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

<p>Samsung C&amp;T's sigma on a 20-day moving average fell to -2.39 compared to the synthetic subsidiary composed of Samsung Electronics and Samsung Biologics.</p><p><strong>The price ratio of C&amp;T to Synthetic has fallen more than 10% from its recent high set on June 1. It fell more than 20% from its 180-day high.</strong></p><table class="table table-striped">
<colgroup>
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Samsung C&amp;T Corp"}' data-sheets-numberformat='[null,4,"[$₩]#,##0"]' data-sheets-formula="=R[-79]C[-2]">Samsung C&amp;T Corp</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Current sigma on a 20-day moving average"}'><strong>Current sigma on a 20-day moving average</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-2.385035927743196}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}' data-sheets-formula='=indirect("$B"&amp;R[8]C[0])'><strong>-2.39σ</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"NAV discount"}'>NAV discount</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6298336136482073}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=indirect("B"&amp;R[8]C[0])'>62.98%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Current price ratio"}'><strong>Current price ratio</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.931951778897188}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula='=indirect("$E"&amp;R[7]C[0])'><strong>0.93195</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"%Δ to 180-day mean"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}'><strong>%Δ to 180-day mean</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.07227514742080654}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=indirect("$B"&amp;R[6]C[0])'><strong>-7.23%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"%Δ to 180-day high"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}'>%Δ to 180-day high</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.2003193960709481}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=indirect("$C"&amp;R[5]C[0])'>-20.03%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"%Δ to 180-day low"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}'>%Δ to 180-day low</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.005954457918006556}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=indirect("$D"&amp;R[4]C[0])'>0.60%</td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><p>As a result, Samsung C&amp;T's discount to NAV has risen to 63%. Over 60% is the highest discount rate in recent years.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"NAV"}' data-sheets-note="Sang Hyun Park: Cases when a company's net cash position and the value of its publically traded interests are worth more than its market cap create the opportunity of a stub trade, in which investors can take a view that the company's core business will rise by shorting the minority stakes whilst going long the underlying. Such an opportunity has arisen in the wake of the Alibaba listing which has seen early investing company Yahoo trade at a discount to the value of its stake in Alibaba.">NAV</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of listed holdings"}'>Value of listed holdings</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":51151.44069780985}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula="=SUM(R[34]C[2]:R[43]C[2])">₩51,151.4B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - % of Holdco market cap"}'>- % of Holdco market cap</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2.1382999205367192}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[-1]C[0]/((R[-12]C[0]*R[-15]C[0])/1000000000)">213.83%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of unlisted holdings"}'>Value of unlisted holdings</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2528.254}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula="=SUM(R[42]C[2])">₩2,528.3B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stub value"}'>Stub value</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-29758.14832980985}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula="=(R[-14]C[0]*R[-17]C[0]/1000000000)-R[-3]C[0]-R[-1]C[0]">-₩29,758.1B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stub value per share"}'>Stub value per share</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-159230.6336563192}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-1]C[0]*1000000000/R[-18]C[0]">-₩159,231</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of operating assets"}'>Value of operating assets</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2782}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula="=SUM(R[60]C[2])">₩2,782.0B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"GAV"}'>GAV</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":56461.69469780985}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula="=R[-6]C[0]+R[-4]C[0]+R[-1]C[0]">₩56,461.7B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"GAV per share"}'>GAV per share</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":345406.6886469266}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-1]C[0]/R[-11]C[0]*1000000000">₩345,407</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Discount to GAV (excl. treasury shares)"}'>Discount to GAV (excl. treasury shares)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6294223470268663}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-1]C[0]-R[-19]C[0])/R[-1]C[0]">62.94%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Holdco net cash/debt (de-consolidated)"}'>Holdco net cash/debt (de-consolidated)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":268.6}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula="=R[57]C[2]">₩268.6B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of pref shares"}'>Value of pref shares</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":205.8692625}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula="=(R[-20]C[0]*R[-17]C[0])/1000000000">₩205.9B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"NAV"}'><strong>NAV</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":56524.42543530985}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula="=R[-5]C[0]+R[-2]C[0]-R[-1]C[0]"><strong>₩56,524.4B</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"NAV per share (excl. treasury shares)"}'><strong>NAV per share (excl. treasury shares)</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":345790.4464571061}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-1]C[0]/R[-16]C[0]*1000000000"><strong>₩345,790</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Discount to NAV"}'><strong>Discount to NAV</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6298336136482073}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-1]C[0]-R[-24]C[0])/R[-1]C[0]"><strong>62.98%</strong></td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX &amp; DART","6":1}'>Source: KRX &amp; DART</td></tr>
</tbody>
</table>

Samsung C&amp;T's sigma on a 20-day moving average fell to -2.39 compared to the synthetic subsidiary composed of Samsung Electronics and Samsung Biologics.The price ratio of C&amp;T to Synthetic has fallen more than 10% from its recent high set on June 1. It fell more than 20% from its 180-day high.





