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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Event-Driven

<p>What's clear at this point is that the Lee family has to address immense inheritance tax (at least ₩9T).</p><p>Which family member gets how much is a secondary question. What's important now is the amount of the tax that the entire family has to bear.</p><table class="table table-striped">
<colgroup>
<col width="300">
<col width="150">
<col width="150">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Wealth owned by Lee Kun-hee (₩B)"}'>Lee Kun-hee's shareholding (₩B)</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Shareholding"}'>Shareholding</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Value"}'>60D avg. value</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Samsung Electronics Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[3], "name")'>Samsung Electronics Co Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.04175582576286636}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Shareholding!R[7]C[2]">4.18%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":15006.24664}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula='=googlefinance(R[0]C[1], "price")*googlefinance(R[0]C[1], "shares")*R[0]C[-1]/1000000000'>15,006.2</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Samsung Life Insurance co., Ltd"}' data-sheets-formula='=googlefinance(R[0]C[3], "name")'>Samsung Life Insurance co., Ltd</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2075959}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Shareholding!R[99]C[2]">20.76%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2619.860258}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula='=googlefinance(R[0]C[1], "price")*googlefinance(R[0]C[1], "shares")*R[0]C[-1]/1000000000'>2,619.9</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Samsung C&amp;T Corp"}' data-sheets-formula='=googlefinance(R[0]C[3], "name")'>Samsung C&amp;T Corp</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.029032145887066426}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Shareholding!R[-19]C[2]">2.90%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":564.276232}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula='=googlefinance(R[0]C[1], "price")*googlefinance(R[0]C[1], "shares")*R[0]C[-1]/1000000000'>564.3</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total"}'><strong>Total</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'><strong>-</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":17626.106898}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula="=sum(R[-3]C[0]:R[-2]C[0])"><strong>17,626.1</strong></td>
</tr>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX FIND"}'>Source: KRX FIND</td></tr>
</tbody>
</table><section class="figure"><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Wealth owned by Lee Kun-hee (₩B)"}'>Inheritance tax (₩B)</td></tr>
<tr>
<td><p>Total shareholding value</p></td>
<td style="text-align: right;">17,626.1</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Taxable after various deductibles (70%)"}'>Taxable after various deductibles (70%)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":12432.1}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>12,432.1</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"20% extra charge (management premium)"}'>20% extra charge (management premium)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":14918.6}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'>14,918.6</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Inheritance tax at a 60% tax rate"}'><strong>Inheritance tax at a 60% tax rate</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":8951.1}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}'><strong>8,951.1</strong></td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: KRX FIND"}'>Source: KRX FIND</td></tr>
</tbody>
</table></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/167/324/original/2.png?1603665274" class="editor-image img-responsive" data-smartkarma-image-id="167324"></figure><div class="content-highlight"><p><strong>The first question that will likely hit the market must be how the family would approach this tax situation.</strong></p></div></section>

What's clear at this point is that the Lee family has to address immense inheritance tax (at least ₩9T).Which family member gets how much is a secondary question. What's important now is the amount of the tax that the entire family has to bear.







Lee Kun-hee's shareholding (₩B)
Shareholding
60D avg. value


Samsung Electronics Co Ltd
4.18%
15,006.2


Samsung Life Insurance co., Ltd
20.76%
2,619.9


Samsung C&amp;T Corp
2.90%
564.3


Total
-
17,626.1

Source: KRX FIND







Inheritance tax (₩B)

Total shareholding value
17,626.1


Taxable after various deductibles (70%)
12,432.1


20% extra charge (management premium)
14,918.6


Inheritance tax at a 60% tax rate
8,951.1

Source: KRX FIND

The first question that will likely hit the market must be how the family would approach this tax situation.

LJY's New Samsung May Begin with Sale of Financial Arm (Life)

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<div class="content-highlight"><p><strong>Samsung Group Group Chairman Lee Kun-Hee (born in 1942) passed away on October 25th. This is a major event, which is likely to accelerate the reorganization of the entire Samsung Group, the biggest chaebol in Korea. </strong></p></div><p>A big problem among the chaebols is that the Korean government charges one of the highest inheritance taxes among OECD countries, ranging about 50-65%. Inheritance taxes for Lee Kun-Hee will likely be at the high end of this range. The government takes away so much of the hard-earned business ownership in the form of taxes that it is near-mindboggling. </p><div class="content-highlight"><p>Among the Samsung Group companies, we would focus on three major companies where there could be some major shakeups which include <strong>Samsung C&amp;T, Samsung Electronics,</strong> and<strong> Samsung SDS</strong>. Among these three companies, Samsung C&amp;T could see the nearest short-term pop in our view, as it is a central company to the reorganization of the entire Samsung Group. <strong> </strong></p></div>

