Desk — SKHY / research

Daily brief

Morning report — Tue 3 Nov 2026 ~07:52 HKT / 08:52 KST (research/paper)

Research/paper only. No live orders or recommendations. Age cut: news Mon 2 + Tue 3 only; DART ≥ Mon 2 Nov 15:40 KST (+ today). KRX Tue PREOPEN at pack snapshot (cash open 09:00 KST / 08:00 HKT).

today SK hynix Mon official close ₩1,472,000 (+₩54,000 / +3.81%) vs Fri carry ₩1,418,000. O/H/L ₩1,402,000 / 1,498,000 / 1,389,000; vol 2.59M; FO ~48.66%. SKHY Mon RTH $147.71 (−1.01%). Yonhap FX Mon 15:30 1,343.8 (won weaker); same-session prem +34.85%. Paper Seoul rule NO (Mon UP fails ≤−8; prem fails ≥+40). KIND NEW overnight: none in desk pull. Standing Wed Q3 20261028800036 Rev ₩104.62T / OP ₩83.33T. Tue PREOPEN Naver quote ~₩1,472,000.

watchlists US AJ: NEW 1 — ORCL Wait→Y (HC) BUY @$122 overnight (instr 126; debt-raise colour). Standing Y: AVGO, MU, MRVL, NVDA (HC), XPEV, META, AMD + ORCL. Caution TSLA, NIO; Watch SPCX; Avoid EOSE, EOS; N PLTR, AAPL, RIVN, SNDK. Mon HC also BUY Samsung 005930 @₩229k (instr 125) — Korea board. MRVL/LITE all-stock deal colour: HC HOLD both; jukan bearish AI-cycle take on LITE management. Korea attractive: Samsung Electronics 005930 (AJ HC BUY @₩229,000).

asia news Mon Seoul rebound: KOSPI 5,859.08 (+2.24%); Samsung +1.78% to ₩229,000; Hynix +3.81%. Won to 1,340s (15:30 1,343.8). SK Square plans ₩4.3T payout from Hynix dividends. SCMP: CXMT defends new DRAM architecture vs US curbs; HKEX extends overnight derivatives. KED: KRX next-day settlement 2028. Rank-a China AI names quiet overnight beyond CXMT. See #news.

X NEW since Mon eve ~21:43 HKT: 2 (@jukan05 Lumentum AI-cycle / CEO follow-up). PRIOR eve pack: TrendForce LT, TSMC Sherman, Samsung 8″ exit 2030, China Blackwell 3×, Kioxia −69% off Jun peak, citrini IoT. Sentiment mixed / medium unchanged. Home unavailable — inferred from priority. See #xprio.

DART Tue KEEP×3 (Poongsan MIXED 1–3%; Micro Digital MIXED 8%+ HALT; LGES guide MIXED 1–3%).0 (≥ Mon 15:40 KST). No 000660 gap filing overnight.

funding BN−HL majors ~+0.9 bp; SKHY ~flat; SKHYNIX−SKHX ~+0.8 bp. Next BN funding 08:00 HKT. Paper only.

HYROX Warsaw still OPEN (PL saleStatus=onSale; sellStart 14 Oct). Outlook: no new Warsaw OPEN/sold-out since already-pinged 14 Oct. No re-ping.

Gaps: KIND shorts/program/block UNKNOWN (data.krx wall); Mon flows For −160k / Inst +172k / Ind −257k (FO 48.66%); KIND shorts/program/block still UNKNOWN (data.krx wall); Home X unavailable; AJ portal not accessed; HKET EN feed empty this pull.

US / AJ

Standing board, NEW rows 1 (ORCL Wait→Y HC). Hardcore readable via signed-in browser. Mon HC: Samsung 005930 BUY @₩229k (Korea); overnight ORCL BUY @$122 (instr 126). MRVL/LITE deal: HC HOLD both; LITE EPS beat colour. PLTR EPS estimate colour — stays N. AJ portal not accessed.

