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>As the ex-dividend date in Korea has been before the dividend is determined, SSFs trade at a discount based on the anticipated dividend rather than adjusting dividend settlement proceeds explicitly.</li>
<li>The current dividend arbitrage yield for the financial companies can be seen as reflecting the postponement of the ex-dividend date to the next year.</li>
<li>We should pay attention to those with a significant dividend arbitrage yield but that did not amend their articles of incorporation earlier this year.</li>
</ul>


As the ex-dividend date in Korea has been before the dividend is determined, SSFs trade at a discount based on the anticipated dividend rather than adjusting dividend settlement proceeds explicitly.
The current dividend arbitrage yield for the financial companies can be seen as reflecting the postponement of the ex-dividend date to the next year.
We should pay attention to those with a significant dividend arbitrage yield but that did not amend their articles of incorporation earlier this year.


Understanding & Assessing Yearend Dividend Arbitrage Structure Using Futures in Korea

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Nvidia released FY3Q24 results with quarterly revenue at US$18.1bn, up 34% QoQ and 206% YoY. GPM was 74.0%, up 3.9ppts QoQ.</li><li>Net profit was US$9.2bn, up 50% QoQ and 1,274% YoY.</li><li>According to the company’s guidance, 4Q24 revenue is expected to reach US$20bn (+/-2%), implying 10% QoQ and 231% YoY growth; GAAP GPM is expected to increase to 74.5% (+/- 50bps). </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Nvidia released FY3Q24 results with quarterly revenue at US$18.1bn, up 34% QoQ and 206% YoY. GPM was 74.0%, up 3.9ppts QoQ.Net profit was US$9.2bn, up 50% QoQ and 1,274% YoY.According to the company’s guidance, 4Q24 revenue is expected to reach US$20bn (+/-2%), implying 10% QoQ and 231% YoY growth; GAAP GPM is expected to increase to 74.5% (+/- 50bps). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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>HBM DRAM, used for GPUs in AI, has enjoyed stable pricing while other DRAM prices have collapsed</li>
<li>This has attracted the attention of all DRAM makers, but SK hynix has a first-mover advantage</li>
<li>Although increased competition will reduce HBM prices, it will have little impact on GPU maker margins</li>
</ul>


HBM DRAM, used for GPUs in AI, has enjoyed stable pricing while other DRAM prices have collapsed
This has attracted the attention of all DRAM makers, but SK hynix has a first-mover advantage
Although increased competition will reduce HBM prices, it will have little impact on GPU maker margins


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Nov 17th which has an aggregated short interest worth USD11.9bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Celltrion, Celltrion Health, Amorepacific.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Nov 17th which has an aggregated short interest worth USD11.9bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Celltrion, Celltrion Health, Amorepacific.


KRX Short Interest Weekly (Nov 17th): Short Covers for Celltrion, Celltrion Health, Amorepacific

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

<ul>
<li>Q323 DRAM revenues amounted to $13.210 billion, up a robust 19.25% QoQ, but still down 27% from the year-ago period.</li>
<li>In the case of NAND, Q323 revenues amounted to $9.3 billion, up 4% QoQ but down 31.7% YoY.</li>
<li>All memory players remain loss making. We don't anticipate a return to black until Q224.</li>
</ul>


Q323 DRAM revenues amounted to $13.210 billion, up a robust 19.25% QoQ, but still down 27% from the year-ago period.
In the case of NAND, Q323 revenues amounted to $9.3 billion, up 4% QoQ but down 31.7% YoY.
All memory players remain loss making. We don't anticipate a return to black until Q224.


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)

Understanding & Assessing Yearend Dividend Arbitrage Structure Using Futures in Korea

This post offers insights into the framework of yearend dividend arbitrage trading using futures in the Korean market and assesses the current...

Sanghyun Park

Technology (Hardware/Semi) - 23 Nov 2023

Nvidia released FY3Q24 results with quarterly revenue at US$18.1bn, up 34% QoQ and 206% YoY. GPM was 74.0%, up 3.9ppts QoQ. Net profit was...

CMB International

HBM's Impact on DRAM Revenues

HBM DRAM prices remained stable while mainstream DRAM prices collapsed, attracting attention from all DRAM makers. SK hynix holds a first-mover...

Jim Handy

KRX Short Interest Weekly (Nov 17th): Short Covers for Celltrion, Celltrion Health, Amorepacific

We analyzed KRX short interest report for the past week and highlight short interest changes in Celltrion, Celltrion Health, Amorepacific.

Ke Yan, CFA, FRM

Q323 Memory Segment Review, Outlook

Q323 DRAM revenue $13.2 billion, +19.25% QoQ, but -27% YoY. Q323 NAND revenues $9.3 billion, +4% QoQ but -31.7% YoY. All memory players remain loss...

William Keating

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Understanding & Assessing Yearend Dividend Arbitrage Structure Using Futures in Korea

This post offers insights into the framework of yearend dividend arbitrage trading using futures in the Korean market and assesses the current...

Sanghyun Park

Technology (Hardware/Semi) - 23 Nov 2023

Nvidia released FY3Q24 results with quarterly revenue at US$18.1bn, up 34% QoQ and 206% YoY. GPM was 74.0%, up 3.9ppts QoQ. Net profit was...

CMB International

HBM's Impact on DRAM Revenues

​HBM DRAM prices remained stable while mainstream DRAM prices collapsed, attracting attention from all DRAM makers. SK hynix holds a first-mover...

Jim Handy

KRX Short Interest Weekly (Nov 17th): Short Covers for Celltrion, Celltrion Health, Amorepacific

We analyzed KRX short interest report for the past week and highlight short interest changes in Celltrion, Celltrion Health, Amorepacific.

Ke Yan, CFA, FRM

Q323 Memory Segment Review, Outlook

Q323 DRAM revenue $13.2 billion, +19.25% QoQ, but -27% YoY. Q323 NAND revenues $9.3 billion, +4% QoQ but -31.7% YoY. All memory players remain loss...

William Keating

HBM DRAM prices remained stable while mainstream DRAM prices collapsed, attracting attention from all DRAM makers. SK hynix holds a first-mover...