Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

Equity Bottom-Up

<p>In Korea the safest way to invest is to align your interest as a minority shareholder with those of the family?  Usually the key asset of the chaebol is apparent but what about SK Group? It seems we have an opportunity to hone in what the key asset is.</p>

In Korea the safest way to invest is to align your interest as a minority shareholder with those of the family?  Usually the key asset of the chaebol is apparent but what about SK Group? It seems we have an opportunity to hone in what the key asset is.

The Chaebol Dilemma - What's the Family Jewel(S)?

Event-Driven

<p>The result of the guilty verdict was expected by the local media but what does this mean for the future of the Samsung Group? 5 key takeaways on what to expect and impact on the Samsung Group and its affiliates. </p>

The result of the guilty verdict was expected by the local media but what does this mean for the future of the Samsung Group? 5 key takeaways on what to expect and impact on the Samsung Group and its affiliates. 

JY Lee & The Ides of March.....and What It Means for You

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<p>In this insight, we provide an updated valuation analysis of <a href="https://www.smartkarma.com/entities/samsung-c-t-corporation" target="_blank" data-smartkarma-citation="entities:481:1" rel="noopener">Samsung C&amp;T (028260 KS) </a>and key catalysts of the company.  </p><div class="content-highlight"><p><strong>Our base case valuation of Samsung C&amp;T is market cap of 43.2 trillion won and implied price of 231,387 won, which represents a 52% upside from current levels.</strong></p></div><h2><strong>Key Catalysts </strong></h2><ul>
<li><strong>Higher dividends expectation </strong></li>
<li><strong>Turnaround of the housing construction business in Korea</strong></li>
<li><strong>Potential reorganization of Samsung C&amp;T into a Holdco</strong></li>
<li><strong>Recent outperformance of holdcos/semi-holdcos in Korea </strong></li>
</ul>

In this insight, we provide an updated valuation analysis of Samsung C&amp;T (028260 KS) and key catalysts of the company.  Our base case valuation of Samsung C&amp;T is market cap of 43.2 trillion won and implied price of 231,387 won, which represents a 52% upside from current levels.Key Catalysts 
Higher dividends expectation 
Turnaround of the housing construction business in Korea
Potential reorganization of Samsung C&amp;T into a Holdco
Recent outperformance of holdcos/semi-holdcos in Korea 


Samsung C&T: Valuation Sensitivity Analysis & Key Catalysts

<p>The inheritance tax due for the late KH Lee is set at W11.4 trillion.  The market is interested in how this $10 billion bill will be paid by the Lee family and ensconced a general take on how to pay for this without a big cash outlay</p>

The inheritance tax due for the late KH Lee is set at W11.4 trillion.  The market is interested in how this $10 billion bill will be paid by the Lee family and ensconced a general take on how to pay for this without a big cash outlay

