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

Below are the details of the disposal trust agreement that Samsung's Lee family members newly signed with the trust institution.<table class="table table-striped">
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<col width="100">
<col width="100">
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<col width="100">
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<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Disposal trust contract"}'>Disposal trust contract</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Lee Bu-jin (daughter)"}'>Lee Bu-jin (daughter)</td>
<td colspan="2" style="text-align: center;" data-sheets-value='{"1":2,"2":"Lee Seo-hyun (daughter)"}'>Lee Seo-hyun (daughter)</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Hong Ra-hee (spouse)"}'>Hong Ra-hee (spouse)</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Company"}'>Company</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Samsung SDS Co Ltd"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>Samsung SDS</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Samsung Life Insurance co., Ltd"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>Samsung Life Insurance</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Samsung SDS Co Ltd"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>Samsung SDS</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Samsung Electronics Co Ltd"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>Samsung Electronics</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"018260"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='="018260"'>018260</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"032830"}' data-sheets-formula='="032830"'>032830</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"018260"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='="018260"'>018260</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"005930"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='="005930"'>005930</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Disposition trust amount"}'>Disposition trust amount (shares)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1509430}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>1,509,430</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3459490}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>3,459,490</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1509430}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>1,509,430</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":19941860}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>19,941,860</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"% of the shares out"}'>% of the shares out</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.019507274696359937}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[-1]C[0]/googlefinance(R[-2]C[0], "shares")'>1.95%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.01729745}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[-1]C[0]/googlefinance(R[-2]C[0], "shares")'>1.73%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.019507274696359937}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[-1]C[0]/googlefinance(R[-2]C[0], "shares")'>1.95%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.003340466731070464}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[-1]C[0]/googlefinance(R[-2]C[0], "shares")'>0.33%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":": Value"}'>: Value (at the last close)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.242263515}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=R[-2]C[0]*googlefinance(R[-3]C[0], "price")/1000000000000'>₩0.24T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.247353535}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=R[-2]C[0]*googlefinance(R[-3]C[0], "price")/1000000000000'>₩0.25T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.242263515}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=R[-2]C[0]*googlefinance(R[-3]C[0], "price")/1000000000000'>₩0.24T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.42584299}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=R[-2]C[0]*googlefinance(R[-3]C[0], "price")/1000000000000'>₩1.43T</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Trust institution"}'>Trust institution</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"KB Bank"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}'>KB Bank</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"KB Bank"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}'>KB Bank</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"KB Bank"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}'>KB Bank</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"KB Bank"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}'>KB Bank</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Contract date"}'>Contract date</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44474}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2021. 10. 05</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44474}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2021. 10. 05</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44474}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2021. 10. 05</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44474}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2021. 10. 05</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Contract ends"}'>Contract ends</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44676}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2022. 04. 25</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44676}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2022. 04. 25</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44676}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2022. 04. 25</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44676}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2022. 04. 25</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Disposal deadline"}'>Disposal deadline</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"N/A"}'>N/A</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44554}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2021. 12. 24</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"N/A"}'>N/A</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"N/A"}'>N/A</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Purpose"}'>Purpose</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"For inheritance tax payment"}'>For inheritance tax payment</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"For inheritance tax payment"}'>For inheritance tax payment</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"For inheritance tax payment"}'>For inheritance tax payment</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"For inheritance tax payment"}'>For inheritance tax payment</td>
</tr>
<tr><td colspan="5" data-sheets-value='{"1":2,"2":"Source: KRX FIND &amp; Korean NTS"}'>Source: KRX KIND</td></tr>
</tbody>
</table><div class="content-highlight">
Key takeaways
<ul>
<li>All the family members, except Lee Jae-yong, disclosed they had newly signed a disposal trust agreement on the same date (October 5) with the same trust institution, KB Bank.</li>
<li>However, all of these regulatory filings were published after the market closed last Friday. That is, the market only found it out late Friday, so whatever impact will likely be reflected in the price next trading day, which is next Tuesday.</li>
<li>All four trust contracts expire on April 25 next year. However, it does not necessarily mean that the deadline for the stake sale is April 25.</li>
<li>Only Samsung Life Insurance disclosed the deadline for sale to be December 24 of this year. But it strongly suggests that this December 24 will likely be the deadline for the other trust contrasts as well.</li>
<li>All four trust contracts clearly stated that the purpose was to pay inheritance tax.</li>
</ul>
</div>

Below are the details of the disposal trust agreement that Samsung's Lee family members newly signed with the trust institution.









