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> / <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> announces earnings on 29 July. Expectations are for the company to announce a buyback or a special dividend.</li>
<li>A buyback will provide <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> with an option to issue more ADSs, something that they cannot do as things stand.</li>
<li>A buyback and the subsequent issuance of ADSs will help keep the ADS premium under control and reduce volatility transmission from the US markets to the local listing.</li>
</ul>



SK Hynix (000660 KS) / SK Hynix (SKHY US) announces earnings on 29 July. Expectations are for the company to announce a buyback or a special dividend.
A buyback will provide SK Hynix (000660 KS) with an option to issue more ADSs, something that they cannot do as things stand.
A buyback and the subsequent issuance of ADSs will help keep the ADS premium under control and reduce volatility transmission from the US markets to the local listing.


SK Hynix (000660 KS; SKHY US): Buyback Provides More Optionality than a Special Div

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 58% 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> started a recovery and it may close this week up.</li>
<li>If confirmed on Friday, this would be the stock first weekly positive close since June 19th, roughly 2 months ago.</li>
<li>This insight leverages our model to assess whether <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix</a>'s current trend pattern indicates the start of a new rally or merely a dead cat bounce.</li>
</ul>


After losing 58% of its value from its peak at the end of June, SK Hynix (000660 KS) started a recovery and it may close this week up.
If confirmed on Friday, this would be the stock first weekly positive close since June 19th, roughly 2 months ago.
This insight leverages our model to assess whether SK Hynix's current trend pattern indicates the start of a new rally or merely a dead cat bounce.


Is SK Hynix (000660 KS) About to Restart Its Rally? (Tactical Outlook)

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.

<ul>
<li>ADR chatter is building for October, but there is still no solid Yeouido read. Political, regulatory and Square 20% constraints make an aggressive buyback plus ADR primary a tough call.</li>
<li>Base case remains a late execution for the special dividend and buyback, preserving flexibility around FCF volatility rather than committing to an aggressive schedule upfront.</li>
<li>We should assign low odds to Hynix front loading the buyback and executing aggressively within a tight window to facilitate a new ADR issuance.</li>
</ul>


ADR chatter is building for October, but there is still no solid Yeouido read. Political, regulatory and Square 20% constraints make an aggressive buyback plus ADR primary a tough call.
Base case remains a late execution for the special dividend and buyback, preserving flexibility around FCF volatility rather than committing to an aggressive schedule upfront.
We should assign low odds to Hynix front loading the buyback and executing aggressively within a tight window to facilitate a new ADR issuance.


Hynix New ADR Issuance After October Lockup Expiry: Low Probability for Now

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). </li>
<li>Additionally, we continue to believe the bottom is in for SPX, IWM, QQQ, and Technology areas (XLK, IGV, SOXX, CHAT).</li>
<li>With that said, some mixed price action in A.I. themes -- notably semiconductors (SOXX), generative A.I. (CHAT), memory (DRAM), and neoclouds (WGMI) -- are giving us some reason for pause.</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). 
Additionally, we continue to believe the bottom is in for SPX, IWM, QQQ, and Technology areas (XLK, IGV, SOXX, CHAT).
With that said, some mixed price action in A.I. themes -- notably semiconductors (SOXX), generative A.I. (CHAT), memory (DRAM), and neoclouds (WGMI) -- are giving us some reason for pause.


Mixed Signals in A.I. Names (SOXX, CHAT, DRAM, WGMI); Bullish Outlook Intact

Roundhill Memory ETF / Technical Analysis

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.</li>
<li>2-Month base breakout on ACWI-US, MSCI EM(EEM-US) reversing its 1+month downtrend, and MSCI EAFE's(EFA-US) 5.5+ month base breakout reinforces our bullish outlook; these display bull flag patterns and remain healthy.</li>
<li>All signs are pointing to a resumption of prior uptrends, and we continue to recommend adding exposure to global Technology stocks (today buy list includes Samsung and SK Hynix).</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.
2-Month base breakout on ACWI-US, MSCI EM(EEM-US) reversing its 1+month downtrend, and MSCI EAFE's(EFA-US) 5.5+ month base breakout reinforces our bullish outlook; these display bull flag patterns and remain healthy.
All signs are pointing to a resumption of prior uptrends, and we continue to recommend adding exposure to global Technology stocks (today buy list includes Samsung and SK Hynix).


Buying Samsung and SK Hynix; MSCI EM (EEM-US) And Korea (EWY-US) Remain Buys

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; SKHY US): Buyback Provides More Optionality than a Special Div

Hynix has announced a KRW 40tn buyback that will run over the next 3 months. The company can buy a max of 2.4m local shares a day. At the last...

Brian Freitas

Is SK Hynix (000660 KS) About to Restart Its Rally? (Tactical Outlook)

SK Hynix (000660 KS) may close the week up after a -58% correction. We analyze the rebound to determine if it can last, how far it can go, or if it...

Nico Rosti

Hynix New ADR Issuance After October Lockup Expiry: Low Probability for Now

This post looks at the potential for Hynix to issue new ADRs after the October lockup expiry, which still looks relatively low at this point.

Sanghyun Park

Mixed Signals in A.I. Names (SOXX, CHAT, DRAM, WGMI); Bullish Outlook Intact

Mixed Signals in A.I. Names ($SOXX $CHAT $DRAM $WGMI); Bullish Outlook Intact $SPX $QQQ $IWM. $CHAT breaking above the 50-day MA likely signaling...

Vermilion Research

Buying Samsung and SK Hynix; MSCI EM (EEM-US) And Korea (EWY-US) Remain Buys

Thursday pre-market report: Buying Samsung and SK Hynix $SKHY; MSCI EM $EEM and Korea $EWY $DRAM Remain Buys. Actionable Themes: Technology,...

Vermilion Research

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