Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>On 14 December, it was reported that US based Whitebox Advisors has started an activist campaign on Samsung C&amp;T (028260 KS).</li>
<li>Whitebox estimates that Samsung C&amp;T's stock price is about 68% undervalued compared to its NAV.</li>
<li>In addition to Whitebox, there are two other foreign investors including Palliser Capital and City of London Investment Management that have requested Samsung C&amp;T to improve corporate governance.</li>
</ul>


On 14 December, it was reported that US based Whitebox Advisors has started an activist campaign on Samsung C&amp;T (028260 KS).
Whitebox estimates that Samsung C&amp;T's stock price is about 68% undervalued compared to its NAV.
In addition to Whitebox, there are two other foreign investors including Palliser Capital and City of London Investment Management that have requested Samsung C&amp;T to improve corporate governance.


<ul>
<li>On 29 March, it was reported that Lee Seo-Hyun has been appointed as the President of Samsung C&amp;T (028260 KS), returning to the company after more than five years.</li>
<li>Lee Seo-Hyun is the third child of the late Samsung Chairman Lee Kun-Hee. She will be in charge of the overall strategic planning of Samsung C&amp;T.</li>
<li>Many investors will likely to question this move, since they may question her ability to make strategic decisions that are in the best interests of all the minority investors. </li>
</ul>


On 29 March, it was reported that Lee Seo-Hyun has been appointed as the President of Samsung C&amp;T (028260 KS), returning to the company after more than five years.
Lee Seo-Hyun is the third child of the late Samsung Chairman Lee Kun-Hee. She will be in charge of the overall strategic planning of Samsung C&amp;T.
Many investors will likely to question this move, since they may question her ability to make strategic decisions that are in the best interests of all the minority investors. 


Samsung C&T: Why Is Lee Seo-Hyun Returning as the President?

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>Today, Lee Seo-hyun returned as the top executive at Samsung C&amp;T, which officially announced her as the head of its Strategic Planning Division.</li>
<li>Her return to Samsung C&amp;T might not just be a simple comeback – it could be seen as a setup for some big changes within the company.</li>
<li>Considering Samsung C&amp;T's Value-up Momentum, aligning with Lee Seo-hyun's return, we must position for potential price impact, focusing on portfolio streamlining.</li>
</ul>


Today, Lee Seo-hyun returned as the top executive at Samsung C&amp;T, which officially announced her as the head of its Strategic Planning Division.
Her return to Samsung C&amp;T might not just be a simple comeback – it could be seen as a setup for some big changes within the company.
Considering Samsung C&amp;T's Value-up Momentum, aligning with Lee Seo-hyun's return, we must position for potential price impact, focusing on portfolio streamlining.


Lee Seo-Hyun's Unexpected Return: Implications for Samsung's Conglomerate Dynamics

<ul>
<li>From July, Korea's listed firms will disclose value enhancement plans. Korea's NPS may exclude non-compliant firms, pending official response, though internal review suggests likely implementation.</li>
<li>It's crucial to know portfolio stocks for proactive positioning. A setup targeting potential exclusion from NPS's ESG funds due to post-July compliance must be designed.</li>
<li>Managers often use KRX ESG Leaders 150, aligning portfolios with it. Thus, it's crucial to use this list for post-July compliance monitoring and to adapt setups for NPS's flow impacts.</li>
</ul>


From July, Korea's listed firms will disclose value enhancement plans. Korea's NPS may exclude non-compliant firms, pending official response, though internal review suggests likely implementation.
It's crucial to know portfolio stocks for proactive positioning. A setup targeting potential exclusion from NPS's ESG funds due to post-July compliance must be designed.
Managers often use KRX ESG Leaders 150, aligning portfolios with it. Thus, it's crucial to use this list for post-July compliance monitoring and to adapt setups for NPS's flow impacts.


