Daily brief
Morning report — Thu 1 Oct 2026 ~07:55 HKT (research/paper)
Research/paper only. No live orders or recommendations. KRX Thu cash — open 1 Oct 09:00 KST. HKEX CLOSED National Day (reopen Fri 2 Oct). Age-cut: news Wed 30 + Thu 1; DART ≥ Wed 30 15:40 KST.
watchlists US AJ: no NEW overnight board rows (Outlook CONNECTED; Wed 30 credit teaser IG yields 5.97% Sep 29 — macro only, no ticker). Standing Y: AVGO, MU, MRVL, NVDA (HC), XPEV, META, AMD, LITE. Wait ORCL; Caution TSLA, NIO; Watch SPCX; Avoid EOSE, EOS; N PLTR, AAPL, RIVN, SNDK. Korea attractive: EMPTY. 000660 is Hynix desk only. Micron FQ4 overnight = MU calendar color, not a new AJ Y.
asia news Age-cut Wed+Thu n=6. Lead: MiniMax +3.65% / Z.AI +4.31% on HSTECH into National Day close (HSI +0.37% 24,613). Micron FQ4 $54.23bn / EPS $33.42 + Q1 guide $61.5bn — Chosun/Asiae read-through Samsung/Hynix. Yonhap Wed KOSPI −0.48% foreign −₩2.05tn; SEDaily KOSPI cedes YTD lead to Taiwan. HKET/KED thin.
X Morning refresh 2026-10-01 07:55 HKT · Sentiment mixed, medium · Home unavailable · n_new=0 (fxtwitter statuses CF 403). Evening NEW demoted PRIOR: TrendForce HBM 4Q +15–20%; Ming-Chi HC CCL NVL576; Zephyr InP/Coherent; Zephyr warpage caveat. Overlay Micron beat + MiniMax bounce vs KR dump/rates — still mixed.
DART Age-window ≥2026-09-30 15:40 KST: 19 keeps (no material 000660) — Socar 403550 UP 1-3%/p≈35% early-term trust cancel 286k sh (~0.75% OS); MH Ethanol 023150 UP 8%+ bonus 1:1; Xplus 373200 MIXED 3-8%; Sungkwang Bend; Actro; INNOAX. Tip last_seen 20261001000162 @12:34 KST.
funding BN OK via www.binance.com/fapi. SKHY BN 185.19 / HL 185.05 (+7.8 bp); SKHYNIX 1311.09 / SKHX 1309.10 (+15.2 bp). Next BN funding 08:00 HKT. Paper only.
Hynix KR PREOPEN → 09:00. Wed cash 000660 ₩1,776,000 (+0.62%) O/H/L 1,789k/1,824k/1,773k · vol 2.97M · For −343k / Inst −135k / Ind −107k; FO 49.78%. SKHY Wed $184.15; prem vs Wed KRX/FX 1,352.8 ≈ +40.27%. NEW officer-ownership DART only (not keep). Micron overnight = open catalyst. Paper Seoul: NO (Leg A +0.62% fails).
HYROX Warsaw registration announced (not open): opens 14 Oct 2026 12:00 CET / 18:00 HKT; race 7–11 Apr 2027. Official "Sale starts soon". Outlook: no newer Warsaw OPEN mail. ping_needed=false.
Asia news tape
Age-cut Wed 30 Sep + Thu 1 Oct only · n=6 · refreshed 2026-10-01 07:55 HKT / 2026-10-01 08:55 KST. Rank a=China AI; b=Hynix/Samsung/KOSPI/HSI/NVDA-China; c=other macro.
HSI +0.37% to 24,613; MiniMax +3.65% / Z.AI +4.31% top HSTECH into National Day close
Wed 30 Sep HK cash: HSI +89 pts (+0.37%) to 24,613 on HK$187bn turnover; HSTECH +0.1% to 4,253. MiniMax (0100) +3.65% and Z.AI/Zhipu (2513) +4.31% led TECH. Tencent −0.23%; Alibaba +0.38%. HKEX closed Thu 1 Oct National Day; reopen Fri 2 Oct.
Implication: Hard rank-a China AI beta print inside age-cut — MiniMax/Zhipu rebound into holiday vs Tue soft session; constructive HK AI sleeve while KR still fights foreign dump + rates.
www.thestandard.com.hk/finance/article/344250/Biopharma-shares-drive-HSI
Micron FQ4 AI earnings surge — read-through for Samsung / SK Hynix
Coverage after Wed US close (published ~2026-09-30 22:10Z / Thu ~06:10 HKT): Micron FQ4 FY26 revenue $54.23bn (vs ~$51.07bn est) and adjusted EPS $33.42; HBM4/DRAM strength framed as constructive for Samsung Electronics and SK Hynix into Thu KR cash.
Implication: Hard memory-calendar catalyst for 000660/005930/MU into Thu KR open — pairs with TrendForce HBM ASP tape; watch whether foreign flow reverses after Wed’s chip dump.
www.chosun.com/english/industry-en/2026/10/01/D4EFDSJH3BAOFFDXU6CHJ3Y5RM
KR open: rebound bias on Micron beat + export hopes; US mixed, 10y >5.3%
Thu 1 Oct 08:06 KST: Asiae notes Wed US mixed (Dow −0.86% / S&P −0.25% / Nasdaq +0.24%) with 10y yield back above ~5.3% despite soft PCE. Flags Micron beat (rev/EPS above; GM ~87% vs ~86% est) and quarter-end rebalancing end as supports for a KR rebound.
Implication: Hard pre-open framing for Thu KOSPI — Micron surprise vs still-high UST yields; sets the auction debate for memory beta.
KOSPI −0.48% to 6,838.04 (3rd down day); Hynix +0.62%, Samsung −1.47%; foreign −₩2.05tn
Wed 30 Sep: KOSPI 6,838.04 (−32.77 / −0.48%). Samsung ₩268,500 (−1.47%); SK hynix ~₩1.78m (+0.62%). Foreign net −₩2.05tn; institutions −₩768bn; individuals +₩1.17tn. Won 15:30 1,352.8. Drivers: US 10y >5.2% / 30y >5.6%.
Implication: Hard Wed cash base for Thu open — memory split (Hynix up / Samsung down) into Micron night; foreign still dumping.
KOSPI cedes YTD lead to Taiwan; 1m gain only +0.26% as rates offset chip hopes
Thu 1 Oct SEDaily: KOSPI YTD +62.26% now #2 behind Taiwan TAIEX +66.29%; past-month +0.26% (12th). Cites rising yields vs semiconductor earnings expectations; notes Samsung/SK hynix forward P/E ~4–5× after Q3 correction.
