After raising the entry threshold for Samsung Electronics’ leveraged exchange-traded funds (ETF) and..

The average daily new loan of 52% ↑
Hynix also saw a 26% jump in new debt investment

사진 확대 Last month, a condolence flower was placed near the National Assembly building in Yeouido, Seoul, calling for the delisting of single-stock leveraged ETFs. [Newsys]

After raising the entry threshold for Samsung Electronics’ leveraged exchange-traded funds (ETF) and exchange-traded securities (ETN), spot credit transactions between Samsung Electronics and SK Hynix are rapidly reviving. Some of the demand for leverage funds, which have lost their place due to regulations, seems to be shifting to spot credit loans.

According to Koscom on the 18th, the average daily amount of new credit loans for Samsung Electronics jumped 52.3 percent from 2,487,364 shares in July to 3,788,924 shares through the 14th of this month. SK Hynix also increased 25.5% from 526,625 shares to 660,707.

The ratio of credit transactions has also increased. The contribution rate of new credit transactions to total trading volume jumped to 12.74% and 12.28%, respectively, this month from 9.12% for Samsung Electronics and 10.06% for SK Hynix, just before the regulation. Compared to July 31, the number of credit balances on the 14th also increased by 8.2% and 7.6%, respectively.

사진 확대

The timing coincides exactly with the enforcement of regulations. Since the 31st of last month, the financial authorities have requested 30 million won in cash as basic deposits from individuals who purchase new and additional domestic and foreign leveraged products and decided not to recognize substitute securities such as stocks, ETFs, and bonds. Samsung Electronics’ new credit loans reached 8.1 million shares on August 4, the highest among the 20 trading days analyzed, and SK Hynix reached 978,000.

On the other side, single-stock leverage trading cooled quickly. The combined daily transaction value of 16 types plunged 93.2% from 12.4485 trillion won on July 30, the day before the regulation, to 845.2 billion won on the 7th. This shows the possibility that some of the speculative demand that escaped from the product may have moved to other means such as spot credit or exponential leverage for underlying assets. In addition, the fact that the two stocks’ low-priced appeal has been highlighted since the plunge in July is also cited as a factor in raising credit loans again.

The regulatory threshold will be raised once more from the 19th. Individuals who newly invest in domestic and foreign single-stock leveraged products must complete at least one hour of simulated transactions per transaction day for at least five trading days, in addition to basic deposits and pre-training. Management of ETF and ETN disparate ratio will also be strengthened on the same day. If spot credit increases again after additional regulations, it is expected to be the second test to gauge whether leveraged demand will be bypassed.

The securities industry believes that the two stocks are reflecting the expectation of strengthening AI memory leadership beyond simple performance improvement. Samsung Electronics is expected to recover its HBM share due to rising prices of general-purpose DRAMs and NANDs, expanding mass production of HBM 4 and improving the yield of front-end DRAMs. SK Hynix’s normalization of HBM4 shipments and expansion of long-term supply contracts (LTAs) are cited as factors supporting its high profitability. Son In-joon, a researcher at Eugene Investment & Securities, said, “Samsung Electronics is recovering its memory pricing power and HBM competitiveness together,” adding, “SK Hynix is also in a phase where the visibility of earnings growth is increasing based on HBM4 and LTA.”