Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Event-Driven

<div><p>Inheritance tax on listed companies' stocks is calculated based on the average of 4-month daily closing prices: 2 months before and 2 months after the passing.</p></div><div><p><strong>For Lee Kun-hee (who passed away on October 25), the calculation period is August 24 to December 22.</strong></p></div><div>
<table class="table table-striped">
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<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 379.282px;" data-sheets-value='{"1":2,"2":"Name"}'>Name</td>
<td style="text-align: right; width: 131.875px;" data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right; width: 171.875px;" data-sheets-value='{"1":2,"2":"4M avg price"}'>4M avg price</td>
</tr>
<tr>
<td style="width: 379.282px;" data-sheets-value='{"1":2,"2":"Samsung Electronics Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Samsung Electronics Co Ltd</td>
<td style="text-align: right; width: 131.875px;" data-sheets-value='{"1":2,"2":"005930"}' data-sheets-formula='="005930"'>005930</td>
<td style="text-align: right; width: 171.875px;" data-sheets-value='{"1":3,"3":62394}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}'>₩62,394</td>
</tr>
<tr>
<td style="width: 379.282px;" data-sheets-value='{"1":2,"2":"Samsung Electronics Co Ltd Preference Shares Non Voting"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Samsung Electronics Co Ltd Preference Shares</td>
<td style="text-align: right; width: 131.875px;" data-sheets-value='{"1":2,"2":"005935"}' data-sheets-formula='="005935"'>005935</td>
<td style="text-align: right; width: 171.875px;" data-sheets-value='{"1":3,"3":55697}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}'>₩55,697</td>
</tr>
<tr>
<td style="width: 379.282px;" data-sheets-value='{"1":2,"2":"Samsung SDS Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Samsung SDS Co Ltd</td>
<td style="text-align: right; width: 131.875px;" data-sheets-value='{"1":2,"2":"018260"}' data-sheets-formula='="018260"'>018260</td>
<td style="text-align: right; width: 171.875px;" data-sheets-value='{"1":3,"3":173048}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}'>₩173,048</td>
</tr>
<tr>
<td style="width: 379.282px;" data-sheets-value='{"1":2,"2":"Samsung C&amp;T Corp"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Samsung C&amp;T Corp</td>
<td style="text-align: right; width: 131.875px;" data-sheets-value='{"1":2,"2":"028260"}' data-sheets-formula='="028260"'>028260</td>
<td style="text-align: right; width: 171.875px;" data-sheets-value='{"1":3,"3":114680}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}'>₩114,680</td>
</tr>
<tr>
<td style="width: 379.282px;" data-sheets-value='{"1":2,"2":"Samsung Life Insurance co., Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Samsung Life Insurance co., Ltd</td>
<td style="text-align: right; width: 131.875px;" data-sheets-value='{"1":2,"2":"032830"}' data-sheets-formula='="032830"'>032830</td>
<td style="text-align: right; width: 171.875px;" data-sheets-value='{"1":3,"3":66276}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}'>₩66,276</td>
</tr>
<tr><td colspan="3" rowspan="1" style="width: 724.468px;" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table>
<p>At the 4M avg, the total taxable amount is ₩18.96T (for listed companies).</p>
<table class="table table-striped">
<colgroup>
<col width="300">
<col width="100">
<col width="100">
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<col width="100">
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<tbody>
<tr>
<td style="width: 287.431px;" data-sheets-value='{"1":2,"2":"Name"}'>Name</td>
<td style="text-align: right; width: 78.5417px;" data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right; width: 85.9491px;" data-sheets-value='{"1":2,"2":"Stake"}'>Stake</td>
<td style="text-align: right; width: 96.3195px;" data-sheets-value='{"1":2,"2":"Shares"}'>Shares</td>
<td style="text-align: right; width: 92.6157px;" data-sheets-value='{"1":2,"2":"Taxable (₩B)"}'>Taxable (₩B)</td>
</tr>
<tr>
<td style="width: 287.431px;" data-sheets-value='{"1":2,"2":"Samsung Electronics Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Samsung Electronics Co Ltd</td>
<td style="text-align: right; width: 78.5417px;" data-sheets-value='{"1":2,"2":"005930"}' data-sheets-formula='="005930"'>005930</td>
<td style="text-align: right; width: 85.9491px;" data-sheets-value='{"1":3,"3":0.0418}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>4.18%</td>
<td style="text-align: right; width: 96.3195px;" data-sheets-value='{"1":3,"3":249273200}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>249,273,200</td>
<td style="text-align: right; width: 92.6157px;" data-sheets-value='{"1":3,"3":15553.1520408}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}' data-sheets-formula="=R[0]C[-1]*R[-8]C[-2]/1000000000">15,553.2</td>
</tr>
<tr>
<td style="width: 287.431px;" data-sheets-value='{"1":2,"2":"Samsung Electronics Co Ltd Preference Shares Non Voting"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Samsung Electronics Co Ltd Preference Shares</td>
<td style="text-align: right; width: 78.5417px;" data-sheets-value='{"1":2,"2":"005935"}' data-sheets-formula='="005935"'>005935</td>
<td style="text-align: right; width: 85.9491px;" data-sheets-value='{"1":3,"3":0.0008}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>0.08%</td>
