Markets desk

Wed 2 Sep 2026 08:27 HKT / 09:27 KST

KR cash OPEN. Live Naver ~09:26 KST: KOSPI ~6,681 (−2.27%); 000660 1,653,000 (−2.36%); Doosan Fuel Cell 336260 ~40,900 (−7.78%) leftover soft after HyAxiom keep. Last completed cash still Tue 1 Sep. Paper only. Shorts UNKNOWN (data.krx login-walled). HYROX Warsaw: still “TICKET SALES START SOON” (found=false; muted; no ping).

watchlists AJ US: Outlook still dark. No newer overnight ticker posts. Tue NEW still: NIO Y caution, EOS Y avoid. Standing Y: MU, MRVL, NVDA, XPEV, META, AMD, ORCL wait, TSLA caution, SPCX watch. Korea attractive list EMPTY besides Hynix desk.

news Fresh Asia strip (8): Zhipu H1 nearly 4× / API mix 86.5%; MiniMax H1 $117m (+283%) Tue −3.5%; DeepSeek V4-Flash-Vision-Exp weights 31 Aug; KOSPI OPEN soft ~−2.3%; HSI PREOPEN after Tue −0.93%; KR Aug exports +68.7% / chips +209%; SEMCO MLCC LTA ~₩1.07tn; Tue KOSPI +0.23% baseline. HKET blocked.

X Home unavailable. Sentiment mixed, confidence medium. NEW overnight: @jukan05 Dell DRAM→NAND constraints; @jukan05 confirms SA vs SKHY IR HBM4 sweetheart $3.0–3.3/Gb; @zephyr_z9 Motif/SA “Nvidia Wins, Hynix Loses”; @zephyr_z9 KV cache→Flash; @citrini Tue 22:04 two-weeks teaser. Prior Flash ASP / zHBM cards kept, not re-NEW.

DART Scan 3 Sep 2026 08:24 KST: no new material (RSS n=6; last_seen Lotte Holdings prospectus 08:15). Prior keeps stand: Hanwha Ocean 042660 Yang Ming ₩1,552.7bn + Arctic LNG 2 SIAC USD 1.0bn. No 000660.

funding ~08:17 HKT. BN vs HL mark: SKHYUSDT vs xyz:SKHY +16.7 bp; SKHYNIXUSDT vs xyz:SKHX +17.2 bp. Next BN: SKHY/BTC/ETH/SOL 16:00 HKT; SKHYNIX 12:00 HKT. BN Hynix lastFR 0. Two books stay split. Paper.

Hynix Live OPEN 000660 1,653,000 (−2.36%) vs Tue close 1,693,000 (+1.14%) V 2,727,724. For +91,835 / Inst −142,669 (Tue; Naver labeled KRX). shorts UNKNOWN. SKHY RTH $160.78 / AH $159.53. FX Yonhap 15:30 Tue 1,370.40. prem RTH +30.14%; AH vs live ~+32.3%. KIND/DART: still 28 Aug FTC only. Seoul paper rule NO (−2.36% / prem ~+32% vs ≤−8% / ≥+40%).

Treasury buyback trust ₩3.0bn via Mirae Asset (~126k sh / ~1.57% of shares); cancel after; Sep 2–Mar 2

What: 2 Sep 11:27 KST: KNJ filed a major-matter report — new treasury-share acquisition trust. Contract amount ₩3,000,000,000. Window 2 Sep 2026–2 Mar 2027. Purpose: shareholder value. Trustee/broker: Mirae Asset Securities. Signing scheduled 2 Sep 2026. Planned ordinary shares 126,315 sized off board-day-prior close ₩23,750 (1 Sep). Pre-trust dividendable treasury: 194,656 ordinary = 2.43% of issued. Board 2 Sep 2026 (3 outside directors present). After acquisition they intend to cancel the trust lot (separate board later; size/timing TBD). Remaining Commercial Act dividendable-profit buyback ceiling after this ₩3.0bn contract: ₩43,499,707,921. Capital ₩4,012,697,500 / par ₩500 → issued ordinary 8,025,395. Live ₩24,200 (+1.89% / +450 vs ₩23,750), open ₩23,450, high ₩24,950, low ₩22,900, volume 31,779, turnover ₩753m, shares 8,025,395, mcap ₩1942.1bn (Naver). ₩3.0bn is 1.54% of live mcap; 126,315 is 1.57% of shares. Printed into the cash session.

Why up 1-3%, p≈25% leftover: ₩3.0bn Mirae Asset trust / ~1.6% of shares / ~1.5% of a ₩1942bn KOSDAQ name, with an explicit cancel-after-buy path, is a real open-market bid plus float-shrink signal, not a rumor. Bullish because the board authorized fresh cash into the tape for six months and said the acquired lot is meant to be cancelled (not just held). 1-3% not 3-8% because ₩3bn / ~1.6% of shares is only low-single-digit size versus same-desk keeps like NanoEnTek ₩5bn/~3.3% or Taewon ~6.9%. Probability ~25% for leftover because Wednesday is already live +1.89% (high +5.1% to ₩24,950) into the 11:27 print, so part of the reaction is already in the session.

DART · Naver

Kuwait LNG combined-cycle equipment ₩145.25bn (18.8% of 2025 sales) through Apr 2029

What: 2 Sep 10:57 KST: BHI filed a single sales/supply contract for LNG combined-cycle power-plant equipment. Amount ₩145,251,800,000 = USD 106,000,000 at ₩1,370.30/USD on 2 Sep 2026 = 18.8% of 2025 consolidated sales ₩774,116,878,915. Unconditional. Counterparty: Tie Jun International (HK) Limited (power generation; no affiliation disclosed). Region: Kuwait. Term 2 Sep 2026–15 Apr 2029. Own production. 10% advance; invoice paid within 45 days. Board/contract date 2 Sep 2026. Notes: Limited Notice To Proceed already received so work and some cash collection started before the 9/2 formal contract; amount/term may change with construction. Live ₩60,600 (−0.98% / −600 vs ₩61,200), open ₩59,000, high ₩62,000, low ₩58,600, volume 166,519, turnover ₩10,075m, shares 30,944,375, mcap ₩1.8752tn (Naver). Contract is ~7.75% of live mcap. Printed into the cash session.

Why up 3-8%, p≈30% leftover: ₩145.25bn / 18.8% of 2025 sales / ~7.8% of a ₩1.88tn KOSDAQ power-equipment name into a named Kuwait LNG combined-cycle job is a real multi-year backlog print, not a rumor. Bullish because it converts USD 106m of overseas plant equipment into dated revenue through Apr 2029 with a 10% advance on own production. 3-8% not 8%+ because the KRW accretes over about 2.6 years, it is only ~7.8% of a ₩1.88tn tape, and an LNTP already let them start work and collect some cash before today. Probability ~30% for leftover because the fact is unambiguous (USD, FX, sales ratio all in the table) but Wednesday is already live −0.98% into the 10:57 print, so a full leftover gap is not sitting in the tape.

DART · Naver

Cancel 3.38m already-held treasury shares (5.93% of issued) on 9 Sep; book ₩8.14bn

What: 2 Sep 10:52 KST: Bubang filed a share-cancellation of 3,383,159 already-held ordinary treasury shares vs issued ordinary 57,049,640 = 5.93%. No new buyback window. Book value ₩8,141,182,412 (average acquisition cost × shares; not a market-value figure). Par ₩500. Cancel scheduled 9 Sep 2026 (may slip with agencies). Commercial Act Art. 343(1) distributable-profit cancel; no reduction of legal capital. Board 2 Sep 2026 (3 outside directors present). After cancel, issued count would be 53,666,481. This is the second ~5% already-held cancel in a month (4 Aug filing cancelled 3,002,620 of then-issued 60,052,260 effective 11 Aug). Live ₩1,013 (+1.40% / +14 vs ₩999), open ₩998, high ₩1,097, low ₩976, volume 282,830, turnover ₩296m, Naver mcap ₩60.8bn (Naver still lists 60,052,260 shares). Printed into the cash session.

Why up 1-3%, p≈25% leftover: cancelling 5.93% of issued shares is a real float shrink, not a rumor. Bullish because the share count falls on 9 Sep with no new cash out, so EPS and book per remaining share step up. 1-3% not 3-8% because the shares are already in treasury (no incremental bid), this is the second ~5% cancel in a month after control already crossed 50% in August, and the tape already printed a ₩1,097 high (+9.8% vs ₩999). Probability ~25% for leftover because the fact is unambiguous but Wednesday is live +1.40% after that spike faded, so most of a gap is not sitting in the remaining session.

DART · Naver

Overseas battery robotics automation ₩33.26bn (108.48% of 2025 sales); 30-min halt then 10-min single-price

What: 2 Sep 09:21 KST: Jays Robotics filed a single sales/supply contract for overseas battery robotics automation. Amount ₩33,260,000,000 ex-VAT = 108.48% of 2025 consolidated sales ₩30,661,005,588. Overseas. Term 1 Sep 2026–31 Aug 2027. Payment 30/40/20/10%. Counterparty withheld until 31 Aug 2027. Related trading-halt notice rcp 20260902900062 (30-minute halt, then 10-minute single-price auction). Live ₩4,610 (flat), volume 2,846, shares 17,476,594, mcap ₩80.6bn (17,476,594 × ₩4,610). Contract is ~41.3% of live mcap. Printed into the cash session; halt overlay on a thin tape.

Why up 8%+, p≈50% leftover: ₩33.26bn / 108% of 2025 sales / ~41% of an ₩80.6bn KOSDAQ robotics name, with a 30-minute halt into single-price, is a real one-year backlog event, not a rumor. Bullish because it is more than a full year of sales into Aug 2027 on a tape that had only 2,846 shares printed when the halt hit. 8%+ not 3-8% because size plus the halt on a thin book clears the large-contract bar. Probability ~50% for leftover because the buyer is secret until Aug 2027, the name has a May unfaithful-disclosure history, and the stock was still flat into the halt, so a full gap is not locked.

DART · halt · Naver

Korea Southern Power Hadong HRSG ₩128.15bn (21.14% of 2025 sales) through Dec 2029

What: 2 Sep 09:03 KST: SNT Energy filed a single sales/supply contract with Korea Southern Power for Hadong HRSG. Amount ₩128,150,000,000 ex-VAT = 21.14% of 2025 consolidated sales ₩606,119,987,434. Domestic. Term 1 Sep 2026–31 Dec 2029. Amount/term may change with construction. Related SNT Holdings mirror rcp 20260902800054 is the same contract, not a second keep. Live ₩32,000 (−2.44% / −800 vs ₩32,800), open ₩31,150, high ₩32,300, low ₩30,550, volume 64,352, mcap ₩661.8bn. Contract is ~19.4% of live mcap. Context: Doosan Enerbility same-day ₩6.6585tn Hadong EPC; SNT was already in the August consortium narrative. Printed into the cash session.

Why up 3-8%, p≈25% leftover: ₩128.15bn / 21% of 2025 sales / ~19% of a ₩662bn KOSPI energy-equipment name at Korea Southern Power credit is a real book of the August consortium into KRW, not a rumor. Bullish because it converts a named utility HRSG package into dated revenue through Dec 2029. 3-8% not 8%+ because the KRW accrues over about three years and the bigger Doosan Enerbility Hadong EPC was already known. Probability only ~25% for leftover because Wednesday is already live −2.44% (low −6.9%) into the 09:03 print, so most of a gap is not sitting in the tape.

DART · Holdings mirror · Naver

Affiliate HyAxiom fuel-cell system supply ₩501.4bn (110.25% of 2025 sales) through 20 Apr 2028

What: 2 Sep 08:09 KST (pre-open): Doosan Fuel Cell filed a single sales/supply contract. Counterparty: HyAxiom, Inc. (affiliate / 계열사). Contract: fuel-cell system supply. Amount ₩501.4bn (₩5,014억; Thinkpool/Herald reprint of DART; exact won may be rounded to 억). Vs 2025 consolidated sales ₩454.8bn = 110.25%. Term ~20 months through 20 Apr 2028 (Herald). Prior close ₩44,350, shares 65,493,726, mcap ₩2,904.6bn (Naver pre-open). ₩501.4bn is ~17.3% of prior-close mcap. Printed before the 09:00 KST cash open. Numbers cross-checked: DART RSS title/time/rcpNo; Thinkpool orders table (updated 09/02 08:15) and major list; Herald via Naver (affiliate + amount + % + end date).

Why up 8%+, p≈45% open gap: a ₩501.4bn / 110% of 2025 sales / ~17% of a ₩2.90tn KOSPI fuel-cell name, printed pre-open, is a real backlog event, not a rumor. Bullish because the disclosed KRW is more than one full year of 2025 sales into a dated window through Apr 2028, so the tape can re-rate H2–2027 delivery visibility. 8%+ not 3-8% because 110% of sales and ~17% of mcap clear the large-cap size bar even after August’s order-run. Probability only ~45% for a full 8%+ open because HyAxiom is an affiliate (계열사), so this is related-party manufacturing supply rather than a fresh independent third-party PO, the US data-center HyAxiom pipeline was already in the August narrative that lifted the stock ~54%, and exact DART table fields (FX, advance %, region) were not re-read from the HTML viewer this pass — only RSS + Thinkpool + Herald reprints.

DART · Naver

Subs pledge/guarantee ₩206.5bn ($150m IFC/AIIB) for HK parent (~59% of mcap)

What: 1 Sep 16:05–16:06 KST (after cash close): GRT filed a package of subsidiary major-management notices on the same $150m facility. Debtor: Great Rich Technology Ltd (Hong Kong parent). Creditors: IFC and AIIB. Debt/collateral/guarantee amount ₩206,475,000,000 (= USD 150,000,000 at ₩1,376.50/USD on 31 Aug 2026). Term 31 Aug 2026–15 Aug 2033. (1) Collateral rcp 20260901900454: sub Jiangsu Huiji New Materials pledges production equipment; collateral ₩206.475bn vs that sub’s equity ₩413.247bn = 49.96%; sub is 61.6% of consol assets (sub assets ₩1,107.3bn / consol ₩1,797.2bn). (2) Guarantee rcp 20260901900448: same Huiji sub guarantees ₩206.475bn = 49.96% of its equity. (3) Guarantee rcp 20260901900451: sub Jiangsu Tongli Optical guarantees ₩206.475bn vs its equity ₩143.638bn = 143.75%; sub is 37.1% of consol assets. (4) Guarantee rcp 20260901900444: another Tongli-group sub guarantees ₩206.475bn vs equity ₩622.301bn = 33.18%; sub is 42.9% of consol assets. Board/decision date 31 Aug 2026. Cash close ₩4,200 (−0.24% / −10 vs prior), volume 450,611, turnover ₩19.4억, shares 83,510,544, mcap ₩3,507억 = ₩350.7bn (Naver). ₩206.5bn is 58.9% of close mcap. Printed after the 15:30 cash close.

Why mixed 3-8%, p≈35% next session: a $150m IFC/AIIB holdco facility through 2033 with ₩206.5bn of opco pledges and cross-guarantees (~59% of GRT’s ₩351bn mcap) is a real balance-sheet event, not a rumor. Mixed because development-bank term debt is long-duration group funding, but the listed company’s China operating subs (including the 61.6%-of-assets Huiji unit) are encumbering production equipment and writing guarantees for the HK parent — classic upstream related-party support that can worry KR retail if parent stress shows up. 3-8% not 8%+ because this is collateralization of a loan, not a cash loss, dilution, or lawsuit claim, and the same ₩206.5bn is one facility counted across several notices rather than additive exposure. Probability ~35% for a Wednesday gap that way because the fact is unambiguous and after-close, but the market can also read IFC/AIIB as a credit positive, so a clean mid-single-digit gap is not the base case.