Ticker	Follow	Note
AVGO	Y	Standing Y. Unchanged.
MU	Y	Standing Y. Unchanged. Paper only.
NVDA	Y (HC)	Standing HC. Unchanged.
MRVL	Y	Standing Y. HC HOLD through Lumentum all-stock deal (close guided H1 2028). Paper only.
ORCL	Y (HC)	NEW Wait→Y. HC BUY @$122 (~01:59 HKT Tue) — “down due to upcoming incremental debt raising.” Instr 126 REVIEW_AND_APPROVE. Paper only.
XPEV	Y	Standing Y. Unchanged.
META	Y	Standing Y. Unchanged.
AMD	Y	Standing Y. AMD prints Tue per HC calendar. Unchanged.
TSLA	Caution	Caution standing. Unchanged.
NIO	Caution	Caution. Unchanged.
SPCX	Watch	Watch standing. Paper only.
EOSE	Avoid	Avoid (standing with EOS).
EOS	Avoid	Avoid standing.
PLTR	N	N. HC: expect beat; est $0.51 adj EPS vs Street $0.41 — colour only, KEEP N.
AAPL	N	N. Earnings Mon per HC calendar.
RIVN	N	N. KEEP N.
SNDK	N	N. KEEP N — no auto-promote.
LITE	off-board	HC HOLD / deal colour; jukan bearish management take. Not invented onto Follow board.

Paper only. AJ portal not accessed. Outlook Trade-alert teasers resolved via @alojohhardcore only.

Korea / KRX

KRX Tue 3 Nov PREOPEN at morning snapshot (~07:50 HKT). Attractive list: Samsung Electronics 005930 — AJ HC BUY @₩229,000 Mon ~17:01 HKT (instr 125); Mon close ₩229,000 (+1.78% vs Fri ₩225,000). 000660 stays on Hynix desk only.

Mon 2 close: KOSPI 5,859.08 (+2.24% / +128.34) to ~2-week high colour (KED); SK hynix ₩1,472,000 (+3.81%); Samsung ₩229,000 (+1.78%). Yonhap FX 15:30 1,343.8 (won −9.5 vs prior fixing into 1,340s). SK Square: ₩4.3T shareholder payout plan from SK hynix dividends (Yonhap). DART age-cut KEEP×0. Cash open 09:00 KST / 08:00 HKT.

Asia news tape

Tue age cut: Mon 2 + Tue 3 only. Rank a → China AI names; b → Hynix/Samsung/KOSPI/HSI/NVDA-China; c → other macro. 7 items. HKET EN empty this pull.

aSCMP · Mon 19:30 HKT

China’s CXMT defends bet on risky new DRAM architecture to circumvent US chip curbs

Fact: SCMP tech-war piece on CXMT pursuing a new DRAM design path under US restriction pressure.

Why: Rank-a China memory: medium-term competitive colour vs Samsung/Hynix — not a same-open Seoul gap.

scmp.com … cxmt-defends-bet-risky-new-dram

bYonhap EN · Mon 16:45 HKT

Seoul stocks rebound over 2 pct on bargain hunting

Fact: KOSPI closed 5,859.08 (+2.24%); Samsung and SK hynix reversed US AI/semis softness to finish higher (official: Hynix +3.81% to ₩1,472,000; Samsung +1.78% to ₩229,000).

Why: Rank-b: Mon Seoul memory/KOSPI bounce into Tue PREOPEN after Fri dump.

en.yna.co.kr … AEN20261102007652320

bYonhap EN · Mon 11:43 HKT

SK Square plans 4.3 tln-won shareholder payout from SK hynix dividends

Fact: Parent SK Square said it plans about ₩4.3T in shareholder returns funded by SK hynix dividend income.

Why: Rank-b Hynix-complex capital-return colour — constructive for holding-company sleeve, secondary for 000660 beta.

en.yna.co.kr … AEN20261102004500320

bYonhap EN · Mon 16:18 HKT

S. Korean won sharply weakens against U.S. dollar

Fact: Yonhap FX 15:30 fixing 1,343.8 (+9.5); won into 1,340s — about a 2-week high vs dollar.

Why: Rank-b FX: weaker won lifts KRW ADR premium math and export optics into Tue open.

en.yna.co.kr … AEN20261102009800320

bSCMP · Mon 20:12 HKT

HKEX extends overnight derivatives trading as Hong Kong chases global market flow

Fact: Hong Kong Exchange lengthens overnight derivatives hours to capture more global flow.