Exploring Trading Setups Utilizing NPS's ESG Fund Flows After July

<ul>
<li>Samsung C&amp;T announced that it plans to cancel treasury shares including 7,807,563 shares of common stock (4.2% of outstanding shares) and 159,835 shares of preferred stock (9.8% of outstanding shares). </li>
<li>This would represent share cancellation amount of 1.1 trillion won and 17 billion won for Samsung C&amp;T (028260 KS) (common) and Samsung C&amp;T (02826K KS) (preferred).</li>
<li>For the remaining treasury shares, the company will cancel 7.8 million shares in 2025 and 7.8 million shares in 2026. </li>
</ul>


Samsung C&amp;T announced that it plans to cancel treasury shares including 7,807,563 shares of common stock (4.2% of outstanding shares) and 159,835 shares of preferred stock (9.8% of outstanding shares). 
This would represent share cancellation amount of 1.1 trillion won and 17 billion won for Samsung C&amp;T (028260 KS) (common) and Samsung C&amp;T (02826K KS) (preferred).
For the remaining treasury shares, the company will cancel 7.8 million shares in 2025 and 7.8 million shares in 2026. 


Samsung C&T: Share Cancellation of Nearly 1.1 Trillion Won Worth of Treasury Shares in 2024

South Korea

LG Corp. is a holding company, which operates subsidiaries including LG Electronics, LG Household & Health Care, LG Chem Ltd., and Dacom Corp. The Company's main business areas are electronics, chemicals, and household products manufacturing and telecommunications services.

CJ Corp. is an investment holding company.  The Company, through its subsidiaries, manufactures processed food products.  The subsidiaries' products include refined sugar, monosodium glutamate (MSG), condiment, wheat powder, flour, cooking oil, processed meats, and animal feed.

Doosan Co., Ltd operates as a diversified manufacturing and service company. The Company conducts electronic components production, logistics equipment manufacturing, information technology consulting, and other businesses. Doosan provides services worldwide.

ALUKO Co., Ltd. manufactures window frames, balconies, and ventilators made of aluminum.  The Company provides various colors and types of aluminum window frames and sashes.  ALUKO also produces steel furniture.

Hanwha Aerospace Co., Ltd. operates as an aircraft parts manufacturing company. The Company produces and sells aircraft gas turbine engine products, aircraft compressors, low pressure turbines, and other products. Hanwha Aerospace markets its products worldwide.

HD Korea Shipbuilding & Offshore Engineering Co., Ltd. operates as a shipbuilding and offshore company. The Company provides industrial plant engineering, special and naval shipbuilding, marine engine and machinery, industrial machinery and energy services. HD Korea Shipbuilding & Offshore Engineering markets its products worldwide.

HD Korea Shipbuilding & Offshore Engineering (009540 KS)

HD Korea Shipbuilding & Offshore Engineering

Ecopro BM Co.,Ltd develops and manufactures advanced materials. The Company produces and sells high-nickel cathode materials and other products. Ecopro BM markets its products throughout Korea.

Samsung Heavy Industries Co., Ltd. manufactures crude oil tankers, container vessels, bulk carriers, cruisers, and passenger ferries.  The Company also produces steel and bridge structures, and material handling equipment.  In addition, Samsung Heavy Industries provides civil engineering, architectural, and plant construction services.

LS Electric Co., Ltd. manufactures and distributes electrical power equipment. The Company produces smart power equipment, smart automation equipment, smart railway equipment, and other related products. LS Electric also develops smart grid, micro grid, energy storage systems, and metal products.

Posco International Corporation is a general trading company.  The Company exports and imports steel, cement, crude oil, heavy machinery, automobile parts, and textiles.  Daewoo also manufactures synthetic fabrics for footwear, garments, and car seats, and operates a department store in Masan.

Posco International Corporation (047050 KS)

Keppel Corporation Limited's core businesses are offshore and marine, infrastructure, property investment and development, telecommunications and transportation, energy, and engineering.

CK Hutchison Holdings Limited holds all of the non-property businesses of the Cheung Kong Group and the Hutchison Group, including ports and related services, telecommunications, retail, infrastructure, energy, and movable assets leasing operations.

Toshiba Corporation manufactures and markets electrical and electronic products. The Company's products include digital products such as PCs and televisions, NAND flash memories, and system LSIs (large-scale integrated), as well as social infrastructures such as power generators, medical equipment, and home appliances.