DART · guarantee Tongli · guarantee Huiji · Naver

7th CB conversion 2.34m sh / 8.62% of shares @ ₩1,797; list 16–22 Sep

What: 1 Sep 16:02 KST (after cash close): AdBioTech reported conversion-right exercises on its 7th private unsecured CB (issue decided 3 Jul 2025). Cumulative newly reported converted shares 2,337,228 vs issued ordinary 27,117,243 = 8.62% (issued count excludes the new shares). Two claims: (1) 26 Aug 2026: ₩199,998,912 → 111,296 sh @ ₩1,797, listing planned 16 Sep 2026; (2) 1 Sep 2026: ₩3,999,999,804 → 2,225,932 sh @ ₩1,797, listing planned 22 Sep 2026. Conversion price was reset after the 13 Jan 2026 paid-in capital increase. Original 7th CB face ₩8.0bn; unconverted residual now ₩3.5bn → 1,947,690 more convertible shares still overhang. Cash close ₩2,540 (+1.20% / +30 vs prior ₩2,510), open ₩2,540, high ₩2,550, low ₩2,385, volume 63,655, turnover ₩1.56억, mcap ₩68.8bn (Naver close). At ₩1,797 the converted block is ~₩4.20bn (~6.1% of close mcap); at the ₩2,540 close the same shares mark ~₩5.94bn (~8.6% of mcap). Conversion strike is ~29% below the close. Printed after the 15:30 cash close.

Why down 3-8%, p≈40% next session: an 8.62% share-count CB conversion into a ₩69bn KOSDAQ biotech, with another ₩3.5bn / ~1.95m sh still convertible, is real dilution and a dated listing overhang, not a rumor. Bearish because converters locked a ~29% discount to Tuesday’s close and the new stock lists 16 Sep and 22 Sep, so forced/arbitrage supply can hit the tape then; even before listing, the print confirms the CB is being exercised into equity. 3-8% not 8%+ because the float does not land tomorrow (mid-Sep listing), the residual CB was already known, and Tuesday already closed +1.2% before the after-hours print. Probability ~40% for a Wednesday gap that way because the fact is unambiguous and after-close, but the economic dump is staggered to the listing dates rather than the open, so a full mid-single-digit overnight gap is not the base case.

DART

Shenzhen court claim ₩15.35bn joint-guarantee (6.73% of equity / 10.9% of mcap)

What: 1 Sep 15:16 KST: YMT disclosed a lawsuit above the size threshold. Case: claim for share-transfer price etc., (2026) Yue 03 Min Chu No. 5333. Plaintiffs: Cao Xuehong and United Leader Ltd. (CEO: Cao Xuehong). Defendants: (1) Hongwei Technology (Shenzhen) Co., Ltd.; (2) YMT Co., Ltd. (the company); (3) TITAN Co., Ltd. Plaintiffs ask Shenzhen Intermediate People's Court (Guangdong, China) to order Hongwei to pay RMB 43,500,000 share-buyback price + RMB 815,178.09 overdue interest (12% from 4 Apr 2026; figure as of 30 May 2026) + RMB 30,000,000 penalty + RMB 500,000 legal fees + RMB 29,927 preservation insurance = RMB 74,845,105.09, and that YMT and TITAN bear joint-and-several settlement liability as alleged guarantors. KRW claim ₩15,346,991,299 vs equity ₩228,050,949,446 = 6.73%. FX ₩205.05/CNY as of 31 Aug. Docket date 23 Jun 2026 (court response notice); YMT confirmed 31 Aug 2026 when China counsel received 28 Aug court papers. Underlying: 5 Jan 2026 share-transfer and exit framework agreement. YMT says it and Hongwei tried a capital reduction/buyback but FX rules blocked paying Cao offshore; it denies default and the penalty and will contest while also negotiating a lawful close. Live ₩7,800 (−5.22% / −430 vs prior close ₩8,230), open ₩8,230, high ₩8,230, low ₩7,520, volume 225,241, turnover ₩17.34억, 18,013,213 shares, mcap ₩140.5bn (Naver ~15:49 KST). ₩15.35bn is 10.9% of live mcap. Printed 15:16 into the cash session.

Why down 8%+, p≈30% leftover: ₩15.35bn of alleged joint-guarantee / 6.73% of equity / 10.9% of an ₩140.5bn KOSDAQ name is a real China-court claim, not a rumor. Bearish because if Shenzhen treats YMT as joint guarantor on the 5 Jan exit deal, YMT may have to cash ~11% of mcap for a Hongwei buyback it says was blocked by FX rules, not by YMT default. 8%+ not 3-8% because 11% of mcap / 6.7% of equity clears the size bar on a ₩17억 tape. Probability only ~30% for further leftover because Tuesday is already live −5.22% (low −8.6% to ₩7,520) into the 15:16 print, there is no judgment, YMT disputes the guarantee and the RMB 30m penalty, and it is also negotiating a lawful close, so a full 11% Wednesday gap is not the base case.

DART

Open-market buyback 521,739 sh / ₩12.0bn (~6.86% of shares) via NH; 2 Sep–1 Dec

What: Board 1 Sep: KOSPI open-market treasury buy of 521,739 ordinary shares for ₩1,199,999,700. Window 2 Sep 2026–1 Dec 2026. Purpose: share-price stability and shareholder value. Method: on-exchange direct acquisition (not a trust). Broker: NH Investment & Securities. Sized off board-day-prior close ₩2,300 (31 Aug); actual buys track the tape. Daily order cap 52,173 ordinary (rule: min of max(25% of 1-month ADV 16,324, 10% of program 52,173) vs 1% of issued 76,000). Pre-deal treasury: dividendable 583,442 (7.68%) + other 2,893 (0.03%) = 586,335. Issued ordinary 7,600,000. Remaining dividendable-profit buyback ceiling ₩18,818,220,419. Outside directors 1 present / 1 absent; auditor absent. Live ₩2,565 (+11.52% / +265 vs prior close ₩2,300), open ₩2,300, high ₩2,600, low ₩2,085, volume 114,688, turnover ₩2.72억, 7,600,000 shares, mcap ₩19.5bn (Naver ~15:15 KST). ₩12.0bn is 6.2% of live mcap; 521,739 is 6.86% of shares. Printed 14:59 into the cash session. Buys start 2 Sep.

Why up 3-8%, p≈25% leftover: ₩1.20bn / 6.86% of shares / 6.2% of an ₩19.5bn KOSPI textile name is a real three-month on-exchange bid, not a rumor. Bullish because NH can lift 52,173 shares a day (about half of today’s 114688 volume) starting tomorrow into a name that already sits on 7.68% dividendable treasury. 3-8% not 8%+ because ₩1.2bn is mid-single-digit mcap, not a double-digit squeeze, and the program dribbles to 1 Dec. Probability only ~25% for further leftover because Tuesday is already live +11.52% (high was +13.0% to ₩2,600) into the 14:59 print, so most of a squeeze is likely already in the tape, and buys do not start until 2 Sep.

DART

US AchieveDx license+kit supply; 3y min ~$7.23m (₩99.2bn, 172% of 2025 sales)

What: 1 Sep: Celemics signed a license-and-supply deal with Achieve Diagnostics, LLC (AchieveDx, US). Celemics licenses its tech and supplies related diagnostic kits. Effective 31 Aug 2026–30 Aug 2029 (3 years), auto-renews 1y unless either party rejects 90 days prior. No upfront or milestone lump sum; revenue is royalty on licensed tests (20% of net sales) plus kit sales. 3-year cumulative minimums: royalty on minimum licensed-test net sales $12,375,000 → royalty $2,475,000 (₩3,399,660,000); kit minimum purchase $4,750,000 (₩6,524,600,000). FX 1 Sep mid ₩1,373.60/USD. Combined minimum cash to Celemics ~$7,225,000 (₩9,924,260,000). Vs 2025 consolidated sales ₩5,767,635,388 = 172%. Shortfall cure in 30 days (pay 20% royalty equivalent or submit kit POs) or license can flip non-exclusive. Live ₩14,070 (+7.65% / +1000 vs prior ₩13,070), open ₩13,080, high ₩15,000, low ₩12,870, volume 119,627, turnover ₩17억, mcap ₩157.3bn (~11,179,815 sh) (Naver ~15:15 KST). ₩99.2bn min is 6.3% of live mcap. Printed 14:51 into the cash session.

Why up 3-8%, p≈30% leftover: a 3-year US license+kit floor of ~₩99.2bn / 172% of 2025 sales / 6.3% of an ₩157bn KOSDAQ diagnostics name is a real commercial contract, not a rumor. Bullish because AchieveDx must either generate the licensed-test and kit floors or cure the shortfall in cash/POs, so the minimum is an enforceable demand signal into Celemics’ kit COGS. 3-8% not 8%+ because the cash accrues over three years (not a one-day revenue recognition), there is no upfront, and the license can be cut to non-exclusive on breach. Probability only ~30% for further leftover because Tuesday is already live +7.65% (high +14.8% to ₩15,000) into the 14:51 print, so a chunk of the reaction is in the tape.

DART

Assumes unsold-hotel loan debt ₩85.82bn (6.87% of equity / 11.4% of mcap)

What: Board 1 Sep: Namkwang assumes ₩8,582,300,000 of debt from Daewon Plus R&C 4th Co. Debt is the developer’s unsold-unit collateralized loans on Blue Ocean Residence Hotel 4 (Incheon Jung-gu Jungsan-dong 1873-14), where Namkwang is responsible constructor; lenders Yangpyeong Nonghyup + Seongnam Dongbu Saemaul Geumgo residual balances. 2025 consol equity ₩124,977,041,077; assumed debt 6.87% of equity. Reason: developer loans lost the benefit of time, so the joint-guarantor’s assumption obligation arose. Assumption date / board date 1 Sep 2026 (= loan maturity). Company says it plans to repay via sales of unsold units. Related: 20 Aug 2024 guarantee decision; 31 Aug and 1 Sep 2026 guarantee-correction filings (already kept: ₩9.0bn accelerated / ₩10.8bn joint guarantee). Live ₩7,640 (-1.42% / -110 vs prior ₩7,750), open ₩7,750, high ₩7,900, low ₩7,450, volume 38,183, turnover ₩2.9억, 9,832,572 shares, mcap ₩75.1bn (Naver ~15:15 KST). ₩85.82bn is 11.4% of live mcap. Printed 14:37 into the cash session.

Why down 8%+, p≈35% leftover: ₩85.8bn of assumed hotel-PF debt / 11.4% of an ₩75bn KOSPI builder / 6.9% of equity is the guarantee call crystallizing onto the balance sheet, not a rumor. Bearish because assumption turns a contingent joint-guarantee into Namkwang’s own debt today, with recovery still tied to selling unsold hotel rooms. 8%+ not 3-8% because 11% of mcap clears the size bar on a thin ₩2.9억 tape. Probability only ~35% for further leftover because the 14:17 guarantee-acceleration keep already put ₩9–10.8bn in the tape, Tuesday is already live -1.42% (low -3.9%), and this filing is the administrative assumption stamp rather than a brand-new exposure.

DART

Samsung SDI ESS direct-spray install ₩159.70bn (35.52% of sales / 14.7% of mcap)

What: Contract date 31 Aug (printed 14:34 KST 1 Sep): GFI signed a firm sales/supply contract with Samsung SDI for overseas ESS direct-spray installation at 20 Americas sites (SDI Cheonan works / Americas area). Fixed contract amount ₩15,970,290,000 (VAT excluded) = 35.52% of 2025 consolidated sales ₩44,955,710,087. Period 31 Aug 2026–31 Aug 2027. Payment: 20% advance ₩3,194,058,000 on signing; 70% ₩11,179,203,000 on inbound inspection; 10% ₩1,597,029,000 after completion inspection (all VAT excl.). In-house production. Counterparty 2025 consol sales ₩13,266,730,679,499. Amounts/schedule can change with project progress. Live ₩13,520 (+7.30% / +920 vs prior ₩12,600), open ₩12,580, high ₩15,000, low ₩12,470, volume 303,661, turnover ₩42억, mcap ₩108.7bn (~8,039,940 sh) (Naver ~15:15 KST). ₩159.70bn is 14.7% of live mcap. Printed 14:34 into the cash session.

Why up 8%+, p≈25% leftover: ₩159.7bn / 35.5% of sales / 14.7% of an ₩109bn KOSDAQ ESS-services name from Samsung SDI is a real firm order, not a rumor. Bullish because 20% cash is due on signing and 70% on inbound inspection inside a one-year window, so this is nearer-term revenue than a multi-year royalty floor. 8%+ not 3-8% because 15% of mcap / 36% of sales clears the desk’s large-contract bar. Probability only ~25% for further leftover because Tuesday is already live +7.30% (high +19.0% to ₩15,000) on ₩42억 turnover into the 14:34 print, so most of the gap is likely already printed.

DART

Abtis ADC/BsADC co-dev; upfront+milestones ₩28.0bn (756% of 2025 sales)

What: Board/sign 1 Sep: Oncocross signed a joint research-and-development contract with Abtis Co. for ADC or BsADC candidates. Oncocross finds/validates targets and produces antibody candidates; Abtis assembles antibodies, conjugates payloads, and leads nonclinical/clinical and commercialization. Oncocross antibody IP transfers to Abtis on clinical Phase 1 milestone payment. Contract from 1 Sep 2026 until all rights/obligations are performed (no fixed end). Upfront + stage milestones total ₩2,800,000,000 (VAT excl.); separate revenue share on any third-party out-license (not in the ₩28.0bn). Details confidential. Vs 2025 sales ₩370,460,589 = 755.82%. Filing warns milestones depend on R&D progress and may not be paid. Live ₩3,860 (+1.71% / +65 vs prior ₩3,795), open ₩3,830, high ₩4,540, low ₩3,600, volume 596,620, turnover ₩24.7억, mcap ₩49.8bn (~12,901,554 sh) (Naver ~15:15 KST). ₩28.0bn is 5.6% of live mcap. Printed 14:33 into the cash session.

Why up 3-8%, p≈30% leftover: ₩28.0bn of ADC co-dev cash / 756% of tiny 2025 sales / 5.6% of an ₩50bn KOSDAQ biotech is a real partnered pipeline event, not a rumor. Bullish because Abtis funds stages and takes manufacturing/clinical lead, so Oncocross converts target discovery into contracted biotech cash plus a slice of any later out-license. 3-8% not 8%+ because absolute ₩2.8bn is only mid-single-digit mcap and most of the headline is contingent milestones, not guaranteed upfront alone (split undisclosed). Probability only ~30% for further leftover because Tuesday already spiked (high +19.6% to ₩4,540) and settled near +1.71% into the 14:33 print, so the easy tape reaction looks spent.

DART

Open-market buyback 659,754 sh / ₩700.0m (~2.57% of shares) via Shinhan; 2 Sep–1 Dec

What: Board 1 Sep: KOSDAQ open-market treasury buy of 659,754 ordinary shares for ₩699,998,994. Window 2 Sep 2026–1 Dec 2026. Purpose: share-price stability and shareholder value. Method: on-exchange direct acquisition (not a trust). Broker: Shinhan Securities. Sized off board-day-prior close ₩1,061 (31 Aug); actual buys track the tape. Daily order cap 65,975 ordinary (rule: min of 10% of the program vs 1% of issued; 1-month ADV 25% was 26,979). Pre-deal treasury: dividendable 2,720,270 (10.59%) + other 650,044 (2.53%). Issued ordinary 25,698,732. Remaining dividendable-profit buyback ceiling ₩11,397,554,670. Outside directors 2 present / 0 absent; auditor present. Live ₩1,041 (−1.89% / −20 vs prior close ₩1,061), open ₩1,069, high ₩1,112, low ₩1,029, volume 144,116, turnover ₩152.5m, 25,698,732 shares, mcap ₩26.75bn (Naver ~14:34 KST). ₩700.0m is 2.62% of live mcap; 659,754 is 2.57% of shares. Printed 14:29 into the cash session. Buys start 2 Sep.

