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>’s sharp rebound lifted combined leveraged ETF AUM back to 72% above launch levels, reversing much of the recent decline.</li>
<li>Medium-Term returns continue to demonstrate the risks of daily rebalancing, reinforcing that leveraged and inverse ETFs are ultra-short-term trading instruments.</li>
<li>Today’s rally triggered renewed inflows, led by Samsung Asset Management’s KODEX product, even as tighter regulation clouds the segment’s growth outlook.</li>
</ul>



SK Hynix (000660 KS)’s sharp rebound lifted combined leveraged ETF AUM back to 72% above launch levels, reversing much of the recent decline.
Medium-Term returns continue to demonstrate the risks of daily rebalancing, reinforcing that leveraged and inverse ETFs are ultra-short-term trading instruments.
Today’s rally triggered renewed inflows, led by Samsung Asset Management’s KODEX product, even as tighter regulation clouds the segment’s growth outlook.


SK Hynix (000660 KS): 25% Rebound Revives Leveraged ETF AUM

<ul>
<li>Following large moves in <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> , CSOP will allow leverage across its twelve single-asset 2x leveraged products to fall as low as 1.1x.</li>
<li>Flexible leverage in the largest listed leveraged product on SK hynix may reduce hedging and rebalancing pressure during periods of market stress.</li>
<li>The change adds manager discretion, may limit participation in subsequent rebounds and reinforces that these are ultra-short-term trading products.</li>
</ul>


Following large moves in SK hynix (000660 KS) , CSOP will allow leverage across its twelve single-asset 2x leveraged products to fall as low as 1.1x.
Flexible leverage in the largest listed leveraged product on SK hynix may reduce hedging and rebalancing pressure during periods of market stress.
The change adds manager discretion, may limit participation in subsequent rebounds and reinforces that these are ultra-short-term trading products.


SK Hynix (000660 KS): Large Moves Prompt Largest 2x Product to Reduce Leverage

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

Zhongji InnoLight / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">Zhongji InnoLight (3308 HK)</a> (ZI), one of the world’s largest optical transceiver manufacturers, raised around US$7.8bn in its H-share listing.</li>
<li>Innolight was the global leader in 2025 in optical modules, with its products being in high demand for data centers.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Zhongji InnoLight (3308 HK) (ZI), one of the world’s largest optical transceiver manufacturers, raised around US$7.8bn in its H-share listing.
Innolight was the global leader in 2025 in optical modules, with its products being in high demand for data centers.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Innolight Trading - Good Quality, Ok Demand, Bad Market. HK Investor Feedback Remains +ve

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>2Q was a small miss, 5% below Consensus, as DRAM ASP increased less than Commodity DRAM. That’s mostly because of Long Term Agreements that are “designed to address price volatility”. </li>
<li>Add timing issues, HBM4 ramp, tech migrations to 1c-node for DRAM and 321-layer NAND and Management says that 2H26 will see 1) higher bit growth and 2) higher blended ASP. </li>
<li>In the meantime, the stock is crashing and trading at 5x 2026 EPS, 3.4x 2027.</li>
</ul>


2Q was a small miss, 5% below Consensus, as DRAM ASP increased less than Commodity DRAM. That’s mostly because of Long Term Agreements that are “designed to address price volatility”. 
Add timing issues, HBM4 ramp, tech migrations to 1c-node for DRAM and 321-layer NAND and Management says that 2H26 will see 1) higher bit growth and 2) higher blended ASP. 
In the meantime, the stock is crashing and trading at 5x 2026 EPS, 3.4x 2027.