Implication: Macro/positioning overlay for KR beta — explains why Micron beat may not clear the rates/flow drag alone.
en.sedaily.com/finance/2026/10/01/kospi-cedes-global-lead-to-taiwan-as-m
Micron FQ4: $54.23bn rev / non-GAAP EPS $33.42; Q1 FY27 guide $61.5bn ± $1.5bn
Wed 30 Sep after US close: Micron FQ4 FY26 revenue $54.229bn; non-GAAP diluted EPS $33.42; GAAP GM 86.8%. FY26 rev $133.19bn. Guides FQ1-27 rev $61.5bn ± $1.5bn; non-GAAP EPS $38.15 ± $1.00. Dividend $0.15 payable 29 Oct.
Implication: Hard MU (Y-list) + KR memory read-through — supply-tight / AI-memory narrative into Thu KR cash; paper only.
www.stocktitan.net/news/MU/micron-technology-inc-reports-record-fiscal-f
Blockers: HKET thin/403; KED no fresh chip lead; SCMP unused; Yahoo 429. Paper.
DART · material KR
Last-updated 1 Oct 2026 13:20 KST (Asia/Seoul)
Last scan 2026-10-01 13:20 KST · age-window keep ≥2026-09-30 15:40 KST · 19 cards · tip 20260813001716 @2026-10-01 13:19 KST · last_material 20261001000162 @2026-10-01 12:34 KST · NEW 4/0 keep (DROP Hanyang ENG 첨부추가 half-year + Kiwoom/Mirae shelf prospectus + Daebang 기타 borrow)
Early-terminate treasury buyback trust ₩3.0bn; cancel 286,008 sh (~0.75% OS)
2026-10-01 12:34 KST: Socar (쏘카, 403550, KOSPI) filed material report — treasury-stock acquisition trust early termination (자기주식취득신탁계약해지결정). Contract ₩3,000,000,000 (₩3.0bn / 30억). Period 2026-07-23 → 2027-01-22. Purpose: early terminate after buyback completed. Trustee: Samsung Securities. Termination date 2026-10-01. Trust-acquired shares to release: common 286,008. Pre-termination treasury (dividend-capacity): common 551,879 (=1.45% of OS 37,939,942) = trust 286,008 + already-held 265,871. Board 2026-10-01 notes the 286,008 trust shares will be cancelled in full for shareholder-value enhancement. rcpNo 20261001000162 / dcmNo 11598927 confirmed on DART HTML viewer (쏘카 matches). Live at enrich (stockanalysis 403550 @2026-10-01 12:17 KST OPEN): last ₩10,740 (0.00% vs prev); open ₩10,830; high ₩10,830; low ₩10,700; vol 816; mcap ≈ ₩405.2bn; cancel sh/OS ≈ 0.75%; face/mcap ≈ 0.74%.
Why: What: Socar (403550) early-terminated its Samsung Securities treasury buyback trust (₩3.0bn / 30억, Jul 23 2026–Jan 22 2027) because the buyback finished. Trust acquired 286,008 common (~0.75% of 37.94m OS); board will cancel those shares in full for shareholder value. Termination effective today. Why UP: Permanent float shrink (cancel of trust shares), not ESOP return to float. Why 1-3%: Only ~0.75% OS / ~0.74% of ~₩405bn mcap; known Jul program finishing — admin completion + small cancel (Rayence/Handsome size haircut). Why p≈35%: Live flat ₩10,740 (0.00%) into the stamp on ~800 ADV; band unused but mid-session on a known program — cancel confirmation clip, not discovery.
1:1 bonus issue (6.20m new shares, doubles share count); trading halted 11:34-12:04
2026-10-01 11:34 KST: MH Ethanol (023150, KOSPI) bonus issue 1:1 (100%): 6,201,433 new common (shares outstanding 6,201,433 -> 12,402,866), par ₩500, funded from share premium ₩3,100,716,500. Record 2026-10-20; listing ~2026-11-10. KRX halt 11:34-12:04 (paired notice 20261001800166, same event). Live at enrich ₩3,997 (+0.43%); market value ~₩24.8bn.
Why: What: MH Ethanol (023150) 1-for-1 bonus issue: 6,201,433 new shares from ₩3.10bn share premium, doubling shares to 12.4m; record Oct 20, listing ~Nov 10. KRX halted it 11:34-12:04 (free issue of 10%+). Why UP: a 100% free issue is a strong signal on a thin KOSPI micro-cap. Why 8%+: 100% ratio plus the halt class, on only ~₩24.8bn market value with thin volume. Why p≈42%: stock was just +0.43% into the halt, so the band is unused until the 12:04 resume.
Third-party small offering ₩3.0bn (~8.2% OS / ~6.7% mcap) @ ₩1,464 to 4 individuals; debt repay+WC
2026-10-01 11:24 KST: Xplus (엑스플러스, 373200, KOSDAQ) filed small public offering disclosure — equity (소액공모공시서류(지분증권)). Board 2026-09-30 resolved third-party placement of common 2,049,180 sh @ issue ₩1,464 (par ₩500) for total ₩2,999,999,520 (₩3.0bn / 30억). Method: 제3자배정 / direct (no underwriter). Issue price = 3–5 trading-day VWAP with 10% discount (reg. 5-18). Subscription 2026-10-06; pay-in 2026-10-08; new-share listing target 2026-10-27. Allottees (relationship “-”): Byeon Tae-woong 759,180; Bae Jeong-hye 500,000; Lee Yoon-hee 300,000; Lee Seon-hee 490,000 — selected for funding capacity/timing. Use of proceeds: working capital ₩999,999,520 + debt repayment ₩2,000,000,000. OS (2026-06-30) 25,043,237 → dilution ≈ 8.18%; float 25,041,579. rcpNo 20261001000133 / dcmNo 11598829 confirmed on DART HTML viewer (엑스플러스 matches). Live at enrich (Naver 373200 @2026-10-01 11:23 KST OPEN): last ₩1,793 (−3.19% vs prev ₩1,852); open/high ₩1,880 (+1.51%); low ₩1,713 (−7.51%); vol ~20.1k; mcap ≈ ₩44.9bn (449억); face/mcap ≈ 6.7%.
Why: What: Xplus (373200) third-party small offering ₩3.0bn — 2,049,180 common (~8.2% of OS 25.0m) @ ₩1,464 (10% disc to 3–5d VWAP) to four unrelated individuals; ₩2.0bn debt repay + ₩1.0bn WC; sub Oct 6 / pay-in Oct 8 / list ~Oct 27. Why MIXED: Cash + liability cleanup vs ~8% dilution at discount + individual allottees + listing overhang (Satoshi/private-placement class; not named strategic). Why 3-8%: ~6.7% of ~₩44.9bn mcap / ~8% OS mid-band vol; refuse 8%+ expected drift. Why p≈28%: Live already −3.2% (high +1.5% open) — part of band used; leftover two-way into pay-in.
