In today’s briefing:
- Hynix L2 Flag Risk: Why Stuck Below ₩620k? Eyes on Nov 17 Pivot
- Taiwan Top 50 ETF Rebalance Preview: Plenty of Big Overlapping Flows Coming Up
- Groww IPO Trading – Decent Overall Demand
- CNI Semiconductor Chips Index Rebalance Preview: One Set of Changes in December
- Fractal Analytics Pre-IPO: AI Play With Strong Fundamentals
- SoftBank (9984 JP) Tactical Outlook: What’s Next After NVDA Exit, Wild Swings, and Strong Earnings?
- AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success
- Atlassian’s Cloud + AI Combo Could Redefine How Companies Work Forever!
- Lucror Analytics – Morning Views Asia
- KPIT: Improving Trajectory, H2FY26 Guided to Be Significantly Better
Hynix L2 Flag Risk: Why Stuck Below ₩620k? Eyes on Nov 17 Pivot
- Hynix tagged L2: cash‑only, no margin. >40% two‑day rip triggers KRX halt. L2 caps distort tape; Square’s Oct 27–Nov 10 run showed the messy playbook.
- Hynix L2 review: five >200% YoY prints since Nov 4, but no fresh 15‑day high—₩620k from Nov 3 still the cap, yesterday stalled just below.
- Break above ₩620k likely triggers L2, leverage caps, volatile tape, Square outperformance; hold below into Monday kills L2 risk, keeps Hynix’s relative bid with retail still piling in.
Taiwan Top 50 ETF Rebalance Preview: Plenty of Big Overlapping Flows Coming Up
- There could be 4 constituent changes for the Yuanta/P-Shares Taiwan Top 50 ETF in December as positioning for buying by one set of index trackers pushes stocks into other indices.
- There will be passive inflows in some of the forecast adds week after next and the flows from these index trackers will come a few weeks later.
- With large AUMs tracking the dividend indices, stocks that have moved up a lot now have low dividend yields and there could be opposite flows from those index trackers.
Groww IPO Trading – Decent Overall Demand
- Groww (1573648D IN) raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
- With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
CNI Semiconductor Chips Index Rebalance Preview: One Set of Changes in December
- There could be one change for the CNI Semiconductor Chips Index with Verisilicon Microelectronics S (688521 CH) replacing Tianshui Huatian Technology Co, Ltd. (002185 CH).
- Passive trackers will need to buy 0.5x ADV in Verisilicon Microelectronics S (688521 CH) and sell 0.4x ADV in Tianshui Huatian Technology Co, Ltd. (002185 CH).
- There will be large selling in Cambricon Technologies Lt (688256 CH) due to capping while there will be smaller inflows for the other index constituents.
Fractal Analytics Pre-IPO: AI Play With Strong Fundamentals
- Fractal Analytics Ltd (2453623D IN) is looking to raise US$560m in its upcoming India IPO.
- Fractal Analytics Limited (FAL) is an enterprise AI company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.
- In this note, we look at the company’s past performance.
SoftBank (9984 JP) Tactical Outlook: What’s Next After NVDA Exit, Wild Swings, and Strong Earnings?
- Softbank Group (9984 JP) is swinging wildly. On Nov 11, the stock sank -13% after it said it had sold its entire stake in NVIDIA (NVDA US) for $5.83 billion.
- The stock also posted record Q2 earnings on Nov 12, but closed the day down -3.46% (after a strong rally from the 21k bottom). Most gains come from OpenAI investment.
- For sure it’s not easy to hold this stock at the moment, this insight will analyze the next 2-3 weeks’ outlook, support and resistance, according to our quantitative model.
AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success
- AMD achieved unprecedented revenue of $9.2 billion in Q3 2025, a 36% YoY growth driven despite margin contraction in the data centre segment.
- Despite record data centre revenue of $4.3 billion, the uplift was carried by fifth-gen EPYC server CPUs rather than Instinct GPUs.
- Multi-Year GPU commitments (from OpenAI to Oracle) strengthen the AI narrative without near-term numbers; Q4 guidance implies just 4% sequential growth, underscoring a digestion phase before the MI400 ramp.
Atlassian’s Cloud + AI Combo Could Redefine How Companies Work Forever!
- Atlassian Corporation Plc reported strong financial performance for the first quarter of fiscal year 2026, achieving total revenue growth of 21% year-over-year, amounting to $1.4 billion.
- A significant contributor to this growth was their cloud revenue, which saw a 26% increase to $998 million.
- Additionally, the company’s remaining performance obligations (RPO) grew impressively by 42% to $3.3 billion.
Lucror Analytics – Morning Views Asia
- The US Senate passed a temporary funding measure after a 60-40 vote yesterday, backed by eight centrist Democrats.
- The Bill will still require approval from the House and the signature of President Donald Trump. Mr Trump said yesterday that the US was “getting close” to a trade deal with India.
- US Treasury Secretary Scott Bessent downplayed concerns over high costs for consumers under the Trump administration, saying that it had inherited elevated price levels from the Biden administration, which he described as the worst in the past 40-50 years.
KPIT: Improving Trajectory, H2FY26 Guided to Be Significantly Better
- Despite macro challenges, KPIT delivered a decent Q2FY26 and is on track to post a much better H2FY26, led by reducing uncertainty and improving demand environment.
- More importantly, KPIT has been adding select capabilities that have been pivotal to building its differentiation and competitiveness. Its approach to move to solutions vs services has been yielding fruition.
- Deal wins came in strong in Q2FY26 at $232mm, well above the typical $150mm+ run-rate. Additionally, KPIT also won a mega $100mm+ deal.
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