Disposal trust contract
Lee Bu-jin (daughter)
Lee Seo-hyun (daughter)
Hong Ra-hee (spouse)


Company
Samsung SDS
Samsung Life Insurance
Samsung SDS
Samsung Electronics


Ticker
018260
032830
018260
005930


Disposition trust amount (shares)
1,509,430
3,459,490
1,509,430
19,941,860


% of the shares out
1.95%
1.73%
1.95%
0.33%


: Value (at the last close)
₩0.24T
₩0.25T
₩0.24T
₩1.43T


Trust institution
KB Bank
KB Bank
KB Bank
KB Bank


Contract date
2021. 10. 05
2021. 10. 05
2021. 10. 05
2021. 10. 05


Contract ends
2022. 04. 25
2022. 04. 25
2022. 04. 25
2022. 04. 25



Disposal deadline
N/A
2021. 12. 24
N/A
N/A


Purpose
For inheritance tax payment
For inheritance tax payment
For inheritance tax payment
For inheritance tax payment

Source: KRX KIND


Key takeaways

All the family members, except Lee Jae-yong, disclosed they had newly signed a disposal trust agreement on the same date (October 5) with the same trust institution, KB Bank.
However, all of these regulatory filings were published after the market closed last Friday. That is, the market only found it out late Friday, so whatever impact will likely be reflected in the price next trading day, which is next Tuesday.
All four trust contracts expire on April 25 next year. However, it does not necessarily mean that the deadline for the stake sale is April 25.
Only Samsung Life Insurance disclosed the deadline for sale to be December 24 of this year. But it strongly suggests that this December 24 will likely be the deadline for the other trust contrasts as well.
All four trust contracts clearly stated that the purpose was to pay inheritance tax.



Samsung Founding Family's Stake Sale: Impact on SamE Share Buyback Vs. Special Dividend

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<div class="content-highlight">
It was announced that <a href="https://biz.chosun.com/industry/company/2021/10/09/3RSJJ472C5DHPKNURGL4YSJCFE/?utm_source=naver&amp;utm_medium=original&amp;utm_campaign=biz" target="_blank" rel="noopener">Hong Ra-Hee</a> (wife of the late Samsung Chairman Lee Gun-Hee) will sell about 1.43 trillion won worth of <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 order to pay for inheritance taxes. This represents 19.94 million shares at 71,500 won per share of Samsung Electronics.
In addition to Hong Ra-Hee's sale of Samsung Electronics, her daughters Lee Bu-Jin and Lee Seo-Hyun will sell 0.73 trillion won worth of <a href="https://www.smartkarma.com/entities/samsung-sds-co-ltd" target="_blank" data-smartkarma-citation="entities:509:1" rel="noopener">Samsung Sds (018260 KS)</a> and <a href="https://www.smartkarma.com/entities/samsung-life-insurance-co-ltd" target="_blank" data-smartkarma-citation="entities:510:1" rel="noopener">Samsung Life Insurance (032830 KS)</a>. Thus, the total amount of Samsung Group related shares (including Samsung Electronics) to be sold in this sale is about 2.2 trillion won ($1.8 billion).
The stake sale of Samsung Electronics could be quickly absorbed by the market while the sale sales of Samsung SDS and Samsung Life Insurance could take more time to digest. In addition, this will be a recurring event every year for the next five years with the Lee family continuing to sell down their stakes in Samsung Electronics and other Samsung affiliates in order to pay off the exorbitant amount of inheritance taxes. We believe that there could be continued concerns about this inheritance tax sale of Samsung SDS, Samsung Life Insurance, and Samsung Electronics which could further pressure these stocks negatively in the near term. 
</div>