Treasury buyback trust ₩5.0bn (~0.6% mcap) hold-after; buys 10-02→12-31 via Samsung Sec
2026-10-01 10:52 KST: Sungkwang Bend (성광벤드, 014620, KOSDAQ) filed material report — treasury-stock acquisition trust contract decision (자기주식취득신탁계약체결결정). Contract amount ₩5,000,000,000 (₩5.0bn / 50억). Period 2026-10-02 → 2026-12-31. Purpose: shareholder-value enhancement (주주가치 제고). Broker/trustee: Samsung Securities. Signing planned 2026-10-02. Board 2026-10-01. Pre-deal treasury: none. Planned acquire common 162,074 sh; ref price ₩30,850 (KRX close 2026-09-30); other stock —. Post-acquire hold period: blank (“-”) — filing notes shares to be used for shareholder-value enhancement (not dated cancel / not ESOP). Part of Jan-2026 value-up plan add-on. rcpNo 20261001000062 / dcmNo 11598697 confirmed on DART HTML viewer (성광벤드 matches). Live at enrich (Naver 014620 @2026-10-01 10:52 KST OPEN): last ₩31,250 (+1.30% vs prev ₩30,850); open ₩32,250; high ₩32,250 (+4.54%); low ₩30,400; vol ~117k; OS 26,557,364 → mcap ≈ ₩829.9bn; face/mcap ≈ 0.60%; planned sh/OS ≈ 0.61%.
Why: What: Sungkwang Bend (014620) board resolved treasury acquisition trust ₩5.0bn via Samsung Securities; buys 2026-10-02→12-31; planned ~162k sh (~0.61% OS) at ref ₩30,850. Purpose shareholder-value; hold-after blank (no cancel date) — cash bid / hold-after, not cancel-bound or ESOP. Why UP: New OM trust cash bid. Why 1-3%: ~0.6% of ~₩830bn mcap + hold-after (Clean&Science/Shinil class); refuse 3-8% until cancel dated. Why p≈15%: Session high +4.5% already cleared band; live +1.3% — don’t-chase.
Already-held treasury cancel 493,541 sh (~4.9% OS) ₩4.40bn; cancel 2026-10-19
2026-10-01 10:25 KST: Actro (액트로, 290740, KOSDAQ) filed treasury-stock cancel decision (주식소각결정). Cancel common 493,541 sh; OS common 10,065,011 → ~4.905% of OS. Par ₩500. Cancel amount ₩4,404,741,075 (₩4.40bn / 44.0억; avg book). Method: already-held treasury (기취득 자기주식). Cancel date 2026-10-19 (may slip). Acquire period blank. Board 2026-10-01. Legal: Commercial Act Art.343(1) proviso — share count falls, capital unchanged; replaces disposal disclosure. rcpNo 20261001900092 / dcmNo 11598529 confirmed on DART HTML viewer (액트로 matches). Live at enrich (Naver 290740 @2026-10-01 10:24 KST OPEN): last ₩11,800 (+3.33% vs prev ₩11,420); open ₩11,810; session high ₩12,330 (+7.97% @09:04 pre-stamp); stamp-minute high ₩12,180 (+6.65% @10:21); vol ~53k; mcap ≈ ₩118.8bn; cancel face/mcap ≈ 3.7%.
Why: What: Actro (290740) board resolved already-held treasury cancel 493,541 common (~4.9% of OS 10,065,011); book ₩4.40bn; cancel 2026-10-19; Commercial Act 343(1) — share count down, capital unchanged. Why UP: Permanent float shrink (not ESOP/hold-after) — Inter-M/Rayence ~5% cancel class. Why 3-8%: ~4.9% of OS on ₩119bn mid-KOSDAQ; refuse 8%+ (not ≥10% halt/PlumbFast). Why p≈20%: Stamp-min high +6.7% already mid-band; live +3.3% — don’t-chase first clip.
Quarterly cash dividend ₩350/sh (5.6% yield / ₩1.77bn ≈5.6% mcap) + EGM surplus→RE
2026-10-01 10:11 KST: INNOAX (이노에이엑스, 296640, KOSDAQ) filed cash/stock dividend decision (현금ㆍ현물배당결정, 분기배당). Cash ₩350 per common share; 시가배당률 5.6%; total ₩1,772,803,200 (₩1.77bn / 17.7억). Record 2026-09-30; pay planned 2026-10-15 (may slip). Board 2026-10-01. Funded by transferring capital reserves to retained earnings under Commercial Act Art.461-2 — filing states not taxable dividend income. Total uses OS 5,178,252 minus treasury 113,100. Related: 2026-09-08 register-close for interim/quarterly dividend. Companion EGM convene rcp 20261001900089 same stamp: EGM 2026-11-17 09:30 Songpa; agenda (1) capital-surplus→RE transfer (2) appoint inside director Kim Gil-gon (chairman; new 3y). rcpNo 20261001900087 / dcmNo 11598525 confirmed on DART HTML viewer (이노에이엑스 matches). Live at enrich (Naver 296640 @2026-10-01 10:11 KST OPEN): last ₩6,140 (+0.99% vs prev ₩6,080); open ₩6,080; high ₩6,150 (+1.15%); vol 2,472; mcap ≈ ₩31.8bn; face/mcap ≈ 5.6%.
Why: What: INNOAX (296640) board declared quarterly cash dividend ₩350/sh (시가배당률 5.6%; total ₩1.77bn / ~5.6% of ₩31.8bn mcap); record 2026-09-30; pay ~2026-10-15; funded via capital-surplus→RE (Art.461-2, non-taxable). Paired EGM 2026-11-17 for surplus transfer + inside-director appoint. Why UP: Huge quarterly yield on micro KOSDAQ = shareholder-return size print (Actoz-class, smaller face). Why 3-8%: 5.6% face/mcap on ₩32bn name justifies mid band; refuse 8%+ — record already passed (new buyers get no cash) + Sep-8 register-close telegraphed the quarterly. Why p≈22%: Live +1.0%/high +1.1% on ~2,472 ADV — band mostly unused but mid-session thin; don’t-chase a spike.
