External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Commodity chips offer boost amid growing general-purpose server demand</li><li>HBM market leadership intact; potential to grow alongside ASIC demand</li><li>Reiterate Buy rating with TP unchanged at W330,000</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Commodity chips offer boost amid growing general-purpose server demandHBM market leadership intact; potential to grow alongside ASIC demandReiterate Buy rating with TP unchanged at W330,000Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SK Hynix (000660 KS Sep 9, 2025) - Another Climb Back to Prior Highs

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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: SK Hynix</li>
<li>UST yields declined 3-6 bps yesterday, on the back of the weak ADP employment and initial jobless claims data, despite improvement in the ISM services index. The yield on the 2Y UST fell 3 bps to 3.59%, while the 10Y UST was down 6 bps at 4.16%. Equities rallied on the prospect of impending Fed rate cuts.</li>
<li>The S&amp;P 500 rose 0.8% to a new record high of 6,502, while Nasdaq climbed 1.0% to 21,708. The market focus for today should be on the US August nonfarm payrolls.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: SK Hynix
UST yields declined 3-6 bps yesterday, on the back of the weak ADP employment and initial jobless claims data, despite improvement in the ISM services index. The yield on the 2Y UST fell 3 bps to 3.59%, while the 10Y UST was down 6 bps at 4.16%. Equities rallied on the prospect of impending Fed rate cuts.
The S&amp;P 500 rose 0.8% to a new record high of 6,502, while Nasdaq climbed 1.0% to 21,708. The market focus for today should be on the US August nonfarm payrolls.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: SK Hynix</li>
<li>UST yields declined yesterday, as the market firmed up rate-cut expectations following the weak July JOLTS data. The UST curve bullflattened, with the yield on the 2Y UST declining 2 bps to 3.62% and the yield on the 10Y UST down 4 bps at 4.22%. Equities recovered from Tuesday's decline, with the S&amp;P 500 and Nasdaq up 0.5% and 1.0%, respectively.</li>
<li>Fed Governor Chris Waller said that the Fed needs to start cutting rates at the next meeting. Mr Waller added that the Fed may cut rates by 100-150 bps to get towards the neutral rate, albeit "how fast we get there is going to depend on the data that comes in".</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: SK Hynix
UST yields declined yesterday, as the market firmed up rate-cut expectations following the weak July JOLTS data. The UST curve bullflattened, with the yield on the 2Y UST declining 2 bps to 3.62% and the yield on the 10Y UST down 4 bps at 4.22%. Equities recovered from Tuesday's decline, with the S&amp;P 500 and Nasdaq up 0.5% and 1.0%, respectively.
Fed Governor Chris Waller said that the Fed needs to start cutting rates at the next meeting. Mr Waller added that the Fed may cut rates by 100-150 bps to get towards the neutral rate, albeit "how fast we get there is going to depend on the data that comes in".


Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899" rel="noopener">Hang Seng Index (HSI INDEX)</a>, <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906" rel="noopener">Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX EQUITY)</a> and <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909" rel="noopener">Nikkei 225 (NKY INDEX)</a> all have elevated implied vols vs their peers and vs historical observations for October.</li>
<li>
<a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617" rel="noopener">NIFTY Index (NIFTY INDEX)</a> , <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> and <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a>  implied vols are on the low end of what is typically realized in October.</li>
<li>Most markets see price weakness in the 3rd week of the month with realized volatility underperforming over the back half of the month.</li>
</ul>



Hang Seng Index (HSI INDEX), Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX EQUITY) and Nikkei 225 (NKY INDEX) all have elevated implied vols vs their peers and vs historical observations for October.

NIFTY Index (NIFTY INDEX) , S&amp;P 500 INDEX (SPX INDEX) and S&amp;P/ASX 200 (AS51 INDEX)  implied vols are on the low end of what is typically realized in October.
Most markets see price weakness in the 3rd week of the month with realized volatility underperforming over the back half of the month.


EQD | Asia Monthly Vol Roadmap: Elevated IV's in CSI300 and Hang Seng Present Tactical Opportunity

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>Street chatter says Hynix’s HBM4 hike tops ~20%, not covering costs — and Nvidia’s pushing similar cuts on its flagship 12-Hi HBM3E.</li>
<li>Yeouido’s watching “Blind” posts from Samsung engineers saying 1c 12-Hi HBM4 yields look strong — fueling bets Samsung will cut prices, ramp HBM3E now, and challenge Hynix in HBM4.</li>
<li>In Yeouido, the Samsung long/Hynix short theme is seen as a structural trade through 1H next year amid Hynix’s contract uncertainty and Samsung’s supply entry potential.</li>
</ul>


Street chatter says Hynix’s HBM4 hike tops ~20%, not covering costs — and Nvidia’s pushing similar cuts on its flagship 12-Hi HBM3E.
Yeouido’s watching “Blind” posts from Samsung engineers saying 1c 12-Hi HBM4 yields look strong — fueling bets Samsung will cut prices, ramp HBM3E now, and challenge Hynix in HBM4.
In Yeouido, the Samsung long/Hynix short theme is seen as a structural trade through 1H next year amid Hynix’s contract uncertainty and Samsung’s supply entry potential.


Yeouido Views Grow: Hynix’s Contract Risks & Samsung Supply Push Drive Long-Short Play Through 1H26

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)