It was announced that Hong Ra-Hee (wife of the late Samsung Chairman Lee Gun-Hee) will sell about 1.43 trillion won worth of Samsung Electronics (005930 KS) in order to pay for inheritance taxes. This represents 19.94 million shares at 71,500 won per share of Samsung Electronics.
In addition to Hong Ra-Hee's sale of Samsung Electronics, her daughters Lee Bu-Jin and Lee Seo-Hyun will sell 0.73 trillion won worth of Samsung Sds (018260 KS) and Samsung Life Insurance (032830 KS). Thus, the total amount of Samsung Group related shares (including Samsung Electronics) to be sold in this sale is about 2.2 trillion won ($1.8 billion).
The stake sale of Samsung Electronics could be quickly absorbed by the market while the sale sales of Samsung SDS and Samsung Life Insurance could take more time to digest. In addition, this will be a recurring event every year for the next five years with the Lee family continuing to sell down their stakes in Samsung Electronics and other Samsung affiliates in order to pay off the exorbitant amount of inheritance taxes. We believe that there could be continued concerns about this inheritance tax sale of Samsung SDS, Samsung Life Insurance, and Samsung Electronics which could further pressure these stocks negatively in the near term. 


Lee Family to Sell 2.2 Trillion Won Worth of Samsung Group Affiliates to Pay for Inheritance Tax

It was announced today that Samsung's Lee Jae-Yong will get out of jail as the Korean government will release him on parole this week after he spent 18 months in prison. The total original sentence time was for 30 months so Lee will no longer need to serve the remaining one year of jail time. Lee joins 800+ other convicts who will be released from various prisons in Korea on Friday. In our view, this could accelerate some of Samsung's major investment plans globally and could also have a positive impact on the Samsung Group companies. Lee Jae-Yong joins a long-list of Korean chaebol family members that have served some time in prison. <div class="content-highlight">
Overall, we believe that there could be more investors' interest in Samsung C&amp;T with the release of Lee Jae-Yong from jail. Although he remains a figurehead, the persistent negative press on him will likely be relieved and there could be more pressure to improve various ESG metrics of the Samsung Group companies even further. As such, we believe this will have a positive impact on the Samsung Group companies, especially on Samsung C&amp;T. 
Our base case NAV valuation of Samsung C&amp;T is 202,593 won per share, representing 42.2% higher than current share price. In our base case valuation, we used the current market cap/prices of its ownership in major affiliates including Samsung Electronics, Samsung Biologics, and Samsung Life Insurance. We also used a 40% holdco discount in our valuations. 
</div>

It was announced today that Samsung's Lee Jae-Yong will get out of jail as the Korean government will release him on parole this week after he spent 18 months in prison. The total original sentence time was for 30 months so Lee will no longer need to serve the remaining one year of jail time. Lee joins 800+ other convicts who will be released from various prisons in Korea on Friday. In our view, this could accelerate some of Samsung's major investment plans globally and could also have a positive impact on the Samsung Group companies. Lee Jae-Yong joins a long-list of Korean chaebol family members that have served some time in prison. 
Overall, we believe that there could be more investors' interest in Samsung C&amp;T with the release of Lee Jae-Yong from jail. Although he remains a figurehead, the persistent negative press on him will likely be relieved and there could be more pressure to improve various ESG metrics of the Samsung Group companies even further. As such, we believe this will have a positive impact on the Samsung Group companies, especially on Samsung C&amp;T. 
Our base case NAV valuation of Samsung C&amp;T is 202,593 won per share, representing 42.2% higher than current share price. In our base case valuation, we used the current market cap/prices of its ownership in major affiliates including Samsung Electronics, Samsung Biologics, and Samsung Life Insurance. We also used a 40% holdco discount in our valuations. 