Namsan 4-7 redevelopment award ₩345.1bn (~28% sales / ~79% mcap) — no advance; 분양불; 38mo
2026-10-01 09:35 KST: IS Dongseo (아이에스동서, 010780, KOSPI) filed single sales/supply contract (단일판매ㆍ공급계약체결). Content: construction award (공사수주) — Namsan 4-7 redevelopment project (남산 4-7 재개발정비사업). Firm ₩345,142,484,700 (₩345.1bn / 3,451억). Recent consol. sales ₩1,234,356,436,787 → 27.96% of sales. Large-corp: yes. CP: Namsan 4-7 Redevelopment Association (남산 4-7 재개발정비사업조합; relationship "-"). Region: Daegu Jung-gu Namsandong 2613-1. Period blank in form; other note: 38 months from actual start. Advance: none (무); payment unit-sale basis (분양불). Contract date 2026-09-30. VAT excl.; amount/term can change. Overview: B3/29F, 11 apt blocks, 944 units + amenities. rcpNo 20261001800062 / dcmNo 11598493 confirmed on DART HTML viewer (아이에스동서 matches). Live at enrich (Naver 010780 @2026-10-01 09:35 KST OPEN): last ₩14,760 (+1.03% vs prev ₩14,610); open ₩14,750; high ₩15,300 (+4.72%); shares 29,724,668 → mcap ≈ ₩438.7bn; face/mcap ≈ 78.7%.
Why: What: IS Dongseo (010780) won Daegu Namsan 4-7 redevelopment construction for ₩345.1bn (~28% sales / ~79% mcap); zero advance; unit-sale (분양불) pay; 38 months from start; signed Sep 30. Why MIXED: Classic construction face/mcap trap — huge face, no near-term cash, multi-year drip (Seohan/HS Hwaseong/Kyeryong). Why 1-3%: Refuse 3-8%/8%+ on zero-advance 분양불 backlog despite 79% face/mcap. Why p≈14%: Live +1.0%/high +4.7% already spent the blip — don’t-chase.
LG U+ Paju mechanical EPC amend ₩23.0bn (~7.9% sales / ~38% mcap) — no advance; 2nd change
2026-10-01 09:20 KST: CK Solution (씨케이솔루션, 480370, KOSPI) filed single sales/supply contract (단일판매ㆍ공급계약체결). Content: construction award (공사수주) — LG U+ Paju 1239 new-build mechanical equipment works section-1 (LG U+ 파주 1239 신축공사 기계설비공사-1공구). Firm ₩22,983,840,000 (₩23.0bn / 229.8억). Recent consol. sales ₩291,009,514,864 → 7.90% of sales. Large-corp: no. CP: Xi C&A (자이씨앤에이; unrelated). Region: Paju, Gyeonggi. Period 2025-11-13 → 2027-07-31. Advance: none; progress-bill. Contract date 2026-09-30. Other: 2nd amend of Nov’25 deal — initial ₩13,288,340,000 → 1st change 2026-06-29 ₩14,158,230,000 → 2nd 2026-09-30 ₩22,983,840,000 (crossed disclosure bar); amount/term can change. rcpNo 20261001800060 / dcmNo 11598499 confirmed on DART HTML viewer (씨케이솔루션 matches). Live at enrich (Naver 480370 @2026-10-01 09:20 KST OPEN): last ₩1,840 (+1.60% vs prev ₩1,811); open ₩1,812; high ₩1,936 (+6.90%); mcap ≈ ₩59.8bn; face/mcap ≈ 38%.
Why: What: CK Solution (480370) 2nd amend of LG U+ Paju 1239 mechanical EPC via Xi C&A to ₩23.0bn (~7.9% sales / ~38% mcap); no advance; progress-bill through Jul’27. Why MIXED: Construction amend of a Nov’25 deal (not a new fab PO) — face/mcap trap with zero advance (Seohan/HL D&I class). Why 1-3%: Refuse 3-8%/8%+ on progress-bill construction despite 38% face/mcap. Why p≈14%: Live +1.6%/high +6.9% already spent the thin-name blip — don’t-chase.
POSCO FLOW long-term coal/iron-ore cargo ₩71.9bn (~5.6% sales / ~10.8% mcap) — no advance, ~3.25y
2026-10-01 09:03 KST: Korea Line (대한해운, 005880, KOSPI) filed single sales/supply contract (단일판매ㆍ공급계약체결). Content: long-term cargo transport (용역제공 / 장기화물운송계약). Firm ₩71,918,003,486 (₩71.9bn / 719.2억; USD 52,943,171 @ 1USD=1,358.40 on 2026-09-30). Recent consol. sales ₩1,276,968,118,509 → 5.63% of sales. Large-corp: yes. CP: POSCO FLOW (포스코플로우; unrelated). Region: Australia, Canada, Brazil etc. Period 2026-10-09 → 2030-01-19 (~3y 3m; +1y mutual option). Advance: none; freight paid voyage-by-voyage after loading. Contract date 2026-09-30. Face is estimate — FX/bunker/route/operating days can change. rcpNo 20261001800028 / dcmNo 11598448 confirmed on DART HTML viewer (대한해운 matches). Live at enrich (Naver 005880 @2026-10-01 09:03 KST OPEN): last ₩2,080 (+1.46% vs prev ₩2,050); open ₩2,050; high ₩2,090 (+1.95%); shares 322,747,340 → mcap ≈ ₩671.3bn; face/mcap ≈ 10.7%.
Why: What: Korea Line (005880) POSCO FLOW long-term coal/iron-ore cargo ₩71.9bn (~5.6% sales / ~10.8% mcap), ~Oct’26–Jan’30, no advance. Why UP: Named quality CP adds multi-year dry-bulk book. Why 1-3%: Zero advance + voyage drip over ~3.25y = progress-bill haircut (Pan Ocean / Hyundai E&C class); refuse 3-8%/8%+. Why p≈18%: Open already +1.5%/high +2.0% inside band — leftover is upper-band only; don’t-chase.
FY26 consol OP +34% / NP +36% (sales +25%) — Jiangsu Huizhi materials lift; unaudited
2026-10-01 08:10 KST: GRT (지알티, 900290, KOSDAQ) filed sales/profit-structure ≥30% change (연결). FY 2025-07-01~2026-06-30 vs prior FY: sales ₩1,201,122,358,429 vs ₩959,255,663,936 (+25.21%); OP ₩184,051,600,799 vs ₩137,315,521,940 (+34.04%); pretax ₩155,682,133,735 (+33.00%); NP ₩131,287,825,150 vs ₩96,236,181,511 (+36.42%). Large-corp: no. Cause: subsidiary Jiangsu Huizhi New Materials (강소혜지신소재과기유한공사) sales lift. Board 2026-09-30. Unaudited internal IFRS consol.; functional currency RMB — RMB NP +27.66% (FX inflated KRW %). Companion sub filing rcp 20261001900004: Huizhi sales +33.9% / OP +36.1%. rcpNo 20261001900003 / dcmNo 11598431 confirmed on DART HTML viewer (GRT matches). Live at enrich (Naver 900290 @2026-10-01 08:05 KST PREOPEN): last ₩3,300 (0.00%); mcap ≈ ₩306.1bn; PER 3.51 / PBR 0.24.