Samsung C&amp;T Corp

Current sigma on a 20-day moving average
-2.39σ


NAV discount
62.98%


Current price ratio
0.93195


%Δ to 180-day mean
-7.23%


%Δ to 180-day high
-20.03%


%Δ to 180-day low
0.60%

Source: KRX

As a result, Samsung C&amp;T's discount to NAV has risen to 63%. Over 60% is the highest discount rate in recent years.





NAV

Value of listed holdings
₩51,151.4B


- % of Holdco market cap
213.83%


Value of unlisted holdings
₩2,528.3B


Stub value
-₩29,758.1B


Stub value per share
-₩159,231


Value of operating assets
₩2,782.0B


GAV
₩56,461.7B


GAV per share
₩345,407


Discount to GAV (excl. treasury shares)
62.94%


Holdco net cash/debt (de-consolidated)
₩268.6B


Value of pref shares
₩205.9B


NAV
₩56,524.4B


NAV per share (excl. treasury shares)
₩345,790


Discount to NAV
62.98%

Source: KRX &amp; DART



KODEX Samsung Group ETF & Samsung C&T Stub's Harsh Discount

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<div class="content-highlight"><p>According to the KRX, it plans to launch new indices which would include the top 10 stocks in KOSPI including <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>. The name of this index is expected to be called <strong>KOSPI 200 Top 10.</strong> There will also be 2x levered indices based off the KOSPI 200 Top 10 index. These indices will be catered for those investors that are interested in the highest market cap companies within KOSPI 200.</p></div><p>Currently, the top 10 constitutents of the KOSPI 200 Top 10 Index will be expected to be composed of the following:</p><ol>
<li>
<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> </li>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp (035420 KS)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI (006400 KS)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/kia-motors-corp" target="_blank" data-smartkarma-citation="entities:156:1" rel="noopener">Kia Motors Corp (000270 KS)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-mobis-co-ltd" target="_blank" data-smartkarma-citation="entities:6089:1" rel="noopener">Hyundai Mobis (012330 KS)</a> </li>
</ol>

According to the KRX, it plans to launch new indices which would include the top 10 stocks in KOSPI including Samsung Electronics (005930 KS). The name of this index is expected to be called KOSPI 200 Top 10. There will also be 2x levered indices based off the KOSPI 200 Top 10 index. These indices will be catered for those investors that are interested in the highest market cap companies within KOSPI 200.Currently, the top 10 constitutents of the KOSPI 200 Top 10 Index will be expected to be composed of the following:

Samsung Electronics (005930 KS) 

SK Hynix (000660 KS) 

LG Chem Ltd (051910 KS) 

Naver Corp (035420 KS) 

Hyundai Motor Co (005380 KS) 

Samsung SDI (006400 KS) 

Celltrion Inc (068270 KS) 

Kakao Corp (035720 KS) 

Kia Motors Corp (000270 KS) 

Hyundai Mobis (012330 KS) 


KRX Plans to Launch a New Index Called 'KOSPI 200 Top 10'

<div class="content-highlight">
<p>On 28 May, Korea's National Pension Fund (NPS) announced its new <a href="https://news.mt.co.kr/mtview.php?no=2021052820172973220" target="_blank" rel="noopener">5 year plan</a> to reduce the asset allocation of Korean equities to 14.5% of total assets at the end of 2026, down from the current target of 16.8% of total assets at the end of 2021. NPS now is targeting overseas equity asset allocation targets to increase from 25.1% at the end of 2021 to 35.5% at the end of 2026.</p>
<p>NPS is targeting equity, fixed income and alternative assets to account for 50%, 35%, and 15% of total assets by the end of 2026. NPS has set an annual expected return of 5.1% for its total invested assets from 2021 to 2026.</p>
</div>


On 28 May, Korea's National Pension Fund (NPS) announced its new 5 year plan to reduce the asset allocation of Korean equities to 14.5% of total assets at the end of 2026, down from the current target of 16.8% of total assets at the end of 2021. NPS now is targeting overseas equity asset allocation targets to increase from 25.1% at the end of 2021 to 35.5% at the end of 2026.
NPS is targeting equity, fixed income and alternative assets to account for 50%, 35%, and 15% of total assets by the end of 2026. NPS has set an annual expected return of 5.1% for its total invested assets from 2021 to 2026.


