In today’s briefing:
- October 7 MTD Reply: A Paradoxical Setup for Hynix
- Samsung Elec (005930 KS): Long 2x ETF Outflows Persist as Inverse Product Attracts Assets
October 7 MTD Reply: A Paradoxical Setup for Hynix
- The MTD Reply may help Hynix secure dismissal, but its arguments on quarterly pricing upside and HBM’s outsized margins could reinforce peak out concerns and increase antitrust risk.
- Chey appears to be pushing back against HBM peak out concerns by accelerating capex and reinforcing management’s confidence in sustained HBM and AI demand.
- Hynix may accelerate ADR expansion ahead of the Solidigm IPO, using deeper US market ties as a shield against regulatory risk.
Samsung Elec (005930 KS): Long 2x ETF Outflows Persist as Inverse Product Attracts Assets
- Samsung Electronics (005930 KS) gained 3.3% in September and its 2x Leveraged Index rose 4.6%, while combined long-ETF AUM remained broadly steady, declining 0.9%.
- All seven long-leveraged ETFs recorded unit redemptions, with net outflows reaching KRW 200bn in September and continuing in early October.
- In contrast, the inverse ETF’s unit count rose 90% and AUM increased 62%, despite the product losing 14.7% in September.
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