Why: What: GRT (900290) FY26 consol OP ₩184bn (+34%) / NP ₩131bn (+36%); sales +25%; driven by Jiangsu Huizhi materials; RMB NP only +28% (FX). Why UP: Clear earnings beat into pre-open on a cheap China KOSDAQ book. Why 3-8%: Micro/mid ₩306bn + thin ADV; refuse 8%+ for FX-inflated KRW and China-name discount. Why p≈38%: Clean ~1h to 09:00 auction; unused overnight leftover.
HY209 gel Phase-2 CSR — primary EASI week-8 FAIL vs placebo (US/KR); some secondary nominal hits
2026-10-01 08:10 KST: Shaperon (샤페론, 378800, KOSDAQ) filed investment-judgment clinical-result matter — HY209 gel Phase-2 CSR receipt for mild/moderate atopic dermatitis (FDA+MFDS; NCT06024499; US/KR). Primary: week-8 % change in EASI vs baseline. Part1 n=33 / Part2 n=175 ITT: high- and low-dose arms did NOT meet pre-specified statistical significance vs placebo (two-sided 0.025). Part2: company notes high-dose lacked consistent efficacy vs placebo except nominal week-4 worst-itch NRS≥3 improvement (39.22% vs 20.75%, p=0.040); EASI-50/75, POEM, DLQI NS. Safety mostly mild/mod. Fact date 2026-09-30 (CSR from CRO). Follow-on trial redesign planned. Related: 2026-06-24 topline receipt. rcpNo 20260930901331 / dcmNo 11598422 confirmed on DART HTML viewer (샤페론 matches). Live at enrich (Naver 378800 @2026-10-01 08:05 KST PREOPEN): last ₩2,490 (0.00%); mcap ≈ ₩23.0bn.
Why: What: Shaperon (378800) HY209 Phase-2 CSR — primary week-8 EASI FAIL vs placebo; only scattered secondary nominal signals. Why DOWN: Failed primary on lead atopic asset = pipeline de-rate on ₩23bn micro biotech. Why 8%+: Binary miss class on thin book (Inventera inverse). Why p≈28%: Overnight→open leftover, but haircut for 24 Jun topline already public → not a cold shock.
KOSDAQ listing-eligibility substantive review — delisting risk; halt extended to decision
2026-10-01 08:10 KST: KRX KOSDAQ Market Division filed other-market notice — Abion (에이비온, 203400) designated for listing-eligibility substantive review under KOSDAQ Listing Reg. Art.56(1) (delisting possibility under review). Exchange to decide delisting vs improvement period via Corporate Review Committee within 20 business days of notice (by 2026-10-30), or within 20bd after a management-improvement plan if filed within 15bd (by 2026-10-23). Companion halt-period change rcp 20260930901330 @19:32: halt from 2026-08-14 15:19 continues until delisting-reason decision (plus reverse-merge new-share listing eve). rcpNo 20260930901297 / dcmNo 11598369 confirmed on DART HTML viewer (에이비온 matches). Live at enrich (Naver 203400 @2026-10-01 08:05 KST): HALTED; last ₩676; mcap ≈ ₩60.9bn. Prior same-day LigaChem iADC outbound keep still on board.
Why: What: Abion (203400) put on KOSDAQ listing-eligibility substantive review — delisting path now official; halt extended to that decision. Why DOWN: Listing-risk / delist optionality dominates prior license narrative while halted. Why 8%+: Daeyang/listing-review class on ₩61bn name. Why p≈40%: Same-session cash=0; leftover is resume/auction when review resolves — two-way but prior is DOWN.
SK Hynix process/env monitoring gear PO ₩4.15bn (~7.2% sales / ~4.6% mcap) — no advance
2026-10-01 08:10 KST: Withtech (위드텍, 348350, KOSDAQ) filed single sales/supply contract (voluntary). Content: semiconductor process & manufacturing-environment monitoring equipment. Firm ₩4,151,600,000 (₩4.15bn / 41.5억). Recent sales ₩57,807,030,055 → 7.18% of sales. CP: SK Hynix (SK하이닉스; unrelated; same-type last 3y: yes). Region KR. Period 2026-09-29 → 2027-04-30. Advance: none; 90% after delivery / 10% after setup (cash ≤30d). In-house. Contract date 2026-09-29. VAT excl. Companion amend rcp 20260930901249 same evening. rcpNo 20260930901244 / dcmNo 11598290 confirmed on DART HTML viewer (위드텍 matches). Live at enrich (Naver 348350 @2026-10-01 08:05 KST PREOPEN): last ₩9,330 (0.00%); mcap ≈ ₩91.2bn; face/mcap ≈ 4.6%.
Why: What: Withtech (348350) wins SK Hynix monitoring-gear PO ₩4.15bn = 7.2% sales / ~4.6% of ₩91bn mcap; no advance; deliver by Apr-27. Why UP: Named fab CP + near-term pay-on-delivery (desk Hynix theme). Why 1-3%: <5% mcap + zero advance + repeat CP → refuse 3-8% (sales%≠band). Why p≈26%: After-close→Thu open leftover; modest size.
Rehab procedure commencement — Suwon Rehab Court 2026회합219; plan due by 2027-02-05
2026-10-01 08:10 KST: Willbes (윌비스, 008600, KOSPI) filed rehab-procedure commencement decision. Case 2026회합219; decision/receipt 2026-09-30; Suwon Rehabilitation Court. Court opens rehab; CEO Song Hae-jin deemed administrator (no separate admin). Claim-list submit by 2026-10-23; claim filing 2026-10-24~11-13; investigation 2026-11-14~12-04; rehab plan due by 2027-02-05. Related: 2026-09-04 / 09-08 commencement applications. rcpNo 20260930801234 / dcmNo 11598275 confirmed on DART HTML viewer (윌비스 matches). Live at enrich (Naver 008600 @2026-10-01 08:05 KST): HALTED; last ₩2,620; mcap ≈ ₩17.6bn.
