SEOUL · TAIPEI · NEW YORK | K-IFRS (DART) · TWSE · SEC EDGAR FILING DESK
ADSENSE VERIFIED (pub-5830980510626577)
Korea & Asia Semiconductor & Tech Primary-Filing Research for Global Investors

Deep Growth Investing

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

005930.KS SAMSUNG DS (DART) 147.1T KRW Rev · 72.4% OPM · Mem ≤75.7% 000660.KS SK HYNIX (DART) 104.62T KRW Rev · 79.7% OPM · 98.7T Net Cash 2330.TW TSMC (TWSE/NYSE) $46.72B Rev · 66.4% GM · N2 8% Share 000660.KS NON-OP GAP (DART) -32.6T KRW 3Q Non-Op · 1H26 Note 25 Audit US 4-PEER CAPEX (SEC 10-Q) $201.9B Cash CapEx (115.1% of OCF)

I. Korea (KOSPI & KOSDAQ) & Asia Primary Filing Dispatches (DART K-IFRS & TWSE)

SEOUL & TAIPEI DESK · 9 VERIFIED FILING AUDITS (KOSPI & KOSDAQ BALANCED COVERAGE)
KRX: 005930 / 000660 · DART K-IFRS LEAD DISPATCH · KOREA DART K-IFRS & IR BREAKDOWN

Four Takeaways From Samsung Electronics' 3Q26 Memory Numbers: Reading the 7.3pp Margin Gap With SK Hynix

Following up on my SK Hynix 3Q26 note, I placed Samsung Electronics' 3Q26 DART preliminary disclosures and IR tables on the same K-IFRS frame: consolidated revenue 195.25T KRW, DS operating profit 106.5T KRW (72.4% OPM), a 75.7% mathematical boundary for Samsung Memory OPM vs. SK Hynix's 79.7%, and why the margin gap narrowed from 25.4pp to 5.8pp before widening two straight quarters to 7.3pp.

Samsung Electronics DS vs. SK Hynix 5-Quarter Operating Margin Gap & 3Q26 K-IFRS Comparison
FIG 1. Five-quarter operating margin gap between SK Hynix consolidated and Samsung Electronics DS division (narrowing from 25.4pp in 3Q25 to 5.8pp in 1Q26 before widening to 7.3pp in 3Q26) and the 75.7% mathematical boundary for Samsung Memory OPM. Source: DART K-IFRS filings & 3Q26 IR decks.
  • Why Scope Matters in Korean Filings: Samsung discloses standalone revenue for Memory (140.8T KRW in 3Q26) but reports operating profit only at the broader DS division level (106.5T KRW on 147.1T KRW revenue = 72.4% OPM), blending Memory with System LSI and Foundry.
  • Mathematical Boundary Check: Even if System LSI + Foundry (6.3T KRW combined revenue) earned zero operating profit, Samsung Memory's standalone 3Q26 OPM is mathematically bounded at 75.7% (Calc.)—still below SK Hynix's 79.7% unless non-Memory DS booked an operating loss exceeding ~5.6T KRW.
  • Next Filing Checkpoints: November mid-month DART Q3 statutory report (Segment Footnote) and 4Q26 HBM4 mass-production shipment mix.
Published 2026-11-01 (As of 2026.10.30) · 8 min read · 13 Primary DART/IR Citations Read Complete DART Audit →
KOSPI: 298040·353200·009150 | KOSDAQ: 064760·232680·396470·348350 KOSPI & KOSDAQ Filing Cross-Check

Beyond Samsung and SK Hynix: What October 29–30 DART Filings Reveal About Korea's Second-Wave AI Bottlenecks Across KOSPI and KOSDAQ

Foreign investors in Seoul often concentrate exclusively in Samsung Electronics and SK Hynix. Auditing seven October 29–30 DART filings across KOSPI power transformers and package substrates (Hyosung Heavy 298040.KS, Daeduck 353200.KS, Samsung Electro-Mechanics 009150.KS) and KOSDAQ fab consumables and wafer robotics (TCK 064760.KQ, Raon Robotics 232680.KQ, Wort 396470.KQ, Withtech 348350.KQ) maps where physical AI CapEx is translating into 14%–27% operating margins.

