https://asia-filing-notes.pages.dev/ Korea (DART K-IFRS) & Asia Semiconductor Primary-Filing Notes, Cross-Checked With U.S. SEC Disclosures en-us https://asia-filing-notes.pages.dev/posts/krx-151-chronic-low-pbr-designation-kosdaq-quirk-accounting-audit/ https://asia-filing-notes.pages.dev/posts/krx-151-chronic-low-pbr-designation-kosdaq-quirk-accounting-audit/ 2026-11-02T09:00:00Z 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. https://asia-filing-notes.pages.dev/posts/samsung-3q26-memory-ds-margin-gap-vs-skhynix/ https://asia-filing-notes.pages.dev/posts/samsung-3q26-memory-ds-margin-gap-vs-skhynix/ 2026-11-01T09:00:00Z 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%. https://asia-filing-notes.pages.dev/posts/capex-cycle-4-signals-skhynix-tsmc-tesla-3q26/ https://asia-filing-notes.pages.dev/posts/capex-cycle-4-signals-skhynix-tsmc-tesla-3q26/ 2026-11-01T09:00:00Z 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). https://asia-filing-notes.pages.dev/posts/korea-ai-second-derivative-kospi-kosdaq-dart-audit-3q26/ https://asia-filing-notes.pages.dev/posts/korea-ai-second-derivative-kospi-kosdaq-dart-audit-3q26/ 2026-11-01T09:00:00Z 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). https://asia-filing-notes.pages.dev/posts/korea-value-up-treasury-share-cancellation-vs-disposal-dart-audit/ https://asia-filing-notes.pages.dev/posts/korea-value-up-treasury-share-cancellation-vs-disposal-dart-audit/ 2026-11-01T09:00:00Z 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. https://asia-filing-notes.pages.dev/posts/kospi-auto-stack-vs-kosdaq-tech-3q26-op-pretax-divergence/ https://asia-filing-notes.pages.dev/posts/kospi-auto-stack-vs-kosdaq-tech-3q26-op-pretax-divergence/ 2026-11-01T09:00:00Z 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). https://asia-filing-notes.pages.dev/posts/krx-20261102-live-dart-audit-di-posco-hyundaifuturenet/ https://asia-filing-notes.pages.dev/posts/krx-20261102-live-dart-audit-di-posco-hyundaifuturenet/ 2026-11-02T09:00:00Z 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). https://asia-filing-notes.pages.dev/posts/tsmc-3q26-earnings-n2-ramp-cowos-supply-audit/ https://asia-filing-notes.pages.dev/posts/tsmc-3q26-earnings-n2-ramp-cowos-supply-audit/ 2026-10-29T09:00:00Z 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. https://asia-filing-notes.pages.dev/posts/sk-hynix-3q26-earnings-hbm4-80pct-opm-audit/ https://asia-filing-notes.pages.dev/posts/sk-hynix-3q26-earnings-hbm4-80pct-opm-audit/ 2026-10-29T09:00:00Z 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. https://asia-filing-notes.pages.dev/posts/tesla-3q26-10q-ieepa-tariff-refund-margin-audit/ https://asia-filing-notes.pages.dev/posts/tesla-3q26-10q-ieepa-tariff-refund-margin-audit/ 2026-10-29T09:00:00Z 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. https://asia-filing-notes.pages.dev/posts/ai-supply-chain-3q26-crosscheck-tsmc-skhynix-tesla/ https://asia-filing-notes.pages.dev/posts/ai-supply-chain-3q26-crosscheck-tsmc-skhynix-tesla/ 2026-10-30T09:00:00Z 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). https://asia-filing-notes.pages.dev/posts/big-tech-3q26-ai-capex-scorecard-201b-audit/ https://asia-filing-notes.pages.dev/posts/big-tech-3q26-ai-capex-scorecard-201b-audit/ 2026-10-31T09:00:00Z 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%. https://asia-filing-notes.pages.dev/posts/apple-fy26-q4-10k-capital-light-ai-services-margin/ https://asia-filing-notes.pages.dev/posts/apple-fy26-q4-10k-capital-light-ai-services-margin/ 2026-11-01T09:00:00Z 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. https://asia-filing-notes.pages.dev/posts/earnings-season-accounting-footnote-checklist-3q26/ https://asia-filing-notes.pages.dev/posts/earnings-season-accounting-footnote-checklist-3q26/ 2026-10-31T09:00:00Z 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. https://asia-filing-notes.pages.dev/posts/ai-capex-capital-cycle-liquidity-buffer-view-3q26/ https://asia-filing-notes.pages.dev/posts/ai-capex-capital-cycle-liquidity-buffer-view-3q26/ 2026-11-01T09:00:00Z 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. https://asia-filing-notes.pages.dev/posts/fomc-october-2026-statement-sep-dot-plot-comparison/ https://asia-filing-notes.pages.dev/posts/fomc-october-2026-statement-sep-dot-plot-comparison/ 2026-11-01T09:00:00Z 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.