Carlisle Companies Incorporated manufactures and distributes construction materials, transportation products, and general industry products.  The Company manufactures a variety of products for the roofing, real estate, construction, trucking, food-service, aircraft manufacturing, lawn and garden, and other industries.

Jardine Matheson Holdings Limited is a multinational enterprise with a portfolio of businesses focused on the Asia-Pacific region. The Group's activities include financial services, supermarkets, consumer marketing, engineering and construction, automobile trading, insurance broking, property investment, and hotels.

SM Investments Corporation is an investment holding company. The Company operates retail business and develops shopping mall and other real estate property.  The Company also provides tourism services.

Koninklijke Philips NV is a health technology company focused on improving people's health across the health continuum from healthy living and prevention, to diagnosis, treatment, and home care. The Company offers products and services in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care.

Rheinmetall AG is an automotive, electronics, defense, and engineering group. The Company produces automotive pumps and components to supply air, reduce emissions, and supply fuel, pistons for gasoline and diesel vehicle and stationary engines, bearings for engines and other applications and aluminum engine blocks, and offers aftermarket service to engine repair shops.

Lifco AB operates as a holding company. The Company, through its subsidiaries, provides dental products, machinery and tools, sawmill equipment, contract manufacturing, vehicle interiors, and environmental technology. Lifco offers its products through a network of subsidiaries and partnerships worldwide.

Grupo Carso SAB de CV is a holding company with subsidiaries in the construction ,retail and industrial materials industries. The Company's products and services include: oil platform construction; shoping centers, industrial facilities and corporate buildings construction; highway construction; dam and aqueduct construction; steel tubes; and housing.

Samsung C&T Corporation conducts diversified business support services and resort operation activities. The Company offers a range of services in areas including clothing retail, construction, energy, real estate, food service, and resort accommodations. Samsung C&T also operates a resort with amusement rides, a zoo, water park, golf clubs, and restaurants.

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Samsung C&T (028260 KS)

Whitebox Goes Activist on Samsung C&T

On 14 December, it was reported that US based Whitebox Advisors has started an activist campaign on Samsung C&T (028260 KS).

Douglas Kim

Samsung C&T: Why Is Lee Seo-Hyun Returning as the President?

On 29 March, it was reported that Lee Seo-Hyun has been appointed as the President of Samsung C&T (028260 KS), returning to the company after more...

Douglas Kim

Lee Seo-Hyun's Unexpected Return: Implications for Samsung's Conglomerate Dynamics

The sudden comeback of Lee Seo-hyun to the forefront of Samsung's management implies potential changes in the dynamics of separating Samsung's...

Sanghyun Park

Exploring Trading Setups Utilizing NPS's ESG Fund Flows After July

This post delves into NPS's ESG fund flows post-July, aligned with the Value-up schedule, and explores proactive trading setups leveraging these...

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Whitebox Goes Activist on Samsung C&T

On 14 December, it was reported that US based Whitebox Advisors has started an activist campaign on Samsung C&T (028260 KS).

Douglas Kim

Samsung C&T: Why Is Lee Seo-Hyun Returning as the President?

On 29 March, it was reported that Lee Seo-Hyun has been appointed as the President of Samsung C&T (028260 KS), returning to the company after more...

Douglas Kim

Lee Seo-Hyun's Unexpected Return: Implications for Samsung's Conglomerate Dynamics

The sudden comeback of Lee Seo-hyun to the forefront of Samsung's management implies potential changes in the dynamics of separating Samsung's...

Sanghyun Park

Exploring Trading Setups Utilizing NPS's ESG Fund Flows After July

This post delves into NPS's ESG fund flows post-July, aligned with the Value-up schedule, and explores proactive trading setups leveraging these...

Sanghyun Park

Samsung C&T: Share Cancellation of Nearly 1.1 Trillion Won Worth of Treasury Shares in 2024

Samsung C&T will hold an AGM on 15 March, at which there will be a showdown with several overseas activist investors. One of the interesting twist...

Douglas Kim