Why: What: Willbes (008600) court opens rehab (2026회합219) after Sep-4/8 applications; plan deadline Feb-27. Why DOWN: Formal workout start = equity optionality crush (Willbes/Dawonsys credit class). Why 8%+: Rehab commencement on ₩18bn halted name. Why p≈35%: Halted — leftover is resume/next tradeable; haircut for Sep application already in tape.
Third-party raise ₩500bn @ ₩5,000 — 50m common + 50m pref to Hanwha Life affiliates (~52% mcap)
2026-10-01 08:10 KST: Hanwha Investment & Securities (한화투자증권, 003530, KOSPI) filed material report — paid-in capital increase. Third-party: common 50,000,000 + preferred 50,000,000 @ issue ₩5,000 (par ₩5,000; ref ₩4,527; +10.5% vs ref). Proceeds ₩500,000,000,000 all working capital / capital base. Pre-issue OS: common 214,547,775 + pref 4,800,000. Common dilution ~23%; pref convert ratio filed 15.72% of post common path. Allottees: Hanwha Life (최대주주) 50m common (1y lock) + Hanwha Life Insurance affiliate 50m pref. Pay-in 2026-10-08; new-share listing target 2026-10-22. Board 2026-09-30. rcpNo 20260930000770 / dcmNo 11598197 confirmed on DART HTML viewer (한화투자증권 matches). Live at enrich (Naver 003530 @2026-10-01 08:05 KST PREOPEN): last ₩4,450 (0.00%); mcap ≈ ₩954.7bn; face/mcap ≈ 52%.
Why: What: Hanwha Inv (003530) third-party ₩500bn @ ₩5,000 (~52% of ₩955bn mcap) — 50m common + 50m pref to Hanwha Life group; pay-in Oct-8. Why MIXED: Parent capital inject at premium vs huge share-count overhang (Artist Studio / related-party raise class). Why 3-8%: Affiliate cut refuses clean 8%+ drift; vol can still gap. Why p≈30%: After-close→Thu open leftover on liquid mid-cap.
Own Series-6 CB early acquire ₩11.0bn face / pay ₩11.12bn (~18–20% mcap) — cancel; convert OTM
2026-09-30 16:05 KST: ANDFOS (앤디포스, 238090, KOSDAQ) filed material report — own convertible-bond early acquisition (주요사항보고서/자기전환사채만기전취득결정). Series 6 unnamed interest-bearing unsecured private CB issued 2026-06-25 / maturity 2029-06-25; original series face ₩20,000,000,000. Acquire face ₩11,000,000,000 for ₩11,116,931,506 (principal + accrued interest to acquire date). Decision/pay 2026-09-30; funding own cash + borrowings; method OTC; after acquire: cancel. Seller: JK New Tech Investment Partnership No.23 (채권자; unrelated). Convert 100% @ ₩2,633/sh → 4,177,744 common = 12.33% of OS 29,709,683 — OTM vs spot. Remaining series face after acquire ₩9,000,000,000. Board 2026-09-30. rcpNo 20260930000525 / dcmNo 11597299 confirmed on DART HTML viewer (앤디포스 matches). Live at enrich (Naver 238090 @2026-09-30 16:05 KST): last/AH ₩1,983 (+8.72% vs prev ₩1,824); high ₩1,983; vol ~13.9k; mcap ≈ ₩60.5bn; pay/mcap ≈ 18.4%.
Why: What: ANDFOS (앤디포스, 238090) early-acquires Series-6 private CB face ₩11.0bn for ₩11.12bn (~18% of ~₩60.5bn mcap) and cancels; convert ₩2,633 / 12.3% OS is OTM vs ₩1,983. Why MIXED: Overhang cleanup vs large cash exit (Telcon/QuantaMatrix). Why 3-8%: Face/mcap ~18% on micro book. Why p≈12%: AH already +8.72% printed the band → don’t-chase / thin overnight leftover.
Abion iADC joint research + exclusive license-in (≥10% equity; amounts withheld) — max 5 targets WW
2026-09-30 16:05 KST: LigaChem Biosciences (리가켐바이오, 141080, KOSDAQ) filed investment-judgment material matter (투자판단관련주요경영사항). Title: iADC platform joint research and technology in-licensing (JOINT RESEARCH AND LICENSE AGREEMENT). CP: Abion (에이비온; KR). Object: iADC = Abion IFN-β mutein immunocytokine-antibody + LigaChem ADC platform (linker/payload). LigaChem gets exclusive WW rights to develop/commercialize iADC for up to 5 designated targets. Signed 2026-09-30; term through last-product royalty end. Economics (all withheld under secrecy): (a) upfront for exclusive target-designation rights; (b) co-research prepaid + research milestones; (c) per-target R&D/approval/commercial milestones; (d) royalties on net sales — payable ≤45d of invoice. Filing states contract amount ≥10% of LigaChem YE2025 consol. equity ₩541,120,311,269 → ≥₩54.1bn obligation floor. Contingent R&D; may terminate on failure. Definitive agreement expected within 60d of a milestone but this contract stays effective even if DA slips. Companion Abion outbound rcp 20260930900696. rcpNo 20260930900659 / dcmNo 11597285 confirmed on DART HTML viewer (리가켐바이오 matches). Live at enrich (Naver 141080 @2026-09-30 16:05 KST): cash ₩80,000 (+0.63%); AH ₩80,300 (+1.01%); high ₩82,300 (+3.52% vs prev ₩79,500); mcap ≈ ₩2.96tn; face-floor/mcap ≈ 1.8%.
Why: What: LigaChem (리가켐바이오, 141080) in-licenses Abion IFN-β immunocytokine into its ADC platform (iADC); exclusive WW rights for ≤5 targets; amounts withheld but ≥10% of ₩541bn equity (≥₩54.1bn / ~1.8% of ~₩2.96tn mcap). Why UP: Named ADC/immuno pipeline add with exclusive commercialization — KR biotech trades platform expansion. Why 1-3%: LigaChem is the payor + contingent R&D + liquid ~₩3tn → refuse 3-8%. Why p≈20%: AH +1.01% after close; leftover is overnight only.
