Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

Samsung Electronics / Equity Capital Markets

<ul>
<li>Bloomberg published an article today that Samsung Electronics is in early discussions of a potential listing of ADRs in the U.S. </li>
<li>The number one reason why Samsung Electronics should list its shares in the U.S. is that this could reduce the valuation discount on the company relative to its global peers. </li>
<li>In terms of Samsung Electronics completing an ADR listing, I think the overall process could take about 2-3 years.</li>
</ul>


Bloomberg published an article today that Samsung Electronics is in early discussions of a potential listing of ADRs in the U.S. 
The number one reason why Samsung Electronics should list its shares in the U.S. is that this could reduce the valuation discount on the company relative to its global peers. 
In terms of Samsung Electronics completing an ADR listing, I think the overall process could take about 2-3 years.


Top Five Reasons Why Samsung Electronics Should List Its Shares as ADRs in the U.S.

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>2Q price reset was inevitable, but Hynix’s early leak three weeks before earnings raises questions. The timing matters given significant memory multiple compression and potential strategic positioning.</li>
<li>Need a precise Hynix playbook as memory multiple compression persists. Focus on capturing ADR conversion headroom as a micro catalyst and assessing its role as a relative buffer versus peers.</li>
<li>KSD guidelines could come earlier than expected. Medium term, combine US passive flows with memory hedges. Watch Samsung utilization ramp and potential preferred discount compression.</li>
</ul>


2Q price reset was inevitable, but Hynix’s early leak three weeks before earnings raises questions. The timing matters given significant memory multiple compression and potential strategic positioning.
Need a precise Hynix playbook as memory multiple compression persists. Focus on capturing ADR conversion headroom as a micro catalyst and assessing its role as a relative buffer versus peers.
KSD guidelines could come earlier than expected. Medium term, combine US passive flows with memory hedges. Watch Samsung utilization ramp and potential preferred discount compression.


Story Behind Hynix 2Q Earnings Reset Leak

Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>Record -15.4% KRX plunge and a 20-minute KOSPI circuit breaker Monday vs. a milder ~9% ADR decline in New York — the size of the gap is itself the story.</li>
<li>Drivers: post-listing profit-taking, leveraged-ETF unwind, one bearish brokerage note, KRX-ADR arbitrage still settling, and a Middle East-driven risk-off tape — not a demand shock.</li>
<li>Fair Value unchanged at KRW 3,500,000 / US$212 (Bullish): HBM remains sold out into 2027, pricing power intact, and the stock now screens at ~6.1x 2026E P/E.</li>
</ul>


Record -15.4% KRX plunge and a 20-minute KOSPI circuit breaker Monday vs. a milder ~9% ADR decline in New York — the size of the gap is itself the story.
Drivers: post-listing profit-taking, leveraged-ETF unwind, one bearish brokerage note, KRX-ADR arbitrage still settling, and a Middle East-driven risk-off tape — not a demand shock.
Fair Value unchanged at KRW 3,500,000 / US$212 (Bullish): HBM remains sold out into 2027, pricing power intact, and the stock now screens at ~6.1x 2026E P/E.


SK Hynix (000660 KS | SKHY US): Nosebleed Monday, Not a Bloodbath — Fundamentals Say Stay Bullish

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Micron, Apple and AMD committed a combined US$43bn-plus to the suppliers they depend on, moving the industry from ordering capacity to financing it and shifting build risk onto the buyers.</li>
<li>Memory economics reached record levels: Samsung's operating profit rose 19x, and Nanya's gross margin hit 79.5% on flat shipments, with prices doing all the work.</li>
<li>SK Hynix raised US$26.5bn for ADRs in the largest US listing by a foreign company, and the week's selloff reversed in two sessions as money returned to memory and compute.</li>
</ul>


Micron, Apple and AMD committed a combined US$43bn-plus to the suppliers they depend on, moving the industry from ordering capacity to financing it and shifting build risk onto the buyers.
Memory economics reached record levels: Samsung's operating profit rose 19x, and Nanya's gross margin hit 79.5% on flat shipments, with prices doing all the work.
SK Hynix raised US$26.5bn for ADRs in the largest US listing by a foreign company, and the week's selloff reversed in two sessions as money returned to memory and compute.


