Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<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> gained 6.5% in September MTD, lifting the 2x Leveraged Index 12.3% and combined ETF AUM 14% to KRW 4.36tn.</li>
<li>The AUM rebound was driven primarily by performance: KODEX units rose just 1%, TIGER was broadly unchanged and the five smaller products recorded reductions.</li>
<li>Daily creations, redemptions and value traded remain subdued after collapsing at the end of July, coinciding with regulatory measures aimed at curbing retail activity in leveraged ETFs.</li>
</ul>



SK Hynix (000660 KS) gained 6.5% in September MTD, lifting the 2x Leveraged Index 12.3% and combined ETF AUM 14% to KRW 4.36tn.
The AUM rebound was driven primarily by performance: KODEX units rose just 1%, TIGER was broadly unchanged and the five smaller products recorded reductions.
Daily creations, redemptions and value traded remain subdued after collapsing at the end of July, coinciding with regulatory measures aimed at curbing retail activity in leveraged ETFs.


SK Hynix (000660 KS): 2x Leveraged ETFs Rebound, but Retail Activity Stays Subdued (9 Sep 2026)

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

CCSH Corporation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ccsh-corporation" target="_blank" data-smartkarma-citation="entities:58604:1" rel="noopener">CCSH Corporation (CCSH CH)</a> aims to raise Rmb33bn in its IPO in the A-share STAR market. The Shanghai Stock Exchange has accepted its application and started enquiries.</li>
<li>Its leadership position will ride on the encouraging industry outlook. It has the technological strength and a comprehensive product mix which fits well into China's tech self-reliance push.</li>
<li>While loss-making in FY23, it turned into a net profit of Rmb14.2bn in FY25. For 1Q26, net profit reached Rmb33.4bn, or 135% higher than FY25, highlighting its profitability. </li>
</ul>



CCSH Corporation (CCSH CH) aims to raise Rmb33bn in its IPO in the A-share STAR market. The Shanghai Stock Exchange has accepted its application and started enquiries.
Its leadership position will ride on the encouraging industry outlook. It has the technological strength and a comprehensive product mix which fits well into China's tech self-reliance push.
While loss-making in FY23, it turned into a net profit of Rmb14.2bn in FY25. For 1Q26, net profit reached Rmb33.4bn, or 135% higher than FY25, highlighting its profitability. 


CCSH Corporation (长江存储) Pre-IPO: Key Investment Thesis

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

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

<ul>
<li>After losing nearly 60% of its value from its peak at the end of June, <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> appears may have started resuming its uptrend.</li>
<li>In our <a href="https://www.smartkarma.com/insights/is-sk-hynix-000660-ks-about-to-restart-its-rally-tactical-outlook" target="_blank" rel="noopener">latest insight</a> we made a tactical call for a possible restart of the rally, target at 1.7-1.9M (the stock peaked at 1,792,000 on August 18, then pulled back).</li>
<li>This insight leverages our model to present support price zones where to buy SK Hynix's current pullback, to enter a tactical, asymmetric risk LONG trade to ride the trend long-term.
</li>
</ul>


After losing nearly 60% of its value from its peak at the end of June, SK Hynix (000660 KS) appears may have started resuming its uptrend.
In our latest insight we made a tactical call for a possible restart of the rally, target at 1.7-1.9M (the stock peaked at 1,792,000 on August 18, then pulled back).
This insight leverages our model to present support price zones where to buy SK Hynix's current pullback, to enter a tactical, asymmetric risk LONG trade to ride the trend long-term.



SK Hynix (000660 KS) Uptrend Resuming (Tactical Entry, Long-Term)

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>Intel says EMIB-T packaging could generate multiple billions of dollars per customer annually, with 40% gross and 30% operating margins from a relatively capital-light business.</li>
<li>SK hynix is reportedly considering Intel for HBM4E base dies, offering a potential first step into AI silicon without displacing TSMC from the entire accelerator.</li>
<li>Packaging can give Intel external revenue, process learning and customer relationships before 14A is fully proven, lowering the hurdle for its broader foundry ambitions.</li>
</ul>


Intel says EMIB-T packaging could generate multiple billions of dollars per customer annually, with 40% gross and 30% operating margins from a relatively capital-light business.
SK hynix is reportedly considering Intel for HBM4E base dies, offering a potential first step into AI silicon without displacing TSMC from the entire accelerator.
Packaging can give Intel external revenue, process learning and customer relationships before 14A is fully proven, lowering the hurdle for its broader foundry ambitions.


SK Hynix to Emerge as Intel Foundry’s HBM Wedge?

Equity Long-Short

Mo Aziz

<ul>
<li>
 What he said. At the 27 Aug Indiana groundbreaking, CEO Kwak Noh-jung said the memory shortage runs through end-2030 with no downturn signal visible. He was serious on this. </li>
<li>
 What it is worth. If right, FY2027E OP is ~KRW 295tn vs our KRW 250tn base, and FY2026-30 after-tax earnings exceeds its current MCAP. </li>
<li>
 What to do. BULLISH, FV KRW 3,500,000 unchanged — it needs him right on 2027 only as the market is treating the stock as if earnings have peaked already. </li>
</ul>



 What he said. At the 27 Aug Indiana groundbreaking, CEO Kwak Noh-jung said the memory shortage runs through end-2030 with no downturn signal visible. He was serious on this. 

 What it is worth. If right, FY2027E OP is ~KRW 295tn vs our KRW 250tn base, and FY2026-30 after-tax earnings exceeds its current MCAP. 

 What to do. BULLISH, FV KRW 3,500,000 unchanged — it needs him right on 2027 only as the market is treating the stock as if earnings have peaked already. 


SK Hynix: CEO Sees Shortage Through 2030. Big Profits Continues, Yet Still Trades at ~6x PE

South Korea

SK hynix Inc. provides products and services for the electronic components industries. The Company manufactures semiconductors such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (SKHY US)

SK Hynix (000660 KS): 2x Leveraged ETFs Rebound, but Retail Activity Stays Subdued (9 Sep 2026)

Combined AUM in 2x leveraged ETFs linked to SK hynix (000660 KS) rebounded 14% in September MTD, driven mainly by performance, while flows and...

Gaudenz Schneider

CCSH Corporation (长江存储) Pre-IPO: Key Investment Thesis

CCSH aims to raise Rmb33bn from an A-share IPO. Its key strengths are its leadership position, technological capability, extensive product...

Osbert Tang, CFA

SK Hynix (000660 KS) Uptrend Resuming (Tactical Entry, Long-Term)

SK Hynix is offering an asymmetric tactical entry: its current pullback to 1.3M–1.5M is a high-probability buy-the-dip opportunity, fundamentally...

Nico Rosti

SK Hynix to Emerge as Intel Foundry’s HBM Wedge?

SK hynix’s HBM4E talks put Intel Foundry’s packaging strategy in a new light. We examine how base dies, along with packaging, offer Intel a...

Mint Finance

SK Hynix: CEO Sees Shortage Through 2030. Big Profits Continues, Yet Still Trades at ~6x PE

SK Hynix's CEO sees no downturn through 2030. At KRW 1,653,000 the market has priced him wrong. Only 2027 decides our FV of KRW 3.5mn, and 2027 is...

Mo Aziz

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