Samsung's Lee Jae-Yong Gets Out of Jail (Again) & NAV Analysis of Samsung C&T

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Equity Bottom-Up

<section class="figure">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/214/158/original/1.png?1624239576" class="editor-image img-responsive" data-smartkarma-image-id="214158"></figure>
</section>
I just read the book <a href="https://www.amazon.com/Samsung-Rising-Inside-Korean-Conquer-ebook/dp/B07T9WTTZC/ref=sr_1_1?dchild=1&amp;keywords=samsung+rising&amp;qid=1623743594&amp;sr=8-1" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://www.amazon.com/Samsung-Rising-Inside-Korean-Conquer-ebook/dp/B07T9WTTZC/ref%3Dsr_1_1?dchild%3D1%26keywords%3Dsamsung%2Brising%26qid%3D1623743594%26sr%3D8-1&amp;source=gmail&amp;ust=1624323969123000&amp;usg=AFQjCNGC2aiiwDMsNjEfaxR0gESTgnBzqg" rel="noopener">Samsung Rising</a> by Geoffrey Cain and found it enlightening.
Samsung is a unique company: one of the best brand names to ever come out of East Asia.
This post will give you a brief history of how Samsung made the journey from a post-war trading company to an international technology giant. I will then describe where Samsung is today and where it could be heading in the future.




I just read the book Samsung Rising by Geoffrey Cain and found it enlightening.
Samsung is a unique company: one of the best brand names to ever come out of East Asia.
This post will give you a brief history of how Samsung made the journey from a post-war trading company to an international technology giant. I will then describe where Samsung is today and where it could be heading in the future.

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Quantitative Analysis

Since our Original on <a href="https://www.smartkarma.com/insights/asia-buyback-forecasting-which-companies-are-likely-to-raise-cut-buybacks" target="_blank" data-smartkarma-citation="insights:47196" rel="noopener">Asia Buyback Forecasting | Which Companies Are Likely to Raise/Cut Buybacks?</a>, published on Jan 31 2021, this is our first quarterly update. Below we provide updated results from our models based on latest reported fiscal year-end financials. We also discuss companies where there is notable change in our conviction level based on updated data.
At the webinar in March, there was also a request for conducting price movement analysis corresponding to our buyback raise/cut outlook for our back-test results. This analysis is now available. Our results show a decent outperformance/underperformance corresponding to buyback raise/cut prediction, suggesting that users of our models will benefit from guiding their investment decisions based on our buyback raise/cut outlook.

Since our Original on Asia Buyback Forecasting | Which Companies Are Likely to Raise/Cut Buybacks?, published on Jan 31 2021, this is our first quarterly update. Below we provide updated results from our models based on latest reported fiscal year-end financials. We also discuss companies where there is notable change in our conviction level based on updated data.
At the webinar in March, there was also a request for conducting price movement analysis corresponding to our buyback raise/cut outlook for our back-test results. This analysis is now available. Our results show a decent outperformance/underperformance corresponding to buyback raise/cut prediction, suggesting that users of our models will benefit from guiding their investment decisions based on our buyback raise/cut outlook.

Asia Buyback Forecasting | Quarterly Update 1.0

South Korea

Samsung SDS Co., Ltd. provides information technology services, such as consulting and technical services. The Company also offers outsourcing services including application outsourcing, IT infrastructure outsourcing, and cloud computing.

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Samsung Sds (018260 KS)

Lee Family to Sell 2.2 Trillion Won Worth of Samsung Group Affiliates to Pay for Inheritance Tax

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52-week Range

Market Cap (USDm)

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Samsung Founding Family's Stake Sale: Impact on SamE Share Buyback Vs. Special Dividend

This post examines the Samsung founding family's stake sale in the key affiliates including Samsung Electronics and discusses potential impacts on...

Sanghyun Park

Lee Family to Sell 2.2 Trillion Won Worth of Samsung Group Affiliates to Pay for Inheritance Tax

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Douglas Kim

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It was announced today that Samsung's Lee Jae-Yong will get out of jail as the Korean government will release him on parole this week after he...

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Samsung is a unique company: one of the best brand names to ever come out of East Asia, covering Samsung's history, where it is today and its future

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This is our first quarterly update since our Original on Buyback Forecasting. We provide updated results based on latest year-end financials.

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