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UBS recommends buying SK Hynix's upcoming ADR and selling its Seoul-listed stock.

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Mars Finance News, July 7 - UBS Group said investors should buy the American Depositary Receipts (ADRs) that SK Hynix plans to issue and sell the chipmaker's Korea-listed shares, as the former may trade at a premium. In a note to clients, the Swiss bank's sales and trading desk said these ADRs could be more attractive than Korean shares for investors such as hedge funds, due to higher efficiency and lower costs. The report also noted that global portfolio managers who do not hold its Seoul-listed shares may also be able to purchase these U.S. securities. "Going long its ADR from day one and shorting its Korean stock seems like a no-brainer," the UBS report said. "Given that an ADR discount is unlikely, risks are very limited, making this a trade that can be executed on a very large scale." (Wide Angle Observation)
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