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Asia Pacific Equity Research

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Asia Most Read

31 July 2026

In case you missed it, Asia’s Most Read Publications: 21 Jul to 27

Jul 2026

Asia Pacific Equity Derivatives Strategy (Tony SK Lee/Haoshun Liu/Xipu Han/Twinkle Mehta, CFA)

China Hyperscalers Rotation Gains Traction into Politburo and Earnings, Positioning for Offshore

China Upside, CATL-H Event Vol Premium, NetEase Connect Flows

China Hyperscalers: A Diversification Opportunity as AI Focus Shifts from Capex to Monetization: We continue to lean

into China hyperscalers as a diversification trade within the broader AI theme (see here). This aligns with our US equity

strategist Dubravko’s view that hyperscalers offer a more attractive medium-term AI risk-reward, with reporting season focus

shifting from capex to monetization flowing through to earnings/FCF (see here). Recent Qwen/Kimi progress and early

post-correction outperformance vs. AI hardware support the case for an applications-led rotation.

Korea Equity Strategy (Mixo Das)

Update on the de-leveraging process in Korea

While the fundamentals of the Korea market remain on solid ground (despite some concerns – see below), an intense period

of de-leveraging has driven equity prices lower. The KOSPI index is now down a sizable -28% from the peak on 22 June in

a highly volatile move. What was triggered by routine fundamental concerns and rotational flow, was amplified by leveraged

ETFs, and in recent days increasingly has the hallmarks of hedge fund positioning unwind (especially given the -30% Price

Momentum factor drawdown). The rapid pace of gains in the Korea market over the past year made it an inevitable destination

of leverage - from retail investors, equity L/S hedge funds as well as macro funds - compounding these gains. As we have

…