<td style="text-align: right; width: 96.3195px;" data-sheets-value='{"1":3,"3":619900}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>619,900</td>
<td style="text-align: right; width: 92.6157px;" data-sheets-value='{"1":3,"3":34.5265703}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}' data-sheets-formula="=R[0]C[-1]*R[-8]C[-2]/1000000000">34.5</td>
</tr>
<tr>
<td style="width: 287.431px;" data-sheets-value='{"1":2,"2":"Samsung SDS Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Samsung SDS Co Ltd</td>
<td style="text-align: right; width: 78.5417px;" data-sheets-value='{"1":2,"2":"018260"}' data-sheets-formula='="018260"'>018260</td>
<td style="text-align: right; width: 85.9491px;" data-sheets-value='{"1":3,"3":0.0001}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>0.01%</td>
<td style="text-align: right; width: 96.3195px;" data-sheets-value='{"1":3,"3":9701}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>9,701</td>
<td style="text-align: right; width: 92.6157px;" data-sheets-value='{"1":3,"3":1.678738648}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}' data-sheets-formula="=R[0]C[-1]*R[-8]C[-2]/1000000000">1.7</td>
</tr>
<tr>
<td style="width: 287.431px;" data-sheets-value='{"1":2,"2":"Samsung C&amp;T Corp"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Samsung C&amp;T Corp</td>
<td style="text-align: right; width: 78.5417px;" data-sheets-value='{"1":2,"2":"028260"}' data-sheets-formula='="028260"'>028260</td>
<td style="text-align: right; width: 85.9491px;" data-sheets-value='{"1":3,"3":0.0288}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>2.88%</td>
<td style="text-align: right; width: 96.3195px;" data-sheets-value='{"1":3,"3":5425733}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>5,425,733</td>
<td style="text-align: right; width: 92.6157px;" data-sheets-value='{"1":3,"3":622.22306044}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}' data-sheets-formula="=R[0]C[-1]*R[-8]C[-2]/1000000000">622.2</td>
</tr>
<tr>
<td style="width: 287.431px;" data-sheets-value='{"1":2,"2":"Samsung Life Insurance co., Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Samsung Life Insurance co., Ltd</td>
<td style="text-align: right; width: 78.5417px;" data-sheets-value='{"1":2,"2":"032830"}' data-sheets-formula='="032830"'>032830</td>
<td style="text-align: right; width: 85.9491px;" data-sheets-value='{"1":3,"3":0.2076}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>20.76%</td>
<td style="text-align: right; width: 96.3195px;" data-sheets-value='{"1":3,"3":41519180}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>41,519,180</td>
<td style="text-align: right; width: 92.6157px;" data-sheets-value='{"1":3,"3":2751.72517368}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}' data-sheets-formula="=R[0]C[-1]*R[-8]C[-2]/1000000000">2,751.7</td>
</tr>
<tr>
<td style="width: 287.431px;" data-sheets-value='{"1":2,"2":"Total"}'><strong>Total</strong></td>
<td style="text-align: right; width: 78.5417px;"><strong>-</strong></td>
<td style="text-align: right; width: 85.9491px;"><strong>-</strong></td>
<td style="text-align: right; width: 96.3195px;"><strong>-</strong></td>
<td style="text-align: right; width: 92.6157px;" data-sheets-value='{"1":3,"3":18963.305583867997}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}' data-sheets-formula="=sum(R[-5]C[0]:R[-1]C[0])"><strong>18,963.3</strong></td>
</tr>
<tr><td colspan="5" style="width: 723.727px;" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table>
<p><strong>The effective tax rate should come down to 58.2%, leading to ₩11.04T as a total inheritance tax for the Lee family (for listed companies).</strong></p>
<p>There is about a ₩500B increase since the passing.</p>
<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Tax calculations (₩B)"}'>Tax calculations (₩B)</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Taxable"}'>Taxable</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":18963.305583867997}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}' data-sheets-formula="=R[-4]C[3]">18,963.3</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Upper tax rate"}'>Upper tax rate</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>50.00%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Major shareholder premium"}'>Major shareholder premium</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>20.00%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Voluntary payment deduction"}'>Voluntary payment deduction</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.03}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>3.00%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Effective tax rate"}'><strong>- Effective tax rate</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.582}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[1]C[0]/R[-4]C[0]"><strong>58.20%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Tax"}'><strong>Tax</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":11036.643849811173}' data-sheets-numberformat='{"1":2,"2":"#,##0.0","3":1}' data-sheets-formula="=R[-5]C[0]*R[-4]C[0]*(1+R[-3]C[0])*(1-R[-2]C[0])"><strong>11,036.6</strong></td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: NTS"}'>Source: NTS</td></tr>
</tbody>
</table>
</div>