Why: Rank-b HSI/HK microstructure — supports Asia overnight risk transfer; not a Korea cash gap.

scmp.com … hkex-extends-overnight-derivatives

bYonhap EN · Tue 05:19 HKT

USITC terminates Samsung chip patent probe after Netlist settlement

Fact: U.S. International Trade Commission ended a Samsung chip patent probe following a settlement with Netlist (reported Mon US time).

Why: Rank-b Samsung legal overhang clear — mild constructive for 005930 into Tue, not a Hynix beta driver.

en.yna.co.kr … AEN20261103000300315

cKED Global · Mon

Kospi ends up 2.2% with low PBR stocks in focus; KRX to introduce next-day settlement in 2028

Fact: KED headline pairs Mon KOSPI +2.2% rebound with KRX plan for T+1 settlement in 2028 (Yonhap also: shorter settlement roadmap).

Why: Rank-c microstructure/macro — medium-term plumbing; not a same-session memory gap.

kedglobal.com … ked202611020004

X tape / sentiment

Overall: mixed / medium (unchanged vs Mon eve). Home/Following unavailable this morning — inferred from priority authors + public Asia tape.

Seoul Mon rebound (+2.2% KOSPI / Hynix +4.4%) vs still-present AI-profitability worry into Tue open; Lumentum/MRVL deal sparked overnight jukan bearish AI-cycle take; TrendForce GPU LT still tight (PRIOR eve). No clear risk-on/off flip. Culture-war skipped. Hardcore: Samsung + ORCL priced #alerts already instructed (125/126).

X priority posts

2026-11-03 07:52 HKT / 2026-11-03 08:52 KST · NEW since Mon eve ~21:43 HKT. Sentiment mixed / medium. Home unavailable.

down@jukan05 · Mon 22:26 HKT · conf high · NEW

The only way to interpret Lumentum’s management accepting this deal is that they have no faith in the current AI cycle. They think the market will collapse in two to three years.

Why: Bearish AI-cycle read on LITE/MRVL all-stock deal — overlays HC HOLD both; idiosyncratic optics, not a Seoul memory beta flip.

x.com/jukan05/status/2117262124506599836

mixed@jukan05 · Tue 06:47 HKT · conf medium · NEW

Follow-up: pushback on Lumentum take; most reasonable explanation heard was CEO never equipped to take company to next level (prior 1.5y at FNSR before selling).

Why: Softens “AI cycle collapse” read toward management-quality MIXED — still deal-optics colour, not memory beta.

x.com/jukan05/status/2117388191888248926

up@jukan05 · Mon 20:20 HKT · conf high · PRIOR eve

TrendForce: GPU LT 30–45w (upper +5w); DRAM LT 19w (−1w); MLCC LT colour.

Why: GPU scarcity still constructive for AI-hardware / memory demand narrative.

x.com/jukan05/status/2117202052464230617

mixed@jukan05 · Mon 19:58 HKT · conf medium · PRIOR eve

Sherman TX in site-selection talks with TSMC for multi-tens-of-billions fab.

Why: Capex/geo colour for foundry — MIXED timing vs AI-spend fear tape.

x.com/jukan05/status/2117196534752362955

mixed@jukan05 · Mon 18:11 HKT · conf high · PRIOR eve

Samsung notified customers of full 8-inch foundry exit by 2030 (KR media).

Why: Foundry mix / legacy-node supply colour — MIXED for Samsung non-memory; secondary for HBM thesis.

x.com/jukan05/status/2117169527457009706

up@jukan05 · Mon 16:04 HKT · conf high · PRIOR eve

China contacts: Blackwell prices tripled in 4mo; 8-GPU server ~RMB 16m colour.

Why: Scarcity / gray-market UP colour for restricted AI silicon — constructive pocket for NVDA complex.

x.com/jukan05/status/2117137455443058919

down@zephyr_z9 · Mon 18:42 HKT · conf high · PRIOR eve

Kioxia chart: still +216% 1Y but −69% from Jun 22 peak.

Why: NAND drawdown caution after squeeze — DOWN colour for memory beta extremes.

x.com/zephyr_z9/status/2117177303931441590

down@citrini · Mon 20:04 HKT · conf medium · PRIOR eve

IoT was a mistake — Bloomberg: suspected freezer hacks hit EU supermarkets.

Why: IoT/security humour DOWN stamp — not a semis beta driver.

x.com/citrini/status/2117226436276748379

mixed@BowTiedBull · Mon · conf low

No market-relevant NEW overnight (career / Covid-form colour skipped).

