-15bn Offering

SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing. As per media reports, it has filed...

Sumeet Singh

Samsung Elec (005930 KS) & SK Hynix (000660 KS): New 2x Leveraged ETFs Face First Reality Check

Yesterday’s double-digit drop in Samsung Elec and SK Hynix sent their leveraged ETFs down roughly 25%. To regain 22 June levels, the ETFs would...

Gaudenz Schneider

KOSPI 200 Tactical View: Is Now A Good Time to BUY The Dip?

The KOSPI 200 INDEX dropped -8.52% on Monday, down -17% from its all time highs. We evaluate if this is a BUY opportunity at discounted prices.

Nico Rosti

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Samsung Beat Estimates: HEAD FOR THE EXIT!!!

Samsung has fallen hard since announcing a 19-fold increase in its quarterly profit. Higher chip prices, rather than increased shipment volumes,...

David Mudd

SK Hynix (000660 KS; SKHY US) ADR Issue: Large Index Flows & Potential Timing

Hynix is looking to raise US$30bn and list on the NASDAQ. Passive buying will mop up around 30% of the issue with smaller flows at the time of...

Brian Freitas

Aequitas: SK Hynix ADR Listing - Part 1 - Early Look at the US$10-15bn Offering

SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing. As per media reports, it has filed...

Sumeet Singh

Samsung Elec (005930 KS) & SK Hynix (000660 KS): New 2x Leveraged ETFs Face First Reality Check

Yesterday’s double-digit drop in Samsung Elec and SK Hynix sent their leveraged ETFs down roughly 25%. To regain 22 June levels, the ETFs would...

Gaudenz Schneider

KOSPI 200 Tactical View: Is Now A Good Time to BUY The Dip?

The ​KOSPI 200 INDEX dropped -8.52% on Monday, down -17% from its all time highs. We evaluate if this is a BUY opportunity at discounted prices.

Nico Rosti

The KOSPI 200 INDEX dropped -8.52% on Monday, down -17% from its all time highs. We evaluate if this is a BUY opportunity at discounted prices.