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

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<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

Derivatives and Quantitative Strategist

Gaudenz Schneider

<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> fell 3.8% in August MTD, while its 2x Leveraged Index declined 13.4% and combined KRX-listed ETF AUM fell 28% to KRW 3.8tn.</li>
<li>The seven KRX-listed 2x long ETFs recorded combined net outflows of KRW 763bn, with units outstanding declining in six products and redemptions amplifying negative performance.</li>
<li>Daily flows in the long and inverse ETFs were negatively correlated, causing associated hedge flows to reinforce rather than offset each other, although the larger long products dominate the effect.</li>
</ul>



SK hynix (000660 KS) fell 3.8% in August MTD, while its 2x Leveraged Index declined 13.4% and combined KRX-listed ETF AUM fell 28% to KRW 3.8tn.
The seven KRX-listed 2x long ETFs recorded combined net outflows of KRW 763bn, with units outstanding declining in six products and redemptions amplifying negative performance.
Daily flows in the long and inverse ETFs were negatively correlated, causing associated hedge flows to reinforce rather than offset each other, although the larger long products dominate the effect.


SK Hynix (000660 KS): 2x Leveraged ETF Redemptions Compound 13% August Index Loss

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

<ul>
<li>Hynix has bought back 3.25mn shares, or 13.5%, in six days. At the current 650K daily pace, it should finish October 19, a month ahead of the November 19 deadline.</li>
<li>The early buyback finish is not unusual, but its timing near the October 8 ADR lockup expiry revives chatter around a potential follow on ADR issuance.</li>
<li>Square could sell the 68bp stake via a secondary ADR, potentially funding a special dividend for Chey's ₩1T divorce settlement. Watch September filings for fungibility signals and ADR arb timing.</li>
</ul>


Hynix has bought back 3.25mn shares, or 13.5%, in six days. At the current 650K daily pace, it should finish October 19, a month ahead of the November 19 deadline.
The early buyback finish is not unusual, but its timing near the October 8 ADR lockup expiry revives chatter around a potential follow on ADR issuance.
Square could sell the 68bp stake via a secondary ADR, potentially funding a special dividend for Chey's ₩1T divorce settlement. Watch September filings for fungibility signals and ADR arb timing.


Dynamics Between Hynix’s Buyback Pace and Opening up ADR Fungibility

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) 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

SK Hynix (000660 KS): 2x Leveraged ETF Redemptions Compound 13% August Index Loss

Daily flows in SK hynix (000660 KS) 2x long and inverse ETFs were negatively correlated, aligning associated hedge flows and reinforcing pressure...

Gaudenz Schneider

Dynamics Between Hynix’s Buyback Pace and Opening up ADR Fungibility

This post looks at the dynamics between Hynix’s buyback pace and the potential opening up of ADR fungibility, based on local market chatter.

Sanghyun Park

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