Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>Names outside the new tax regime may hike year-end payouts, with gov’t push boosting odds despite fuzzy timing, drawing local desk interest.</li>
<li>With timing murky, local desks are targeting high-yield names, 25–40% FY25 payout, and ~10%+ DPS growth as prime candidates for year-end dividend hikes ahead of AGMs.</li>
<li>Nine first-tier names (25–40% payout, &lt;10% DPS growth, 3%+ yield) are prime dividend plays; five second-tier names (20–25% payout) need monitoring for potential Q4 expense tweaks.</li>
</ul>


Names outside the new tax regime may hike year-end payouts, with gov’t push boosting odds despite fuzzy timing, drawing local desk interest.
With timing murky, local desks are targeting high-yield names, 25–40% FY25 payout, and ~10%+ DPS growth as prime candidates for year-end dividend hikes ahead of AGMs.
Nine first-tier names (25–40% payout, &lt;10% DPS growth, 3%+ yield) are prime dividend plays; five second-tier names (20–25% payout) need monitoring for potential Q4 expense tweaks.


Local Desks Target Year-End Dividend Boost Trading Setup

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Sanae Taikichi will become the next Prime Minister of Japan. This is likely to have a Negative impact on the Korean automakers including Hyundai Motor and Kia Corp.</li>
<li>Sanae Takaichi is a firm advocate of the late Prime Minister Shinzo Abe's "Abenomics" strategy to boost the economy with aggressive spending and easing monetary policy.</li>
<li>The weakening JPY combined with existing tariff rate advantage versus the South Korea could further positively impact the Japanese auto makers versus the Korean auto makers. </li>
</ul>


Sanae Taikichi will become the next Prime Minister of Japan. This is likely to have a Negative impact on the Korean automakers including Hyundai Motor and Kia Corp.
Sanae Takaichi is a firm advocate of the late Prime Minister Shinzo Abe's "Abenomics" strategy to boost the economy with aggressive spending and easing monetary policy.
The weakening JPY combined with existing tariff rate advantage versus the South Korea could further positively impact the Japanese auto makers versus the Korean auto makers. 


Sanae Takaichi To Become Prime Minister of Japan - Negative Impact on Korean Auto Makers

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently eleven pair trade opportunities across three markets and six sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently eleven pair trade opportunities across three markets and six sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (22 Dec)

<ul>
<li>One of the biggest events in Korea in the past week has been the uncertainty regarding the US tariffs on South Korea which remains unchanged at 25%.</li>
<li>On top of this, it was reported on 9 September that the US tariffs on Japanese goods including cars and auto parts will be lowered to 15% by 16 September.</li>
<li>If Lee's approval rating falls to about 45% to 50% range, then there could be a greater urgency by the Korean government to finalize a trade deal with the US. </li>
</ul>


One of the biggest events in Korea in the past week has been the uncertainty regarding the US tariffs on South Korea which remains unchanged at 25%.
On top of this, it was reported on 9 September that the US tariffs on Japanese goods including cars and auto parts will be lowered to 15% by 16 September.
If Lee's approval rating falls to about 45% to 50% range, then there could be a greater urgency by the Korean government to finalize a trade deal with the US. 


US Tariffs on Imports from Japan Lowered to 15% but Imports from Korea Are Unchanged at 25% - Why?

Equity Capital Markets

<ul>
<li>There has been an increasing probability that Boston Dynamics (BD) announces a fourth rights offering capital raise worth about 1.2 trillion won (US$870 million) in the next several weeks. </li>
<li>All the Hyundai Motor Group related entities are expected to increase their ownership stakes in Boston Dynamics whereas it is expected to decline for Softbank post the capital raise.</li>
<li>The current valuation estimates of Boston Dynamics (post capital raise) vary widely from about 4 trillion won to 10 trillion won.</li>
</ul>


There has been an increasing probability that Boston Dynamics (BD) announces a fourth rights offering capital raise worth about 1.2 trillion won (US$870 million) in the next several weeks. 
All the Hyundai Motor Group related entities are expected to increase their ownership stakes in Boston Dynamics whereas it is expected to decline for Softbank post the capital raise.
The current valuation estimates of Boston Dynamics (post capital raise) vary widely from about 4 trillion won to 10 trillion won.


Boston Dynamics - Rights Offering of 1.2 Trillion Won Expected; Potential IPO in 2027/2028 in NASDAQ

South Korea

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

Price Gauge
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Hyundai Motor (005387 KS)

Local Desks Target Year-End Dividend Boost Trading Setup

Local desks in Korea are zeroing in on a trading setup targeting dividend boosts from now through early next year, ahead of AGMs.

Sanghyun Park

Sanae Takaichi To Become Prime Minister of Japan - Negative Impact on Korean Auto Makers

Sanae Taikichi will become the next Prime Minister of Japan. This is likely to have a Negative impact on the Korean automakers including Hyundai...

Douglas Kim

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (22 Dec)

Statistical methodology identifies eleven pair trade opportunities across three markets and six sectors, offering unique insights into relative...

Gaudenz Schneider

US Tariffs on Imports from Japan Lowered to 15% but Imports from Korea Are Unchanged at 25% - Why?

One of the biggest events in Korea in the past week has been the uncertainty regarding the US tariffs on South Korea which remains unchanged at 25%.

Douglas Kim

Boston Dynamics - Rights Offering of 1.2 Trillion Won Expected; Potential IPO in 2027/2028 in NASDAQ

There has been an increasing probability that Boston Dynamics (BD) announces a fourth rights offering capital raise worth about 1.2 trillion won...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Local Desks Target Year-End Dividend Boost Trading Setup

Local desks in Korea are zeroing in on a trading setup targeting dividend boosts from now through early next year, ahead of AGMs.

Sanghyun Park

Sanae Takaichi To Become Prime Minister of Japan - Negative Impact on Korean Auto Makers

Sanae Taikichi will become the next Prime Minister of Japan. This is likely to have a Negative impact on the Korean automakers including Hyundai...

Douglas Kim

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (22 Dec)

​Statistical methodology identifies eleven pair trade opportunities across three markets and six sectors, offering unique insights into relative...

Gaudenz Schneider

US Tariffs on Imports from Japan Lowered to 15% but Imports from Korea Are Unchanged at 25% - Why?

One of the biggest events in Korea in the past week has been the uncertainty regarding the US tariffs on South Korea which remains unchanged at 25%.

Douglas Kim

Boston Dynamics - Rights Offering of 1.2 Trillion Won Expected; Potential IPO in 2027/2028 in NASDAQ

There has been an increasing probability that Boston Dynamics (BD) announces a fourth rights offering capital raise worth about 1.2 trillion won...

Douglas Kim

Statistical methodology identifies eleven pair trade opportunities across three markets and six sectors, offering unique insights into relative...