SK Hynix: A Little Miss and a Big Correction

Equity Long-Short

Mo Aziz

<ul>
<li>2Q26 operating profit of KRW60.5tn missed the ~KRW64tn street but printed a record 76% margin, landing in our KRW58–61tn "bear miss" band.</li>
<li>Ignore the 118% net margin — it is inflated by a ~KRW63tn one-off investment gain. The operating quarter, ~10 customer LTAs and HBM4 mass shipment are the real read.</li>
<li>Reiterate BULLISH, Fair Value KRW3,500,000 (10.5x FY2026E EPS KRW300,355), ~+126% upside. The 28 July flush to KRW1,550,000 (~5.2x) triggered our add; net cash is a third of market cap.</li>
</ul>


2Q26 operating profit of KRW60.5tn missed the ~KRW64tn street but printed a record 76% margin, landing in our KRW58–61tn "bear miss" band.
Ignore the 118% net margin — it is inflated by a ~KRW63tn one-off investment gain. The operating quarter, ~10 customer LTAs and HBM4 mass shipment are the real read.
Reiterate BULLISH, Fair Value KRW3,500,000 (10.5x FY2026E EPS KRW300,355), ~+126% upside. The 28 July flush to KRW1,550,000 (~5.2x) triggered our add; net cash is a third of market cap.


SK HYNIX (000660KS, SKHY US) 2Q26 Results: The Consensus Miss We Flagged — And Why We Add Into It

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): 25% Rebound Revives Leveraged ETF AUM

SK hynix’s 25% rebound revives leveraged ETF AUM and inflows, but medium-term performance and tighter regulation keep risks firmly in focus.

Gaudenz Schneider

SK Hynix (000660 KS): Large Moves Prompt Largest 2x Product to Reduce Leverage

Large moves in SK Hynix prompt its largest 2x leveraged product to reduce leverage, easing hedging and rebalancing pressure while adding manager...

Gaudenz Schneider

Aequitas: Innolight Trading - Good Quality, Ok Demand, Bad Market. HK Investor Feedback Remains +ve

Zhongji InnoLight (3308 HK) (ZI), one of the world’s largest optical transceiver manufacturers, raised around US$7bn in its H-share listing. In...

Sumeet Singh

SK Hynix: A Little Miss and a Big Correction

2Q missed Consensus by 5% due to lower DRAM ASP increase, attributed to Long Term Agreements. Stock crashing, trading at low multiples, but...

Nicolas Baratte

SK HYNIX (000660KS, SKHY US) 2Q26 Results: The Consensus Miss We Flagged — And Why We Add Into It

SK Hynix missed consensus but on our numbers — record 76% margins, HBM4 shipping, LTAs locked. The 118% net margin is a one-off mirage. The pre...

Mo Aziz

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SK Hynix (000660 KS): 25% Rebound Revives Leveraged ETF AUM

SK hynix’s 25% rebound revives leveraged ETF AUM and inflows, but medium-term performance and tighter regulation keep risks firmly in focus.

Gaudenz Schneider

SK Hynix (000660 KS): Large Moves Prompt Largest 2x Product to Reduce Leverage

Large moves in SK Hynix prompt its largest 2x leveraged product to reduce leverage, easing hedging and rebalancing pressure while adding manager...

Gaudenz Schneider

Aequitas: Innolight Trading - Good Quality, Ok Demand, Bad Market. HK Investor Feedback Remains +ve

Zhongji InnoLight (3308 HK) (ZI), one of the world’s largest optical transceiver manufacturers, raised around US$7bn in its H-share listing. In...

Sumeet Singh

SK Hynix: A Little Miss and a Big Correction

​2Q missed Consensus by 5% due to lower DRAM ASP increase, attributed to Long Term Agreements. Stock crashing, trading at low multiples, but...

Nicolas Baratte

SK HYNIX (000660KS, SKHY US) 2Q26 Results: The Consensus Miss We Flagged — And Why We Add Into It

SK Hynix missed consensus but on our numbers — record 76% margins, HBM4 shipping, LTAs locked. The 118% net margin is a one-off mirage. The pre...

Mo Aziz

2Q missed Consensus by 5% due to lower DRAM ASP increase, attributed to Long Term Agreements. Stock crashing, trading at low multiples, but...