NPS Announces A Reduction in Asset Allocation in Korean Equities to 14.5% of Assets by 2026

The Korea Fair Trade Commission (KFTC) annually designates local conglomerates having an aggregate asset value of more than ₩5T as a Business Group Subject to Disclosure. These are the largest industrial conglomerates designated as a Business Group Subject to Disclosure as of the last yearend.









Rank
Conglomerate
Aggregate asset value
Number of subsidiaries
Holdco type


1
Samsung
₩424.9T
59
De-facto operating holdco


2
Hyundai Motor
₩234.7T
54
-


3
SK
₩225.5T
125
Legitimate operating holdco


4
LG
₩137.0T
70
Legitimate pure holdco


5
Lotte
₩121.5T
86
Legitimate pure holdco


6
POSCO
₩80.3T
35
-


7
Hanwha
₩71.7T
86
De-facto pure holdco


8
GS
₩66.8T
69
Legitimate pure holdco


9
Hyundai Heavy Industries
₩62.9T
30
Legitimate pure holdco


10
Shinsegae
₩44.1T
41
-


11
KT
₩36.3T
44
-


12
CJ
₩34.5T
77
Legitimate pure holdco


13
Hanjin
₩33.6T
31
Legitimate pure holdco


14
Doosan
₩29.3T
25
De facto pure holdco


15
LS
₩23.7T
54
Legitimate operating holdco


16
Booyoung
₩23.3T
23
-


17
DL
₩18.7T
32
Legitimate operating holdco

Source: Kore Fair Trade Commission

Of these 17 largest industrial conglomerates having an aggregate asset value of more than ₩20T, 6 business groups are suitable for pair trading with a synthetic subsidiary.
Samsung Group
SK Group
LG Group
Lotte Group
Hanwha Group
CJ Group
Hyundai Motor Group is a circular shareholding structure, not suitable for pair trading. POSCO, Shinsegae, KT, LS, and DL have substantial operating operations outweighing their respective listed subsidiaries. GS and Hyundai Heavy Industries have a significant presence from the unlisted companies: GS Caltex and Hyundai Oilbank. Hanjin and Doosan are more of single-subsidiary holding companies. Lastly, Booyoung is a privately-held company.Discount to NAV Samsung C&amp;T has the highest discount to the NAV at 62.77%, followed by SK Inc with 52.14%. On the other hand, CJ Corp has the lowest discount at 34.19%. Hanwha Corp also has a lower discount than the others at 38.87%.











NAV
LG Corp
Samsung C&amp;T Corp
SK Inc
Lotte Corp
Hanwha Corp
CJ Corp


Value of listed holdings
₩41,080.4B
₩52,346.7B
₩24,237.4B
₩5,377.5B
₩4,501.4B
₩5,038.1B


- % of Holdco market cap
188.20%
201.51%
128.30%
139.29%
195.29%
158.42%


Value of unlisted holdings
₩2,631.7B
₩2,528.3B
₩9,890.5B
₩1,147.7B
₩1,657.0B
₩311.7B


Stub value
-₩21,883.7B
-₩28,897.7B
-₩15,236.2B
-₩2,664.6B
-₩3,853.5B
-₩2,169.5B


Stub value per share
-₩126,820
-₩154,626
-₩216,545
-₩25,399
-₩51,408
-₩74,357


Value of operating assets
₩0.0B
₩6,100.3B
₩2,235.2B
₩0.0B
₩0.0B
₩0.0B


GAV
₩43,712.1B
₩60,975.2B
₩36,363.1B
₩6,525.2B
₩6,158.4B
₩5,349.8B


GAV per share
₩253,320
₩373,019
₩695,187
₩92,157
₩89,623
₩197,713


Discount to GAV (excl. treasury shares)
50.06%
62.74%
61.38%
60.07%
65.69%
44.87%


Holdco net cash/debt (de-consolidated)
₩1,941.8B
₩268.6B
-₩6,879.4B
-₩1,764.4B
-₩2,330.8B
-₩357.6B


