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

Samsung Electronics Pref Shares / Event-Driven

<ul>
<li>Yesterday, the FSC pushed for value-up policies, but the real buzz was about Samsung Electronics hinting at rolling out its own value-up plan soon.</li>
<li>Samsung may raise its dividend payout from 50% to 60% and could issue a special dividend if semiconductor results improve or FCF exceeds expectations.</li>
<li>Samsung's value-up disclosure may not cause short-term price action but could strengthen downside support. It may focus on dividends over buybacks, potentially boosting preferred stock.</li>
</ul>


Yesterday, the FSC pushed for value-up policies, but the real buzz was about Samsung Electronics hinting at rolling out its own value-up plan soon.
Samsung may raise its dividend payout from 50% to 60% and could issue a special dividend if semiconductor results improve or FCF exceeds expectations.
Samsung's value-up disclosure may not cause short-term price action but could strengthen downside support. It may focus on dividends over buybacks, potentially boosting preferred stock.


What We’ve Got on Samsung Electronics' Value-Up Disclosure

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Samsung's foundry service growth is driven by AI, HPC, and automotive sectors, showcasing a diverse and promising market strategy.</li><li>Meta is set to launch glasses-like MR device in 2027, aiming to revolutionize the way we interact with technology and the digital world.</li><li>Global OSAT industry is projected to experience significant growth by 2024, fueled by increasing demand for testing and packaging services in the semiconductor market.</li></ul>

Samsung's foundry service growth is driven by AI, HPC, and automotive sectors, showcasing a diverse and promising market strategy.Meta is set to launch glasses-like MR device in 2027, aiming to revolutionize the way we interact with technology and the digital world.Global OSAT industry is projected to experience significant growth by 2024, fueled by increasing demand for testing and packaging services in the semiconductor market.

Tech Supply Chain Tracker (31-Aug-2024): Samsung's growth depends on AI, HPC, autos.

<ul><li>Taiwan's defense sector is seen as undervalued, representing a missed opportunity in the global arms race.</li><li>Malaysian officials hold a meeting with Tesla, but plans for a factory in the country are considered unlikely.</li><li>Retailers are using ICT and personnel to drive growth in green energy trading, while Samsung leads the gaming monitor market.</li></ul>

Taiwan's defense sector is seen as undervalued, representing a missed opportunity in the global arms race.Malaysian officials hold a meeting with Tesla, but plans for a factory in the country are considered unlikely.Retailers are using ICT and personnel to drive growth in green energy trading, while Samsung leads the gaming monitor market.

Tech Supply Chain Tracker (29-Aug-2024): Taiwan's defense sector missed opportunity in arms race.

<ul><li>SDC closes Slovakia branch due to declining competitiveness in European market, experiencing challenges in the region.</li><li>SSFC remains optimistic about growth in China's auto market despite market slowdown, seeing potential for expansion.</li><li>Global semiconductor industry strengthens in 2Q24, as per SEMI report, with Taiwanese IPC maker showcasing at Automation Expo 2024 in India.</li></ul>

SDC closes Slovakia branch due to declining competitiveness in European market, experiencing challenges in the region.SSFC remains optimistic about growth in China's auto market despite market slowdown, seeing potential for expansion.Global semiconductor industry strengthens in 2Q24, as per SEMI report, with Taiwanese IPC maker showcasing at Automation Expo 2024 in India.

Tech Supply Chain Tracker (21-Aug-2024): SDC closes Slovakia branch.

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899" rel="noopener">Hang Seng Index (HSI INDEX)</a>, <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906" rel="noopener">Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX EQUITY)</a> and <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909" rel="noopener">Nikkei 225 (NKY INDEX)</a> all have elevated implied vols vs their peers and vs historical observations for October.</li>
<li>
<a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617" rel="noopener">NIFTY Index (NIFTY INDEX)</a> , <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> and <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a>  implied vols are on the low end of what is typically realized in October.</li>
<li>Most markets see price weakness in the 3rd week of the month with realized volatility underperforming over the back half of the month.</li>
</ul>



Hang Seng Index (HSI INDEX), Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX EQUITY) and Nikkei 225 (NKY INDEX) all have elevated implied vols vs their peers and vs historical observations for October.

NIFTY Index (NIFTY INDEX) , S&amp;P 500 INDEX (SPX INDEX) and S&amp;P/ASX 200 (AS51 INDEX)  implied vols are on the low end of what is typically realized in October.
Most markets see price weakness in the 3rd week of the month with realized volatility underperforming over the back half of the month.


EQD | Asia Monthly Vol Roadmap: Elevated IV's in CSI300 and Hang Seng Present Tactical Opportunity

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (SMSD LI)

What We’ve Got on Samsung Electronics' Value-Up Disclosure

Here’s what we’ve got on Samsung Electronics' value-up disclosure so far. Samsung Electronics hinted at rolling out their own value-up plan soon...

Sanghyun Park

Tech Supply Chain Tracker (31-Aug-2024): Samsung's growth depends on AI, HPC, autos.

Samsung's foundry service growth relies on AI, HPC, and automotive sectors, Meta developing glasses-like MR device set for 2027 launch, projected...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (29-Aug-2024): Taiwan's defense sector missed opportunity in arms race.

Taiwan's defense sector is overlooked, Malaysia meets Tesla but factory plans may not happen, July 2024 notebook shipment update, retail green...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (21-Aug-2024): SDC closes Slovakia branch.

SDC closes Slovakia branch, SSFC looks to China growth, global semiconductor industry strengthens, Taiwanese maker at Expo 2024, Siemens Gamesa...

Tech Supply Chain Tracker

EQD | Asia Monthly Vol Roadmap: Elevated IV's in CSI300 and Hang Seng Present Tactical Opportunity

Implied volatility levels across key Asian indices present several tactical opportunities this month for outright or pairs trades...

John Ley

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

What We’ve Got on Samsung Electronics' Value-Up Disclosure

Here’s what we’ve got on Samsung Electronics' value-up disclosure so far. Samsung Electronics hinted at rolling out their own value-up plan soon...

Sanghyun Park

Tech Supply Chain Tracker (31-Aug-2024): Samsung's growth depends on AI, HPC, autos.

Samsung's foundry service growth relies on AI, HPC, and automotive sectors, Meta developing glasses-like MR device set for 2027 launch, projected...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (29-Aug-2024): Taiwan's defense sector missed opportunity in arms race.

Taiwan's defense sector is overlooked, Malaysia meets Tesla but factory plans may not happen, July 2024 notebook shipment update, retail green...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (21-Aug-2024): SDC closes Slovakia branch.

SDC closes Slovakia branch, SSFC looks to China growth, global semiconductor industry strengthens, Taiwanese maker at Expo 2024, Siemens Gamesa...

Tech Supply Chain Tracker

EQD | Asia Monthly Vol Roadmap: Elevated IV's in CSI300 and Hang Seng Present Tactical Opportunity

​Implied volatility levels across key Asian indices present several tactical opportunities this month for outright or pairs trades...

John Ley

Implied volatility levels across key Asian indices present several tactical opportunities this month for outright or pairs trades...