Samsung Group Group Chairman Lee Kun-Hee (born in 1942) passed away on October 25th. This is a major event, which is likely to accelerate the reorganization of the entire Samsung Group, the biggest chaebol in Korea. A big problem among the chaebols is that the Korean government charges one of the highest inheritance taxes among OECD countries, ranging about 50-65%. Inheritance taxes for Lee Kun-Hee will likely be at the high end of this range. The government takes away so much of the hard-earned business ownership in the form of taxes that it is near-mindboggling. Among the Samsung Group companies, we would focus on three major companies where there could be some major shakeups which include Samsung C&amp;T, Samsung Electronics, and Samsung SDS. Among these three companies, Samsung C&amp;T could see the nearest short-term pop in our view, as it is a central company to the reorganization of the entire Samsung Group.  

Samsung Group Chairman Lee Kun-Hee Passes Away

Samsung Electronics Pref Shares / Event-Driven

<p>Samsung Group officially announced that Samsung Electronics Chairman Lee Kun-hee had passed away early today (October 25) after being hospitalized due to AMI for more than six years since May 2014.</p><p>Now, let's take a look at potential immediate impacts on Samsung companies and the Lee family.</p><p><a href="https://www.koreatimes.co.kr/www/nation/2020/10/121_298148.html" target="_blank" rel="noopener">Here is the link to the Korea Times obituary.</a></p>

Samsung Group officially announced that Samsung Electronics Chairman Lee Kun-hee had passed away early today (October 25) after being hospitalized due to AMI for more than six years since May 2014.Now, let's take a look at potential immediate impacts on Samsung companies and the Lee family.Here is the link to the Korea Times obituary.

The Passing of Samsung Lee Kun-Hee: Checking Immediate Issues

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div>
<p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p>
<p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings (5 HK)</a> and <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology Company Limited (1833 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/xinyi-solar-holdings-ltd" target="_blank" data-smartkarma-citation="entities:318:1" rel="noopener">Xinyi Solar Holdings (968 HK)</a> and <a href="https://www.smartkarma.com/entities/evergrande-real-estate-group-limited" target="_blank" data-smartkarma-citation="entities:479:1" rel="noopener">Evergrande Real Estate Group (3333 HK)</a>. Shorts increased in Financials stocks and decreased in Health Care, Information Technology and Real Estate names.</p>
</div><div><p>In Japan, stocks that saw the most shorts covered were <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a>, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a>, <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" data-smartkarma-citation="entities:9924:1" rel="noopener">Taiyo Yuden (6976 JP)</a> and <a href="https://www.smartkarma.com/entities/yaskawa-electric-corp" target="_blank" data-smartkarma-citation="entities:2458:1" rel="noopener">Yaskawa Electric (6506 JP)</a>, while shorts increased on <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/asahi-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10482:1" rel="noopener">Asahi Group Holdings (2502 JP)</a>, <a href="https://www.smartkarma.com/entities/nippon-building-fund-inc" target="_blank" data-smartkarma-citation="entities:1900:1" rel="noopener">Nippon Building Fund (8951 JP)</a> and <a href="https://www.smartkarma.com/entities/terrasky-co-ltd" target="_blank" data-smartkarma-citation="entities:27747:1" rel="noopener">TerraSky Co Ltd (3915 JP)</a>. Sectorally, shorts increased on Industrials, Real Estate and Consumer Staples, while shorts were covered on Consumer Discretionary and Information Technology names.</p></div><div><p>Shorts threw in the towel in Korea with a large drop in short interest due to short covering. Largest shorts were covered in <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>, <a href="https://www.smartkarma.com/entities/ncsoft-corp" target="_blank" data-smartkarma-citation="entities:5169:1" rel="noopener">NCSOFT Corp (036570 KS)</a>, <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> and <a href="https://www.smartkarma.com/entities/netmarble-corporation" target="_blank" data-smartkarma-citation="entities:22839:1" rel="noopener">Netmarble Corporation (251270 KS)</a>. </p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/acer-inc" target="_blank" data-smartkarma-citation="entities:15726:1" rel="noopener">Acer Inc (2353 TT)</a>, <a href="https://www.smartkarma.com/entities/unimicron-technology-corp" target="_blank" data-smartkarma-citation="entities:18778:1" rel="noopener">Unimicron Technology (3037 TT)</a> and <a href="https://www.smartkarma.com/entities/asustek-computer-inc" target="_blank" data-smartkarma-citation="entities:13002:1" rel="noopener">Asustek Computer (2357 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a>, <a href="https://www.smartkarma.com/entities/walsin-technology-corp" target="_blank" data-smartkarma-citation="entities:11084:1" rel="noopener">Walsin Technology (2492 TT)</a>, <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a> and <a href="https://www.smartkarma.com/entities/wiwynn-corp" target="_blank" data-smartkarma-citation="entities:27838:1" rel="noopener">Wiwynn Corp (6669 TT)</a>. </p></div>