Value of pref shares
₩329.8B
₩219.7B
₩140.4B
₩63.2B
₩371.0B
₩510.3B


NAV
₩45,324.1B
₩61,024.1B
₩29,343.3B
₩4,697.6B
₩3,456.7B
₩4,481.9B


NAV per share (excl. treasury shares)
₩262,662
₩373,318
₩560,983
₩66,346
₩50,304
₩165,638


Discount to NAV
51.84%
62.77%
52.14%
44.53%
38.87%
34.19%

Source: KRX &amp; DART

Synthetic subsidiary weightThe number of subsidiaries in a synthetic varies from 2 to 4, representing 67.91% to 130.22% of the NAV. LG Corp has 4, the most, having a synthetic weight of 87.87% of the NAV. SK Inc has 3 subsidiaries in its synthetic, representing 67.91% of the NAV. 









Holdco pair
Number of subsidiaries in a synthetic
Synthetic subsidiary weight in NAV
Synthetic subsidiary weight in GAV


LG Corp
4
87.87%
91.11%


Samsung C&amp;T Corp
2
76.04%
76.10%


SK Inc
3
67.91%
54.80%


Lotte Corp
2
80.47%
57.93%


Hanwha Corp
3
130.22%
73.09%


CJ Corp
2
99.77%
83.58%

Source: KRX

Sigma on a 20-day moving averageWhen I'm writing this post (2 PM in Korea local time today), SK Inc and Hanwha Corp are in a diversion below -1.0σ on a 20-day moving average relative to their respective synthetic subsidiary. In contrast, CJ Corp is in a 2.0σ diversion, just the opposite way.











Sigma (σ) on a 20-day moving average
Today
T-1
T-2
T-3
T-4


LG Corp
0.87
1.02
1.26
1.39
1.56


Samsung C&amp;T Corp
-0.47
-0.55
0.30
-2.25
-2.53


SK Inc
-1.41
-1.64
-1.67
-1.74
-1.81


Lotte Corp
0.86
1.44
1.91
1.97
2.64


Hanwha Corp
-1.16
-0.77
-0.96
0.44
1.35


CJ Corp
1.92
1.03
0.54
0.82
1.83

Source: KRX



Korea Top Conglomerates Synthetic Pair Trading

Equity Bottom-Up

<p>Chosun Ilbo, Korea's most influential newspaper with the largest circulation, wrote a report this morning about Samsung Biologics cutting a contract manufacturing deal with Moderna for COVID-19 vaccines.</p><p>It is right in the front headline of Chosun Ilbo this morning. Chosun isn't usually speculative on headline news of this magnitude.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/206/095/original/Screen+Shot+2021-05-13+at+8.16.03+PM.png?1620953230" class="editor-image img-responsive" data-smartkarma-image-id="206095"></figure></section><div class="content-caption">(Courtesy Chosun Ilbo)</div><p>Samsung Biologics doesn't deny the news report in a regulatory filing. It means the deal itself seems true. The filing rule requires Biologics to provide an update within a month. But from my experience, we will likely hear an acknowledgment and possibly detailed progress much earlier.</p><p><a href="https://kind.krx.co.kr/common/disclsviewer.do?method=search&amp;acptno=20210514000064&amp;docno=&amp;viewerhost=&amp;viewerport=" target="_blank" rel="noopener"><span>Here is the link to Samsung Biologics' regulatory filing about this news report.</span></a></p>

Chosun Ilbo, Korea's most influential newspaper with the largest circulation, wrote a report this morning about Samsung Biologics cutting a contract manufacturing deal with Moderna for COVID-19 vaccines.It is right in the front headline of Chosun Ilbo this morning. Chosun isn't usually speculative on headline news of this magnitude.(Courtesy Chosun Ilbo)Samsung Biologics doesn't deny the news report in a regulatory filing. It means the deal itself seems true. The filing rule requires Biologics to provide an update within a month. But from my experience, we will likely hear an acknowledgment and possibly detailed progress much earlier.Here is the link to Samsung Biologics' regulatory filing about this news report.

Samsung Biologics Contract Manufacturing Deal with Moderna for COVID-19 Vaccines: Key Takeaways

South Korea

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)

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Korea Top Conglomerates Synthetic Pair Trading

This post explores pair trading opportunities on Korea's top conglomerates using their major subsidiaries as a synthetic target for a hedge.

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Samsung Biologics Contract Manufacturing Deal with Moderna for COVID-19 Vaccines: Key Takeaways

This post summarizes key takeaways on this morning's news report about Samsung Biologics cutting a manufacturing deal with Moderna for COVID-19...

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