Why: Culture/process skipped per desk rule.

mixed@alojoh public · overnight

Public timeline mostly non-market overnight; priced tape is on @alojohhardcore (Samsung BUY @₩229k; ORCL BUY @$122) — see watchlists.

Why: Hardcore alerts drive board; public culture posts skipped.

DART material KR

Tue age cut ≥ 2026-11-02 15:40 KST (+ today). Last scan 2026-11-03 09:47 KST. Live board KEEP×3 — Poongsan 103140 MIXED 1–3% don’t-chase; Micro Digital 305090 MIXED 8%+ HALT p≈0; LGES 373220 MIXED 1–3% guidance. Tip rcp 20261103000048 @09:42.

mixed 1-3%LG Energy Solution 373220 · KOSPI · 2026-11-03 09:40 KST · p≈28%

FY26 sales guide → +35–40% YoY incl. NA subsidy (was +10 mid–20%); Capex −40%+

Tue 3 Nov 09:40 KST pre-IR: LGES (373220, ~₩81.7tn) lifts FY26 sales guidance to +35–40% YoY but only on a North America production-subsidy-inclusive sales basis (was +10 mid–20%), keeps mid-single OPM with subsidy, and cuts Capex ≥40% YoY. MIXED because the headline growth raise is largely a subsidy-basis restatement rather than a clean organic lift, while the Capex cut is real cash discipline into the 10:00 IR. Band 1–3%: mega-cap compression on an ₩82tn name (refuse mid). Live already −2.0% into the stamp → modest unused leftover into the IR/print, p≈28%.

Why direction: MIXED: Capex −40%+ discipline vs sales-guide raise that re-bases on NA subsidy inclusion. · Why magnitude: 1–3%: ₩82tn liquid mega — refuse mid even on guidance day. · Why probability: p≈28%: live −2% leaves some unused small-band leftover into the 10:00 IR.

DART 20261103800111 · desk markets-desk

mixed 1-3% don’t-chasePoongsan 103140 · KOSPI · 2026-11-03 09:30 KST · p≈12%

Q3 OP ₩77.3bn (+82.5% YoY / −23.4% QoQ); sales ₩1,215bn (+39.5% YoY)

Tue 3 Nov 09:30 KST live-session Q3 print on Poongsan (103140, ~₩1.58tn): sales ₩1,215bn (+39.5% YoY) and OP ₩77.3bn (+82.5% YoY) but OP −23.4% QoQ and NI −24% QoQ off a strong 2Q. MIXED because the year-on-year earnings reset fights a clear sequential operating fade (equity-method income is in the print). Band 1–3%: YoY OP delta ~₩35bn is ~2.2% of mcap on a liquid KOSPI mid-cap — clears small band, refuse mid. Live already −4.24% has chewed past the small band on the sequential side → leftover don’t-chase, p≈12%.

Why direction: MIXED: YoY OP/NI reset (+82%/+92%) vs sharp QoQ OP/NI fade (−23%/−24%). · Why magnitude: 1–3%: YoY OP delta ~2.2% of ~₩1.58tn liquid mid-cap; QoQ fade refuses clean UP mid-band. · Why probability: p≈12%: live already −4.2% past the small band → don’t-chase leftover only.

DART 20261103800095 · desk markets-desk

mixed 8%+ HALTMicro Digital 305090 · KOSDAQ · 2026-11-03 09:29 KST · p≈0%

Early buy-in of own Series-4 CB ~₩1.67bn cash (~16% mcap); convert ₩10,214 vs live ₩538

Tue 3 Nov 09:29 KST: Micro Digital (305090, halted 관리, ~₩10.2bn) files early buy-in of its own Series-4 CB — ~₩1.67bn cash (~16% of mcap) to retire ₩1.61bn face that converts at ₩10,214 vs live ₩538 (deep OTM; ~0.84% OS). MIXED because cash leaving the thin book offsets removal of an already-worthless conversion option (JK Synapse / Chris F&C class), while the cash size vs micro mcap is still a two-way shock into any resume. Band 8%+: ~16% mcap cash exit on a halted microcap is resume-gap class, not housekeeping. Still halted → same-session p≈0; leftover is resume/auction only.

