In today’s briefing:
- Got the BBIG Rebalancing Results: SK Innovation Is the Trade This Week
- The Week Ahead in Options – 10 March
- Kospi Index Options Weekly (Mar 04 – 07): Market Stabilizes After Sharp Drop
- Hanmi Pharm (128940 KS): Corporate Value Enhancement Plan Targets W5 Trillion Revenue by 2033
Got the BBIG Rebalancing Results: SK Innovation Is the Trade This Week
- Real alpha? Tight basket means outsized passive flows. The play? SK Innovation, no contest.
- Samsung SDI faces -0.54x ADTV outflows. Other movers: Netmarble 0.68x, Wemade Max 0.54x, NHN -0.46x ADTV.
- Net-Net? SK Innovation is the trade. Long here, hedge short on Samsung SDI or the broader Battery space.
The Week Ahead in Options – 10 March
- US steel and aluminum tariffs (effective 12 March US time) will take effect on March 13 across the Asia-Pacific region. Volatility can be expected in Japan, South Korea, India, China.
- Major quarterly derivatives expirations will occur on March 13 in Japan (Nikkei 225, TOPIX, Stocks), South Korea (KOSPI 200, KOSDAQ 150, Stocks), and India (BSE Stock Futures and Options).
- Earnings announcements for AIA Group (1299 HK) and Li Auto (2015 HK/LI US) are scheduled for March 14, while India’s markets will be closed that day for the Holi holiday.
Kospi Index Options Weekly (Mar 04 – 07): Market Stabilizes After Sharp Drop
- Kospi takes a breather this week after last Friday’s sell-off to trade in a narrow range.
- Short-Term volatility eases in trade shortened week pulling implied vol down.
- We highlight the dynamic between implied and historic volatility and discuss whether long or short volatility strategies have been the most effective this year.
Hanmi Pharm (128940 KS): Corporate Value Enhancement Plan Targets W5 Trillion Revenue by 2033
- Hanmi Pharm (128940 KS) targets revenue CAGR of at least 15% during 2025–2027 (2021–24: 7.5%) to achieve revenue of KRW2.3T in 2027 and KRW5T by 2033.
- Hanmi expects to achieve operating profit of KRW380B in 2027, with operating margin of 16.5% (2024:14.4%). Operating profit is expected to reach KRW1T in 2033, with operating margin of 20.0%.
- R&D pipeline should play a major role in achieving the targets. The company plans to gradually increase the R&D spending to 15%+ of revenue.
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