In today’s briefing:
- Retail Range-Trading Hynix Is Driving Short-Term Inflection in Square NAV Trade
- An Early Look at Potential Additions and Deletions to KOSPI200 in June 2026
Retail Range-Trading Hynix Is Driving Short-Term Inflection in Square NAV Trade
- Structurally, Square’s NAV trade still works. The Hynix stake alone implies a 60%+ discount, well above local norms, with policy tailwinds supporting long-term compression.
- Near term, Square’s NAV is a derivative of retail Hynix flows. Today was the first real unwind since the 10th, with retail net selling roughly 5x yesterday’s retail net-sell.
- Retail sold both, but Hynix again dominated the tape. Retail is range-trading ₩500ks, and that behavior is the key driver of Square’s short-term NAV inflection.
An Early Look at Potential Additions and Deletions to KOSPI200 in June 2026
- In this insight, we provide an early look at the potential additions and deletions to KOSPI200 rebalance in June 2026.
- We provide 8 potential deletion candidates including Miwon Specialty Chemical (268280 KS), SeAH Steel Holdings (003030 KS), Asia Holdings (002030 KS), and Miwon Commercial (002840 KS).
- Eight potential additions in KOSPI200 in June 2026 are up on average 41.7% on average in the past six months, outperforming KOSPI in the same period.
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