Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Samsung Electronics posted markedly improved operating cash flow in 3Q. So, the market consensus for CFO has been revised upwards. On the other hand, CAPEX has been revised down.</li>
<li>Samsung Electronics can generate 13.5 trillion won to 14.5 trillion won in additional shareholder return funds (50% of FCF), meaning that 3.7~4.7 trillion won is the size for special dividends.</li>
<li>There is a high possibility of Samsung going to the special dividend path, at least for this year, for two reasons.</li>
</ul>


Samsung Electronics posted markedly improved operating cash flow in 3Q. So, the market consensus for CFO has been revised upwards. On the other hand, CAPEX has been revised down.
Samsung Electronics can generate 13.5 trillion won to 14.5 trillion won in additional shareholder return funds (50% of FCF), meaning that 3.7~4.7 trillion won is the size for special dividends.
There is a high possibility of Samsung going to the special dividend path, at least for this year, for two reasons.


Samsung Electronics Dividend Situation Update Based on 3Q Results

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Equity Bottom-Up

In its most recent earnings call Qualcomm posted record revenues in both its chip and licensing centers.  Management also expects for the current quarter's revenues to break records.  This Smartkarma Insight reviews the company's structure to understand its success.

In its most recent earnings call Qualcomm posted record revenues in both its chip and licensing centers.  Management also expects for the current quarter's revenues to break records.  This Smartkarma Insight reviews the company's structure to understand its success.

Qualcomm Turns the Crank on the Money Machine

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

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It was reported in numerous Korean media that the Japanese government is planning to amend the law in the National Assembly so that it can provide subsidies worth several trillion won to major semiconductor players such as TSMC to build semiconductor plant in Japan.
The bill is expected to contain contents that mention that subsidies are necessary for national security in the chaos caused by the global semiconductor shortage. The purpose of this move is to increase semiconductor chip production amid global shortages and also increase jobs and investments in Japan. 
Overall, this major government subsidy to <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-co-ltd" target="_blank" data-smartkarma-citation="entities:1248:1" rel="noopener">Taiwan Semiconductor Co. (5425 TT)</a> (TSMC) is likely to have a negative impact to <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>. In the past several weeks, Samsung Electronics' share price has been relatively weak due to the concerns about the Lee family selling big stakes due to the need to pay for inheritance taxes. Now, this new legislation in Japan which could provide billions of dollars in subsidies to TSMC could further negatively impact Samsung Electronics' share price. 
</div>


It was reported in numerous Korean media that the Japanese government is planning to amend the law in the National Assembly so that it can provide subsidies worth several trillion won to major semiconductor players such as TSMC to build semiconductor plant in Japan.
The bill is expected to contain contents that mention that subsidies are necessary for national security in the chaos caused by the global semiconductor shortage. The purpose of this move is to increase semiconductor chip production amid global shortages and also increase jobs and investments in Japan. 
Overall, this major government subsidy to Taiwan Semiconductor Co. (5425 TT) (TSMC) is likely to have a negative impact to Samsung Electronics (005930 KS). In the past several weeks, Samsung Electronics' share price has been relatively weak due to the concerns about the Lee family selling big stakes due to the need to pay for inheritance taxes. Now, this new legislation in Japan which could provide billions of dollars in subsidies to TSMC could further negatively impact Samsung Electronics' share price. 


Japanese Govt May Provide Several Trillion Won in Subsidy to TSMC To Build A Semicon Plant in Japan

Thematic (Sector/Industry)

The September semiconductor revenues are in, bringing the third quarter to a close.  Both the month and the quarter reached all-time highs.  Although today's boom shows no sign of ending, there is ample precedent to tell us what will occur once supply catches up with demand.  This Insight explores the current market and the likely outcome.

The September semiconductor revenues are in, bringing the third quarter to a close.  Both the month and the quarter reached all-time highs.  Although today's boom shows no sign of ending, there is ample precedent to tell us what will occur once supply catches up with demand.  This Insight explores the current market and the likely outcome.

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

Kospi and SEC bear flags point lower with SEC the more compelling short. Korea conviction to buy near 380/75 ahead of a bigger short squeeze to clear the 400 barrier. Korea did meet our 400 PT for a fade back to the lows to re load.Kospi RSI bull divergence to mature on next downside attempt.SEC bear flag stands out (short).Compelling pair is long Korea and short India.

Kospi and SEC bear flags point lower with SEC the more compelling short. Korea conviction to buy near 380/75 ahead of a bigger short squeeze to clear the 400 barrier. Korea did meet our 400 PT for a fade back to the lows to re load.Kospi RSI bull divergence to mature on next downside attempt.SEC bear flag stands out (short).Compelling pair is long Korea and short India.

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (005930 KS)

Samsung Electronics Dividend Situation Update Based on 3Q Results

Samsung Electronics can generate 13.5 trillion won to 14.5 trillion won in additional shareholder return funds (50% of FCF), meaning that 3.7~4.7...

Sanghyun Park

Qualcomm Turns the Crank on the Money Machine

What's behind Qualcomm's record revenues and its solid 29% operating margins? This insight finds answers in the combination of the company's...

Jim Handy

Japanese Govt May Provide Several Trillion Won in Subsidy to TSMC To Build A Semicon Plant in Japan

The Japanese government is planning to amend the law so that it can provide subsidies worth several trillion won to major semiconductor players...

Douglas Kim

Semiconductors Continue Full Speed Ahead

Again chip sales have reached record highs. How long will this last? What will happen when it ends? This Insight dips into that to provide some...

Jim Handy

SEC Bear Flag and Kospi Re Load Zone

Kospi and SEC bear flags point lower with SEC the more compelling short. Korea conviction to buy near 380/75 ahead of a bigger short squeeze to...

Thomas Schroeder

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