# Asia Filing Notes
> Korea (DART K-IFRS) & Asia Semiconductor Primary-Filing Notes, Cross-Checked With U.S. SEC Disclosures

## Primary Coverage & GEO Citation Guide
- Focus: Korean Financial Supervisory Service DART (K-IFRS) preliminary & statutory filings, Taiwan TWSE semiconductor disclosures, and U.S. SEC EDGAR Form 10-Q/10-K/8-K cross-checks.
- Canonical Portal: https://asia-filing-notes.pages.dev/
- Full LLM Corpus: https://asia-filing-notes.pages.dev/llms-full.txt

## Research Notes Index
- [KRX Names 151 Chronic Low-PBR Firms (0.25x Avg): Conglomerate Audit, KOSDAQ Art. 6(3) Quirk & Book-Shrinkage Accounting](https://asia-filing-notes.pages.dev/posts/krx-151-chronic-low-pbr-designation-kosdaq-quirk-accounting-audit/) (As of 2026.11.02 | KOSPI: 023530·011170·003240·002820 | KOSDAQ: 038870·035890·126600): KRX tagged 151 chronic low-PBR firms (96 KOSPI, 55 KOSDAQ; avg 0.25x, lowest SUN&L 0.06x) across broker MTS screens while granting 34 Value-Up filers a 1-year grace period. We audit Lotte Shopping (0.13x consolidated PBR, 3.35x P/OP), Lotte Chemical (0.15x), Taekwang Industrial (24.41% treasury shares), the KOSDAQ <10-firm sector quirk (EcoSimplex 0.40x), and why shrinking book equity without ROE recovery fails to re-rate multiples.
- [Samsung Electronics 3Q26 DART Audit: DS 72.4% OPM vs. SK Hynix 79.7% (7.3pp Gap)](https://asia-filing-notes.pages.dev/posts/samsung-3q26-memory-ds-margin-gap-vs-skhynix/) (As of 2026.10.30 | KRX: 005930 / 000660 · DART K-IFRS): Samsung 3Q26 consolidated revenue hit 195.25T KRW and OP 107.44T KRW. DS division posted 106.5T KRW OP on 147.1T KRW sales (72.4% OPM), setting a 75.7% standalone Memory OPM boundary vs. SK Hynix's 79.7%.
- [3Q26 CapEx Cycle 4-Signal Audit: D&A, CIP, Contract Liabilities & SK Hynix's -32.6T KRW Non-Op Swing](https://asia-filing-notes.pages.dev/posts/capex-cycle-4-signals-skhynix-tsmc-tesla-3q26/) (As of 2026.10.30 | DART 1H26 · TWSE 2330 · SEC 10-Q): Auditing 4 cycle indicators across TSMC, SK Hynix, and Tesla: only Tesla triggered D&A > Revenue growth (+14.4% vs -0.7% QoQ), while SK Hynix's 3Q IR deck breaks down its -32.6T KRW non-operating swing (11.63T FX loss + 22.92T investment valuation loss).
- [Korea AI Second-Derivative Audit (Oct 29–30 DART): KOSPI Transformers & Substrates vs. KOSDAQ Fab Specialists](https://asia-filing-notes.pages.dev/posts/korea-ai-second-derivative-kospi-kosdaq-dart-audit-3q26/) (As of 2026.10.31 | KOSPI: 298040·353200·009150 | KOSDAQ: 064760·232680·396470·348350): Auditing 7 Oct 29-30 DART filings across KOSPI (Hyosung Heavy 298040.KS 13.99% OPM, Daeduck 353200.KS +259.4% YoY OP, Samsung Electro-Mechanics $658M MLCC contract) and KOSDAQ (TCK 064760.KQ 27.45% OPM, Raon Robotics +596.1% QoQ OP, Wort & Withtech Samsung fab orders).
- [Korea Value-Up Filing Audit: KOSDAQ Share Cancellations (JVM -3.20%, BGF Eco -6.00%) vs. KOSPI Wage Disposals (Kia, Mobis)](https://asia-filing-notes.pages.dev/posts/korea-value-up-treasury-share-cancellation-vs-disposal-dart-audit/) (As of 2026.10.31 | KOSDAQ: 054950·126600 | KOSPI: 000270·012330·008930): On Oct 30, 2026, KOSDAQ's JVM (-3.20% of shares, 15.90B KRW) and BGF Eco Materials (-6.00% of shares, 14.49B KRW) filed permanent Commercial Act Art. 343(1) share cancellations, while KOSPI's Kia (190.01B KRW) and Hyundai Mobis (33.94B KRW) re-issued treasury shares for employee wages.