Why direction: MIXED: cash out (~16% mcap) offsets removing a deep-OTM CB — cleanup vs liquidity hit. · Why magnitude: 8%+: cash ~₩1.67bn on ~₩10.2bn halted microcap is shock/resume-gap class. · Why probability: p≈0 this session while halted; leftover is resume gap only.

DART 20261103000036 · desk markets-desk

BN vs HL (Korea pair)

Live marks pulled ~07:50 HKT Tue (BN Shell premiumIndex; HL metaAndAssetCtxs main+xyz — direct API OK). Research series, paper only. Next BN funding at snap 08:00 HKT (~10m).

Pair	BN−HL (bp)	BN lastFR	HL funding/hr	BN mark	HL mark
BTCUSDT / BTC	+0.88	1.000e-04	1.250e-05	76806	76817
ETHUSDT / ETH	+0.88	1.000e-04	1.250e-05	2253.1	2253.0
SOLUSDT / SOL	+0.88	1.000e-04	1.250e-05	91.99	91.99
SKHYUSDT / xyz:SKHY	−0.01	0.000e+00	1.304e-06	149.88	149.23
SKHYNIXUSDT / xyz:SKHX	+0.84	6.959e-04	6.116e-04	1053.0	1047.6

Marks: Majors aligned BN/HL. SKHY BN-rich on mark (~$149.88 vs HL $149.23) but funding spread ~flat. SKHYNIX BN lastFR ~7.0 bp/8h vs HL SKHX ~6.1 bp/hr — BN−HL funding +0.8 bp only (far tighter than Mon AM’s +30/+37 bp when both were deeply negative).

Next funding: Binance 8h cycle at 08:00 HKT; Hyperliquid hourly. No HL SKHYNIX — hedge is xyz:SKHX.

Estimated carry (per 8h at live |BN−HL| spread proxy): BTC/ETH/SOL ≈ 0.88 bp · SKHY ≈ 0 · SKHYNIX ≈ 0.84. Snapshot only — fees/inventory/liquidation can erase it. Paper only; no live orders.

SK Hynix map

Korea line

000660 / SKHYNIX / xyz:SKHX

Mon 2 Nov official close ₩1,472,000 (+54,000 / +3.81%) vs Fri ₩1,418,000. (Naver dealTrend showed ₩1,480,000 quirk — official/Yahoo/Yonhap used.) O/H/L ₩1,402,000 / 1,498,000 / 1,389,000; vol 2.59M; FO ~48.66% (Naver sise). Tue PREOPEN Naver quote ~₩1,472,000 (not a Mon gap — cash open 09:00 KST). Day-flows For/Inst/Ind: UNKNOWN (investorTrend 404 this morning). KIND NEW overnight: none in desk pull. Standing Wed Q3 20261028800036: Rev ₩104.62T / OP ₩83.33T (OPM ~80%). Parent SK Square: ₩4.3T payout plan from Hynix dividends (Yonhap).

ADR / FX / premium

SKHY / xyz:SKHY

SKHY Mon RTH $147.71 (−1.01%) vs Fri $149.21. Yonhap FX Mon 15:30 1,343.8 (won weaker vs Fri 1,334.3). Same-session premium Mon +34.85% (147.71 × 10 × 1,343.8 / 1,472,000 − 1). Fri prem was +40.40%.

Perps vs cash (~07:50 HKT): BN SKHYUSDT ~$149.88 (tracks ADR); SKHYNIX ~$1,053 vs Mon KRX-USD ~$1,101 (~−4%). BN−HL funding spreads majors ~+0.9 bp; SKHY ~flat; SKHYNIX−SKHX ~+0.8 bp. HL xyz:SKHY mark $149.23; xyz:SKHX $1,047.6.

Paper Seoul rule: NO. Leg A Mon +3.81% fails (needs ≤ −8%); Leg B prem +34.85% fails (needs ≥ +40%). Research flag only — paper only; no SKHY short / no xyz perps / no live.

Context: Mon Seoul bounce after Fri dump while SKHY lagged (−1%); prem compressed from +40% toward +34%. No new 000660 gap DART. AJ HC bought Samsung Mon, not Hynix. Related perps: BN SKHYUSDT / SKHYNIXUSDT; HL xyz:SKHY / xyz:SKHX only. KIND shorts/program/block UNKNOWN (data.krx wall). Paper only.