Asia Filing Notes — X (FinTwit) Publishing Studio

#SKHynix ($HXSCL / 000660.KS) hit an 80.0% operating margin in 3Q26 on the #HBM4 ramp:

• Revenue: 104.62T KRW (+32% QoQ)
• Operating Profit: 83.33T KRW (vs 37.61T in 1Q26)
• Net Cash: 98.7T KRW (4.17x Fwd P/E)

Key HBM4 leader for $NVDA $TSM $MU.

#Samsung ($SSNLF / 005930.KS) DS vs. #SKHynix ($HXSCL / 000660.KS) 3Q26 margin audit:

• Samsung DS OPM: 72.4% (106.5T OP)
• Samsung Memory Cap: <=75.7% (at 0 Foundry OP)
• SK Hynix OPM: 79.7% (+7.3pp edge)

4.2x–5.0x Fwd P/E vs $MU $NVDA $TSM.

Korea AI supply-chain 3Q26 DART filings:

• #Daeduck (353200.KS): 21.0% OPM (+259% YoY OP, 16.6x Ann. OP)
• #TCK (064760.KQ): 27.5% OPM (17.8x Ann. OP)
• #RaonRobotics (232680.KQ): +596% QoQ OP (11.2x Ann. OP)

Fab tailwind with $LRCX $AMAT $ASML.

Korea Value-Up DART audit: Share burn vs. wage disposal:

• #BGFEco (126600.KQ): -6.00% share burn (0.45x P/B)
• #JVM (054950.KQ): -3.20% share burn (9.33x P/E)
• #Kia ($KIMTF) & #HyundaiMobis: 223.95B KRW treasury shares re-issued

Governance filter for $EWY.

Nov 2 KRX live DART earnings & buyback audit:

• #DICorp (003160.KS, HBM tester): 3Q OP +493% YoY (4.97x Ann. OP)
• #POSCOIntl (047050.KS): 3Q net +91.6% YoY (5.59x Ann. OP)
• #HyundaiFuturenet: -2.24% burn (0.48x P/B)

$HXSCL $NVDA $MU $EWY

$TSM TSMC (2330.TW) 3Q26 filing audit:

• Revenue: $46.72B (+16.2% QoQ, +41.2% YoY)
• Margins: 66.4% GM, 58.7% OPM
• 2nm (N2) Share: 8% of wafer rev (vs 3% in 2Q)
• Valuation: 26.97x P/E (~0.61x PEG)

Core foundry for $NVDA $AVGO $AMD.

Big Tech 3Q26 10-Q CapEx vs. Operating Cash Flow:

• Combined CapEx: $201.9B (+108% YoY, 115.1% of OCF)
• $AMZN: 178.9% of OCF (19.0x P/E)
• $GOOGL: 121.4% of OCF (14.4x P/E)
• $MSFT: 67.9% (29.1x P/E) | $META: 106.5% (20.8x P/E)

Why headline Operating Profit misleads in 3Q26 DART filings:

• #HLMando (204320.KS): +51.5B OP -> -41.2B Pre-Tax loss (2.2% OPM)
• #Suprema (236200.KQ): 17.3% core OPM at 7.07x P/E
• #Satrec (099320.KQ): 3Q OP +503% QoQ

$EWY

3Q26 CapEx Cycle Check (Rev Growth minus D&A Growth):

• #SKHynix ($HXSCL / 000660.KS): +133.0pp spread (4.17x Fwd P/E)
• $TSM: +8.8pp spread (27.0x P/E)
• $TSLA: -8.4pp inverted (Rev +21.4% vs D&A +29.8%, 370.1x P/E)

$NVDA $MU

The 3Q26 AI Supply-Chain Valuation Paradox:

• #SKHynix ($HXSCL / 000660.KS): 80.0% OPM — 4.17x Fwd P/E
• $TSM: 58.7% OPM — 26.97x P/E (~0.61x PEG)
• $TSLA: 2.6% GAAP OPM — 370.14x P/E

Upstream bottlenecks ($HXSCL $TSM $NVDA $MU) capture the cash flow.

$TSLA 3Q26 Form 10-Q Note 11 footnote audit:

• Reported GAAP OP: $718M (2.6% OPM)
• One-Time Note 11 IEEPA Tariff Refunds: $739M
• Auto Ex-Credit GM Ex-Refund: ~16.8% (vs 18.1% reported)
• Energy GM Ex-Refund: ~23.8% (vs 33.1% reported)

Core OP was -$21M at 370.1x P/E.

$AAPL Capital-Light AI vs. Hyperscaler CapEx audit:

• $AAPL Cash CapEx/Rev: 2.24% (39.66x P/E, $5.03T cap)
• $AMZN CapEx/Rev: 27.02% (19.00x P/E)
• $GOOGL CapEx/Rev: 37.50% (14.44x P/E)
• $MSFT: 39.78% | $META: 49.53%

Apple's FCF shield is fully priced at ~40x P/E.

3Q26 AI Capital-Cycle Cash Flow Audit (CapEx as % of OCF):

• #SKHynix ($HXSCL / 000660.KS): 21.8% CapEx/OCF (+47.3T KRW FCF)
• $TSM: 37.9% CapEx/OCF ($15.97B 3Q FCF)
• US Hyperscalers ($GOOGL $AMZN $MSFT $META): 115.1% CapEx/OCF

Self-funded compounders win.

3-Step Forensic Footnote Checklist for 3Q26 Earnings:

• Step 1: Strip one-off GM credits ($TSLA Note 11 $739M tariff refund)
• Step 2: Bridge Operating Profit to Pre-Tax FX swings (DART K-IFRS)
• Step 3: Separate true share retirement from employee grants ($TSM $NVDA)

October 2026 FOMC Statement & Treasury Curve Audit:

• Fed Funds: 3.75%–4.00% hold (10–2 vote; 2 hike dissents)
• Growth Wording: Upgraded to 'strong' (Q3 GDP 3.4%)
• Yields: 10Y UST at 5.05%, 30Y at 5.37%

Favors low-P/E net-cash leaders ($SPY $QQQ $TLT).