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>KOFIA says Hynix hit 10.89% weight in October vs 8.37% in September, lifting the 10% fund cap — now local funds can size up like Samsung Electronics.</li>
<li>SK Square might have been dumped today as locals unwound proxy trades; with Hynix freed from the 10% cap, funds rotated directly into Hynix, front‑running the shift.</li>
<li>Key now is rotation size; SK Square’s beta‑plus trade to Hynix is fading, and near term we should expect relative underperformance as flows migrate.</li>
</ul>


KOFIA says Hynix hit 10.89% weight in October vs 8.37% in September, lifting the 10% fund cap — now local funds can size up like Samsung Electronics.
SK Square might have been dumped today as locals unwound proxy trades; with Hynix freed from the 10% cap, funds rotated directly into Hynix, front‑running the shift.
Key now is rotation size; SK Square’s beta‑plus trade to Hynix is fading, and near term we should expect relative underperformance as flows migrate.


Intel on Today’s SK Square Price Action: Rotation Flow Triggered by Hynix’s 10% Fund Cap Removal

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>Nvidia CEO said he has a $500bn AI order book. If over the next 7 quarters, it means growth will remain at ~60% YoY till Apr-27. No slowdown. That’s possible.</li>
<li>If it’s over the next 5 quarters (which is what he actually said), it’s enormous growth reaching ~200% YoY in 2H26. I doubt that the supply chain can do that.</li>
<li>Consensus is the lowest with most room for upside: Memory stocks. Consensus too low by ~20%: Nvidia. Just a it too low: TSMC.</li>
</ul>


Nvidia CEO said he has a $500bn AI order book. If over the next 7 quarters, it means growth will remain at ~60% YoY till Apr-27. No slowdown. That’s possible.
If it’s over the next 5 quarters (which is what he actually said), it’s enormous growth reaching ~200% YoY in 2H26. I doubt that the supply chain can do that.
Consensus is the lowest with most room for upside: Memory stocks. Consensus too low by ~20%: Nvidia. Just a it too low: TSMC.


Nvidia Jensen’s $500bn: What Did He Say Exactly? What Does It Mean for Supply Chain Forecasts?

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Oil &amp; Gas, SK Hynix, Meituan, Pakuwon Jati, Nissan Motor</li>
<li>UST yields were little changed yesterday, with little response to a soft auction of 7Y notes. The market focus will be on the FOMC rate decision today, with the Fed largely expected to reduce rates by another 25 bps.</li>
<li>Equities notched fresh record highs, supported by expectations of strong Q3/25 earnings from major tech firms.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Oil &amp; Gas, SK Hynix, Meituan, Pakuwon Jati, Nissan Motor
UST yields were little changed yesterday, with little response to a soft auction of 7Y notes. The market focus will be on the FOMC rate decision today, with the Fed largely expected to reduce rates by another 25 bps.
Equities notched fresh record highs, supported by expectations of strong Q3/25 earnings from major tech firms.


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 24th. The aggregated short interest was USD12.4bn.</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 Electronics, Alteogen, MIRAE ASSET SEC, SK Hynix, POSCO FUTURE M.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Oct 24th. The aggregated short interest was USD12.4bn.
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 Electronics, Alteogen, MIRAE ASSET SEC, SK Hynix, POSCO FUTURE M.


KRX Short Interest Weekly (Oct 24th): Samsung Electronics, Alteogen, MIRAE ASSET SEC, SK Hynix

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) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Windows 10's End-of-Life Becomes Apple's Windfall as Second Fastest Growing Computer Brand</li>
<li>Eyes on Yageo Results Coming October 30 After 35% 1-Week Surge</li>
<li>China Tightens Rare Earth Grip: TSMC Says It's Prepared with Inventory</li>
</ul>


Windows 10's End-of-Life Becomes Apple's Windfall as Second Fastest Growing Computer Brand
Eyes on Yageo Results Coming October 30 After 35% 1-Week Surge
China Tightens Rare Earth Grip: TSMC Says It's Prepared with Inventory


Taiwan Tech Weekly: Apple's Macbook Windfall; Yageo's Rally; TSMC's Massive Rare Earth Stockpile

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)

Intel on Today’s SK Square Price Action: Rotation Flow Triggered by Hynix’s 10% Fund Cap Removal

This post provides an intel on today’s SK Square price action: rotation flow triggered by the removal of Hynix’s 10% fund cap.

Sanghyun Park

Nvidia Jensen’s $500bn: What Did He Say Exactly? What Does It Mean for Supply Chain Forecasts?

Nvidia CEO predicts massive AI growth potential, with orders reaching $500bn and potential for 60% YoY growth till Apr-27

Nicolas Baratte

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Oil & Gas, SK Hynix, Meituan,...

Lucror Analytics

KRX Short Interest Weekly (Oct 24th): Samsung Electronics, Alteogen, MIRAE ASSET SEC, SK Hynix

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, Alteogen, MIRAE ASSET SEC,...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Apple's Macbook Windfall; Yageo's Rally; TSMC's Massive Rare Earth Stockpile

Windows 10's end-of-life is benefiting Apple. Yageo's results ahead after a 35% surge, while TSMC is prepared for China's tightening grip on rare...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intel on Today’s SK Square Price Action: Rotation Flow Triggered by Hynix’s 10% Fund Cap Removal

This post provides an intel on today’s SK Square price action: rotation flow triggered by the removal of Hynix’s 10% fund cap.

Sanghyun Park

Nvidia Jensen’s $500bn: What Did He Say Exactly? What Does It Mean for Supply Chain Forecasts?

​Nvidia CEO predicts massive AI growth potential, with orders reaching $500bn and potential for 60% YoY growth till Apr-27

Nicolas Baratte

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Oil & Gas, SK Hynix, Meituan,...

Lucror Analytics

KRX Short Interest Weekly (Oct 24th): Samsung Electronics, Alteogen, MIRAE ASSET SEC, SK Hynix

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, Alteogen, MIRAE ASSET SEC,...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Apple's Macbook Windfall; Yageo's Rally; TSMC's Massive Rare Earth Stockpile

​Windows 10's end-of-life is benefiting Apple. Yageo's results ahead after a 35% surge, while TSMC is prepared for China's tightening grip on rare...

Vincent Fernando, CFA

Nvidia CEO predicts massive AI growth potential, with orders reaching $500bn and potential for 60% YoY growth till Apr-27

Windows 10's end-of-life is benefiting Apple. Yageo's results ahead after a 35% surge, while TSMC is prepared for China's tightening grip on rare...