Published 2026-11-01 (As of 2026.10.31) · 7 min read Read Filing Audit →
KOSDAQ: 054950·126600 | KOSPI: 000270·012330·008930 Korea Corporate Governance & Value-Up

Korea Value-Up Filing Audit: Separating True Share Cancellations on KOSDAQ (JVM, BGF Eco Materials) From Wage-Linked Treasury Disposals on KOSPI (Kia, Hyundai Mobis)

Under Korean K-IFRS and Commercial Act Article 343(1), holding treasury shares is not equivalent to retiring them. On October 30, 2026, two KOSDAQ industrials—JVM (054950.KQ, -3.20% of issued shares) and BGF Eco Materials (126600.KQ, -6.00% of issued shares)—filed permanent share cancellations, while on the exact same day KOSPI bellwethers Kia (000270.KS, 190.01B KRW) and Hyundai Mobis (012330.KS, 33.94B KRW) filed to re-issue treasury shares back into circulation for employee wage settlements.

Published 2026-11-01 (As of 2026.10.31) · 6 min read Read Filing Audit →
KOSPI: 000270·307950·204320 | KOSDAQ: 067160·236200·099320·174900 KOSPI & KOSDAQ Earnings & Footnote Audit

Why Operating Profit Alone Misleads in Korean 3Q26 Filings: Comparing KOSPI's Auto Stack (Kia, AutoEver, HL Mando) and KOSDAQ's Tech Leaders (SOOP, Suprema, Satrec, AbClon)

English wire summaries of Korean 3Q26 earnings typically stop at operating profit (영업이익). Auditing seven October 29–30 DART disclosures across KOSPI's mobility stack (Kia 000270.KS, Hyundai AutoEver 307950.KS, HL Mando 204320.KS) and KOSDAQ's platform, AI security, space, and biotech issuers (SOOP 067160.KQ, Suprema 236200.KQ, Satrec Initiative 099320.KQ, AbClon 174900.KQ) exposes sharp below-the-line swings into pre-tax losses at HL Mando (-41.20B KRW) and Suprema (-17.85B KRW) alongside a +502.7% QoQ operating inflection at Satrec Initiative.

Published 2026-11-01 (As of 2026.10.31) · 7 min read Read Filing Audit →
TWSE: 2330 / NYSE: TSM · 3Q26 Semiconductors & HBM

TSMC Raises 2026 Revenue Growth Outlook to ~44%: How Well Did Margins Hold Up During the 2nm Ramp?

Management raised full-year 2026 USD revenue growth guidance to ~44%, saying AI demand still outstrips supply. A filing-by-filing review of 3Q26 revenue ($46.72B), gross margin absorption during the initial 2nm ramp (66.4%), HPC share (68%), and $60B-$64B CapEx discipline.

Published 2026-10-29 (As of 2026.10.28) · 5 min read Read Filing Audit →
DART 1H26 · TWSE 2330 · SEC 10-Q Korea & Asia Semiconductors

3Q26 CapEx Cycle & Peak-Margin Signal Check: Reading D&A, CIP, Contract Liabilities, Inventory & SK Hynix's -32.6T KRW Non-Operating Gap

Auditing four balance-sheet and cash-flow leading indicators across SK Hynix (DART 1H report & 3Q IR deck), TSMC (3Q Management Report & FS), and Tesla (3Q 10-Q)—plus the exact IR breakdown of SK Hynix's -32.6T KRW 3Q26 non-operating loss (11.63T FX loss and 22.92T investment asset loss).

Published 2026-11-01 (As of 2026.10.30) · 7 min read Read Filing Audit →

II. U.S. Downstream Hyperscaler Demand & Macro Cross-Check (SEC EDGAR / Fed)

NEW YORK & WASHINGTON DESK · 5 VERIFIED CROSS-CHECK AUDITS

Downstream U.S. hyperscaler capital expenditure ($201.9B in 3Q26 across Alphabet, Microsoft, Meta, and Amazon), finance-lease commitments, SEC Form 10-Q footnote audits, and Federal Reserve rate path checks that govern end-demand for Korean and Taiwanese semiconductor capacity.

SEC Form 10-Q / 8-K Footnote Methodology Accounting & Footnotes

How Reported Earnings Change Once You Read the Filing Footnotes

Before taking headline operating profit at face value, I strip out one-time tariff refunds, non-cash stock compensation, shareholder-return double-counting traps, and initial fab depreciation dilution across the 3Q26 filings of Tesla, SK Hynix, and TSMC.

Published 2026-10-31 (As of 2026.10.29) · 6 min read Read Filing Audit →