Inheritance tax on listed companies' stocks is calculated based on the average of 4-month daily closing prices: 2 months before and 2 months after the passing.For Lee Kun-hee (who passed away on October 25), the calculation period is August 24 to December 22.








Name
Ticker
4M avg price


Samsung Electronics Co Ltd
005930
₩62,394


Samsung Electronics Co Ltd Preference Shares
005935
₩55,697


Samsung SDS Co Ltd
018260
₩173,048


Samsung C&amp;T Corp
028260
₩114,680


Samsung Life Insurance co., Ltd
032830
₩66,276

Source: KRX


At the 4M avg, the total taxable amount is ₩18.96T (for listed companies).










Name
Ticker
Stake
Shares
Taxable (₩B)


Samsung Electronics Co Ltd
005930
4.18%
249,273,200
15,553.2


Samsung Electronics Co Ltd Preference Shares
005935
0.08%
619,900
34.5


Samsung SDS Co Ltd
018260
0.01%
9,701
1.7


Samsung C&amp;T Corp
028260
2.88%
5,425,733
622.2


Samsung Life Insurance co., Ltd
032830
20.76%
41,519,180
2,751.7


Total
-
-
-
18,963.3

Source: KRX


The effective tax rate should come down to 58.2%, leading to ₩11.04T as a total inheritance tax for the Lee family (for listed companies).
There is about a ₩500B increase since the passing.






Tax calculations (₩B)

Taxable
18,963.3


Upper tax rate
50.00%


Major shareholder premium
20.00%


Voluntary payment deduction
3.00%


- Effective tax rate
58.20%


Tax
11,036.6

Source: NTS




Samsung Elec Ex-Div Unhedged Outright Trade

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

Equity Bottom-Up

<p>The inheritance tax due for the late KH Lee is set at W11.4 trillion.  The market is interested in how this $10 billion bill will be paid by the Lee family and ensconced a general take on how to pay for this without a big cash outlay</p>

The inheritance tax due for the late KH Lee is set at W11.4 trillion.  The market is interested in how this $10 billion bill will be paid by the Lee family and ensconced a general take on how to pay for this without a big cash outlay

Samsung Inheritance Tax Set Is Good News for Samsung Dividends

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Last Week in Event SPACE: Japan Post, JD.com, Toyota, NTT, Jardines, Indices/Exec. Orders, Tianneng