LigaChem iADC joint research + tech transfer-out (≥10% sales; amounts withheld) — HALTED
2026-09-30 16:05 KST: Abion (에이비온, 203400, KOSDAQ) filed investment-judgment material matter (투자판단관련주요경영사항). Title: iADC platform joint research and technology transfer (JOINT RESEARCH AND LICENSE AGREEMENT). CP: LigaChem Biosciences (리가켐바이오사이언스; LCB). Object: Abion IFN-β mutein immunocytokine-antibody + LCB ADC platform → iADC. LCB gets exclusive WW develop/commercialize rights (≤5 targets). Signed 2026-09-30; royalties run 10y from first commercial sale or patent claim end, later of. Economics withheld: upfront for exclusive target rights; co-research prepaid + milestones; per-target milestones; royalties on net sales. Filing states contract amount ≥10% of Abion recent-year sales. Abion is the licensor/receiver. If Abion sells iADC to a third party, LCB gets first-negotiation + revenue share. Companion LigaChem inbound rcp 20260930900659. rcpNo 20260930900696 / dcmNo 11597281 confirmed on DART HTML viewer (에이비온 matches). Live at enrich (Naver 203400 @2026-09-30 16:05 KST): HALTED (eventHalt01; 0 volume Sep 28–30); last ₩676 (0.00%); mcap ≈ ₩60.9bn.
Why: What: Abion (에이비온, 203400) out-licenses IFN-β immunocytokine into LigaChem ADC iADC; LCB exclusive WW ≤5 targets; amounts withheld but ≥10% of Abion sales. Why UP: Outbound license to larger ADC name — cash/milestone optionality on ~₩61bn microcap. Why 3-8%: Withheld + contingent R&D cuts 8%+ expected drift; halt can still gap hard (vol band). Why p≈32%: Multi-day halt → leftover is resume/next open only; same-session cash = 0.
Singapore LTA J151 EMU LTSS option 5a ₩310.3bn (~5.3% sales / ~2.5% mcap) — no advance
2026-09-30 15:45 KST: Hyundai Rotem (현대로템, 064350, KOSPI) filed single sales/supply contract (단일판매ㆍ공급계약체결). Content: LTA J151 EMU maintenance-support (LTSS option 5a). Firm ₩310,341,883,519 (₩310.3bn / 3,103억; SGD 291,995,788.15 @ 1SGD=1,062.83). Recent consol. sales ₩5,839,031,553,013 → 5.3% of sales. Large-corp: yes. CP: Land Transport Authority, Singapore (unrelated). Region: Singapore. Period start 2026-09-30; end TBD (service-start + 30y, amend when set). Advance: none; progress-bill. Contract date 2026-09-30. Board 2026-09-30. rcpNo 20260930800644 / dcmNo 11597145 confirmed on DART HTML viewer (현대로템 matches). Live at enrich (Naver 064350 @2026-09-30 15:45 KST): cash last ₩111,600 (−0.62% vs prev); AH ₩112,700 (+0.36%); mcap ≈ ₩12.18tn; face/mcap ≈ 2.5%.
Why: What: Hyundai Rotem (현대로템, 064350) wins Singapore LTA J151 EMU LTSS option 5a ₩310.3bn = 5.3% of ₩5.84tn sales / ~2.5% of ~₩12.2tn mcap; no advance; progress-bill; ~30y once service starts. Why UP: Named sovereign CP + firm multi-decade LTSS add on the J151 book. Why 1-3%: Liquid mega-cap + zero advance + 30y drip → refuse 3-8% (HMM/Samsung Heavy class). Why p≈22%: Cash −0.62% / AH +0.36% after close → overnight leftover only.
SK Hynix map
Korea line
000660 / SKHYNIX / xyz:SKHX
KR PREOPEN Thu 1 → cash 09:00 KST. Wed cash ₩1,776,000 (+11k / +0.62%; O/H/L 1,789k / 1,824k / 1,773k; vol 2,973,067 fchart). Flows Wed: For −342,688 / Inst −135,488 / Ind −106,700; FO 49.78%. Samsung Wed ₩268,500 (−1.47%). KOSPI Wed 6,838.04 (−0.48%). KIND unavailable. DART: NEW officer ownership 20260930000861 only — no material keep. data.krx shorts UNKNOWN. Live HL xyz:SKHX 1309.1; BN SKHYNIXUSDT 1311.09.
ADR / FX / prem
SKHY / xyz:SKHY
SKHY Wed RTH $184.15 (O/H/L 186.18 / 187.70 / 183.90; vol ~10.8M). AH 16:00 $184.19; last AH quote $185.08. Thu pre NO PRINT at field fill. Won Yonhap 15:30 Wed 1,352.8. Same-session prem (Wed ADR vs Wed official KRX) ≈ +40.27%. Do not invent a Thu gap from Yahoo alone. HL xyz:SKHY 185.05; BN SKHYUSDT 185.19 (+7.8 bp vs HL).
Best paper arb idea (Thu open): Micron FQ4 beat + guide overnight vs Wed KR foreign dump (Samsung −1.47% / Hynix +0.62% fade from +3% high) and ADR prem still ~+40%. Watch 09:00 auction reclaim on 000660 vs fade, BN−HL SKHX spread (~+15 bp), and whether foreign selling persists. Paper Seoul rule: NO (Leg A +0.62% fails ≤−8%; Leg B prem +40.27% would pass alone). Research/paper only. Field: /workspace/hynix-2026-10-01-am.md.
BN vs HL (Korea pair)
Live marks refreshed 2026-10-01 07:55 HKT / 2026-10-01 08:55 KST (BN pull ~07:38–07:42; HL xyz 200 after cooldown). Research/paper only. No fills.
| Pair | BN−HL (bp) | BN lastFR | HL funding/hr |
|---|---|---|---|
| BTCUSDT / BTC | −2.78 | 8.2270e-05 | 1.2500e-05 |
| ETHUSDT / ETH | −6.53 | 5.0230e-05 | 1.2500e-05 |
| SOLUSDT / SOL | +2.28 | −8.6140e-05 | 4.7929e-06 |
| SKHYUSDT / xyz:SKHY | +7.77 | 0.0000e+00 | -2.1913e-05 |
| SKHYNIXUSDT / xyz:SKHX | +15.20 | 0.0000e+00 | 1.2614e-04 |
Marks: BN SKHY 185.19 / HL 185.05; BN SKHYNIX 1311.09 / HL SKHX 1309.1. Next BN funding all five 08:00 HKT. Widest gap: SKHX +15.2 bp.
Paper only. HL funding is hourly (×8 ≠ matched BN 8h). SKHYNIX ~4h cadence. No HL SKHYNIX symbol. Carry ignores fees/borrow/liq. Caveat: HL 429 once this fire then OK; BN via www.binance.com/fapi (direct fapi sometimes geo-blocked).
