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>They’re making it easier to spot stocks benefiting from policy shifts. Lee Jae-myung’s camp is giving more detail upfront, with a focus on FuriosaAI and related listed stocks.</li>
<li>If cumulative voting passes, expect a pop in stocks with governance issues, activist interest, or large NPS stakes, like Hyosung affiliates, Doosan, HL Mando, and POSCO Holdings.</li>
<li>They also aim to give parent shareholders first crack at spun-off subsidiaries going public and require buyback cancellations, likely benefiting SK and LS Group affiliates, Samsung Electronics, and POSCO Holdings.</li>
</ul>


They’re making it easier to spot stocks benefiting from policy shifts. Lee Jae-myung’s camp is giving more detail upfront, with a focus on FuriosaAI and related listed stocks.
If cumulative voting passes, expect a pop in stocks with governance issues, activist interest, or large NPS stakes, like Hyosung affiliates, Doosan, HL Mando, and POSCO Holdings.
They also aim to give parent shareholders first crack at spun-off subsidiaries going public and require buyback cancellations, likely benefiting SK and LS Group affiliates, Samsung Electronics, and POSCO Holdings.


Lee Jae-Myung’s Camp Just Dropped Their Latest Market Stimulus Play

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we discuss a new catalyst on the share price of LS Corp (006260 KS) which is the purchase of its shares by the Hoban Group. </li>
<li>Hoban Group has recently purchased shares of LS Corp. Although the exact percentage of shares has yet to be made public, it is estimated to be less than 3%. </li>
<li>LS Corp could improve shareholder returns. Plus, the ongoing litigation between Taihan Electric Wire and LS Cable may be the real reason why Hoban decided to invest in LS Corp. </li>
</ul>


In this insight, we discuss a new catalyst on the share price of LS Corp (006260 KS) which is the purchase of its shares by the Hoban Group. 
Hoban Group has recently purchased shares of LS Corp. Although the exact percentage of shares has yet to be made public, it is estimated to be less than 3%. 
LS Corp could improve shareholder returns. Plus, the ongoing litigation between Taihan Electric Wire and LS Cable may be the real reason why Hoban decided to invest in LS Corp. 


Hoban Group Purchases LS Corp Shares - Is This a Hanjin Kal 2.0?

Equity Bottom-Up

<ul>
<li>On 6 March, LS Group Chairman Koo Ja-Eun publicly stated <em>"If you think duplicate listings are a problem, then just don’t buy the stocks after the listing.” </em>
</li>
<li>Chairman Koo's comment was not in the best interest of the major LS Group companies including LS Electric and LS Corp that are publicly traded.</li>
<li>LS Group is preparing to list at least five unlisted affiliates including LS E-Link, Essex Solutions, LS Cable, LS MnM, and KOC Electric  in the next 1-3 years. </li>
</ul>


On 6 March, LS Group Chairman Koo Ja-Eun publicly stated "If you think duplicate listings are a problem, then just don’t buy the stocks after the listing.” 

Chairman Koo's comment was not in the best interest of the major LS Group companies including LS Electric and LS Corp that are publicly traded.
LS Group is preparing to list at least five unlisted affiliates including LS E-Link, Essex Solutions, LS Cable, LS MnM, and KOC Electric  in the next 1-3 years. 


LS Corp: Chairman's Words Have Big Impact on Share Price

<ul>
<li>In this insight, we discuss a pair trade between Korean Air Lines (003490 KS) (go long) and Hanjin KAL Corp (180640 KS) (go short). </li>
<li>In the past three months as well as 12 months, there has been a sharp increase in the gap of Korean Air Lines and Hanjin KAL Corp. </li>
<li>It is uncertain how much longer Hoban Group will maintain its stake in Hanjin Kal. Hoban could reduce its stake in Hanjin Kal but increase its stake in LS Corp. </li>
</ul>


In this insight, we discuss a pair trade between Korean Air Lines (003490 KS) (go long) and Hanjin KAL Corp (180640 KS) (go short). 
In the past three months as well as 12 months, there has been a sharp increase in the gap of Korean Air Lines and Hanjin KAL Corp. 
It is uncertain how much longer Hoban Group will maintain its stake in Hanjin Kal. Hoban could reduce its stake in Hanjin Kal but increase its stake in LS Corp. 


A Pair Trade Between Korean Air and Hanjin Kal

<ul>
<li>Starting January 2025, there will be a major change in the regulation regarding the use of treasury shares during a company spinoff process.</li>
<li>The main change involves the practice of allocating newly issued shares to existing treasury shares held by companies during corporate spinoffs. </li>
<li>This practice will now be banned which should help to reduce the wrongful use of treasury shares and improve minority shareholders' rights. </li>
</ul>


Starting January 2025, there will be a major change in the regulation regarding the use of treasury shares during a company spinoff process.
The main change involves the practice of allocating newly issued shares to existing treasury shares held by companies during corporate spinoffs. 
This practice will now be banned which should help to reduce the wrongful use of treasury shares and improve minority shareholders' rights. 


Change in Regulation of Treasury Shares Allocation Post Spinoffs Starting January 2025

South Korea

LS Corp is a holding company, which operated subsidiaries including LS Industrial Systems, LS Cable, LS-Nikko Copper and LS Mtron.

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LS Corp (006260 KS)

Lee Jae-Myung’s Camp Just Dropped Their Latest Market Stimulus Play

This post takes a look at the new stock market stimulus policy Lee Jae-myung’s camp just announced, breaking down the main ideas they’re pushing to...

Sanghyun Park

Hoban Group Purchases LS Corp Shares - Is This a Hanjin Kal 2.0?

Hoban Group has recently purchased shares of LS Corp. Although the exact percentage of shares has yet to be made public, it is estimated to be less...

Douglas Kim

A Pair Trade Between Korean Air and Hanjin Kal

In this insight, we discuss a pair trade between Korean Air Lines (003490 KS) (go long) and Hanjin KAL Corp (180640 KS) (go short).

Douglas Kim

Change in Regulation of Treasury Shares Allocation Post Spinoffs Starting January 2025

Starting January 2025, there will be a major change in the regulation regarding the use of treasury shares during a company spinoff process.

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)