Why up 1-3%, p≈40% leftover: ₩700m / 2.57% of shares / 2.6% of a ₩26.8bn KOSDAQ scale name is a real three-month on-exchange bid, not a rumor. Bullish because Shinhan can lift 65,975 shares a day (about half of today’s 144k volume) starting tomorrow. 1-3% not 3-8% because ₩700m is only low-single-digit mcap, they already sit on 10.59% dividendable treasury, and the program dribbles to 1 Dec. Probability ~40% for the next cash session because the ₩699,998,994 and 659,754 are on the page and Tuesday is still live −1.89% (high was +4.8% to ₩1,112 then faded), so most of a squeeze is not in the tape yet, but the bid does not start until 2 Sep, and a ₩153m name with a 2.6% program can fade.

DART

Cancels 18th private CB ₩10.1bn face (125% of mcap) on 8 Sep; already bought back in August

What: Board 1 Sep: cancel the entire 18th unsecured private convertible bond. Name: 18th unregistered interest-bearing unsecured private CB. Issued 24 Mar 2026. Face ₩10,100,000,000; this cancel ₩10,100,000,000 (100%). Scheduled cancel date 8 Sep 2026 (can slip with the registrar). Purpose: remove a share-count dilution overhang to lift shareholder value. The notes were already taken onto the company’s own book after holders lost the benefit of time and put early redemption: ₩4.0bn on 14 Aug, ₩3.0bn on 18 Aug, ₩3.1bn on 28 Aug (related: 16 Mar / 24 Mar issuance, 18 Aug and 28 Aug own-CB acquisition decisions). Live ₩813 (+4.90% / +38 vs prior close ₩775), open ₩840, high ₩840, low ₩770, volume 79,523, turnover ₩63.3m, 9,910,487 shares, mcap ₩8.06bn (Naver ~14:34 KST). ₩10.1bn face is 125% of live mcap. Printed 14:24 into the cash session.

Why up 8%+, p≈30% leftover: ₩10.1bn of private CB / 125% of an ₩8.06bn KOSDAQ mcap is a real conversion overhang being destroyed, not a rumor. Bullish because once the notes are cancelled they cannot convert into a name that is smaller than the face. 8%+ not 3-8% because ₩10.1bn clears every size bar versus mcap. Probability only ~30% for further leftover because August already disclosed 100% of the face was bought in (14/18/28 Aug) after acceleration, so today’s cancel is the last administrative stamp rather than a new cash event, Tuesday is already live +4.90% (high +8.4% to ₩840) on a ₩63m tape, and the cancel date is still 8 Sep.

DART

Unsold-hotel loans ₩9.0bn both accelerated; joint-guarantee call ₩10.8bn (14.5% of mcap / 9.55% of equity)

What: Correction (1 Sep) of the 31 Aug decision-to-guarantee filing. Debtor: Daewon Plus R&C 4th Co. Creditors: Yangpyeong Nonghyup and Seongnam Dongbu Saemaul Geumgo. Borrowed amount ₩9,000,000,000 (Yangpyeong Nonghyup limit ₩5.0bn + Seongnam Dongbu Saemaul limit ₩4.0bn). Joint-guarantee amount ₩10,800,000,000 (120% of the loan limits). 2023 YE IFRS consolidated equity ₩113,032,137,008; guarantee 9.55% of equity. Total guarantee outstanding ₩535,216,000,000. Board 20 Aug 2024 (internal). Namkwang is the responsible constructor on Blue Ocean Residence Hotel 4 (Incheon Jung-gu Jungsan-dong 1873-14) and jointly guaranteed the developer’s unsold-unit collateralized loans; guarantee runs until principal and interest are fully repaid. Correction reason: debt-assumption event after loan maturity/acceleration. Yangpyeong Nonghyup ₩5.0bn lost the benefit of time on 31 Aug 2026 and the joint-guarantee performance obligation arose; this correction adds that Seongnam Dongbu Saemaul ₩4.0bn lost the benefit of time on 1 Sep 2026, so both tranches have now triggered. Related: 20 Aug 2024 original guarantee decision and 31 Aug 2026 filing. Live ₩7,580 (−2.19% / −170 vs prior close ₩7,750), open ₩7,750, high ₩7,900, low ₩7,450, volume 34,963, turnover ₩266m, 9,832,572 shares, mcap ₩74.5bn (Naver ~14:25 KST). ₩9.0bn borrowed is 12.1% of live mcap; ₩10.8bn guarantee is 14.5% of live mcap and 2.0% of the ₩535bn outstanding book. Printed 14:17 into the cash session.

Why down 8%+, p≈40% leftover: ₩9.0bn of unsold-hotel loans / ₩10.8bn joint guarantee / 14.5% of a ₩74.5bn KOSPI builder is a real guarantee call, not a rumor. Bearish because both lenders have accelerated and Namkwang’s joint-guarantee performance obligation has arisen, so a contingent construction-PF exposure can become cash or more debt. 8%+ not 3-8% because ₩9–10.8bn clears 12–14% of mcap on a ₩266m tape. Probability only ~40% for further leftover because the 31 Aug filing already disclosed the Yangpyeong ₩5.0bn acceleration, Tuesday is already live −2.19% (low −3.9%), this is a 2024 guarantee being triggered rather than a new one, recovery still depends on unsold hotel collateral, and the ₩535bn outstanding book means this is incremental 2% of a known overhang.

DART

Rights offering final issue price ₩2,970 × 8.2m new shares (₩24.354bn); ~30% of pre shares

What: Final paid-in capital increase issue price confirmed (shareholder allotment, then general public offering of unsubscribed shares; board decision 8 May 2026, corrected 24 Jul 2026). New shares: 8,200,000 named ordinary. Final issue price ₩2,970/sh (planned issue price had been ₩3,200; final uses the lower of 1st/2nd calc under the ~20% discount rights formula, with a 40%-discount floor). Par ₩500. Pre-deal ordinary shares 27,222,829 (+1,169,079 other). Gross proceeds at final price ₩24,354,000,000. Use of proceeds (Jul 24 correction): facilities ₩4.8bn, working capital ₩8.44bn, debt repay ₩13.0bn. Subscription: ESOP 3 Sep, existing holders 3–4 Sep; payment 11 Sep; listing scheduled 29 Sep. Lead KB Securities. Rights certificates transferable/listed. Live ₩3,635 (−4.09% / −155 vs prior close ₩3,790), open ₩3,790, high ₩3,795, low ₩3,630, volume 184,961, mcap ₩99.0bn, shares 27,222,829 (Naver ~13:35 KST). 8.2m is ~30.1% of pre ordinary (~23.1% of post). ₩24.354bn is ~24.6% of live mcap. Discount vs live ~18.3%; vs prior close ~21.6%. Printed 13:26 into the cash session.

Why down 8%+, p≈35% leftover: 8.2m new shares / ~30% of pre ordinary / ₩24.4bn (~25% of a ₩99bn KOSPI auto-parts name) at a ~22% discount to prior close is a real dilutive rights book, not a rumor. Bearish because the final ₩2,970 locks the cash-in below the prior ₩3,200 planned price, so holders who do not take up rights are diluted into a cheaper primary. 8%+ not 3-8% because share-count growth clears every size bar the desk uses. Probability only ~35% for further leftover because the May board already sized the 8.2m raise, Tuesday is already live −4.09% (low −4.2%) into the 13:26 print, rights still have value for subscribers, and cash listing is not until 29 Sep.

DART

Treasury buyback trust ₩5.0bn via Samsung Securities (~1.27m sh / ~3.3% of shares); Sep 1–Feb 28

What: Board 1 Sep: new treasury-share acquisition trust with Samsung Securities for ₩5,000,000,000. Contract period 1 Sep 2026–28 Feb 2027; signing scheduled 1 Sep 2026. Purpose: share-price stability and shareholder value. Planned ordinary shares 1,273,885 sized off board-day-prior close ₩3,925 (31 Aug); actual buys track the tape. Pre-trust dividendable treasury: none. Other treasury (share-swap odd lots / appraisal rights) 249,537 (0.66%). Dividendable-earnings buyback ceiling ₩12,540,186,541 (2025 YE). Not in the prior half-year buyback plan — new board resolution citing market volatility. Live ₩4,135 (+5.35% / +210 vs ₩3,925), open ₩3,925, high ₩4,550, low ₩3,860, volume 1,412,131, mcap ₩157.5bn, shares 38,093,053 (Naver ~13:35 KST). ₩5.0bn is ~3.2% of live mcap; 1.27m is ~3.3% of shares. Printed 13:23 into the cash session.

Why up 1-3%, p≈25% leftover: ₩5.0bn trust / ~3.3% of shares / ~3% of a ₩158bn KOSDAQ life-science tools name is a real open-market bid, not a rumor. Bullish because it is a fresh Samsung Securities trust with empty pre-trust dividendable treasury and a six-month window, so the desk has cash authorized to buy. 1-3% not 3-8% because ₩5bn is only low-single-digit mcap and share count. Probability only ~25% for further leftover because Tuesday is already live +5.35% (high +15.9% to ₩4,550) on 1.4m shares into the 13:23 print, so most of the tape reaction is likely already in.

DART

Rights offering final issue price ₩911 × 41.0m new shares (₩37.351bn); ~25% disc to prior close

What: Final paid-in capital increase issue price confirmed (shareholder allotment, then general public offering of unsubscribed shares; related board decision 20 Jul 2026). New shares: 41,000,000 named ordinary. Final issue price ₩911/sh (1st calc ₩1,064; 2nd calc ₩911; lower wins under the formula; floor also vs 40% disc band). Par ₩100. Confirmation date 31 Aug 2026. Gross proceeds at final price ₩37,351,000,000. Pricing uses the standard ~25% discount rights formula under prior securities rules practice. Live ₩1,108 (−8.88% / −108 vs prior close ₩1,216), open ₩1,210, high ₩1,214, low ₩1,105, volume 2,191,613, turnover ₩2.46bn, mcap ₩121.4bn (Naver ~13:07 KST). Implied shares ~109.6m → 41.0m is ~37.4% of pre-deal shares (~27.2% of post). ₩37.351bn is ~30.8% of live mcap. Discount vs live ~17.8%; vs prior close ~25.1%. Printed 13:03 into the cash session.

Why down 8%+, p≈30% leftover: 41m new shares / ~37% of pre shares / ₩37.4bn (~31% of a ₩121bn KOSDAQ name) at a ~25% discount to prior close is a real dilutive rights book, not a rumor. Bearish because the final ₩911 locks the cash-in and the discount versus the live tape, so holders who do not take up rights are diluted into a cheaper primary. 8%+ not 3-8% because share-count growth clears every size bar the desk uses. Probability only ~30% for further leftover because the 20 Jul decision already sized the 41m share raise, Tuesday is already live −8.88% (low −9.1%) on ₩2.46bn into the 13:03 print, and rights have value for subscribers so the tape can stabilize once the discount is fully digested.

DART

Treasury buyback trust ₩1.5bn via KB Securities (~716k sh / ~5.7% of shares); Sep 1–Feb 28

What: Board 1 Sep: new treasury-share acquisition trust with KB Securities for ₩1,500,000,000. Contract period 1 Sep 2026–28 Feb 2027; signing scheduled 1 Sep 2026. Purpose: shareholder value. Planned ordinary shares ~715,990 sized off board-day-prior close ₩2,095 (31 Aug); actual buys track the tape. Pre-trust treasury: none. Dividendable-earnings buyback ceiling after dividends ₩31,231,116,542 (2025 YE). Capital ₩6,231,827,000. Live ₩2,320 (+10.74% / +225 vs ₩2,095), open ₩2,075, high ₩2,490, low ₩2,075, volume 159,063, turnover ~₩361m, mcap ₩28.9bn (Naver ~11:40 KST). ₩1.5bn is ~5.2% of live mcap. Printed 11:29 into the cash session. Activist EGM slate (8 Oct) had asked for a ₩5bn buyback — this board trust is 30% of that ask.

Why up 3-8%, p≈25% leftover: ₩1.5bn trust / ~5.7% of shares / ~5% of a ₩29bn KOSPI fur-apparel name is a real open-market bid, not a rumor. Bullish because it is a fresh KB Securities trust with empty pre-trust treasury and a six-month window, so the desk has cash authorized to buy. 3-8% not 8%+ because ₩1.5bn is only mid-single-digit mcap and undershoots the ₩5bn activist ask on the 8 Oct EGM slate. Probability only ~25% for further leftover because Tuesday is already live +10.74% (high +18.9%) on ₩361m into the 11:29 print, so most of the tape reaction is likely already in, and the trust size can still undershoot if the stock runs.

DART

Micron Singapore Woodlands PFC abatement supply ₩93.602bn (66.4% of 2025 sales); through Apr 2029

What: Signed greenhouse-gas abatement equipment supply contract ₩93,602,000,000 (USD 68,000,000 at ₩1,376.50/USD Seoul first-notice FX 31 Aug). 66.4% of 2025 consolidated sales ₩141,057,118,027. Not conditional. Job: large-capacity catalytic PFCs (perfluorocompound) treatment equipment under the GHG-abatement solutions unit. Counterparty: Micron Semiconductor Asia Operations Pte. Ltd. (Micron Technology overseas sub; unrelated; no same-type contract in last 3 years). Region: Singapore Woodlands. Period 29 Aug 2026–1 Apr 2029. Advance yes: 20% on PO, 55% after design complete + on-site delivery confirm, 25% after commissioning/performance test. Production: outsourced (not in-house). Contract/PO receipt date 31 Aug 2026. Live ₩24,550 (−3.16% vs ₩25,350), open ₩25,450, high ₩27,950, low ₩24,500, volume 445,365, ~20.97m shares, mcap ₩514.9bn (Naver ~11:40 KST). ₩93.602bn is 18.2% of live mcap. Printed 11:22 into the cash session. Prior desk keep 24 Aug was Hoffman Idaho ₩21.0bn / 14.9% sales — this Micron book is ~4.5× that print.

Why up 8%+, p≈55%: ₩93.6bn / 66.4% of last-year sales / 18% of a ₩515bn KOSDAQ abatement name is a named multi-year Micron fab book, not a pipeline rumor. Bullish because it is a signed Micron Singapore Woodlands PO for catalytic PFC scrubbers with 20% down on PO and cash staged through commissioning to Apr 2029. 8%+ not 3-8% because 66% of sales and 18% of mcap clears every size bar the desk uses, and it dwarfs the 24 Aug Hoffman 15%-of-sales keep. 55% because the ₩93.602bn and 66.4% are on the page and Tuesday is still live −3.16% (so not already ripped), but cash dribbles over ~2.5 years, production is outsourced, amount/period can slip, and the PO dated 31 Aug so overnight had a chance.

DART

Autonomous A2Z LiDAR/LCU supply ₩714m (11.73% of 2025 sales); 30% down ~10 Sep

What: Signed supply contract ₩714,000,000. 11.73% of 2025 separate sales ₩6,086,041,489. Not marked large-corp. Job: ML-U190 + 2Port LCU delivery. Counterparty: Autonomous A2Z (오토노머스에이투지; future-tech / autonomous-driving software; 2025 consol sales ₩16,257,878,123; unrelated). Region: Korea. Period 31 Aug 2026–30 Nov 2026 (end = expected cash receipt after delivery; can slip). Advance yes: 30% down expected ~10 Sep 2026 (can slip). Production: in-house. Contract/award date 31 Aug 2026. Not conditional. No same-type contract with this buyer in the last 3 years. Live ₩10,050 (-0.89% vs ₩10,140), volume ~22,150, turnover ~₩222.6m, 18,089,552 shares, mcap ₩181.8bn (Naver ~11:22 KST). ₩7.14bn is 0.39% of live mcap. Printed 11:14 into the cash session.

