In today’s briefing:
- SK HYNIX (000660 KS / SKHY US): Solidigm’s Value Just Quadrupled, According to Reuters
- Samsung Elec (005930 KS): Volatility Falls as 2x ETF Trading Activity Slumps
SK HYNIX (000660 KS / SKHY US): Solidigm’s Value Just Quadrupled, According to Reuters
- Reuters: Solidigm weighs IPO up to $150bn, ~$15bn raise, 2027 listing — 4x the KRW50T figure our August stub-value thesis modeled, but single-sourced and unfiled.
- Re-Run SOTP: Solidigm optionality lifts Fair Value by ₩324,000/share to ₩3,024,000, up 12% from our current TP of ₩2,700,000.
- We keep our Fair Value unchanged. This confirms our 40%-probability base case rather than surprising it. The SKHY rose by ~3% on Friday, a good sign it will rise today.
Samsung Elec (005930 KS): Volatility Falls as 2x ETF Trading Activity Slumps
- Samsung Electronics (005930 KS) gained 9.8% in September MTD and its 2x Leveraged Index rose 18.3%, but redemptions limited AUM growth to 15%.
- Units declined across every long-leveraged ETF, while the inverse product added 10% more units despite losing 20.2%.
- Annualised 21-day volatility fell from approximately 135% to 42%, coinciding with regulatory restrictions and a collapse in leveraged ETF flows and turnover.
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