Taiwan Tech Weekly: Micron, Apple and AMD Start Funding Their Suppliers

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>According to our model <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> shares are quantifiably very oversold, this could catalyze the U.S. ADR rally.</li>
<li>Our model sees an immediate tactical entry point for long/short and macro mandates looking to capture a new rally, as global capital flows into the newly liquid Nasdaq vehicle.</li>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc-a4e8e2ec-1a75-4752-b58c-eaa0d074d145" target="_blank" data-smartkarma-citation="entities:50283:1" rel="noopener">SK Hynix (SKHY US)</a> opened at 170 on Friday, a bit lower than expected but this does not change <strong>our tactical view: local oversold &gt; local rally &gt; ADR rally.</strong>
</li>
</ul>


According to our model SK Hynix (000660 KS) shares are quantifiably very oversold, this could catalyze the U.S. ADR rally.
Our model sees an immediate tactical entry point for long/short and macro mandates looking to capture a new rally, as global capital flows into the newly liquid Nasdaq vehicle.

SK Hynix (SKHY US) opened at 170 on Friday, a bit lower than expected but this does not change our tactical view: local oversold &gt; local rally &gt; ADR rally.



SK Hynix Tactical Outlook: Upcoming Local Reversal Primes ADR for Rally

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)

Top Five Reasons Why Samsung Electronics Should List Its Shares as ADRs in the U.S.

Bloomberg published an article today that Samsung Electronics is in early discussions of a potential listing of ADRs in the U.S.

Douglas Kim

Story Behind Hynix 2Q Earnings Reset Leak

This post takes a closer look at the Hynix 2Q earnings reset leak dynamics, focusing on the underlying catalysts, market reaction, and potential...

Sanghyun Park

SK Hynix (000660 KS | SKHY US): Nosebleed Monday, Not a Bloodbath — Fundamentals Say Stay Bullish

Korean stock market sees sharp plunge due to various factors, but fair value remains bullish with strong pricing power.

Mo Aziz

Taiwan Tech Weekly: Micron, Apple and AMD Start Funding Their Suppliers

Tech giants like Micron, Apple, and AMD are investing billions in their suppliers, shifting industry dynamics and pushing memory economics to...

Vincent Fernando, CFA

SK Hynix Tactical Outlook: Upcoming Local Reversal Primes ADR for Rally

SK Hynix (000660 KS) is about to reverse according to our model: this should spark a U.S. ADR rally from this week. Profit targets and tactical...

Nico Rosti

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Top Five Reasons Why Samsung Electronics Should List Its Shares as ADRs in the U.S.

Bloomberg published an article today that Samsung Electronics is in early discussions of a potential listing of ADRs in the U.S.

Douglas Kim

Story Behind Hynix 2Q Earnings Reset Leak

This post takes a closer look at the Hynix 2Q earnings reset leak dynamics, focusing on the underlying catalysts, market reaction, and potential...

Sanghyun Park

SK Hynix (000660 KS | SKHY US): Nosebleed Monday, Not a Bloodbath — Fundamentals Say Stay Bullish

​Korean stock market sees sharp plunge due to various factors, but fair value remains bullish with strong pricing power.

Mo Aziz

Taiwan Tech Weekly: Micron, Apple and AMD Start Funding Their Suppliers

​Tech giants like Micron, Apple, and AMD are investing billions in their suppliers, shifting industry dynamics and pushing memory economics to...

Vincent Fernando, CFA

SK Hynix Tactical Outlook: Upcoming Local Reversal Primes ADR for Rally

SK Hynix (000660 KS) is about to reverse according to our model: this should spark a U.S. ADR rally from this week. Profit targets and tactical...

Nico Rosti

Korean stock market sees sharp plunge due to various factors, but fair value remains bullish with strong pricing power.

Tech giants like Micron, Apple, and AMD are investing billions in their suppliers, shifting industry dynamics and pushing memory economics to...