Samsung Inheritance Tax Set Is Good News for Samsung Dividends

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

<p>Everything seems to be clicking for Samsung Heavy lately.</p><p>The price is nearing a new 52W high as 1M gain amounts to 36%. It is currently 40% above the 20D EMA.</p><p>Even today, the shares are super actively trading at a 7x 30D DTV (nearly US$300M). </p><table class="table table-striped">
<colgroup>
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Item"}'>Item</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Value"}'>Value</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Name"}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}'>Name</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Samsung Heavy Industries Co.,Ltd"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>Samsung Heavy Industries Co., Ltd</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ticker"}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}'>Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"010140"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula='="010140"'>010140</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"MC (₩B)"}'>MC (₩B)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":4437.814898}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula='=googlefinance(R[-1]C[0], "marketcap")/1000000000'>4,437.8</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"TV/DTV (x)"}'>TV/DTV (x)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":7.081586919405633}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}' data-sheets-formula='=googlefinance(R[-7]C[0], "volume")/googlefinance(R[-7]C[0], "volumeavg")'>7.08</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"- DTV (₩B)"}'>- DTV (₩B)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":32.792907414285715}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula='=googlefinance(R[-8]C[0], "volumeavg")*average(index(googlefinance(R[-8]C[0], "price", today()-30, today()), 0,2))/1000000000'>32.8</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"TV (₩B)"}'>TV (₩B)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":288.64293488}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula='=googlefinance(R3C[0], "volume")*R[-6]C[1]/1000000000'>288.6</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - % of SO"}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}'>- % of SO</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.06563945396825396}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=googlefinance(R[-10]C[0], "volume")/googlefinance(R[-10]C[0], "shares")'>6.56%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"RSI (14)"}'>RSI (14)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":76.17947249921087}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}' data-sheets-formula="=R[480]C[7]">76.18</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"%K"}'>%K</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":81.30434782608695}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}' data-sheets-formula="=R[479]C[10]">81.30</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"%D"}'>%D</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":75.39881573448905}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}' data-sheets-formula="=R[478]C[11]">75.40</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"52WH"}'>52WH</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.06809078771695594}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R6C[1]-R[0]C[1])/R[0]C[1]">-6.81%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Date"}'>- Date</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":43845.64583333333}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}' data-sheets-formula='=index(googlefinance(R[-23]C[0], "price", today()-365, today()), (match(max(index(googlefinance(R[-23]C[0], "price", today()-365, today()), 0, 2)), index(googlefinance(R[-23]C[0], "price", today()-365, today()), 0, 2), 0)), 1)'>1/15/20</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"52WL"}'>52WL</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.2407704654895666}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R6C[1]-R[0]C[1])/R[0]C[1]">124.08%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Date"}'>- Date</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":43913.64583333333}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}' data-sheets-formula='=index(googlefinance(R[-25]C[0], "price", today()-365, today()), (match(min(index(googlefinance(R[-25]C[0], "price", today()-365, today()), 0, 2)), index(googlefinance(R[-25]C[0], "price", today()-365, today()), 0, 2), 0)), 1)'>3/23/20</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"20D SMA"}'>20D SMA</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.48890784982935154}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R6C3-R178C[15])/R178C[15]">48.89%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"20D EMA"}'>20D EMA</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3958087194948088}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R6C3-R178C[16])/R178C[16]">39.58%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1M Δ"}'>1M Δ</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3553398058252427}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=(googlefinance(R[-28]C2, "price")-index(googlefinance(R[-28]C2, "price", today()-30), 2,2))/index(googlefinance(R[-28]C2, "price", today()-30), 2,2)'>35.53%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1M SD"}'>1M SD</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.09740796096387769}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=stdev.s(index((googlefinance(R3C[0], "price", today()-30, today())), 0, 2))/average(index((googlefinance(R3C[0], "price", today()-30, today())), 0, 2))'>9.74%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"3M Δ"}'>3M Δ</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3371647509578544}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=(googlefinance(R[-30]C2, "price")-index(googlefinance(R[-30]C2, "price", today()-90), 2,2))/index(googlefinance(R[-30]C2, "price", today()-90), 2,2)'>33.72%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"3M SD"}'>3M SD</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.06832492657050346}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=stdev.s(index((googlefinance(R3C[0], "price", today()-90, today())), 0, 2))/average(index((googlefinance(R3C[0], "price", today()-90, today())), 0, 2))'>6.83%</td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: Google Finance"}'>Source: Google Finance</td></tr>
</tbody>
</table><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/173/552/original/chart.png?1606188554" class="editor-image img-responsive" data-smartkarma-image-id="173552"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/173/553/original/chart%20%281%29.png?1606188563" class="editor-image img-responsive" data-smartkarma-image-id="173553"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/173/554/original/chart%20%282%29.png?1606188572" class="editor-image img-responsive" data-smartkarma-image-id="173554"></figure></section>

Everything seems to be clicking for Samsung Heavy lately.The price is nearing a new 52W high as 1M gain amounts to 36%. It is currently 40% above the 20D EMA.Even today, the shares are super actively trading at a 7x 30D DTV (nearly US$300M). 






Item
Value


Name
Samsung Heavy Industries Co., Ltd


Ticker
010140


MC (₩B)
4,437.8


TV/DTV (x)
7.08


- DTV (₩B)
32.8


TV (₩B)
288.6


- % of SO
6.56%


RSI (14)
76.18


%K
81.30


%D
75.40


52WH
-6.81%


- Date
1/15/20


52WL
124.08%


- Date
3/23/20


20D SMA
48.89%


20D EMA
39.58%


1M Δ
35.53%


1M SD
9.74%


3M Δ
33.72%


3M SD
6.83%

Source: Google Finance



Samsung C&T Holdco Conversion Ratio Calculations: Why Samsung Heavy in the Picture?

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)

The Chaebol Dilemma - What's the Family Jewel(S)?

What is the key asset of the SK Group and how should we play this over the course of time ? Here's at least what we should consider

Ken S. Kim

JY Lee & The Ides of March.....and What It Means for You

The impact of the JY Lee jail sentencing and what it means for Samsung Electronics, Samsung C&T and its affiliates down the line.

Ken S. Kim

Samsung C&T: Valuation Sensitivity Analysis & Key Catalysts

We provide an updated valuation of Samsung C&T and key catalysts of the company. Our base case valuation of Samsung C&T is implied price of 231,387...

Douglas Kim

Samsung Inheritance Tax Set Is Good News for Samsung Dividends

Samsung Electronics has to double dividends over next 5-10 years which again goes to prove that in Korea ride with the best interest of the family...

Ken S. Kim

Samsung C&T Holdco Conversion Ratio Calculations: Why Samsung Heavy in the Picture?

This insight looks at Samsung C&T's holding company conversion situation, including the forceful conversion ratio calculations. Then, it examines...

Sanghyun Park

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