In today’s briefing:
- Reading the Latest Flow Patterns to Time a SK Square NAV Squeeze Trade
- The Pinkfong Company IPO Book Building Analysis
Reading the Latest Flow Patterns to Time a SK Square NAV Squeeze Trade
- Retail flow drove the ratio: selling pushed it higher, buying dragged it lower. Pre‑Sept they dip‑bought and flipped; since late Sept they’ve chased longs, fueling Hynix’s rally.
- Instos joined retail chasing Hynix, juicing momentum; KRX’s investment‑alert acts as a speed bump, likely cooling hot‑money flows and tilting the ratio in Square’s favor.
- But retail still drives Hynix; until they cool off, Square NAV squeeze is early. A sector‑wide AI pivot cooling retail frenzy is the real catalyst, bigger than KRX’s alert.
The Pinkfong Company IPO Book Building Analysis
- The Pinkfong Company successfully completed its IPO book building process. It finalized the IPO price at 38,000 won (high end of the IPO price range).
- A total of 2,300 domestic and international institutions participated in the book building process. The IPO competition ratio was 615.9 to 1.
- Our base case valuation of the Pinkfong Co is implied market cap of 671.4 billion won or target price of 46,369 won per share (over the next 6-12 months).
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