US / AJ
Standing board. Overnight: no NEW ticker|thesis rows. Wed 30 AJ credit teaser (IG 5.97%) — macro only. Micron FQ4 beat is MU calendar color (already Y). SKHY Wed $184.15. No brand-new Y ticker.
| Ticker | Follow | Note |
|---|---|---|
| AVGO | Y | Live. Standing Y. Unchanged. |
| MU | Y | FQ4 printed Wed AH: $54.23bn / non-GAAP EPS $33.42; Q1 guide $61.5bn±1.5bn — constructive memory calendar into Thu KR; already Y. |
| NVDA | Y | Live / HC. Standing; Ming-Chi HC CCL / CPO PRIOR still color. |
| MRVL | Y | Unchanged. |
| XPEV | Y | Standing Y. |
| META | Y | Standing Y / booked color. |
| AMD | Y | Standing Y. |
| LITE | Y | Standing Y. OCS PRIOR color. |
| ORCL | Y wait | Wait sleeve. Unchanged. |
| NIO | Y caution | China concentration. Unchanged. |
| TSLA | caution | Caution stack intact. |
| SPCX | watch | Watch, not a Y. |
| EOSE / EOS | avoid | Still avoid. |
| PLTR / AAPL / RIVN | N | Unchanged. |
| DELL | watch title | Not a Y (initiation still paywalled). |
2026-10-01 07:55 HKT / 2026-10-01 08:55 KST. No brand-new Y ticker. Paper.
Korea / KRX
PREOPEN → OPEN 09:00 KST — Thu 1 Oct 2026. Attractive list EMPTY besides Hynix desk. Wed cash: KOSPI 6,838.04 (−0.48%); 000660 ₩1,776,000 (+0.62%); 005930 ₩268,500 (−1.47%). Foreign −₩2.05tn / inst −₩768bn. Won 1,352.8. SKHY Wed $184.15; prem ≈ +40.27%. HSI Wed 24,613.27 (+0.37%); HK closed Thu National Day. No material 000660 DART keep. data.krx missing.
DART live pack (≥Wed 30 15:40 KST): 14 keeps — NEW INNOAX 296640 UP 3-8% quarterly ₩350/sh 5.6%; IS Dongseo; CK Solution; Korea Line; GRT / Shaperon / Abion pack.
X · priority
2026-10-01 07:55 HKT / 2026-10-01 08:55 KST · Home unavailable. Sentiment mixed, medium. Morning NEW since 21:44 HKT: n_new=0 (fxtwitter statuses 403). Showing demoted evening NEW as PRIOR + key standing PRIOR.
PRIOR (eve): Zephyr on Ming-Chi HC CCL: hydrocarbons win Dk/Df vs glass, but soft board / high CTE warpage / copper-adhesion risk; tech immature, yields likely worse than PTFE — questions how NVDA solves fast for Rubin Ultra.
Implication: Nuances the HC-CCL UP note — materials path for NVL576 switch-tray still open; Shengyi/PTFE vs HC not settled. Soft temper on CCL/PCB winners until spec locks.
PRIOR (eve): Jukan + TrendForce chart: DRAM/NAND contract prices — HBM blended 4Q26F +15–20% (vs 3Q26E +8–13%); conventional DRAM 4Q +10–15%; NAND 4Q +15–20%. Those modeling only single-digit Q4 HBM need to revise.
Implication: Constructive for 000660 / SKHY / Samsung memory into KR open — HBM ASP acceleration is core desk tape; stacks on standing AI-capex demand narrative.
PRIOR (eve): Zephyr QT Vital Optics (300489.SZ) 6-inch InP substrate orders from a leading global customer: 'Could be Coherent — looks like diversifying away from Sumitomo.'
Implication: Soft constructive COHR / InP optical supply color — adjacent to desk optical/CPO / LITE stack; China substrate winner vs Sumitomo share shift.
PRIOR (eve): Jukan+Zephyr RT Ming-Chi: Nvidia testing glass-free hydrocarbon CCL (+HC PP) for Rubin Ultra NVL576 switch-tray PCB (2H27 MP); Shengyi lead (SG1030N/SIF09); yield/efficiency push vs prior PTFE path — not final select.
Implication: Constructive AI-infra PCB/CCL (Shengyi / advanced laminate) into NVL576 — pairs with PRIOR NVDA CPO + LITE OCS; 2H27 timing, not near KR cash print.
PRIOR (aft): Jukan RT: $LITE OCS setup — Street models whole co ~$9.6B rev / ~$3.4B NI FY28; his work says OCS alone can do $10B+ rev / ~$3B profit by 2028 (+$GOOGL).
Implication: Constructive LITE (Y-list) optical/OCS upside vs Street — stacks on PRIOR NVDA CPO / Spectrum-X path; soft for AVGO-path optics too. Not a KR cash print.
PRIOR (AM): AJ — Oracle +8% in <24h after member buy flag; HC; ORCL now 4th-largest position again (avg $132.2).
Implication: Constructive ORCL tape vs standing Wait sleeve — AJ capital deployed; pairs with Anthropic/AI-infra stack.
PRIOR (AM): Jukan flags The Information — Anthropic discloses $84.5bn SpaceX compute agreements.
Implication: Large constructive AI-compute / SpaceX-adjacency demand signal — stacks on $518bn 2027 infra PRIOR and NVDA/TSM/000660 demand narrative.
PRIOR (AM): Zephyr — Vera is a decent headnode CPU, but AMD or Intel completely destroy on RL/agent sandboxes.
Implication: Soft constructive AMD (Y-list) / INTC color vs Nvidia Vera headnode framing — CPU-server breadth for agent training; not HBM core.
PRIOR (eve): Zephyr QT of ARR-decel note — Opus 5.5 and Sonnet 5.5 will change this; Anthropic is accelerating again.
Implication: Constructive AI-lab demand pushback vs TickerTrends ARR slowdown — reinforced by overnight $84.5bn SpaceX compute disclose.
PRIOR (eve): TSMC looking to build six additional advanced fabs in Texas; investment potentially exceeding Arizona.
Implication: Constructive TSM / US foundry-capex color — on-shoring beyond AZ.
PRIOR (PM): Nvidia CPO scale-out faster than expected; Spectrum-X CPO mass production; shipment path 15k→100k (4Q26→2027). Likes LITE/AVGO-path names.
Implication: Constructive NVDA optical/CPO + LITE (Y-list) — now reinforced by afternoon OCS NEW.
PRIOR (PM): SEMCO (009150) MLCC+inductor supply ₩285bn (~2.5% rev) to major global buyer; delivery 2027.
Implication: Constructive SEMCO/components — pairs with FC-BGA capex stack.
X · tape
Method: morning fxtwitter statuses blocked (CF 403); no computerUse Home. Cutoff for NEW: after 2026-09-30 21:44 HKT. Priority: @alojoh @citrini @zephyr_z9 @jukan05 @BowTiedBull. priority_scrape.cutoff now 2026-10-01 07:55 HKT.