Why up 3-8%, p≈40%: ₩714m / 11.73% of last-year sales clears the 10% KRX bar on a ₩182bn KOSDAQ LiDAR name, and 30% down is near-term cash. Bullish because it is a signed named Autonomous A2Z PO for SOS Lab’s ML-U190 LiDAR + 2Port LCU, in-house, delivering inside three months — not a pipeline rumor. 3-8% not 8%+ because ₩714m is only 0.39% of mcap, the absolute book is small, and the award is dated 31 Aug so overnight had a chance. 40% because the ₩714m and 11.73% are on the page and Tuesday cash is still live (tape −0.89%, so not already ripped), but a ₩0.7bn print versus ₩182bn mcap can fade and the end date can still slip with delivery.

DART

SK Hynix Yongin Cluster Ph-4 IBL FAB PC job ₩195.7bn (65.8% of 2025 sales); no advance

What: Signed construction contract ₩195,679,000,000. 65.8% of 2025 consolidated sales ₩297,453,436,886. Not a large corporation. Contract: SK Hynix Yongin Cluster 1기 Ph-4 IBL FAB PC works. Counterparty: SK Ecoplant (unrelated). Scope: FAB package-2 PC materials supply and install inside the Yongin Cluster 1기 Ph-4 IBL build (precast columns/beams/slabs made off-site, then assembled). Location: Yongin, Gyeonggi. Period 27 Aug 2026–31 May 2028. Advance/down payment: no; pay terms: progress billing. Award / counterparty e-sign 31 Aug 2026. VAT excluded; amount and period can slip with construction. Live ₩1,674 (+8.42% vs ₩1,544), open ₩1,523, high ₩1,674, low ₩1,515, volume 122,790, turnover ₩193m, 59,750,830 shares, mcap ₩99.99bn (Naver ~11:11 KST). ₩195.679bn is 196% of live mcap. Printed 11:09 into the cash session.

Why up 8%+, p≈45%: ₩195.7bn / 65.8% of last-year sales on a ₩100bn KOSPI PC builder is a real two-year Hynix-campus book, not a rumor. Bullish because it is a signed SK Ecoplant subcontract for SK Hynix Yongin Cluster Phase-1 Ph-4 IBL FAB precast-concrete supply and install. 8%+ because ₩196bn is 196% of live mcap and 66% of sales. Not leftover 8% from here: no down payment, cash dribbles to May 2028, amount/period can still slip, and Tuesday is already live +8.42% at the day's high on ₩193m. 45% because the ₩195.679bn and 65.8% are on the page, but leftover same-session after +8.4% at the high is thin, the e-sign is 31 Aug so overnight had a chance, and other Yongin Cluster 1기 packages have already been printing.

DART

Optical-comm microdisplay supply ₩1.500bn (17.15% of 2025 sales); buyer withheld, no advance

What: Signed optical-communication microdisplay supply contract ₩1,500,385,000 (USD 1,090,000 at ₩1,376.50/USD, 31 Aug Seoul first-notice FX). 17.15% of 2025 sales ₩8,746,267,801. Not marked large-corp. Counterparty name withheld as a business secret (disclose terms can still slip). Same-type contracts with the buyer in the last 3 years: yes. Region: overseas. Period 31 Aug 2026–31 Jul 2027 (end = last expected ship month; can slip). Advance/down payment: no; pay terms: prepaid 6 months before delivery. Production: outsourced (not in-house). Contract/PO receipt date 31 Aug 2026. Live ₩4,425 (+9.94% vs ₩4,025), open ₩4,020, high ₩4,495, low ₩3,930, volume 136,546, turnover ₩582.4m, 30,774,558 shares, mcap ₩136.18bn (Naver ~10:52 KST). ₩1.500bn is 1.10% of live mcap. Printed 10:52 into the cash session.

Why up 3-8%, p≈35%: ₩1.50bn / 17.15% of last-year sales clears the 10% KRX bar on a ₩136bn KOSDAQ microdisplay name, so it is a real book, not a rumor. Bullish because it is a signed overseas PO with 6-month prepay before ship, and they already have same-type history with this buyer. 3-8% not 8%+ because the KRW print is only 1.1% of mcap, the buyer is blank, amount/period can still change, production is outsourced, and Tuesday is already live +9.94% (high +11.7%) on ₩582m. 35% because the ₩1.500bn and 17.15% are on the page, but leftover same-session after a near-10% rip is thin and the PO dated 31 Aug so overnight had a chance.

DART

Sells 20% of affiliate Silla Myeonggwa for ₩9.699bn (12.01% of equity); keeps 5%; close ~4 Sep

What: Board 1 Sep: dispose 30,000 ordinary shares (20%) of affiliate Silla Myeonggwa (신라명과; bakery/wholesale; capital ₩750m; 150,000 shares outstanding) for ₩9,699,240,000 (₩323,308/sh under the SPA). 12.01% of 2025 consolidated equity ₩80,754,726,231. Not a large corporation. After sale: 7,500 shares / 5% left. Purpose: monetize a non-core unlisted holding to fund core-business expansion and lift profitability / mcap. Expected close 4 Sep 2026 (can slip). Outside directors 2/2 present; auditor present. No Fair Trade filing; no put option. Live ₩4,845 (+15.91% vs ₩4,180), open ₩4,180, high ₩5,180, low ₩4,175, volume 98,235, turnover ₩472.4m, 7,622,000 shares, mcap ₩36.93bn (Naver ~10:52 KST). ₩9.699bn is 26.3% of live mcap. Printed 10:50 into the cash session.

Why up 8%+, p≈35%: ₩9.70bn cash / 12% of equity / 26% of a ₩37bn KOSPI mcap is a real liquidity event, not a rumor. Bullish because a non-core unlisted affiliate stake converts to cash earmarked for core expansion, and they keep a 5% stub. 8%+ not 3-8% because the cash clears the equity 10% bar hard versus mcap. Probability only 35% for further leftover because Tuesday is already live +15.9% (high +23.9%) on ₩472m, close is still three calendar days out, and an unlisted bakery SPA price is hard for the street to underwrite beyond the headline cash.

DART

MLCC supply ₩1.072tn (9.5% of 2025 sales) to a global large company; 2027, no advance

What: Signed MLCC (Multilayer Ceramic Capacitor) supply contract ₩1,072,219,807,696 (USD 778,946,464 at ₩1,376.50/USD, 31 Aug Seoul first-notice FX). 9.5% of 2025 consolidated sales ₩11,314,459,238,100. Large corporation. Counterparty: “global large company” (name, region, and payment terms withheld as a business secret until 31 Dec 2027; disclose the next business day after). No relation stated. Period 1 Jan 2027–31 Dec 2027 (amount/period can slip). Advance no. Award 31 Aug 2026. Live ₩1,444,000 (−0.96% vs ₩1,458,000), open ₩1,440,000, high ₩1,469,000, low ₩1,408,000, volume 195,323, turnover ₩279.8bn, 74,693,698 shares, mcap ₩107.86tn (Naver ~10:00 KST). ₩1.072tn is 0.99% of live mcap. Printed 09:57 into the cash session.

Why up 1-3%, p≈35%: ₩1.07tn / 9.5% of last-year sales is a real 2027 MLCC book, not a rumor. Bullish because MLCC is the franchise and this is a signed annual supply contract, not a pipeline leak. 1-3% not 3-8% because this is a ₩108tn KOSPI mega-cap (₩1.07tn is 1.0% of mcap), it misses the large-corp 10% KRX bar, cash is 2027 with no down payment, the buyer is blank until end-2027, and Tuesday is already live −0.96% on ₩280bn. 35% because the ₩1.072tn and 9.5% are on the page, but leftover same-session after ₩280bn is small, the award was 31 Aug so overnight had a chance, and a withheld “global large company” MLCC print is easier to fade than a named Apple/Samsung PO.

DART

Control close: Hahn & Co 72.19% off; KG Steel 52.50% + K-Mobility Value-up 19.69%; ₩542.6bn / ~₩15,395

What: Hahn & Co Auto Service Holdings LLC sold its entire 35,245,670 ordinary shares (72.19%) under the 31 Mar SPA; change date / confirmation (settlement) 31 Aug. After: KG Steel 25,632,810 sh (52.50%) is the new largest holder; CEO Jung In-guk still 10,000 sh (0.02%). Combined “KG Steel + 1” 25,642,810 / 52.52% vs prior “Hahn & Co + 1” 35,255,670 / 72.21%. Purpose: management participation. Board already reseated at EGMs 7 Jul and 14 Aug (inside directors Jung In-guk, Woo Chi-gu; Hahn-side directors off). Today’s filing cites the 27 Aug amendment (rcp 20260827800869): consideration ₩542,597,526,092 (~₩15,395/sh), close locked 31 Aug; buyers KG Steel 25,632,810 (52.50%) and K-Mobility Value-up 9,612,860 (19.69%) after Cactus PE took a slice of buyer rights (21 Apr / 25 Jun). Live ₩6,390 (+0.31% vs ₩6,370), open ₩6,370, high ₩6,420, low ₩6,350, volume 12,782, turnover ₩81m, 48,820,848 shares, mcap ₩312.0bn (Naver ~09:45 KST). ₩15,395 is 141% above the live tape. Printed 09:32 into the cash session.

Why mixed 1-3%, p≈30%: this is the legal close of a known control deal, not a new bid. Mixed because industrial KG Steel now has 52.5% (Hahn & Co is off the register), which can stabilize the name, but minorities do not get the ₩15,395 block price and there is no tender or squeeze-out in this filing. 1-3% not 3-8% because the SPA is five months old, the 27 Aug amendment already locked 31 Aug close and ₩542.6bn, the new board sat in July/August, and Tuesday cash is already live +0.31% on 12.8k shares. 30% because the 25,632,810 / 52.50% and 31 Aug settlement are on the page, but leftover same-session on a ₩81m tape after a Friday close is small and the street had 27 Aug to position.

DART

Cambodia Siem Reap bypass-road contract ₩85.71bn (18.93% of 2025 sales); advance yes

What: Signed construction contract ₩85,711,861,660 (USD 55,548,481.00 at EDCF ₩1,543.01/USD). 18.93% of 2025 consolidated sales ₩452,672,899,287. Not a large corporation. Counterparty: Ministry of Public Works and Transport, Kingdom of Cambodia (unrelated). Project: Green Siem Reap Urban Bypass Road Project, ~46.55 km (Prasat Bakong–Puok). Location: Siem Reap, Cambodia. Contract date / start 31 Aug 2026; end is 914 days from construction start (can slip). Advance yes; remainder billed on construction progress. Amounts/FX/advance can still change with the employer’s budget. Live ₩1,506 (+0.40% vs ₩1,500), open ₩1,485, high ₩1,550, low ₩1,481, volume 31,752, turnover ₩48m, 54,024,880 shares, mcap ₩81.36bn (Naver ~09:09 KST). ₩85.71bn is 105% of live mcap. Printed 09:05 into the cash session.

Why up 3-8%, p≈50%: ₩85.7bn / 18.93% of last-year sales clears the 10% KRX bar on an ₩81bn KOSPI builder, and there is an advance, so it can print. Bullish because it is a signed sovereign road book, not a rumor. 3-8% not 8%+ because cash dribbles 914 days, the KRW is an EDCF USD conversion that can slip, and the 09:05 tape is already live (high +3.3% vs yesterday). 50% because the ₩85.71bn and 18.93% are on the page and cash is open, but a ₩48m tape can fade and some of the print is already in the high.

DART

Withdraws Mar rights issue 3.99m sh / ₩18.74bn (82% of shares); will re-open funding

What: Board withdrew the 25 Mar 2026 shareholder-allotment plus leftover public offering. Planned 3,990,609 ordinary shares / ₩18,735,909,255 for debt repayment and working capital. FSS registration ping-pong: filed 26 Mar, amendments 21 Apr and 21 May, extra correction demand 8 Jun. They say the timetable broke and they will look at other funding that fits the balance sheet. Companion amendment rcp 20260831001162 zeros the material-fact report fields. Close ₩3,625 (−2.16% vs ₩3,705), high ₩3,890, low ₩3,585, volume 4,072, turnover ₩15.0m, 4,883,930 shares, mcap ₩17.70bn (Naver close). Withdrawn paper was 81.7% of listed shares / 106% of close mcap. Printed 15:55 after the 15:30 cash close.

Why mixed 3-8%, p≈40%: pulling an 82% rights issue takes a dilution overhang off a ₩17.7bn KOSDAQ microcap, which is the bull case. Mixed not clean-up because they still need the debt-repay / working-capital cash and say they will re-open another raise, and FSS has been blocking this deal since March so the street had five months to treat it as dead. 3-8% not 8%+ because Monday already closed −2.16% on 4k shares and leftover is Tuesday’s open. 40% because the ₩18.74bn and 3.99m share count are unambiguous, but a ₩18bn name on 4k shares can gap either way on the “other funding” line.

DART

Buyback trust ₩3.0bn (~6.9% / 707,547 sh) via Hana 31 Aug–2 Mar; cancel after trust

What: Board 31 Aug: Hana Securities buyback trust ₩3,000,000,000. Window 31 Aug 2026–2 Mar 2027. Purpose: share-price stability and shareholder value. Planned ordinary 707,547 sh sized off 28 Aug close ₩4,240 (implied ₩3,000,000,000-ish). Holding period after purchase 6 months or more; they intend to cancel the lot after the trust ends (separate board later). No existing treasury. Outside directors 3 present / 3 absent. Dividendable-profit limit ₩4,023,936,655 before the ₩3.0bn contract. Close ₩4,220 (−0.47% vs ₩4,240), high ₩4,335, low ₩4,035, volume 21,822, turnover ₩89.9m, 10,277,800 shares, mcap ₩43.37bn (Naver close). ₩3.0bn is 6.91% of close mcap / 6.88% of shares. Printed 15:54 after the 15:30 cash close.

Why up 3-8%, p≈45%: ₩3.0bn / 6.9% of a ₩43bn KOSDAQ name with explicit cancel intent is a real six-month bid plus share-count shrink, not a rumor. Bullish because Hana can dribble-buy into a ₩90m tape and they start from zero treasury. 3-8% not 8%+ because it dribbles six months, cancel is a later board, 3 of 6 outside directors missed, and Monday cash already closed. 45% because the ₩3.0bn and 707,547 are unambiguous, leftover is Tuesday’s open, and ₩3bn uses most of the ₩4.02bn dividendable-profit limit so the program is sized to the cap.

DART

Seoul Yangjae 2 reconstruction contractor ₩900.2bn (21.7% of 2025 sales); unsigned until the construction contract

What: Selected as contractor for the Seoul Yangjae District 2 reconstruction project. Expected contract ₩900.2bn (21.7% of 2025 consolidated sales ₩4,147.0bn). Association selected them 29 Aug (Sat); fact confirmed 31 Aug after the AGM result. Scope: 2,344 units / 13 buildings / B3–40F plus amenities. Amount is pre-contract (locks at the construction contract), VAT excluded, can slip. Close ₩23,400 (+1.08% vs ₩23,150), open ₩22,800, high ₩23,400, low ₩22,650, volume 127,915, turnover ₩2.959bn, 65,907,330 shares, mcap ₩1.542tn (Naver close). ₩900.2bn is 58.4% of close mcap. Printed 15:41 after the 15:30 cash close. Parent HDC 012630 filed the same as a subsidiary notice (rcp 20260831800444). NXT after-hours ₩23,200.

Why up 1-3%, p≈40%: ₩900bn / 21.7% of last-year sales clears the 10% KRX bar on a ₩1.54tn KOSPI builder. Bullish because it is a named Seoul reconstruction contractor win, not a rumor. 1-3% not 3-8% because the KRW is still expected until the construction contract, cash is multi-year progress on 2,344 units, this is a ₩1.54tn name, and Monday cash already closed +1.08% so leftover is Tuesday’s open. 40% because the ₩900.2bn and 21.7% are on the page, but an unsigned construction contract and a Saturday association vote can still slip, and some of the street may have seen the Saturday AGM.