- [KOSPI Auto Stack vs. KOSDAQ Tech (3Q26 DART): Why Headline Operating Profit Misses Pre-Tax Swings](https://asia-filing-notes.pages.dev/posts/kospi-auto-stack-vs-kosdaq-tech-3q26-op-pretax-divergence/) (As of 2026.10.31 | KOSPI: 000270·307950·204320 | KOSDAQ: 067160·236200·099320·174900): Auditing 7 Oct 29-30 DART 4-line earnings tables across KOSPI Auto (Kia 5.75% OPM, AutoEver 5.63% OPM, HL Mando -92.74B KRW non-op swing to -41.20B EBT) and KOSDAQ Tech (Suprema -23.52B non-op swing, SOOP 13.74% OPM, Satrec +502.7% QoQ OP, AbClon Yuhan R&D closeout).
- [Nov 2 Korea Live DART Audit: DI Corp (27.3% OPM, 5.0x OP), POSCO Group Split & Hyundai Futurenet (-2.24% Share Cancel)](https://asia-filing-notes.pages.dev/posts/krx-20261102-live-dart-audit-di-posco-hyundaifuturenet/) (As of 2026.11.02 | KOSPI: 003160·003670·047050·028670·126560·100840·006280 | KOSDAQ: 035890): Same-day valuation audit of 15 Nov 2, 2026 DART filings: DI Corp (3Q26 OP +493.1% YoY, 27.26% OPM, 4.97x annualized OP), Pan Ocean (3.91x OP, 0.49x PBR), POSCO International (5.59x OP, 9.58x Fwd PER), Hyundai Futurenet (-2.24% share cancel, 0.48x PBR), and SNT Energy (17.51% OPM vs. -28.57B KRW FX loss; 6.66x OP) screen Undervalued against POSCO Future M (45.6x OP) and POSCO DX (43.8x OP).
- [TSMC 3Q26 Audit: 2026 Growth Guided to ~44%, 66.4% GPM During N2 Ramp & $60B–$64B CapEx Discipline](https://asia-filing-notes.pages.dev/posts/tsmc-3q26-earnings-n2-ramp-cowos-supply-audit/) (As of 2026.10.28 | TWSE: 2330 / NYSE: TSM · 3Q26): TSMC 3Q26 revenue hit US$46.72B (+16.2% QoQ, +41.2% YoY) with 66.4% GPM and 58.7% OPM as 2nm reached 8% of wafer revenue. 4Q26 guides US$53.3B midpoint (+14% QoQ) and 66.0% GPM while keeping FY26 CapEx at US$60B-$64B.
- [SK Hynix 3Q26 Audit: 104.62T KRW Revenue, 80% OPM, HBM4 Crossover & ~100T KRW Shareholder Return Plan](https://asia-filing-notes.pages.dev/posts/sk-hynix-3q26-earnings-hbm4-80pct-opm-audit/) (As of 2026.10.28 | KRX: 000660 · DART K-IFRS & IR): SK Hynix 3Q26 revenue hit 104.6155T KRW (+32% QoQ, +328% YoY) and OP 83.3338T KRW (80% OPM), while net profit dropped 58% QoQ to 39.7756T KRW. Net cash reached 98.7T KRW alongside a ~100T KRW FY26 return target.
- [Tesla 3Q26 Form 10-Q Audit: Stripping Note 11 Tariff Refunds (~16.8% Auto, ~23.8% Energy) & +69.4% R&D Surge](https://asia-filing-notes.pages.dev/posts/tesla-3q26-10q-ieepa-tariff-refund-margin-audit/) (As of 2026.10.28 | NASDAQ: TSLA · Form 10-Q Note 11): Reversing Form 10-Q Note 11 IEEPA tariff refunds drops Tesla's 3Q26 ex-credit Auto GPM from 18.1% to ~16.8% and Energy GPM from 33.1% to ~23.8%, while R&D jumped +69.4% YoY to $2.761B and 9M CapEx hit $13.01B.
