Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>The Deputy Prime Minister Choi Sang Mok reaffirmed the Corporate Value Up program, pushing up the major value driven/low PBR stocks in Korea today.</li>
<li>Deputy Prime Minister Choi emphasized that as part of Corporate Value Up program, corporate tax benefits to companies that have made efforts to strengthen shareholder return policy will be provided.</li>
<li>The Korean government also plans to revise the law to separate taxation on the dividend income of shareholders of companies that expand dividends.</li>
</ul>


The Deputy Prime Minister Choi Sang Mok reaffirmed the Corporate Value Up program, pushing up the major value driven/low PBR stocks in Korea today.
Deputy Prime Minister Choi emphasized that as part of Corporate Value Up program, corporate tax benefits to companies that have made efforts to strengthen shareholder return policy will be provided.
The Korean government also plans to revise the law to separate taxation on the dividend income of shareholders of companies that expand dividends.


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.

<ul>
<li>Talks circulate that E-Mart may sell its 5% stake in Samsung Life Insurance, valued around ₩1T, due to fundraising needs linked to SSG.com investors' put options.</li>
<li>Initially, Starbucks Korea was a potential sale, but U.S. HQ approval makes it unfeasible. Shinsegae L&amp;B and Food weren't enough to raise funds, leading E-Mart to focus on Samsung Life.</li>
<li>E-Mart's block deal timing is uncertain due to potential legal disputes over unmet put option conditions, yet recent local market discussions suggest E-Mart may avoid legal battles.</li>
</ul>


Talks circulate that E-Mart may sell its 5% stake in Samsung Life Insurance, valued around ₩1T, due to fundraising needs linked to SSG.com investors' put options.
Initially, Starbucks Korea was a potential sale, but U.S. HQ approval makes it unfeasible. Shinsegae L&amp;B and Food weren't enough to raise funds, leading E-Mart to focus on Samsung Life.
E-Mart's block deal timing is uncertain due to potential legal disputes over unmet put option conditions, yet recent local market discussions suggest E-Mart may avoid legal battles.


Potential Samsung Life Insurance Block Deals, Likely to Be Triggered by E Mart

Equity Bottom-Up

<ul>
<li>Amid Samsung Electronics announcing a huge buyback of 10 trillion won, one of the issues that has resurfaced is the potential sale of Samsung Electronics by Samsung Life Insurance.</li>
<li>The total amount of Samsung Electronics that could be sold by Samsung Life Insurance and Samsung F&amp;M Insurance is 25.6 trillion won (at current prices). </li>
<li>We remain Positive on Samsung Electronics. The 10 trillion won buyback program is a positive sign on the company's willingness to provide higher shareholder returns.</li>
</ul>


Amid Samsung Electronics announcing a huge buyback of 10 trillion won, one of the issues that has resurfaced is the potential sale of Samsung Electronics by Samsung Life Insurance.
The total amount of Samsung Electronics that could be sold by Samsung Life Insurance and Samsung F&amp;M Insurance is 25.6 trillion won (at current prices). 
We remain Positive on Samsung Electronics. The 10 trillion won buyback program is a positive sign on the company's willingness to provide higher shareholder returns.


A Step Closer to Samsung Life Insurance Finally Selling Its Shares in Samsung Electronics?

<ul>
<li>We're starting to see some local market players getting ready and setting up trades that bet on a potential split for Samsung Electronics.</li>
<li>Samsung could leverage the buzz around spinning off its foundry business to split key units—foundry, memory chips, and others—into two or three separate companies at the shareholder meeting.</li>
<li>Additionally, the valuation gap between Samsung Electronics and Biologics has narrowed more than it has in the last decade, making it an even more attractive opportunity.</li>
</ul>


We're starting to see some local market players getting ready and setting up trades that bet on a potential split for Samsung Electronics.
Samsung could leverage the buzz around spinning off its foundry business to split key units—foundry, memory chips, and others—into two or three separate companies at the shareholder meeting.
Additionally, the valuation gap between Samsung Electronics and Biologics has narrowed more than it has in the last decade, making it an even more attractive opportunity.


Surging Buzz Around the Potential Split of Samsung Electronics

Cross Asset Strategy

<ul>
<li>There are some major surprises (both inclusions and exclusions) in the Korea Value Up index. </li>
<li>In particular, the telecom sector (SK Telecom and KT) and large cap holding companies (Samsung C&amp;T and LG Corp) are surprising exclusions in the index.</li>
<li>There are many surprising inclusions in the Korea Value Up Index. We provide 30 companies are surprising inclusions in the Korea Value Up Index (19 KOSDAQ and 11 KOSPI listed).</li>
</ul>


There are some major surprises (both inclusions and exclusions) in the Korea Value Up index. 
In particular, the telecom sector (SK Telecom and KT) and large cap holding companies (Samsung C&amp;T and LG Corp) are surprising exclusions in the index.
There are many surprising inclusions in the Korea Value Up Index. We provide 30 companies are surprising inclusions in the Korea Value Up Index (19 KOSDAQ and 11 KOSPI listed).


Korea Value Up Index - Surprising Inclusions and Exclusions

South Korea

Samsung Life Insurance Co., Ltd. provides insurance services. The Company offers life and health insurance services. Samsung Life Insurance serves customers in South Korea.

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Samsung Life Insurance (032830 KS)

Mr. Choi Goes to Washington

The Deputy Prime Minister Choi Sang Mok reaffirmed the Corporate Value Up program, pushing up the major value driven/low PBR stocks in Korea today.

Douglas Kim

Potential Samsung Life Insurance Block Deals, Likely to Be Triggered by E Mart

SSG.com’s major shareholders, E-Mart and Shinsegae, are expected to approve the repurchase of a 30% FI stake for 1.15 trillion KRW at a board...

Sanghyun Park

A Step Closer to Samsung Life Insurance Finally Selling Its Shares in Samsung Electronics?

Amid Samsung Electronics announcing a huge buyback of 10 trillion won, one of the issues that has resurfaced is the potential sale of Samsung...

Douglas Kim

Surging Buzz Around the Potential Split of Samsung Electronics

This post dives into the potential split of Samsung Electronics, one of the hot topics currently heating up Korea's stock market.

Sanghyun Park

Korea Value Up Index - Surprising Inclusions and Exclusions

There are many surprising inclusions and exclusions in the Korea Value Up Index. We provide 30 companies that are surprising inclusions and 10...

Douglas Kim

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