DART

Bichwitown alley-housing contractor ₩129.6bn (19.7% of 2025 sales); unsigned until the construction contract

What: Selected as contractor for the Bichwitown alley-housing improvement. Expected ₩129.6bn (19.7% of 2025 consolidated sales ₩659.5bn). Association selected them 29 Aug (Sat); fact confirmed 31 Aug after the AGM result. Scope: 95 units / 18F+7B plus amenities. Amount locks at the construction contract, VAT excluded, can slip. Close ₩10,900 (+0.37% vs ₩10,860), high ₩10,900, low ₩10,630, volume 4,321, turnover ₩46.0m, 10,150,000 shares, mcap ₩110.6bn (Naver close). ₩129.6bn is 117% of close mcap. Printed 15:39 after the 15:30 cash close. Same name already kept the signed Myeonmok Bondong amendment ₩162.6bn at 14:33.

Why up 3-8%, p≈35%: ₩130bn / 19.7% of last-year sales on a ₩111bn KOSPI builder is a second same-day orderbook print, not a rumor. Bullish because it is a named alley-housing contractor win on top of this morning’s ₩163bn signed amendment. 3-8% not 8%+ because the KRW is still expected until the construction contract, 95 units is small vs this morning’s 512-unit amendment, there is no down payment, and Monday cash already closed +0.37% on 4k shares after the 14:33 keep. 35% because the ₩129.6bn and 19.7% are on the page, leftover is Tuesday, and an unsigned Saturday AGM can still slip.

DART

Ship-engine supply to affiliate HD HHI ₩87.09bn (21.6% of 2025 sales); advance yes

What: Confirmed ₩87,091,155,000 ship-engine supply. 21.6% of 2025 consolidated sales ₩402,396,221,904. Not a large corporation. Counterparty: HD Hyundai Heavy Industries (affiliate). Domestic. Period 31 Aug 2026–24 Jul 2028 (can slip with the yard’s build schedule). Advance yes: down payment plus remainder on the engine-delivery schedule. Award 31 Aug. KRW uses the 31 Aug first-notice FX ₩1,376.5/USD (implied ≈ USD 63.3m). Live ₩52,100 (−1.88% vs ₩53,100), open ₩51,700, high ₩52,200, low ₩50,100, volume 124,535, turnover ₩6.406bn, mcap ₩1.767tn, 33,921,495 shares (Naver ~15:36 KST). ₩87.09bn is 4.93% of live mcap.

Why up 1-3%, p≈35%: ₩87bn / 21.6% of last-year sales clears the 10% KRX bar, and there is an advance, so it can print. Bullish because it is a signed two-year engine book, not a rumor. 1-3% not 3-8% because the buyer is the captive parent yard (run-rate, not a new customer), ₩87bn is only 4.9% of a ₩1.77tn name, cash dribbles to Jul 2028, and the 15:29 print landed into the 15:30 cash close with the tape already −1.88% on 125k shares. 35% because the ₩87.09bn and 21.6% are unambiguous, but leftover is Tuesday’s open rather than today, and a captive-yard engine print is easier to fade than a third-party yard order.

DART

Buyback trust ₩2.0bn (~1.7% / 524,934 sh) via KB 31 Aug–2 Mar; hold, not cancel

What: Board 31 Aug: KB Securities buyback trust ₩2,000,000,000. Window 31 Aug 2026–2 Mar 2027. Purpose: share-price stability, shareholder value, and employee compensation. Planned ordinary 524,934 sh sized off 28 Aug close ₩3,810 (implied ₩2,000,000,000-ish). Holding period after purchase left blank — not cancel. Existing treasury (dividendable): 472,039 ordinary (1.53% of listed). Outside directors 4 present / 0 absent. Live ₩3,935 (+3.28% vs ₩3,810), volume 167,877, turnover ₩642m, mcap ₩121.3bn, 30,842,625 shares (Naver ~15:20 KST). ₩2.0bn is 1.65% of live mcap / 1.70% of shares.

Why up 1-3%, p≈30%: ₩2.0bn / 1.7% of a ₩121bn KOSDAQ name is a real six-month bid into the tape, not a rumor. Bullish because KB can dribble-buy for price support. 1-3% not 3-8% because it is only ~1.7% of mcap, hold not cancel, purpose also covers employee compensation, they already sit on 1.53% treasury, and the 15:11 print is live with the tape already +3.28% on ₩642m turnover. 30% because the ₩2.0bn and 524,934 share count are unambiguous, but same-session leftover after +3.28% is small and the program is modest versus today’s printed volume.

DART

Loan overdue ₩50.78bn (104.9% of equity) after workout halt; unpaid bonds ₩11.89bn; rehab review

What: After the 28 Aug halt of the creditor-bank joint-management (workout) that started 29 Apr, the stay on creditor rights ended. Loan principal+interest overdue ₩50,781,668,367 (principal ₩50,713,828,330 + interest ₩67,840,037) = 104.87% of stated equity ₩48,423,022,041 (2024 capital + later capital changes because the 2025 audit was an opinion refusal). Occurrence dated 28 Aug; FX on FX debt ₩1,380.30. They say they will promptly review and pursue a court rehab filing. Companion filing rcp 20260831800277 at 14:32: unpaid 33rd/34th unsecured bonds ₩11,885,052,544 (principal ₩11,495,000,000 + interest ₩390,052,544) = 24.54% of the same equity. 33rd ₩9.5bn issued 29 Apr 2025, unpaid from 17 Apr 2026; 34th ₩1.995bn issued 26 Jun 2025. Combined ₩62.67bn. Live ₩2,620 (flat vs ₩2,620), 0 volume, 0 turnover, 6,723,603 shares, mcap ₩17.62bn, lower limit ₩1,835 (Naver ~15:00 KST). Combined overdue is 356% of live mcap.

Why down 8%+, p≈55%: this is default plus a rehab path, not a working-capital miss. ₩50.8bn overdue is 105% of book and 288% of a ₩17.6bn KOSPI microcap, and the ₩11.9bn of unpaid bonds sit on top. Bearish because the 28 Aug workout halt lifted the stay and they are pointing at court rehab. 8%+ is the floor (KOSPI −30% limit is ₩1,835). Not leftover 8% from a live session: Monday has printed 0 shares, so none of this is in the tape. 55% because the KRW totals and the 28 Aug date are unambiguous, but the workout halt itself already printed Friday so the street had a session of warning, and a zero-volume name can halt or limit-down rather than trade the 8%+.

DART

Myeonmok Bondong 3 alley-housing job ₩77.4bn → ₩162.6bn (26.5% of 2024 sales); 247→512 units

What: Amendment of the 22 Dec 2025 (award 19 Dec) construction contract for the Myeonmok Bondong District 3 alley-housing improvement. Amount ₩77,373,686,403 (12.6% of 2024 consolidated sales ₩612,780,034,467) → ₩162,550,611,049 (26.5%). Counterparty: Myeonmok Bondong District 3 Alley-Housing Improvement Association. Seoul Jungnang-gu Myeonmok-dong 107-33. Scope 247 units / 15F+3B / GFA 32,418㎡ / 30 months from start → 512 units / 27F+3B / GFA 71,743㎡ / 35 months from start. No down payment; paid from unit sales. VAT excluded. Amount and period can slip with construction. Live ₩10,820 (−0.37% vs ₩10,860), high ₩10,860, low ₩10,630, mcap ₩109.8bn, 10.15m shares, volume 3,288, turnover ₩35.3m (Naver ~15:00 KST). ₩162.6bn is 148% of live mcap.

Why up 3-8%, p≈40%: ₩163bn / 26.5% of last-year sales on a ₩110bn KOSPI builder is a real orderbook scale-up, not a rumor. Bullish because the job roughly doubled (247→512 units). 3-8% not 8%+ because it is an eight-month-old amendment not a new award, there is no down payment, cash is unit-sale progress over 35 months, the buyer is a housing association, and the 14:33 print is live with the tape already −0.37% on 3k shares. 40% because the ₩162.6bn and 26.5% are unambiguous, but same-session leftover is small and the 512-unit permit may already have leaked.

DART

North America DRI-plant equipment to Tenova ₩15.87bn (15.74% of 2025 sales); 20% down

What: Confirmed ₩15,873,450,000 (USD 11,500,000 at ₩1,380.30 on 28 Aug) equipment supply for a North America DRI plant project. 15.74% of 2025 separate sales ₩100,854,566,106. Not conditional. Counterparty: TENOVA S.p.A. Region: US. Period 28 Aug 2026–30 Oct 2027. Advance yes: 20% / progress 70% / remainder 10%. In-house, not outsourced. Award 28 Aug. No same-type contract in the last 3 years. Amount and period can change with project progress. Live ₩12,300 (+8.85% vs ₩11,300), high ₩12,300, mcap ₩181.9bn, volume 11,289, turnover ₩133m (Naver 13:50 KST). ₩15.87bn is 8.7% of live mcap.

Why up 3-8%, p≈45%: ₩15.9bn / 15.7% of last-year sales on a ₩182bn KOSDAQ equipment name clears the 10% KRX bar, and 20% down is cash. Bullish because it is a signed Tenova DRI-plant book into the US, not a pipeline rumor. 3-8% not 8%+ because ₩15.9bn is 8.7% of mcap, cash dribbles to Oct 2027, the KRW can slip with construction, and the 13:48 print is live with the tape already +8.85% at the day's high on 11k shares. 45% because the USD/₩ and 15.74% are unambiguous, but the award was 28 Aug (three-day lag) so some of today's +8.85% may already be the leak, and leftover same-session is smaller than a cold open.

DART

Taean smart-city drone-experience content ₩549m (17.74% of 2025 sales); no prepay

What: Drone adventure content development and install inside the drone experience hall of the 2023 Taean-gun small smart-city project. Confirmed ₩549,450,000 (ex-VAT). 17.74% of 2025 consolidated sales ₩3,097,045,412. Not conditional. Counterparty: Daon I&C (drone swarm-control platform), 2025 sales ₩8.05bn, no relation. Chungnam Taean-gun. Period 31 Aug–31 Dec 2026. No advance. Mix of in-house and outsourced. Award 31 Aug. Live ₩2,035 (+11.20% vs ₩1,830), high ₩2,245, mcap ₩22.7bn, volume 432,795, turnover ₩883m (Naver 13:50 KST). ₩549m is 2.4% of live mcap and below today's ₩883m turnover.

Why up 3-8%, p≈35%: 17.7% of last-year sales clears the 10% KRX bar on a ₩22.7bn KOSDAQ XR name, so it can print. Bullish because it is a signed four-month content job, not a rumor. 3-8% not 8%+ because ₩549m is only 2.4% of mcap, there is no down payment, it is a municipal tourism slice of a 2023 project via Daon I&C, and the 13:45 print is live with the tape already +11.2% (high +22.7%) on ₩883m of volume — larger than the contract. 35% because the 17.74% figure is unambiguous, but same-session leftover after +11% is small and today's turnover already dwarfs the PO.

DART

Buyback trust ₩3.0bn (~5.3% / 530,973 sh) via Samsung 31 Aug–2 Mar; hold, not cancel

What: Board 31 Aug: Samsung Securities buyback trust ₩3,000,000,000. Window 31 Aug 2026–2 Mar 2027. Purpose: share-price stability and shareholder value. Planned ordinary 530,973 sh sized off 28 Aug close ₩5,650 (implied ₩2,999,997,450). Holding period after purchase left blank — not cancel. Existing treasury: dividendable 584,337 sh (5.8%) + other 14,044 (0.1%) = 598,381 (5.98% of listed 10,002,634; par ₩500; capital ₩5,001,317,000). Of that, 275,153 open-market + 309,184 already in a prior trust + 14,044 other. Remaining dividendable-profit limit ₩84,807,861,031. Outside director 1 present / 0 absent; auditor present. Live ₩5,780 (+2.30% vs ₩5,650), high ₩6,100, mcap ₩57.8bn, volume 188,204, turnover ₩1.102bn (Naver 13:30 KST). ₩3.0bn is 5.19% of live mcap / 5.31% of shares.

Why up 3-8%, p≈40%: ₩3.0bn / 5.3% of a ₩57.8bn KOSDAQ name is a real six-month bid into the tape, not a rumor. Bullish because Samsung can dribble-buy for price support. 3-8% not 8%+ because it is hold not cancel, they already sit on 6.0% treasury including 309k in an existing trust, and the 13:13 print is live with the tape already +2.3% (high +8.0% at ₩6,100). 40% because the ₩3.0bn and 530,973 share count are unambiguous, but same-session leftover after +2.3% is smaller and this is an add-on trust rather than a first program.

DART

Yangsan Central housing-association mixed-use build ₩164.9bn (25.56% of 2025 sales); halted for reverse-split

What: Construction award for the Yangsan Central Regional Housing Association mixed-use new-build at Gwangju Buk-gu Yangsan-dong 209-192. Confirmed ₩164,892,814,000 (ex-VAT). 25.56% of 2025 consolidated sales ₩645,114,465,728. Not conditional. Counterparty: Yangsan Central Regional Housing Association. Period 31 Aug 2026–31 Oct 2030 (50 months from groundbreaking; actual start may slip). No down payment. Cash every two months. Award 31 Aug. No same-type contract with this counterparty in the last 3 years. Last print ₩783 (flat, 0 volume) — halted since 12 Aug for a share consolidation until the day before new-share listing (KOSDAQ halt notice 7 Aug). Last cash 11 Aug ₩783, 100.89m shares, mcap ₩79.0bn (Naver 12:20 KST). ₩164.9bn is 209% of frozen mcap. Also KOSDAQ administrative-issue watch (price below ₩1,000, 5 Aug).

Why up 8%+, p≈20%: ₩165bn / 25.6% of last-year sales on a ₩79bn KOSDAQ builder is a real four-year housing book, not a rumor. Bullish because it fills the orderbook through Oct 2030. 8%+ because ₩165bn is 209% of the frozen mcap and none of it is in the tape (zero volume since 11 Aug). Not leftover 8% from a live session: no down payment, cash dribbles 50 months, and the buyer is a regional housing association. 20% because the KRW size and 25.56% ratio are unambiguous, but the next cash session is still halted for the reverse-split (expires the day before new-share listing, date not in this filing), so today almost certainly does not gap.

DART

Six 115k-dwt crude tankers ₩592.9bn (61.4% of 2025 sales) for a Greek owner; option +2 ships

What: Construction award for six 115k DWT crude oil tankers. Confirmed ₩592,894,062,000 (USD 429,540,000 at ₩1,380.3 on 28 Aug). 61.41% of 2025 consolidated sales ₩965,388,430,763. Not a large corporation. Counterparty: Greek shipowner, name withheld as a business secret until 28 Feb 2027. Period 28 Aug 2026–30 Jun 2030. No down payment; progress billing. Award 28 Aug. If option conditions hit they will file another two-ship contract. Live ₩14,980 (+8.32% vs ₩13,830), mcap ₩935.9bn, 62.48m shares, volume 153,244, high ₩14,980 (Naver ~11:31 KST). ₩592.9bn is 63% of live mcap.

Why up 8%+, p≈55%: ₩593bn / 61% of last-year sales on a ₩936bn yard is a real six-ship crude book, not a rumor. Bullish because it fills the orderbook through mid-2030. 8%+ because ₩593bn is 63% of mcap and the 11:28 print is already +8.3% at the day's high. Not leftover 8% from here: no down payment, cash dribbles four years, the Greek name is blank until Feb 2027, and a chunk is already in the tape. 55% because the USD/₩ and six-ship count are unambiguous, but same-session leftover after +8.3% can fade and the extra two ships are still an option.

DART

Open-market buyback 371,747 sh (~4.4% / ~₩1.00bn) 1 Sep–30 Nov; hold, not cancel

What: Board 31 Aug: KOSDAQ open-market buy of 371,747 ordinary shares (KRW amount left blank; sized off Friday close ₩2,690 → implied ~₩1.00bn). Period 1 Sep–30 Nov 2026. Purpose: shareholder value via price stability. Not cancel. Shinhan Securities. Existing treasury 1,295,518 sh (15.43%) after July buys. Daily cap 37,174. Issued 8,396,593 → 4.43% of shares. Live ₩2,705 (+0.56%), mcap ₩22.7bn, volume 28,336 (Naver 11:22 KST). 관리종목.

