Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

SK Hynix (000660 KS) Tactical Outlook: Consolidation Dip As Entry Point Before ADR-Driven Re-Rating

SK Hynix & Samsung 2x ETFs: Quantifying Tactical Pullbacks and Optimal Re-Entry Zones

Hynix ADR Listing Timeline and Size: SK Leadership Pushing Really Aggressive Execution

Why Hynix ADR Proceeds Could Be Used for Cancellations: Square’s EB-ADR Push

Likely Setup for Hynix ADR and Square-Hynix Trade Dynamics

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>3 year FCF payout is cumulative 50 percent, but front loading possible. On KRW 100 trillion FCF, max 2026 return is KRW 50 trillion excluding ADR and 5 percent buffer.</li>
<li>Max case buyback capacity is KRW 46 trillion, or KRW 66 trillion including ADR proceeds recycling, all subject to non floor cumulative 50 percent FCF framework.</li>
<li>Market already at max case, with ADR success dependent on Hynix signaling near max buyback capacity to sustain foreign demand and early momentum.</li>
</ul>


3 year FCF payout is cumulative 50 percent, but front loading possible. On KRW 100 trillion FCF, max 2026 return is KRW 50 trillion excluding ADR and 5 percent buffer.
Max case buyback capacity is KRW 46 trillion, or KRW 66 trillion including ADR proceeds recycling, all subject to non floor cumulative 50 percent FCF framework.
Market already at max case, with ADR success dependent on Hynix signaling near max buyback capacity to sustain foreign demand and early momentum.


Key Areas to Clarify on Hynix 2026 Buyback Sizing and How the Framework Actually Plays Out