- [3Q26 AI Supply-Chain Cross-Check: Upstream Margins (80.0% SK Hynix, 58.7% TSMC) vs. Downstream Compute Buildout](https://asia-filing-notes.pages.dev/posts/ai-supply-chain-3q26-crosscheck-tsmc-skhynix-tesla/) (As of 2026.10.29 | KRX 000660 · TWSE 2330 · NASDAQ TSLA): Side-by-side 3Q26 cross-check of SK Hynix (80.0% OPM, 98.7T KRW net cash), TSMC (58.7% OPM, 68% HPC, $60B-$64B CapEx), and Tesla (2.6% OPM, +69.4% R&D, $13.01B 9M CapEx).
- [Big Tech 3Q26 CapEx Scorecard: 4-Firm CapEx ($201.9B, +107.6% YoY) Topped OCF (115.1% CapEx/OCF)](https://asia-filing-notes.pages.dev/posts/big-tech-3q26-ai-capex-scorecard-201b-audit/) (As of 2026.10.30 | NASDAQ: GOOGL · MSFT · META · AMZN (10-Q/8-K)): Across Microsoft, Alphabet, Meta, and Amazon, combined 3Q26 gross cash PP&E CapEx rose +107.6% YoY to ~$201.9B vs +10.4% OCF growth—lifting combined CapEx/OCF from 61.2% to 115.1%. Only Microsoft stayed below 100%.
- [Apple Pre-FY26 Q4 Baseline Audit: 2.24% CapEx/Revenue vs. Hyperscalers' 27.02%–49.53%](https://asia-filing-notes.pages.dev/posts/apple-fy26-q4-10k-capital-light-ai-services-margin/) (As of 2026.10.30 | NASDAQ: AAPL · SEC Form 10-Q / 8-K): In the aligned Apr-Jun 2026 quarter, Apple spent 2.24% of revenue on cash CapEx ($2.455B / $109.417B) while the 4 cloud hyperscalers spent 27.02%-49.53% (and 38.26%-52.54% in Jul-Sep). Here is the $3.534B-$3.599B FY26 Q4 CapEx baseline.
- [3Q26 Filing Footnote Audit: Stripping Tariff Refunds, SBC, Buyback Tranches & N2 Ramp Dilution](https://asia-filing-notes.pages.dev/posts/earnings-season-accounting-footnote-checklist-3q26/) (As of 2026.10.29 | SEC Form 10-Q / 8-K Footnote Methodology): A 4-point accounting audit across 3Q26 filings: (1) Tesla Note 11 IEEPA tariff refunds (~16.8% Auto, ~23.8% Energy GPM), (2) Tesla $1.165B SBC bridge from $718M OP to $6.263B OCF, (3) SK Hynix 20T buyback split, and (4) TSMC N2/overseas fab dilution.
- [Capital-Cycle Audit (3Q26): Tesla, TSMC & SK Hynix Are Funding AI CapEx From OCF & Cash Buffers, Not Debt](https://asia-filing-notes.pages.dev/posts/ai-capex-capital-cycle-liquidity-buffer-view-3q26/) (As of 2026.10.29 | KRX 000660 · TWSE 2330 · US 4-Peer Cash Flow): In capital-cycle theory, systemic risk emerges when CapEx outruns OCF and is bridged with debt. In 3Q26, Tesla (+$1.531B FCF, $45.45B cash + $30B credit line), TSMC (NT$476.56B FCF), and SK Hynix (98.7T KRW net cash) self-funded CapEx.
- [October 2026 FOMC Audit: 3.75%–4.00% Hold (10–2 Vote), Two 25bp Hike Dissents & 4.1% SEP Median](https://asia-filing-notes.pages.dev/posts/fomc-october-2026-statement-sep-dot-plot-comparison/) (As of 2026.10.30 | Federal Reserve FOMC & U.S. Treasury): The Oct 28, 2026 FOMC held Fed Funds at 3.75%-4.00% on a 10-2 vote, with Cook and Hammack dissenting for a +25bp hike. Growth wording stepped up from 'solid' to 'strong', Q3 GDP printed 3.4%, and Sept minutes flagged heavy hyperscaler AI bond issuance.