Why up 3-8%, p≈40%: ₩1.00bn / 4.4% of a ₩22.7bn 관리종목 is a real bid into a thin book that is defending the KOSDAQ ₩20bn mcap floor, not a cancel. 3-8% not 8%+ because it dribbles three months under a 37k daily cap, they already sit on 15.4% treasury from July, and the tape is already +0.56%. 40% because the share count is unambiguous but same-session residual is small and this is a repeat program.

DART

Spain K9 SPH export execution with Indra; amount withheld until 28 Nov; 20%+5% advances

What: Signed product-supply execution contract (labeled Derivative Contract) for Spain K9 self-propelled howitzers with INDRA SISTEMAS S.A. Amount and end date withheld as a business secret until 28 Nov 2026, then re-file. 2025 consolidated sales ₩26.70tn. Large corporation. Award 28 Aug. Advances: 20% after signing plus 5% by 31 Dec 2026. Confirms the 25 Mar / 24 Apr / 23 Jul rumor-clarification (unconfirmed) filings and replaces the 27 Jul investment-judgment confidentiality re-disclosure. Live ₩1,142,000 (−1.30%), ₩5.89tn cap.

Why up 1-3%, p≈45%: this is the confirmation the Mar–Jul unconfirmed rumor tape was waiting for — a signed Spain K9 execution with Indra, and 25% of the still-secret contract due as advances by year-end. Bullish because it turns a rumor into a cash-in-the-door export. 1-3% not 3-8% because this is a ₩5.9tn mega-cap, the KRW size is still blank, and three prior rumor-clarifications plus the 27 Jul filing already telegraphed the package. 45% because the signature is unambiguous but the session is already −1.3% into the 10:27 print and the street cannot re-rate on a number it cannot see until 28 Nov.

DART

5th CB put: buy/cancel ₩5.18bn face today (7.6% of mcap); ₩3.22bn still out; strike ₩7,020

What: Holders exercised the put on the 5th private unsecured CB (issued 30 May 2024, maturity 30 May 2029). Company paid ₩5.18bn for ₩5.18bn face on 31 Aug, OTC, own cash, and will cancel. Conversion ₩7,020 (last reset 3 Mar 2026). Remaining outstanding ₩3.22bn. Live ₩3,870 (−2.52%), ₩67.9bn cap. Strike is 81% above the live tape, so they put rather than convert. ₩5.18bn is 7.6% of mcap.

Why down 3-8%, p≈50%: this is a cash call, not a conversion. ₩5.18bn leaving a ₩68bn KOSDAQ constructor is 7.6% of the equity value, and the leftover ₩3.22bn CB still sits. Bearish because cash walks out the door on an out-of-the-money put; cancelling the notes only removes paper that was not going to convert at ₩7,020 vs ₩3,870 anyway. 3-8% not 8%+ because it is not a new dilutive issue. 50% because the put is unambiguous and printing live, but the name is already −2.5% and some overhang-relief bid can offset.

DART

DAPA naval spare-parts PO ₩1.71bn (13.04% of 2025 sales) through Oct 2027; no prepay

What: Confirmed ₩1.711bn (USD 1.240m at ₩1,380.30 on 28 Aug) naval spare-parts PO (turbocharger, engine, non-aircraft) to DAPA. 13.04% of 2025 sales ₩13.12bn. 28 Aug 2026–29 Oct 2027. No advance; pay as delivered. Outsourced, not in-house. Repeat DAPA work in the last 3 years. Live ₩22,300 (−3.88%), ₩128.3bn cap. ₩1.71bn is 1.3% of mcap.

Why up 3-8%, p≈45%: 13% of last-year sales clears the 10% KRX bar on a ₩128bn KOSDAQ name, so it can print. Bullish because it is a signed DAPA spare-parts book, not a pipeline rumor. 3-8% not 8%+ because ₩1.7bn is only 1.3% of mcap, there is no down payment, it is outsourced, it runs 14 months, and DAPA is a repeat customer. 45% because the 13% figure is unambiguous, but the 10:22 print landed while the tape is already −3.9%, so residual same-session is smaller than a cold open.

DART

2nd take-private tender: ₩900 cash for residual 16.08m sh (31.04%); 31 Aug–19 Sep, settle 22 Sep

What: Parent TKG Taekwang will buy every remaining ordinary share — 16,076,041 sh (31.04% of 51,794,579) at ₩900 cash. Window 31 Aug–19 Sep, settle 22 Sep. Buys all tendered stock, no minimum. They already hold 35,718,538 sh (68.96%) after the April ₩900 tender; 100% if this fills. Purpose is voluntary delisting. 1H26 NI −₩5.01bn. Friday close ₩600, ₩31.1bn cap, PBR 0.37. Pre-open, untraded. Bid is +50% vs Friday.

Why up 8%+, p≈65%: cash bid ₩900 is 50% above Friday ₩600 on a ₩31bn thin book, so tender arb pulls the first 09:00 print toward the bid. 8%+ is the floor; the KOSDAQ ±30% limit caps Monday at ₩780 (still 13% below ₩900). 65% because the filing is a formal second take-private and 09:00 is first tape, but April's same ₩900 bid already failed to hold and leftover holders may skip again.

DART

1 death at Cheongju Dongnam public-housing site (fall 11 Aug, died 29 Aug); partial work-stop

What: Worker fell 11 Aug while taking down safety railings to put up vertical nets at a rest area on the Cheongju Dongnam public-housing job; died in treatment 29 Aug. 1 dead, 0 injured. Cheongju labor office ordered a partial work-stop at that site the same day. Police and MoEL still investigating. Parent Kolon 002020 filed the same as a sub notice. Friday close ₩9,920, ₩252bn cap. Pre-open, untraded.

Why down 3-8%, p≈55%: this is Serious Accident Punishment Act tape on a small public-housing builder, not lost output from one site. 3-8% not 8%+ because the stop is partial and there is no bid ban. 55% because 09:00 is the first cash print and the death is unambiguous, but the fall was 18 days earlier and there is no CEO charge yet.

DART

6-month public-sector bid ban on ~98% of sales (₩255.9bn / ₩261.0bn)

What: PPS sanctioned them as an unfair contractor. Barred from national, local, and public-institution bids 4 Sep 2026–3 Mar 2027. Those customers are ₩255.9bn of ₩261.0bn sales (98%). 2025 audit was an opinion refusal, so the sales base is 2024. They may appeal.

Why down 8%+, p≈70%: this is the new-contract pipeline, not one lost customer. For a ₩97bn name that is operational. 8%+ is the floor because 98% of sales plus a thin book, printed after close so Monday is first tape. 70% not 90% because an appeal could leak a stay and the 2025 opinion-refusal already had hair on the name.

DART

53rd CB fully converted: 2.4m shares (~13.9%) at ₩2,500 / ₩6.0bn; list 11 Sep

What: Holders converted the entire ₩6.0bn 53rd private CB into 2.4m new shares at ₩2,500. That is 13.9% of the 17.3m share count. Listing 11 Sep. Zero left unconverted. Close was ₩1,481, below the ₩2,500 strike — they converted anyway. Session already +9.2%.

Why down 8%+, p≈55%: 14% new paper on a ₩26bn microcap is a float shock into list week. Bearish because supply hits a thin book, even though the strike is out of the money. 8%+ is list-week, not necessarily Monday. 55% because listing is two weeks out and today’s +9% already mixed the tape.

DART

₩5.39bn cash for 40% of Canada newco NaviComm (17.7% of equity) + ₩3.0bn short-term debt

What: ₩5.39bn cash for 40% of NaviComm Inc., a Canada company set up 10 Aug with blank financials, related to parent Kyungdong Navien. That is 17.7% of Commax equity. Same day they raise short-term debt ₩29.2bn → ₩32.2bn for working capital. Pay-in 2 Sep. No put, not a backdoor listing. Close ₩2,885 flat, ₩126bn cap.

Why mixed 1-3%, p≈35%: headline is global distribution, but it is related-party cash into a two-week-old shell with no P&L, plus extra leverage. Not control (40%) and not a third-party operating buy. ₩5.4bn is ~4% of mcap so 1-3% not 8%+. 35% because the sign is mixed and Monday can go either way.

DART

₩36.0bn cash for 8.01% of affiliate HLB Innovation (024850) via 3rd-party; 12.1% of equity, pay 7 Sep

타법인주식취득. 에이치엘비이노베이션 2,764,127주 / ₩36.00bn. 자기자본 대비 12.09% · 자산 7.53%. 취득후 8.01%. 제3자배정 현금, 납입 7 Sep. 목적 계열사지분·기업가치. 대상 2025 매출 ₩32.3bn / NI −₩33.7bn. 내재가 ₩13,025 vs 024850 close ₩14,760. Close 067630 ₩2,645 (+0.19%) mcap ₩322.5bn vol 180k — printed 16:00 after cash close, Monday open.

DART

Cancel already-held treasury 231,974 sh (~5.30%) / book ₩11.73bn on 4 Sep

주식소각결정. 기취득 자사주 231,974주 / 발행 4,378,709주 → 5.30%. 장부 ₩11.73bn. 신규 매입 없음. 소각예정 4 Sep (변동 가능). 상법 343조① 이사회, 자본금 불변. 모회사 자회사공시 20260828800502 동일. Live ₩55,800 (+3.72%) mcap ₩244.3bn vol 8.3k — printed after cash close, Monday open.

DART

Cancel already-held treasury 275,837 sh (~6.53%) / book ₩16.69bn on 4 Sep

주식소각결정. 기취득 자사주 275,837주 / 발행 4,224,646주 → 6.53%. 장부 ₩16.69bn vs live ₩28.77bn. 신규 매입 없음. 소각예정 4 Sep. 상법 343조① 이사회, 자본금 불변. 자회사 KPX케미칼도 같은 패키지. Live ₩104,300 (+2.56%) mcap ₩440.6bn vol 5.9k — after cash close, Monday open.

DART

Cancel-purpose buyback trust ₩15.0bn (~3.6% / ~996k sh) via Kiwoom through 28 Feb 2027

자기주식취득신탁계약체결결정. ₩15.00bn / 키움증권 / 2026-08-28~2027-02-28. 목적 소각. 취득예정 996,016주 (27 Aug 종가 ₩15,060 기준). 상장 27.46m주 → ~3.63%. 시총 ~₩415bn → ~3.6% mcap. 취득전 자사주 0. 이사회 28 Aug. Printed into cash close — next open is the cleaner tape.

DART

3rd-party raise 1.51m sh / ₩3.00bn (~8.1% dil) @ ₩1,981 (−10%); 1yr lockup; new-biz WC

유상증자결정. 보통주 1,514,385주 @ ₩1,981 = ₩2,999,996,685. 증자전 18,639,195주 → 희석 ~8.12%. 제3자배정. 기준주가 ₩2,201 · 할인 10%. 운영자금(신규사업) ₩3.00bn. 납입 23 Sep · 상장예정 21 Oct. 1년 보호예수. 배정: 주건테크 / SHEEN POWER / JOY BILLION. Live ₩2,375 (+10.21%) mcap ~₩44.3bn — session already ripping so residual same-session messy vs overnight dilution reset.

DART

Parent put on Robotics CPS: 6yr IPO clock, IRR 4% base / 15% listing penalty; max exercise >10% assets

풋백옵션등계약체결결정. 원익로보틱스 CPS 13,707,750주(₩350.0bn) 전부에 대한 부모 현금 풋. 그로스솔루션1호 28 Aug 예정 + KDB 납입 전. 상장 6년(1년 연장 1회). 콜 우선(만료 후 6개월); 미행사 시 풋 IRR 4%. 상장 위약 IRR 15% vs FMV 높은 쪽; 기타 위약 IRR 10%. 최대 행사가액이 직전연도 연결자산 10% 초과. Live ₩21,550 (+6.42%) mcap ₩1.664tn — session high ₩24,700 so CPS pop already in tape.

DART

Sub Wonik Robotics ₩350.0bn 3rd-party CPS (KDB + Growth Solution); parent put option pending

종속 원익로보틱스 제3자배정 CPS 13,707,750주 @ ₩25,533 = ₩350.0bn. 그로스솔루션1호 + 산업은행(첨단전략산업기금). 시설 ₩183.9bn + 운영/R&D ₩86.1bn + 타법인 ₩80.0bn(미정). 납입 20 Nov (변경 가능). 부모 풋옵션 별도 공시 예정. Live ₩20,600 (+1.73%) mcap ₩1.59tn.

DART

Nantong Huadong crane-control PO ₩13.74bn (11.78% of 2025 sales) through Sep 2027

단일판매ㆍ공급계약. ELECTRICAL CONTROL SYSTEM FOR CRANE. NANTONG HUADONG HEAVY MACHINERY (중국). 확정 ₩13,743,233,010 (USD 9,956,700 @ 1,380.30). 2025 연결매출 ₩116.63bn 대비 11.78%. 기간 28 Aug 2026–15 Sep 2027. 선수금 10% TT / 선적 70% / 시운전 후 20%. 자체+외주. 3년 동종 해당. Live ₩44,950 (+1.93%) mcap ₩231.5bn — session high ₩47,400 so partial in tape.

DART

Changwon A-lot: ₩27.0bn of ₩34.5bn land sale received today; close 4 Sep

기재정정 유형자산양도(원 15 Apr 2025). A필지 창원 신촌동 71-1 42,308.9㎡. 장부 ₩59.66bn / 2024 연결자산 ₩513.40bn = 11.62%. 실거래 ₩34.50bn. 금아하이드파워. 2차 중도금 ₩27.00bn 당일 수령, 잔금 ₩0.60bn 4 Sep. 관련 B필지 71-5 실거래 ₩20.40bn 처분일 4 Sep. Live ₩2,595 mcap ₩40.5bn.

DART

Zhipu (02513.HK / 2513.HK) H1 revenue nearly 4x; API/cloud mix jumps to 86.5%

Zhipu filed H1 2026 interim on evening of 31 Aug: revenue ¥954m (+399.7% YoY), gross profit ¥252m, net loss attributable ¥2.071bn (−12.1% YoY); open-platform/API revenue share rose to 86.5% (from 15.2% YoY) and ~27x YoY. Tue 1 Sep close HK$1,179 (−1.34%); mkt cap cited ~HK$554bn on 1 Sep (36Kr).

First full public interim for a pure-play HK LLM name — commercialisation (API) confirmed but losses/R&D still dominate; sets the tape for 02513 and Hang Seng Tech into Wed PREOPEN.

36Kr

MiniMax (00100.HK) H1 revenue $117m (+283%); still deep losses; Tue close −3.5%

MiniMax H1 2026: revenue $117m (+283.1% YoY), gross profit $20.813m (+464.8%), loss for the period $358m (−11%); adjusted net loss ~$293m (~¥2.1bn) per 36Kr. Open-platform/enterprise AI services +703.1% YoY to $73.9m. Tue 1 Sep close HK$336.80 (−3.50%); range 332.2–381.4.

Peer print to Zhipu on similar revenue scale but smaller HK mkt cap (~HK$118–121bn) — relative valuation and loss quality drive Wed PREOPEN for 00100 vs 02513 and southbound AI flow.

36Kr

DeepSeek opens V4-Flash-Vision-Exp weights (305B, MIT) on 31 Aug

On 31 Aug DeepSeek published DeepSeek-V4-Flash-Vision-Exp open weights (~305B params, 168GB / 48 safetensors) under MIT, ~10 days after vision API (21 Aug). HF repo live (HTTP 200).

Keeps China open-weight cadence hot into HK/KR open — inference/GPU and memory demand narrative supportive for AI infra names even as listed LLM equities digest earnings.

