Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are <strong><a href="https://www.smartkarma.com/entities/contemporary-amperex-techn-a" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL (A) (300750 CH)</a> , <a href="https://www.smartkarma.com/entities/kimberly-clark-corp" target="_blank" data-smartkarma-citation="entities:2292:1" rel="noopener">Kimberly Clark (KMB US)</a></strong> and <strong><a href="https://www.smartkarma.com/entities/blackberry-ltd" target="_blank" data-smartkarma-citation="entities:25472:1" rel="noopener">BlackBerry Ltd (BB CN)</a></strong> </li>
<li>For the twenty-one weeks since inception ended 14 April the combined innovation portfolio was +3.6%, versus DJIA +0.4%, S&amp;P500 +4.3%, Nasdaq +8.8%, Russell2000 -3.7%, MSCI-ACWI-ETF +6.2%, all in US$ terms</li>
<li>For the same period the small cap innovation portfolio was up +5.9%, the mid cap portfolio was up +4.4% and the large cap portfolio was up +3.4%</li>
</ul>


The three companies we write about this week are CATL (A) (300750 CH) , Kimberly Clark (KMB US) and BlackBerry Ltd (BB CN) 
For the twenty-one weeks since inception ended 14 April the combined innovation portfolio was +3.6%, versus DJIA +0.4%, S&amp;P500 +4.3%, Nasdaq +8.8%, Russell2000 -3.7%, MSCI-ACWI-ETF +6.2%, all in US$ terms
For the same period the small cap innovation portfolio was up +5.9%, the mid cap portfolio was up +4.4% and the large cap portfolio was up +3.4%


The Innovations Portfolios - Week Twenty One

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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>Samsung SDI and LG Chem are expected to be newly included in the index, while Hana Financial and KT&amp;G Corporation are predicted to be excluded.</li>
<li>The correlation between the price movement and the flow direction on the rebalancing trading day of constituent changes from the past reviews was quite high.</li>
<li>We can set the price impact expectation for the upcoming review even more aggressively, given that the size of the flow x DTV is more significant than in previous cases.</li>
</ul>


Samsung SDI and LG Chem are expected to be newly included in the index, while Hana Financial and KT&amp;G Corporation are predicted to be excluded.
The correlation between the price movement and the flow direction on the rebalancing trading day of constituent changes from the past reviews was quite high.
We can set the price impact expectation for the upcoming review even more aggressively, given that the size of the flow x DTV is more significant than in previous cases.


Price/Flow Impact on Four Constituent Changes in KODEX Top 5 Plus ETF Rebalancing in June

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

<ul>
<li>ASPs &amp; bit shipments decreased by high single digits percent QoQ</li>
<li>Anticipated recovery in H2 '23 will be slow &amp; gradual</li>
<li>The potential for inventory write-downs remains a headwind but March revenue MoM increase is a hopeful sign</li>
</ul>


ASPs &amp; bit shipments decreased by high single digits percent QoQ
Anticipated recovery in H2 '23 will be slow &amp; gradual
The potential for inventory write-downs remains a headwind but March revenue MoM increase is a hopeful sign


Mirae Asset Tiger 200 It ETF / Event-Driven

<ul>
<li>In KOSPI 200 IT Sector Index rebalancing in June, we should consider using Samsung SDS as a hedge for short positions on KakaoPay from a day trading perspective.</li>
<li>The expected performance of traditional flow trading based on passive impact has become uncertain due to flexible rebalancing trading by local pensions and short selling resumption on K200 new entrants.</li>
<li>As such, flow events on these sector indices that are still pretty much under the radar in the market could be a meaningful alternative for us.</li>
</ul>


In KOSPI 200 IT Sector Index rebalancing in June, we should consider using Samsung SDS as a hedge for short positions on KakaoPay from a day trading perspective.
The expected performance of traditional flow trading based on passive impact has become uncertain due to flexible rebalancing trading by local pensions and short selling resumption on K200 new entrants.
As such, flow events on these sector indices that are still pretty much under the radar in the market could be a meaningful alternative for us.


An Alternative Flow Trading Angle for K200 Rebalancing in June

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

<ul>
<li>Semiconductor revenues remain in a decline, although that decline has slowed.</li>
<li>Prices appear to have reached cost.  They should follow cost declines until a shortage returns.</li>
<li>The timing of the next shortage is still in question.</li>
</ul>


Semiconductor revenues remain in a decline, although that decline has slowed.
Prices appear to have reached cost.  They should follow cost declines until a shortage returns.
The timing of the next shortage is still in question.


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)

The Innovations Portfolios - Week Twenty One

For the twenty-one weeks since inception ended 14 April the innovation small cap portfolio was up 5.9%, mid cap portfolio was up 4.4% and the large...

Pyari Menon

Price/Flow Impact on Four Constituent Changes in KODEX Top 5 Plus ETF Rebalancing in June

This post presents a Long Short basket trade idea on the four potential constituent changes in the KODEX Top 5 Plus TR ETF rebalancing in June.

Sanghyun Park

Nanya Q1 2023 Revenue Declines 19.2% QoQ

ASPs & bit shipments decreased by high single digits % QoQ. Anticipated recovery in H2 '23 will be slow & gradual. March revenue MoM increase is a...

William Keating

An Alternative Flow Trading Angle for K200 Rebalancing in June

This post investigates an alternative trading angle on flow events associated with the KOSPI 200 regular rebalancing in June.

Sanghyun Park

No Signs of a Chip Recovery

Has the chip downturn ended? No. Is there any sign that it's going to end soon? Again, no. This Insight provides concrete data points to...

Jim Handy

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