Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Newly Surfaced Risk to Hynix ADR Premium Trade

Hynix ADR Conversion Goes Live: Quota Hunting Dynamics to Watch

On Headlines that Hynix Will Fully Block ADR Conversion

Mapping Out the Moving Parts Around Hynix ADR Headroom

On the Timing of Hynix’s Underlying Stock Split

Hynix Filed F 6: 25 Percent Headroom, Phased Rollout Expected

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>2Q price reset was inevitable, but Hynix’s early leak three weeks before earnings raises questions. The timing matters given significant memory multiple compression and potential strategic positioning.</li>
<li>Need a precise Hynix playbook as memory multiple compression persists. Focus on capturing ADR conversion headroom as a micro catalyst and assessing its role as a relative buffer versus peers.</li>
<li>KSD guidelines could come earlier than expected. Medium term, combine US passive flows with memory hedges. Watch Samsung utilization ramp and potential preferred discount compression.</li>
</ul>


2Q price reset was inevitable, but Hynix’s early leak three weeks before earnings raises questions. The timing matters given significant memory multiple compression and potential strategic positioning.
Need a precise Hynix playbook as memory multiple compression persists. Focus on capturing ADR conversion headroom as a micro catalyst and assessing its role as a relative buffer versus peers.
KSD guidelines could come earlier than expected. Medium term, combine US passive flows with memory hedges. Watch Samsung utilization ramp and potential preferred discount compression.


Samsung Electronics Pref Shares (005935 KS)

Story Behind Hynix 2Q Earnings Reset Leak

SK Hynix

Story Behind Hynix 2Q Earnings Reset Leak