The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.
Hong Kong saw shorts rise on CSPC Pharmaceutical Group (1093 HK), Xiaomi Corp (1810 HK), HSBC Holdings (5 HK) and Ping An Insurance (H) (2318 HK) while there was short covering on Ping An Healthcare and Technology Company Limited (1833 HK), Alibaba Group (9988 HK), Xinyi Solar Holdings (968 HK) and Evergrande Real Estate Group (3333 HK). Shorts increased in Financials stocks and decreased in Health Care, Information Technology and Real Estate names.
In Japan, stocks that saw the most shorts covered were Fast Retailing (9983 JP), Canon Inc (7751 JP), Taiyo Yuden (6976 JP) and Yaskawa Electric (6506 JP), while shorts increased on Toshiba Corp (6502 JP), Asahi Group Holdings (2502 JP), Nippon Building Fund (8951 JP) and TerraSky Co Ltd (3915 JP). Sectorally, shorts increased on Industrials, Real Estate and Consumer Staples, while shorts were covered on Consumer Discretionary and Information Technology names.Shorts threw in the towel in Korea with a large drop in short interest due to short covering. Largest shorts were covered in Samsung Electronics (005930 KS), NCSOFT Corp (036570 KS), SK Hynix (000660 KS) and Netmarble Corporation (251270 KS). Stocks in Taiwan that saw the highest increase in shorts were TSMC (2330 TT), Acer Inc (2353 TT), Unimicron Technology (3037 TT) and Asustek Computer (2357 TT) while shorts were covered on Yageo Corporation (2327 TT), Walsin Technology (2492 TT), Largan Precision (3008 TT) and Wiwynn Corp (6669 TT). 

Asia Short Interest Weekly: Xiaomi, Evergrande, Toshiba, Asahi, NBF, Samsung, Hynix, TSMC, Acer

<p>Samsung 1P is wrapping up the three-day skid today relative to the ordinary share. The sigma is now back to +1.7 for 1P on a 20D MA.</p><p>The duo hit +2.1σ on T-4, then began a decline to the neutral point until yesterday.</p><p><strong>What caused this decline?</strong></p><p>It was probably because of <strong>the SK Hynix/Intel deal</strong>, which might have led to a concern that Samsung would be conservative on the upcoming dividend policy as the deal may open up an industry-wide M&amp;A race.</p><p>But it now seems that the theory isn't gaining ground anymore.</p><p>1P discount is now 11.2%, almost there to the all-time low at 10.5%.</p><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"% of sigma"}'>% of sigma</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Today"}'><strong>Today</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.6482283181420518}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[0]C[6]"><strong>164.82%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"T-1"}'><strong>T-1</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.20857242985196214}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[0]C[6]"><strong>20.86%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"T-2"}'><strong>T-2</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.4558295544289668}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[0]C[6]"><strong>45.58%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"T-3"}'><strong>T-3</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.2861473735904243}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[0]C[6]"><strong>128.61%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"T-4"}'>T-4</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2.0953475237198345}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[0]C[6]">209.53%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"T-5"}'>T-5</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2.1103104667249077}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=Data!R[0]C[6]">211.03%</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" style="width: 723.636px;" data-sheets-value='{"1":2,"2":"% of sigma"}'>% of sigma</td></tr>
<tr>
<td style="width: 351.818px;" data-sheets-value='{"1":2,"2":"Today"}'><strong>Today</strong></td>
<td style="text-align: right; width: 350.909px;" data-sheets-value='{"1":3,"3":0.11185308848080133}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=RP!R[9]C[15]"><strong>11.19%</strong></td>
</tr>
<tr>
<td style="width: 351.818px;" data-sheets-value='{"1":2,"2":"T-1"}'><strong>T-1</strong></td>
<td style="text-align: right; width: 350.909px;" data-sheets-value='{"1":3,"3":0.12643678160919541}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=RP!R[7]C[15]"><strong>12.64%</strong></td>
</tr>
<tr>
<td style="width: 351.818px;" data-sheets-value='{"1":2,"2":"T-2"}'>T-2</td>
<td style="text-align: right; width: 350.909px;" data-sheets-value='{"1":3,"3":0.12479474548440066}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=RP!R[5]C[15]">12.48%</td>
</tr>
<tr>
<td style="width: 351.818px;" data-sheets-value='{"1":2,"2":"T-3"}'>T-3</td>
<td style="text-align: right; width: 350.909px;" data-sheets-value='{"1":3,"3":0.11666666666666667}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=RP!R[3]C[15]">11.67%</td>
</tr>
<tr>
<td style="width: 351.818px;" data-sheets-value='{"1":2,"2":"T-4"}'>T-4</td>
<td style="text-align: right; width: 350.909px;" data-sheets-value='{"1":3,"3":0.1092436974789916}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=RP!R[1]C[15]">10.92%</td>
</tr>
<tr>
<td style="width: 351.818px;" data-sheets-value='{"1":2,"2":"T-5"}'><strong>T-5</strong></td>
<td style="text-align: right; width: 350.909px;" data-sheets-value='{"1":3,"3":0.11333333333333333}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=RP!R[-1]C[15]"><strong>11.33%</strong></td>
</tr>
<tr><td colspan="2" rowspan="1" style="width: 723.636px;" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Pref discount"}'>Pref discount</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Today"}'><strong>Today</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.11185308848080133}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=RP!R[445]C[5]"><strong>11.19%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D mean"}'>120D mean</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.13049699147320118}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=average(RP!R396C7:R494C7)">13.05%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D median"}'>120D median</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.13099630996309963}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=MEDIAN(RP!R396C7:R494C7)">13.10%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D high"}'>120D high</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1552901023890785}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=MAX(RP!R396C7:R494C7)">15.53%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"120D low"}'>120D low</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.10505836575875487}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=MIN(RP!R396C7:R494C7)">10.51%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y mean"}'>1Y mean</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1501642918651683}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=average(RP!R248C7:R494C7)">15.02%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y median"}'>1Y median</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.14724919093851133}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=MEDIAN(RP!R248C7:R494C7)">14.72%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y high"}'>1Y high</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.19791666666666666}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=MAX(RP!R248C7:R494C7)">19.79%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1Y low"}'>1Y low</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.10505836575875487}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=MIN(RP!R248C7:R494C7)">10.51%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y mean"}'>2Y mean</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.16677099580087038}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=average(RP!R2C7:R494C7)">16.68%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y median"}'>2Y median</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.17272727272727273}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=MEDIAN(RP!R2C7:R494C7)">17.27%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y high"}'>2Y high</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.21040723981900453}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=MAX(RP!R2C7:R494C7)">21.04%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2Y low"}'><strong>2Y low</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.10505836575875487}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=MIN(RP!R2C7:R494C7)"><strong>10.51%</strong></td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table>