Hugging Face

KOSPI OPEN weak ~−2.7%; SK hynix & Samsung both down ~3% at ~09:15 KST

Naver ~09:15 KST Wed 2 Sep: KOSPI OPEN ~6,651.10 (−2.70% vs Tue close 6,835.80); 000660 1,643,000 (−2.95%); 005930 252,500 (−3.26%). Tue close (Yonhap/Yahoo): KOSPI 6,835.80 (+0.23%), 000660 1,693,000 (+1.14%), 005930 261,000 (+0.38%).

Wed cash open gaps risk-off despite Tue chip/export support — watch whether buyback flow (Samsung/Hynix) reappears as afternoon support as on Tue.

Yahoo

HSI PREOPEN after Tue −0.93% close; Alibaba/tech led declines

Tue 1 Sep HSI closed 25,329.73 (−0.93% / −237 pts), turnover ~HK$238.7bn; Hang Seng Tech ~−1.49% to ~4,550.88 (Cnyes). HK cash Wed still PREOPEN as of 08:15 HKT. Zhipu/MiniMax last closes as above.

HK opens into digested LLM earnings + soft tech close — PREOPEN bias cautious for HSTECH/AI listings vs overnight KR weakness.

Yahoo

Korea Aug exports +68.7% to $98.25bn; chips +209% to $46.65bn

MOTIR data (Yonhap 1 Sep): Aug exports $98.25bn (+68.7% YoY); imports $63.51bn (+22.6%); surplus $34.75bn. Semiconductors $46.65bn (+209%), third straight month >$40bn. China +119.3% to $24.1bn; US +89.3% to $16.5bn. Autos −29.8%.

Hard confirmation of AI/hyperscaler memory demand into KOSPI open — constructive medium-term for 000660/005930 even if Wed tape is soft.

Yonhap

Samsung Electro-Mechanics wins record ~₩1.07tn AI-server MLCC LTA

KED (1 Sep): SEMCO (009150) won ₩1.07tn (~$740m) order for MLCCs used in AI servers — largest long-term MLCC supply agreement to date (undisclosed global customer). Peer coverage: ₩1.0722tn for CY2027 supply; cumulative related LTAs cited ~₩3.32tn since May.

AI-server BOM strength beyond HBM — supportive for Samsung ecosystem/components; Naver showed 009150 −2.45% in soft Wed open despite the print.

KED Global

Tue KOSPI +0.23% on chips/exports despite Mideast risk; all three investor types net sold

Yonhap 1 Sep: KOSPI closed 6,835.80 (+15.78 / +0.23%) after opening −0.52% on US–Iran airstrike worries and hawkish Fed commentary; afternoon lift on Aug export/chip data. Foreign/institution/retail net sold ₩492bn / ₩634bn / ₩540bn. Analyst cited Samsung & SK hynix buyback support.

Sets the baseline into Wed OPEN: buybacks were the Tue floor while broad selling persisted — relevant if Wed −2.7% open needs corporate bid again.

Yonhap

SKHYUSDT vs SKHYNIX/10 premium + BN funding

Share-equivalent hedge is 10 SKHY per 1 SKHYNIX. Dollar hedge leaves leftover Hynix beta. Indiana is packaging, not a convert-arb print. Best paper observation: BN ~17 bp rich vs HL on both ADS and ORD books; BN Hynix lastFR flat 0; next BN SKHYNIX 12:00 HKT / SKHY 16:00 HKT. Seoul paper rule still NO on live. Fade still vetoed. Paper.

Snapshot 2 Sep ~08:17 HKT / 09:17 KST. Next BN: SKHYUSDT / BTC / ETH / SOL 16:00 HKT; SKHYNIXUSDT 12:00 HKT. Cross-venue BN vs HL mark: SKHYUSDT vs xyz:SKHY +16.7 bp (BN 160.86 / HL 160.59); SKHYNIXUSDT vs xyz:SKHX +17.2 bp (BN 1200.97 / HL 1198.9). No HL SKHYNIX market. Two books stay split. Fade still vetoed. Paper.

BN mark vs index: SKHYUSDT +5.4 bp, SKHYNIXUSDT +13.6 bp, BTC −4.0 bp, ETH −4.8 bp, SOL −7.2 bp. BN lastFR: BTC +7.8e-5, ETH ~+3.6e-6, SOL −2.1e-5, both Hynix books 0 (SKHYNIXUSDT 4h settled: 00:00 HKT +0.000432, 04:00/08:00 HKT 0). HL hourly: xyz:SKHY +2.3e-6, xyz:SKHX +3.7e-5. Seoul paper rule did NOT fire on live (−2.36% / ~+32% vs ≤−8% / ≥+40%). Paper only.

Ticker	Follow	Note
NIO	Y caution	Tue 1 Sep X. −9% before Q2; China concentration / stagnant NIO-Onvo-Firefly sales. Year-ago sell $6.88→$3.95.
EOS	Y avoid	Tue 1 Sep X. Multiyear low; “Bullseye” ~−80% since prior sell. Separate from EOSE.
NVDA	Y	Still live. AJ HC 27 Aug deep-dive. No new weekend memo. Public tape has no new numbers this morning.
MRVL	Y	Follow-up Y. @alojoh post-Q2 HC memo after −8%+. X 28 Aug 16:25 HKT. No newer MRVL post over the weekend.
MU	Y	Cheapest PEG in 22 Aug AJ article. Unchanged. CXMT 1H profit bomb is the China-memory overlay from Friday X, not a new AJ memo.
XPEV	Y	AJ $12.20 / IRON humanoid. Unchanged.
META	booked	AJ sold $598 26 Aug, rebought $569 27 Aug, sold $588 28 Aug (+3.4%). Tactical around strength, currently flat-ish. Not a new long.
AMD	Y	Corridor entries after the dump. Unchanged.
ORCL	Y	Wait, don’t chase.
PLTR / AAPL	N	Expensive growth. Unchanged.
EOSE	avoid	AJ red flags
TSLA	caution	Unchanged. Weekend Waymo/robotaxi posts are thematic, not a TSLA memo.
RIVN	N	Skip. @alojoh CFO commentary 30 Aug is personnel chatter, not a buy/sell memo.
SPCX	watch	AJ follow-up unchanged.

Outlook still dark. No newer overnight ticker posts into Wednesday. Tue NEW still: NIO Y caution, EOS Y avoid. Standing Y: MU, MRVL, NVDA, XPEV, META, AMD, ORCL wait, TSLA caution, SPCX watch. Rest of table unchanged.

KR cash OPEN soft. Live Naver ~09:26 KST: KOSPI ~6,681 (−2.27%); 000660 1,653,000 (−2.36%). Attractive list EMPTY besides Hynix desk. Last completed cash Tue 1 Sep: 000660 1,693,000 (+1.14% / +19k) V 2,727,724; For +91,835 / Inst −142,669 (Naver labeled KRX). shorts UNKNOWN (data.krx login-walled). SKHY RTH $160.78; AH $159.53. FX Yonhap 15:30 Tue ₩1,370.40. prem RTH +30.14%; AH vs live ~+32.3% (1:10). KIND/DART: still 28 Aug FTC group-status only. Seoul paper rule did NOT fire on live.

Doosan Fuel Cell 336260 live ~40,900 (−7.78%) leftover soft after pre-open DART keep HyAxiom affiliate supply ₩501.4bn / 110% of 2025 sales (already on #dart). Yonhap: Aug exports +68.7% to $98.25bn; chips +209% to $46.65bn. KED: SEMCO (009150) record ~₩1.07tn AI-server MLCC LTA. Tue KOSPI closed 6,835.80 (+0.23%) with all three investor types net sold — buybacks cited as floor.

No new Korea attractive idea beyond the standing Hynix desk. No live trade recs. Paper.

Micron working on High IOPS NAND — $MU

Jukan: “It looks like Micron is working on High IOPS NAND as well. Interesting.” $MU. Image attached.

Tape: MU enterprise/AI NAND product cadence. Bullish MU NAND overlay alongside morning Taiwan record-bonus tape; mild SKHY/Samsung NAND competitive overlay. Not a 000660 HBM print.

tweet

Samsung Galaxy S27 Ultra — Exynos 2700 in some regions

Korean media reports Samsung is moving to equip Galaxy S27 Ultra models in some regions with the Exynos 2700.

Tape: Samsung mobile SoC mix (Exynos vs Qualcomm) for S27 Ultra in some regions. Mild 005930 handset/Exynos overlay; not a SKHY/HBM print.

tweet Money Today

Astra “recurrent depth” — looped-transformer rumors confirmed?

QT Steph Palazzolo / The Information: OpenAI Astra uses “recurrent depth.” Helps cost/performance; researchers worry it obscures thinking / harder to monitor. Zephyr: “So those looped transformer rumors that used to float every 6 months turned out to be true????”

Tape: frontier-model architecture cadence. Mild AI-capex/efficiency overlay; not a SKHY print. Extends overnight Fable/Astra tape.

tweet The Information

Chey Tae-won: Kioxia joint production an option — partner or exit stake

SK Group Chairman: joint production with Japan’s Kioxia is “also one option”; “Kioxia is a company with many strengths”; SK hynix ready to partner “at any time”; “If there is no longer any possibility of building further cooperation, we will end our investment in Kioxia.”

Tape: Japan/NAND JV optionality for 000660 + explicit threat to exit Kioxia stake if coop dies. Continues Aug 31 Japan-JV capacity tape; not a near-term HBM print. Mild Kioxia/NAND overlay.

tweet

China OSS: Western workloads ≠ revenue; $5–10M post-train licenses

QT The Information / Dimension: Chinese AI models capture “Western workloads, not Western revenue.” Zephyr: next step non-commercial licenses + inference rev-share; post-train licenses $5–10M/yr for enterprises.

Tape: China OSS monetization (Moonshot/Zhipu) — extends Sep 1 11:31 card with Dimension angle. Not a SKHY print.

tweet The Information

Micron Taiwan record bonuses to avert strike — “Japan, NEXT???”

QT dnystedt: Micron Taiwan to issue the biggest performance bonuses in company history as strike-aversion (~80% union support over AI-related revenues). Zephyr: “Micron Taiwan employees just received a huge bonus / Micron Japan, NEXT???”

Tape: labor/comp confirmation that MU AI memory profits fund record bonuses. Bullish MU earnings/ASP cycle; mild SKHY/Samsung peer-bonus overlay. Japan follow-on speculative.

tweet dnystedt

Dell call: DRAM then NAND are the constraints; ABF / T-glass / optical + AI CDU/power racks redline

Dell earnings-call screenshot via Jukan: constraints remain “DRAM, DRAM, followed by NAND, NAND”; spotty CPU; disk drives; leading + mature nodes tight; shortages of ABF substrate, T-glass, optical; AI supply chain “red line” on CDUs and power racks.

Tape: primary-source confirmation of commodity DRAM + NAND tightness into H2. Bullish SKHY/Samsung/MU ASP path and ABF/optics overlay. Not a new 000660 HBM exclusive.

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Confirms SA vs SKHY IR: Nvidia HBM4 sweetheart ~$3.0–3.3/Gb (~70% YoY)

SK hynix IR denied SemiAnalysis; Jukan: “what SemiAnalysis pointed out is true. I confirmed it myself.” Image: SA HBM4 2027 pricing — SKHY ~$3.0–3.3/Gb to Nvidia (~70% YoY, below other T1 at $3.7–4.1); Samsung ~$3.5–3.9 (~15% premium vs SKHY avg). Thesis: sweetheart HBM for priority Nvidia GPU allocation to SK Group AI DC ambitions.

Tape: mixed for 000660 — absolute HBM ASP still grinding higher (+~70% YoY even on the Nvidia discount), but relative concession + “GPU-for-HBM” framing softens pricing-power vs Samsung. Pairs with Motif/sovereign-AI card below.

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Motif/SA: “Nvidia Wins, Hynix Loses” on Korea sovereign AI

QT SemiAnalysis: “I'm glad more people are talking about how Motif got back doored.” SA lede: Korea’s Trillion-Dollar Sovereign AI — “Nvidia Wins, Hynix Loses”; Squid Games / national AI tournament; best non-Chinese OSS model eliminated; implications for Hynix and Samsung.

Tape: narrative risk for SKHY/SK Group AI vertical (Motif) and sovereign-spend leakage to Nvidia. Overlay on the HBM sweetheart-pricing claim — not a near-term bit-demand cut.

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KV cache offload to Flash — cache reads −75%

QT scaling01 (“Cache reads now cost 75% less”): “They have started to offload more KV cache to Flash now.”

Tape: inference KV-cache → Flash/NAND content bid. Supports overnight NAND/Flash ASP tape (KR Aug Flash +63% still the prior print). Mild SKHY/Samsung/SNDK NAND overlay.

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“Makes sense in about two weeks” — cryptic teaser only

Ends Fri quiet stretch: “This tweet will make more sense in about two weeks.” (Paired lifestyle scorpion joke skipped.)

Tape: cryptic teaser only — no ticker. Watch ~mid-Sep for the memo. Not actionable overnight.

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Korea Aug exports: DRAM ASP +1.8% MoM, Flash +63.3%, PCB ATH

Jukan on today's Korea August export data: DRAM export ASP rose 1.8% MoM. Flash memory export ASP surged 63.3% MoM. PCB export ASP hit a new high, above the 2022 peak.

Tape: official KR customs ASP grind on DRAM plus a NAND blowout and PCB tightness. Bullish SKHY/Samsung DRAM continuation and NAND/PCB. Flash +63% is the print. Not a new 000660 HBM exclusive.

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SEMICON Taiwan: Samsung zHBM slide vs HBM4E (x4–x8 / x3 / thermal 0.1–0.25x)

Photo-tweet: “What the hell did Samsung make?” SEMICON Taiwan slide brands zHBM — “will redefine the performance and efficiency limits of HBM.” Vs HBM4E: performance per GPU x4–x8, TB/s/W x3, thermal R x0.1–0.25. Diagram: core-die stack + interlayer on GPU. Zephyr QT at 17:34: “Very interesting design.”

Tape: Samsung next-gen HBM architecture claims. Long-dated (morning KED ~2029, maybe 2028). Competitive overlay on the 000660 HBM-lead narrative, not a 2026 print.

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LITE: InP now, VCSEL 1–2 years later for AI scale-up

QT HyperTechInvest: $LITE likes VCSELs for AI scale-up interconnects; reach is the limit. Zephyr: they will have both InP and VCSEL products; VCSEL arrives 1–2 years later.

Tape: optics/Lumentum overlay, not 000660. InP first for reach, VCSEL later.

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NIO victory lap: called sell at $6.88, now $3.95 (−43% / −62% vs mkt)

One-year recap of the “sell NIO now” call. Market +19% over the same stretch. Pre-print at 13:52: NIO −9% into Q2, monthly sales stagnate across NIO / Onvo / Firefly.

Tape: booked short call, not a new idea. Do not treat as a fresh NIO memo. Skip for watchlist adds.

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CXMT+YMTC price hikes → Huawei Mate +$120–150

Jukan "wow" on Neil Shah (Counterpoint): CXMT+YMTC steadily raising prices, feeding another Huawei flagship hike of almost $120–150 on the Mate series. #Memorygeddon #Chipflation.

Tape: China DRAM/NAND ASP pass-through into handset BOM. Continues last night's commodity-DRAM tightness (TrendForce + CXMT HBM3E divert). Bullish SKHY/Samsung DDR/LPDDR ASP; not a 000660 HBM print.

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Open-source moving to rev-share + post-train licenses

As model-dev cost rises, OSS weights go non-commercial. Early inference rev-share (Kimi K3). Next: post-train licenses — Cognition/Harvey/Applied Compute could pay the OG developer $5–10M/yr to commercialize.

Tape: China OSS monetization (Moonshot/Zhipu) overlay. Not a SKHY print.

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800VDC AI data centers in 2027: SiC and GaN

One-liner from Jukan quoting the 800VDC DC architecture launch in 2027 and the SiC/GaN power-device attach.

Tape: power-semiconductor overlay (not 000660). Watch SiC/GaN names into 2027 AI-hall build.