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/country-garden-services-holdings-company-limited" target="_blank" data-smartkarma-citation="entities:27343:1" rel="noopener">Country Garden Services Holdings (6098 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (HK) (9618 HK)</a>, <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> and <a href="https://www.smartkarma.com/entities/netease" target="_blank" data-smartkarma-citation="entities:29030:1" rel="noopener">NetEase (9999 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> and <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-international-corp-smic" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">Semiconductor Manufacturing International Corp (SMIC) (981 HK)</a>. Shorts increased on Industrials, Consumer Discretionary and Real Estate, and decreased on Financials and Information Technology names.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a>, <a href="https://www.smartkarma.com/entities/kao-corp" target="_blank" data-smartkarma-citation="entities:12933:1" rel="noopener">Kao Corp (4452 JP)</a>, <a href="https://www.smartkarma.com/entities/central-japan-railway-co" target="_blank" data-smartkarma-citation="entities:13520:1" rel="noopener">Central Japan Railway Co (9022 JP)</a> and <a href="https://www.smartkarma.com/entities/bridgestone-corp" target="_blank" data-smartkarma-citation="entities:8914:1" rel="noopener">Bridgestone Corp (5108 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a>, <a href="https://www.smartkarma.com/entities/takeda-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:11747:1" rel="noopener">Takeda Pharmaceutical (4502 JP)</a>, <a href="https://www.smartkarma.com/entities/toto-ltd" target="_blank" data-smartkarma-citation="entities:11028:1" rel="noopener">Toto Ltd (5332 JP)</a> and <a href="https://www.smartkarma.com/entities/casio-computer-co-ltd" target="_blank" data-smartkarma-citation="entities:18338:1" rel="noopener">Casio Computer (6952 JP)</a>. Sectorally, shorts increased on Consumer Discretionary, Information Technology, Consumer Staples and Industrials, and decreased on Health Care names.</p></div><div><p>In Korea, there were large short positions put on in <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> and <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a>.</p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a>, <a href="https://www.smartkarma.com/entities/unimicron-technology-corp" target="_blank" data-smartkarma-citation="entities:18778:1" rel="noopener">Unimicron Technology (3037 TT)</a>, <a href="https://www.smartkarma.com/entities/chung-hsin-electric-machinery-mfg-corp" target="_blank" data-smartkarma-citation="entities:3380:1" rel="noopener">Chung Hsin Electric &amp; Machinery Mfg (1513 TT)</a> and <a href="https://www.smartkarma.com/entities/innolux-corp" target="_blank" data-smartkarma-citation="entities:4509:1" rel="noopener">Innolux Corp (3481 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/walsin-technology-corp" target="_blank" data-smartkarma-citation="entities:11084:1" rel="noopener">Walsin Technology (2492 TT)</a>, <a href="https://www.smartkarma.com/entities/epistar-corp" target="_blank" data-smartkarma-citation="entities:6849:1" rel="noopener">Epistar Corp (2448 TT)</a> and <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a>.   </p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Country Garden Services Holdings (6098 HK), JD.com (HK) (9618 HK), China Mobile (941 HK) and NetEase (9999 HK) while there was short covering on Ping An Insurance (H) (2318 HK), Tencent Holdings (700 HK), Xiaomi Corp (1810 HK) and Semiconductor Manufacturing International Corp (SMIC) (981 HK). Shorts increased on Industrials, Consumer Discretionary and Real Estate, and decreased on Financials and Information Technology names.In Japan, stocks that saw the most shorts were Honda Motor (7267 JP), Kao Corp (4452 JP), Central Japan Railway Co (9022 JP) and Bridgestone Corp (5108 JP) while shorts decreased on M3 Inc (2413 JP), Takeda Pharmaceutical (4502 JP), Toto Ltd (5332 JP) and Casio Computer (6952 JP). Sectorally, shorts increased on Consumer Discretionary, Information Technology, Consumer Staples and Industrials, and decreased on Health Care names.In Korea, there were large short positions put on in LG Chem Ltd (051910 KS), Samsung Electronics (005930 KS), Celltrion Inc (068270 KS) and SK Hynix (000660 KS).Stocks in Taiwan that saw the highest increase in shorts were Largan Precision (3008 TT), Unimicron Technology (3037 TT), Chung Hsin Electric &amp; Machinery Mfg (1513 TT) and Innolux Corp (3481 TT) while shorts were covered on TSMC (2330 TT), Walsin Technology (2492 TT), Epistar Corp (2448 TT) and Novatek Microelectronics Corp (3034 TT).   

Asia Short Interest: JD, NetEase, Xiaomi, SMIC, M3, Toto, LG Chem, Celltrion, Largan, TSMC

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<p><a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel'</a>s share price is currently down some 26% from its 52 week high, almost exactly where it was three years ago. Meanwhile, competitors <a href="https://www.smartkarma.com/entities/advanced-micro-devices-inc" target="_blank" data-smartkarma-citation="entities:19009:1" rel="noopener">Advanced Micro Devices</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA'</a>s share prices have more than doubled over the same time period. Paradoxically, demand for Intel's products has never been stronger and the company will likely deliver 5% YoY revenue growth compared to the 2% forecasted back in January. How did Intel find itself in this situation and where is the company heading from here? Here's our thoughts on the matter...</p>

Intel's share price is currently down some 26% from its 52 week high, almost exactly where it was three years ago. Meanwhile, competitors Advanced Micro Devices and NVIDIA's share prices have more than doubled over the same time period. Paradoxically, demand for Intel's products has never been stronger and the company will likely deliver 5% YoY revenue growth compared to the 2% forecasted back in January. How did Intel find itself in this situation and where is the company heading from here? Here's our thoughts on the matter...

Intel. How Did We Get Here And Where Are We Going?

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (SMSN LI)

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Intel. How Did We Get Here And Where Are We Going?

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