Mouse cursor flickering between arrow and hand on web links

Mouse cursor flicker (over links)

I'm facing very much the same as the above issue and it looks exactly the same as the video - OS X mouse cursor flicker - YouTube

The flickering happens while hovering the cursor on any web links on Safari and Chrome browser.

I'm using a MacBook (Retina, 12-inch, 2017) running macOS 10.12.5 and it happens only on an external monitor via Apple's adapter and HDMI cable. It is a 4K UHD (3840 x 2160) monitor. It works fine with the built-in monitor.

It does NOT happen with MacBook Pro 15-inch mid-2015 with the same HDMI cable and monitor.

It does happen with Guest user mode too, so any third party software shouldn't be the cause of the problem.

Are there any workaround?

Thanks.