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JPM Gokul: $40–45B to build 1GW vs $30B rev/GW (was $10B)

On VR200, 1GW of AI infra costs ~$40–45B; frontier labs generate ~$30B revenue per GW, up from ~$10B a year ago. Cloud lease of 1GW to a model shop: JPM ~$17B rev/GW. Zephyr: that $30B depends on the lab — Anthropic is ~$50B/GW blended.

Tape: AI-capex ROI improving fast → supports sustained accelerator/HBM demand (SKHY/MU/Samsung). Home also: Anthropic $35B NVDA-backed Lambda/Hut 8 cloud deal (WSJ via TrendSpider).

tweet Zephyr Anthropic Anthropic $35B

SEMCO MLCC supply contract ₩1.0722tn (9.5% of annual rev)

Samsung Electro-Mechanics (009150) DART: major global counterparty, MLCC supply, KRW 1.0722 trillion, 1 Jan 2027 – 31 Dec 2027. rcpNo 20260901800106.

Tape: Korea components catalyst, not 000660. Bullish SEMCO 2027 revenue visibility. Pair with DART desk if already posted.

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MediaTek CB was $3.9B — NVDA $3.5B + Google $400M; substrates after memory

Yesterday's MediaTek convertible was $3.9B not $3.5B: NVIDIA took $3.5B, Google/Alphabet the remaining $400M (udn: TSMC/ASE/Sigurd beneficiaries). Jukan guess: upfront payments for EMIB substrates. TSMC said substrates are the biggest bottleneck after memory; substrate capacity is easier to expand than memory. Follow: even if not specifically substrates, the raise is to lock the supply chain.

Tape: upgrades last night's $3.5B one-liner. Mild 2454.TW + ABF/substrate (Ibiden/Shinko/Nan Ya PCB) overlay. Memory stays the tighter bottleneck.

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Zhipu 1H26 transcript: API mix, ARR ~$1.6B, 100k domestic cards

Zephyr posted Tang Jie / Liu Debing / Xiao Lei prepared remarks. H1 revenue RMB 954m (~US$142m, ~+400% yoy); open-platform/API RMB 825m (~US$123m) = 86.5% of rev (was 15.2% H1 last year). ARR US$1.6bn (Aug ×12); aggressive weekly run-rate >US$2bn. API GM 24.6% vs −0.4% H1 last year. ~100k domestic accelerator cards for inference; GLM-5.3 Flash first model served entirely on domestic-chip clusters. Later Zephyr: big enterprises skip Zhipu on-prem help and SMEs just use the API — "that's where the real money is."

Tape: China AI name (Zhipu) is commercializing. Mix shift to cloud API is margin-positive. Domestic-chip inference loop is the local-compute overlay, not a 2026 SKHY HBM print.

article API mix

Rubin CPX is back — and it uses HBM4

QT mingchikuo: just as the market had priced Rubin CPX off Nvidia’s roadmap, fresh checks say it is back, with HBM4 attach.

Tape: HBM4 content/demand bid if CPX returns. Supports SKHY/MU/Samsung HBM4 into the Rubin stack; sits on top of the afternoon Samsung-HBM4-lead card.

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CXMT HBM3E breakthrough (The Information) → commodity DRAM tighter

“Bro WTF?” then TI link: China’s CXMT made a breakthrough in advanced memory / HBM3E. Jukan: a meaningful slice of CXMT DRAM wafers will divert to HBM3E, so commodity DRAM supply gets even tighter. Follow: good for ASMPT TCB bonders into CXMT. Zephyr: “Told u.”

Tape: near-term bullish DDR/LPDDR ASP. Medium-term China HBM3E is the SKHY/Samsung HBM overlay, not a 2026 sole-source kill.

tweet Bro WTF The Information

NVIDIA invests $3.5B in MediaTek

One-liner from Jukan. Zephyr QT: “Lol That’s a very interesting play.”

Tape: SoC/edge-AI partnership. Mild 2454.TW overlay; not a 000660 print.

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BYD op. margin 5.4% vs Tesla 1.4% in Q2’26

AJ: before government subsidies (industry subs both receive). H1’26 BYD 4.2% (+1.9ppt yoy) vs Tesla weaker. Later FSD/XPENG card at 21:52 is auto-product, not a semi memo.

Tape: AJ auto watchlist context. Not a new AI/semi HC idea.

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CXMT margin is small-lot HBM; trio HBM looks cheap on wafers burned

Zephyr on CXMT post-IPO black ink: higher margin because they sell small amounts of HBM. Memory trio HBM ASP looks low once you count wafers consumed for DDR-equivalent bits.

Tape: softens “CXMT structural winner” read. Still a China-HBM 2027 overlay.

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~112M base dies / ~20k WPM N3 for MU+SKHY 4EB HBM in 2027

Assuming 70% 8-high / 30% 12-high: ~112M base dies → ~20k WPM of N3, nearly 10% of 2027 N3 capacity. “Diversifying to Intel makes a lot of sense.” QT of the morning SKHY/Intel exclusive.

Tape: capacity math behind Intel Foundry optionality. Supports the afternoon exclusive as bottleneck arithmetic, not rumor-only.

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Samsung ~70% capacity through 2031 in LTAs; S5→memory; SKHY Japan JV

Seoul Economic Daily via Jukan: Samsung Memory has allocated ~70% of production capacity through 2031 to LTAs (NVDA, MS, Google). Samsung DS is considering converting Pyeongtaek S5 foundry into memory as early as next year. SK Hynix is exploring further Yongin and Honam expansion plus a potential Japan JV fab; Jukan follow-up says the KR article flags Kioxia as a possible partner. Spot HBM3E ~4–5× LTA; KR DRAM export unit prices +37% even as volume −13%. Zephyr: his 1.5M WPM Samsung forecast looks conservative (1.7–1.8M).

Tape: core bullish ASP/tightness for 000660/005930. Capacity adds are multi-year; near-term is LTA lock + spot scarcity.

tweet Seoul Economic Zephyr WPM

TrendForce: Q3 PC DRAM now +18–23% QoQ (was +15–20%)

August revision vs July forecast. Zephyr eyes on the print.

Tape: commodity DRAM tightness confirmed by the tracker. Supports the SKHY/Samsung earnings path into US hours.

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eRAM roadmap: foundries could bypass memory makers (long-dated)

Jukan on an eRAM roadmap: foundries might eventually take part of what has been the memory makers’ domain. “Still a long way off… no guarantee.” Follow: packaging scale → larger substrates; don’t ignore ABF.

Tape: long-duration narrative, not a live 000660 print. Mild ABF/substrate overlay.

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Exclusive: SK Hynix considering Intel for HBM4E base dies

Herald exclusive (10:01 KST): SK Hynix is looking at Intel Foundry for a slice of 7th-gen HBM4E base dies. Outsourced base dies today are 100% TSMC 12nm-class. HBM4 TSMC base die is estimated 3–4× the cost of SKHY 1b core dies; LTAs make an immediate pass-through hard. Multi-vendor is cost + TSMC-concentration + custom-HBM optionality. Hot Chips: SKHY America also comparing Intel EMIB vs TSMC CoWoS-S/L. Company: cannot confirm the roadmap; some of the report is not accurate.

Tape: optionality, not an award. Mild INTC foundry overlay. Do not treat as a live 000660 print — exclusive hit 10:19 KST, after the 09:00 KST open dump.

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“Is this why the Korean stock market is falling right now?”

Chart overlay of the Herald Intel-base-die exclusive onto Monday KR cash. 000660 opened ~₩1,595,000 (−3.5% vs Fri ₩1,653,000), low ₩1,577,000 (−4.6%), live 14:46 KST ₩1,663,500 (+0.64%) V 2.34m (Yahoo).

Tape: correlation, not cause. The exclusive is 80 min after the cash open. Warsh hawkish Friday remains the cleaner Monday-open overlay. Bounce back through Friday close by mid-afternoon.

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SemiAnalysis: SKHY/MU HBM4 speed miss; Samsung currently best HBM4

SK Hynix and Micron struggled to hit the highest HBM4 speeds. SKHY had to redesign its base die, delaying HBM4 shipments for Nvidia’s Rubin platform. Samsung currently has the best HBM4. Broadcom’s heavy Samsung HBM sourcing, a HBM3E drag, is now an advantage for OpenAI Jalapeño.

Tape: core SKHY HBM4 yield/speed risk. Pairs with Friday’s NVHBM-Samsung exclusive. Negative for the 000660 sole-source Rubin narrative.

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Where Is Memory Headed? Rubin Ultra HBM4 / 8-high rumor

Jukan longform: sources say Rubin Ultra might be downgraded to HBM4 or from 12-high to 8-high. The 16-high to 12-high cut he could understand; this would be a joke-level step down if true.

Tape: HBM content/ASP risk on Ultra if stack height is cut. Weekend; morning missed Jukan.

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CXMT begins mass production of LPDDR6

CXMT LPDDR6 into commercial phones. Ice Universe: first attach on Xiaomi 18 Fold + XRING O3, launch September.

Tape: China mobile-DRAM catch-up is in phones now. Mixed/negative medium-term for SKHY/Samsung LPDDR; HBM remains the SKHY moat.

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Hana: CXMT 16nm yields >90%; 12-high HBM3E MP targeted 2027

Beijing Fab 1 4th-gen ~16nm done in 2Q26. DDR5 5,600MHz now, 6,400MHz planned. Multi-patterning still means more steps vs leaders, so bit/wafer and cost lag. If CXMT can do ~3–4 million 12-high HBM3E stacks in 2027, that could ease a China AI-GPU bottleneck.

Tape: commodity DRAM catch-up continues. 2027 China HBM3E is a medium-term overlay, not a 2026 print.

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Scale-up boom to compensate for less HBM per GPU

Zephyr QT of tphuang SuperNode ramp (Huaqin >RMB10bn H2 supernode + 100 cabinets/month): “Everyone is blowing up the scale up world to compensate for weaker chips with less HBM per GPU.”

Tape: HBM content/GPU can fall while cabinets/switches/CCL rise. Mild SKHY-per-GPU risk. Pairs with the Rubin stack-cut rumor.

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Weekly Market Valuation: S&P 7,712 Friday, +0.5% w/w, +2.8% vs Q2 close

AJ Saturday card: S&P 500 closed 7,712 Fri 28 Aug, +0.5% week-on-week vs 7,674, and +2.8% above the Q2 close — a level first reached 4 Aug. Gated article; the tape numbers are public in the card.

Tape: index at new-ish highs into Monday Asia. No fresh AI/semi datapoint in the public card. Follow-up is the gated valuation piece, not a new ticker memo.

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AJ META round-trip: avg $562, sold $598, rebought $569, sold $588

Trade record: averaged $562 (18 Aug), sold $598 (26 Aug, +6.5%), rebought $569 (27 Aug), sold $588 (28 Aug, +3.4%). Tactical around strength, currently flat-ish META.

Tape: booked row stays booked. Not a new long. Overlay on the 22 Aug META “2nd-best entry” thesis — he is trading the bounce, not adding.

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RIVN CFO commentary — personnel, not a buy/sell memo

Ex-IB, moved from a $16B mcap company to $243B; CFO after 1 year as MD at JPM. CV “opportunistic” / “risk taker.” No numbers, no entry.

Follow-up N. Do not treat as a RIVN idea.

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TrendForce: Vera Rubin ASP ~2× GB300; GB300+VR stack ~$710bn next year

TrendForce via Jukan: Vera Rubin ASP expected at ~2× GB300. Combined production value of GB300, VR200, and VR300 next year projected at ~$710bn.

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CXMT 1H26: RMB150bn rev (+873%), RMB77.6bn profit swing

CXMT 1H26 revenue RMB150.31bn (+873% YoY). Net profit RMB77.61bn vs a RMB2.33bn loss in 1H25 (1Q alone RMB33.01bn). Zephyr QT: revenue still +60–90% in H2 2026.

Tape: China DRAM catch-up is real P&L now. Mixed/negative medium-term for SKHY/Samsung commodity DRAM; HBM remains the SKHY moat. Folded Zephyr 19:58 QT + source reply.

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Galaxy Z Fold 8 ramp hits DDI crunch at UMC 22nm

Korean media via Jukan: Samsung ramping Fold 8 on strong demand, but DDI supply is tight — UMC 22nm for the Fold 8 DDIs is fully utilized; Samsung asked for “super” priority. Also tapping next-year development volume.

Tape: handset demand + foundry/DDI bottleneck. Mild Samsung overlay; not a HBM/000660 print. Folded zdnet source reply.

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AJ MRVL post-Q2 memo out; −8%+; “is now the time to buy?”

AJ published the Marvell updated-outlook deep dive. Share down >8%. Assesses new earnings path, risks, and whether to buy. Notes NVDA and Alphabet invested. HC-only numbers.

Tape: follow-up to the morning −11% / nailed-$0.94 avoid print. Public tape has the question, not the answer — do not treat as a fresh short.

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[Exclusive] Samsung early lead in Nvidia NVHBM after HBM4

Jukan exclusive: Samsung Electronics poised as a key supplier for Nvidia’s customized HBM (“NVHBM”) after HBM4. NVDA pursuing a new AI-memory strategy for next-gen platforms.

Tape: core SKHY risk. Morning NVHBM/NVLink Fusion had AWS/Annapurna first; this puts Samsung in the early lead. Negative for 000660 sole-source narrative — watch share split. Not a DART.

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Japan MOF July MLCC exports: vol +20%, price −1% mom

Zephyr one-word QT of Japan MOF July trade stats: average MLCC export price −1% mom, volume +20%, value +19%. “Murata...”

Tape: volume upcycle with soft ASP. Pairs with 27 Aug SEMCO 4Q26 hike card — volume confirms, price not yet. Mild 009150/Murata overlay.

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Panasonic hikes CCL prices on copper foil / glass fiber

Jukan: Panasonic raising copper-clad laminate prices on rising copper foil and glass fiber costs.

Tape: CCL/PCB cost pass-through. Supportive packaging-materials; pairs with morning Meritz GB200/300 CCL chain.

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DIGITIMES: wire-bonding bottleneck into 2027

DIGITIMES via Jukan: AI server growth is stressing not only advanced packaging but traditional packaging too. Wire-bonding equipment tightening; IC design faces a 2027 bottleneck as demand outstrips TSMC advanced packaging and classic bond tools.

Tape: packaging capacity risk beyond CoWoS. Equipment bid; SKHY-adjacent OSAT/packaging overlay. Folded the second DIGITIMES link tweet.

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Micron Taiwan strike support hits 80% (prelim)

QT dnystedt: support for a Micron Taiwan strike over bonus pay hit 80% in a preliminary survey. Parallel to Samsung May, when a last-minute deal averted a walkout. Jukan: “Taiwanese people, rise up!!”

Tape: MU labor risk in Taiwan. Watch deal vs walkout. Mild memory-supply overlay, not a SKHY DART.

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Anthropic may want a training chip

Jukan one-liner: “It sounds like Anthropic may be interested in developing a training chip.”

Tape: custom-silicon rumor only. Longer-term NVDA attach risk if real; near-term noise.

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Home @levturtle Following unavailable. Sentiment inferred from priority + public scrapes: mixed, confidence medium. Evening adds MU High IOPS NAND and Samsung S27 Exynos regional mix; no clear shift vs 13:50 — morning Dell+Flash vs SA HBM4 sweetheart + Motif “Hynix loses” still frames the tape.

• NEW: @jukan05 18:27 — Micron High IOPS NAND ($MU).
• NEW: @jukan05 15:01 — Samsung Galaxy S27 Ultra Exynos 2700 in some regions.
• Skipped: jukan Taiwan supply-chain travel note. AJ/citrini/zephyr/BowTied quiet post-13:50 (AJ twiscan+syndication stale).
• Kept: midday Astra/Chey-Kioxia/OSS/MU-bonus; Dell DRAM/NAND; SA sweetheart; Motif; Flash KV; KR Aug ASP.

Overall: mixed, confidence medium (no clear shift vs 13:50). JSON: x-feed.json