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>Retail flow drove the ratio: selling pushed it higher, buying dragged it lower. Pre‑Sept they dip‑bought and flipped; since late Sept they’ve chased longs, fueling Hynix’s rally.</li>
<li>Instos joined retail chasing Hynix, juicing momentum; KRX’s investment‑alert acts as a speed bump, likely cooling hot‑money flows and tilting the ratio in Square’s favor.</li>
<li>But retail still drives Hynix; until they cool off, Square NAV squeeze is early. A sector‑wide AI pivot cooling retail frenzy is the real catalyst, bigger than KRX’s alert.</li>
</ul>


Retail flow drove the ratio: selling pushed it higher, buying dragged it lower. Pre‑Sept they dip‑bought and flipped; since late Sept they’ve chased longs, fueling Hynix’s rally.
Instos joined retail chasing Hynix, juicing momentum; KRX’s investment‑alert acts as a speed bump, likely cooling hot‑money flows and tilting the ratio in Square’s favor.
But retail still drives Hynix; until they cool off, Square NAV squeeze is early. A sector‑wide AI pivot cooling retail frenzy is the real catalyst, bigger than KRX’s alert.


Reading the Latest Flow Patterns to Time a SK Square NAV Squeeze Trade

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Oct 31st. The aggregated short interest was USD12.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Oct 31st. The aggregated short interest was USD12.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC.


KRX Short Interest Weekly (Oct 31st): SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>In October FIIs bought US$2.36bn of Asian equities, sharply lower than US$8.42bn in September. They sold Taiwan (-US$3.2bn), bought Korea (US$4.2bn) and India (US$1.66bn). ASEAN continued to be sold.</li>
<li>FIIs' dampened sentiment was triggered by Asia's toppish valuations and a decline in probability of a Fed rate cut in December, which in turn led to a stronger US Dollar.</li>
<li>Going forward we expect flows to recover in Taiwan and stay healthy in Korea, as sentiment on AI capex recovers, driven by strong growth and robust capex targets of hyperscalers.</li>
</ul>


In October FIIs bought US$2.36bn of Asian equities, sharply lower than US$8.42bn in September. They sold Taiwan (-US$3.2bn), bought Korea (US$4.2bn) and India (US$1.66bn). ASEAN continued to be sold.
FIIs' dampened sentiment was triggered by Asia's toppish valuations and a decline in probability of a Fed rate cut in December, which in turn led to a stronger US Dollar.
Going forward we expect flows to recover in Taiwan and stay healthy in Korea, as sentiment on AI capex recovers, driven by strong growth and robust capex targets of hyperscalers.


Asian Equities: Foreign Flows Wobbled in October; Taiwan Sold, Korea Moderated; India Bounced Back

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Oct 31st. The aggregated holding was USD862.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD77mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Hanwha Ocean, Hyundai Motor, Samsung Elec (PREF).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 31st. The aggregated holding was USD862.4bn.
We estimate that foreign flows to be inflows of USD77mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Hanwha Ocean, Hyundai Motor, Samsung Elec (PREF).


KRX Foreign Holding Weekly (Oct 31st): SK Hynix, Samsung Electronics, Hanwha Ocean, Hyundai Motor

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Thematic (Sector/Industry)

<ul><li>Nokia is set to enhance its base stations by integrating Nvidia GPUs, aiming to advance AI-driven radio access networks and support 6G technology development.</li><li>Arm, AMD, and Nvidia have joined the Open Compute Project board, while AWS's absence raises questions about its future involvement in open-source hardware initiatives.</li><li>The Semiconductor Industry Association director points to a 'semiconductor paradox' that suggests a significant chip boom is on the horizon despite current market challenges.</li></ul>

Nokia is set to enhance its base stations by integrating Nvidia GPUs, aiming to advance AI-driven radio access networks and support 6G technology development.Arm, AMD, and Nvidia have joined the Open Compute Project board, while AWS's absence raises questions about its future involvement in open-source hardware initiatives.The Semiconductor Industry Association director points to a 'semiconductor paradox' that suggests a significant chip boom is on the horizon despite current market challenges.

Tech Supply Chain Tracker (31-Oct-2025): Nokia to integrate Nvidia GPUs for AI and 6G.

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. 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 (000660 KS)

Reading the Latest Flow Patterns to Time a SK Square NAV Squeeze Trade

This post looks into the recent flow dynamics and positioning trends to assess when it makes sense to put on a NAV discount-squeeze trade in SK...

Sanghyun Park

KRX Short Interest Weekly (Oct 31st): SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC

We analyzed KRX short interest report for the past week and highlighted short interest changes in SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung...

Ke Yan, CFA, FRM

Asian Equities: Foreign Flows Wobbled in October; Taiwan Sold, Korea Moderated; India Bounced Back

FIIs cut Asian equity purchases in October due to high valuations & lower Fed rate cut probability driving a stronger USD. Expect flow revival in...

Manishi Raychaudhuri

KRX Foreign Holding Weekly (Oct 31st): SK Hynix, Samsung Electronics, Hanwha Ocean, Hyundai Motor

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Hanwha Ocean,...

Ke Yan, CFA, FRM

Tech Supply Chain Tracker (31-Oct-2025): Nokia to integrate Nvidia GPUs for AI and 6G.

Nokia will use Nvidia GPUs for AI-driven networks, while Arm, AMD, and Nvidia join the OCP board; a chip boom looms, and Meta eyes AI glasses...

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Reading the Latest Flow Patterns to Time a SK Square NAV Squeeze Trade

This post looks into the recent flow dynamics and positioning trends to assess when it makes sense to put on a NAV discount-squeeze trade in SK...

Sanghyun Park

KRX Short Interest Weekly (Oct 31st): SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC

We analyzed KRX short interest report for the past week and highlighted short interest changes in SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung...

Ke Yan, CFA, FRM

Asian Equities: Foreign Flows Wobbled in October; Taiwan Sold, Korea Moderated; India Bounced Back

​FIIs cut Asian equity purchases in October due to high valuations & lower Fed rate cut probability driving a stronger USD. Expect flow revival in...

Manishi Raychaudhuri

KRX Foreign Holding Weekly (Oct 31st): SK Hynix, Samsung Electronics, Hanwha Ocean, Hyundai Motor

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Hanwha Ocean,...

Ke Yan, CFA, FRM

Tech Supply Chain Tracker (31-Oct-2025): Nokia to integrate Nvidia GPUs for AI and 6G.

Nokia will use Nvidia GPUs for AI-driven networks, while Arm, AMD, and Nvidia join the OCP board; a chip boom looms, and Meta eyes AI glasses...

Tech Supply Chain Tracker

FIIs cut Asian equity purchases in October due to high valuations & lower Fed rate cut probability driving a stronger USD. Expect flow revival in...