SK hynix remains a buying opportunity, with its US ADR premium over Korean shares now at an all-time low of 32.66%. x.com  x.com 

SK hynix's dividend delivers far less value to holders of its premium-priced US ADRs than buybacks would. The ADR premium destroys a third of the yield, and income taxes push the total value lost versus buybacks above 50%; the dividend decision is atrocious for US holders. x.com  x.com 

SK hynix's Korean shares look set to rally because its ADR trades at a 35% premium to the Korean listing. Short sellers trying to arbitrage that gap in the $30 billion ADR are getting crushed, a detail missing from coverage of the stock's 27% one-day jump noted by @TheStalwart. x.com  x.com 

SK hynix's US listing trades at a 20% premium to Korea, hard to justify for a peak cyclical name on peak earnings whose estimates were just revised down. x.com 

Korean equities have a central role in the AI trade because Samsung and SK hynix supply most of the memory it needs. Despite the shakeout, the KOSPI leads the major markets shown at roughly +36% this year. The bullish lean faces a flow warning: Korean semiconductor ETF 20-day flows fell from nearly +$4B in June to about -$703M by October 18 as the index approaches rising support. x.com  x.com  x.com  x.com  x.com 

SK hynix's reported growth and shareholder returns make its low earnings multiple stand out. Revenue rose 328% year over year and operating profit 632%, with shareholder returns worth about 9.5% of market cap, yet the stock trades at roughly 3.0 times estimated 2027 earnings. x.com 

SK hynix's newly listed US shares could carry an outsized premium to its KOSPI shares because tradable supply is thin while demand builds. They already trade at a 44% premium. Of 177.9M IPO shares, 118.6M went to the top 25 buyers, many likely not trading, leaving about 59.3M; if the DRAM ETF switched its KOSPI holdings, that would absorb roughly 29M more. Other ETFs, funds without Korean market access and leveraged ETFs add to demand, so the premium can get very stretched. x.com  x.com 

SK hynix's ADR listing drawing leveraged ETFs is peak-cycle behavior, because the juiced vehicles always arrive after the demand is already in the price. A report in the thread notes the ADRs priced at a 3% premium as Wall Street readies a wave of leveraged ETFs on what is the biggest chip listing ever. x.com 

SK hynix's 'insane' earnings set up a sharp move higher in the shares. x.com 

SK hynix's record earnings and five-year volume and spec agreements make its valuation look too low. Quarterly revenue reached KRW104.62T, up 32%, and operating profit hit $63B against a $785B market cap, below AMD's and less than half Tesla's. Its planned KRW100T (~$75B) shareholder return would be one of the world's largest, signaling conviction and unusual demand visibility. AI-inference 3D DRAM is coming by 2030; a reasonable valuation is all that is sought. x.com  x.com  x.com  x.com  x.com  … Show more