Samsung 1P is wrapping up the three-day skid today relative to the ordinary share. The sigma is now back to +1.7 for 1P on a 20D MA.The duo hit +2.1σ on T-4, then began a decline to the neutral point until yesterday.What caused this decline?It was probably because of the SK Hynix/Intel deal, which might have led to a concern that Samsung would be conservative on the upcoming dividend policy as the deal may open up an industry-wide M&amp;A race.But it now seems that the theory isn't gaining ground anymore.1P discount is now 11.2%, almost there to the all-time low at 10.5%.





% of sigma

Today
164.82%


T-1
20.86%


T-2
45.58%


T-3
128.61%


T-4
209.53%


T-5
211.03%

Source: KRX







% of sigma

Today
11.19%


T-1
12.64%


T-2
12.48%


T-3
11.67%


T-4
10.92%


T-5
11.33%

Source: KRX







Pref discount

Today
11.19%


120D mean
13.05%


120D median
13.10%


120D high
15.53%


120D low
10.51%


1Y mean
15.02%


1Y median
14.72%


1Y high
19.79%


1Y low
10.51%


2Y mean
16.68%


2Y median
17.27%


2Y high
21.04%


2Y low
10.51%

Source: KRX



Samsung 1P Ends 3-Day Skid Relative to Ordinary: Situation Check-Up

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Samsung Electronics (SMSN LI)

LJY's New Samsung May Begin with Sale of Financial Arm (Life)

LJY's new Samsung may begin by selling the financial arm. The family needs to liquidate the Life shareholding for inheritance tax, but also...

Sanghyun Park

Samsung Group Chairman Lee Kun-Hee Passes Away

Samsung Group Group Chairman Lee Kun-Hee (born in 1942) passed away on October 25th. This is a major event, which is likely to accelerate the...

Douglas Kim

The Passing of Samsung Lee Kun-Hee: Checking Immediate Issues

This post checks the immediate issues resulting from the passing of Lee Kun-hee: 1. inheritance tax calculations, 2. immediate-term market...

Sanghyun Park

Asia Short Interest Weekly: Xiaomi, Evergrande, Toshiba, Asahi, NBF, Samsung, Hynix, TSMC, Acer

In Korea, shorts are throwing in the towel while short positions keep increasing in Taiwan. The report looks at stocks where there have been large...

Brian Freitas

Samsung 1P Ends 3-Day Skid Relative to Ordinary: Situation Check-Up

Samsung 1P is back to +1.6σ today by ending the 3-day skid relative to ordinary. The Hynix/Intel deal caused a brief distortion, but 1P resilience...

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)