Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Dassault Systèmes CEO highlights European automaker struggles and growth readiness in US and Asia in January 2025.</li><li>SK Hynix achieves impressive 70% yield in HBM4 testing, signaling advancements in memory technology.</li><li>China's tungsten export controls cause market price fluctuations, disrupting global supply chains. Foxconn partners with Sonora in Mexico for innovative smart city project.</li></ul>

Dassault Systèmes CEO highlights European automaker struggles and growth readiness in US and Asia in January 2025.SK Hynix achieves impressive 70% yield in HBM4 testing, signaling advancements in memory technology.China's tungsten export controls cause market price fluctuations, disrupting global supply chains. Foxconn partners with Sonora in Mexico for innovative smart city project.

Tech Supply Chain Tracker (28-Feb-2025): Jan 2025 notebook shipment update

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>SK Hynix and SK Square hit L2 flags; cash-only until Dec 24. Margin off, &gt;40% two-day rip triggers halt. L2 lifts if below T-5/+45%, T-15/+75%, and 15-day high.</li>
<li>L2’s usually a non-event, but this time the margin freeze probably smacks Hynix harder. Key trigger is staying below the 15-day high: Hynix ₩587,000, Square ₩324,000.</li>
<li>Govt set to roll out AI-semiconductor holdco deregulation this week, boosting AI holdcos like Square and juicing a near-term Square-over-Hynix trade opportunity.</li>
</ul>


SK Hynix and SK Square hit L2 flags; cash-only until Dec 24. Margin off, &gt;40% two-day rip triggers halt. L2 lifts if below T-5/+45%, T-15/+75%, and 15-day high.
L2’s usually a non-event, but this time the margin freeze probably smacks Hynix harder. Key trigger is staying below the 15-day high: Hynix ₩587,000, Square ₩324,000.
Govt set to roll out AI-semiconductor holdco deregulation this week, boosting AI holdcos like Square and juicing a near-term Square-over-Hynix trade opportunity.


Hynix & Square L2 Flags Set to Squeeze Spread Near Term

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: Adani Green Energy, Lenovo, SK Hynix</li>
<li>UST yields rose for the fourth straight day yesterday following the release of strong JOLTS data, albeit losses in treasuries were pared after good demand for a 10Y note auction.</li>
<li>The UST curve bear flattened, with the yield on the 2Y UST rising 4 bps to 3.62%, while that on the 10Y UST was up 2 bps at 4.19%. Equities were steady ahead of the FOMC rate decision tonight. The S&amp;P 500 fell 0.1% to 6,841, while the Nasdaq was up 0.1% at 23,576.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Lenovo, SK Hynix
UST yields rose for the fourth straight day yesterday following the release of strong JOLTS data, albeit losses in treasuries were pared after good demand for a 10Y note auction.
The UST curve bear flattened, with the yield on the 2Y UST rising 4 bps to 3.62%, while that on the 10Y UST was up 2 bps at 4.19%. Equities were steady ahead of the FOMC rate decision tonight. The S&amp;P 500 fell 0.1% to 6,841, while the Nasdaq was up 0.1% at 23,576.


<ul><li>TSMC implements restrictions on Chinese IC firms to follow US semiconductor controls, limiting access to advanced chip technologies.</li><li>Estonian defense delegation seeks collaboration with Taiwan on drones, highlighting growing partnership between the two countries.</li><li>ASE faces leadership uncertainty after chairman's heir tragically passes away, impacting the future direction of the semiconductor giant.</li></ul>

TSMC implements restrictions on Chinese IC firms to follow US semiconductor controls, limiting access to advanced chip technologies.Estonian defense delegation seeks collaboration with Taiwan on drones, highlighting growing partnership between the two countries.ASE faces leadership uncertainty after chairman's heir tragically passes away, impacting the future direction of the semiconductor giant.

Tech Supply Chain Tracker (09-Feb-2025): TSMC tightens restrictions on Chinese IC firms.

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

<ul>
<li>As we hit Chinese New Year break,  we want to examine if Hynix's earnings and investor call met investor expectations</li>
<li>6 key questions going in and where we are post <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> reporting and before <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> reports early February</li>
<li>The consensus is that the key questions were not answered.  Well, not all answered and some remains to be seen. </li>
</ul>


As we hit Chinese New Year break,  we want to examine if Hynix's earnings and investor call met investor expectations
6 key questions going in and where we are post SK Hynix (000660 KS) reporting and before Samsung Electronics (005930 KS) reports early February
The consensus is that the key questions were not answered.  Well, not all answered and some remains to be seen. 


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)

Tech Supply Chain Tracker (28-Feb-2025): Jan 2025 notebook shipment update

January 2025 notebook shipment update; Dassault Systèmes CEO comments on European automakers, SK Hynix achieves 70% yield in HBM4 testing, China's...

Tech Supply Chain Tracker

Hynix & Square L2 Flags Set to Squeeze Spread Near Term

Both SK Hynix and SK Square just got slapped with L2 flags (effective today), which should tighten the spread between them near term.

Sanghyun Park

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Lenovo, SK Hynix

Lucror Analytics

Tech Supply Chain Tracker (09-Feb-2025): TSMC tightens restrictions on Chinese IC firms.

TSMC restricts Chinese IC firms, Estonia looks to collaborate with Taiwan on drones, ASE deals with leadership uncertainty, Taiwan's software...

Tech Supply Chain Tracker

Did Hynix Meet Expectations ?

Where are we on Hynix post earnings (pre Deep Seek)? 6 questions that investors wanted to know going into 4Q24 earnings call

Ken S. Kim

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