Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<ul>
<li>On 28 November, the Korean FSC made a public presentation of potential changes to regulations related to dividends, IPOs, and foreign investors registration which could reduce the long-term "Korea Discount." </li>
<li>FSC has announced that it will improve the dividend payment process of listed Korean companies by benchmarking more advanced countries such as the United States.</li>
<li>With regards to IPOs in Korea, the potential expansion of the price limit on the first day of trading post IPO from 90-200% (current) to 60-400% (revised) has been proposed.</li>
</ul>


On 28 November, the Korean FSC made a public presentation of potential changes to regulations related to dividends, IPOs, and foreign investors registration which could reduce the long-term "Korea Discount." 
FSC has announced that it will improve the dividend payment process of listed Korean companies by benchmarking more advanced countries such as the United States.
With regards to IPOs in Korea, the potential expansion of the price limit on the first day of trading post IPO from 90-200% (current) to 60-400% (revised) has been proposed.


Korean Financial Regulators Propose Changes to Dividends, IPOs, & Foreign Investor Registration

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>The current semiconductor market meltdown can be expected to continue through the end of 2024</li>
<li>This will reduce 2022 market growth to 5%, and will drive a decline of 19% in 2023</li>
<li>Stocks will be unevenly influenced by this, with the most dramatic declines hitting makers of volume commodities, smaller declines in differentiated products, and a weak impact on older technology products.</li>
</ul>


The current semiconductor market meltdown can be expected to continue through the end of 2024
This will reduce 2022 market growth to 5%, and will drive a decline of 19% in 2023
Stocks will be unevenly influenced by this, with the most dramatic declines hitting makers of volume commodities, smaller declines in differentiated products, and a weak impact on older technology products.


2023 High Conviction: Semiconductor Down Market

Event-Driven

<ul>
<li>One of the key events for Samsung Electronics in 1Q 2023 could be additional selling by Lee Jae-Yong and his family members to pay for inheritance taxes.</li>
<li>Samsung Electronics underperformed significantly versus KOSPI in the first quarter in the past two years.</li>
<li>As the negative issue of inheritance taxes becomes highlighted once again, this could further negatively impact Samsung Electronics and other Samsung affiliate shares. </li>
</ul>


One of the key events for Samsung Electronics in 1Q 2023 could be additional selling by Lee Jae-Yong and his family members to pay for inheritance taxes.
Samsung Electronics underperformed significantly versus KOSPI in the first quarter in the past two years.
As the negative issue of inheritance taxes becomes highlighted once again, this could further negatively impact Samsung Electronics and other Samsung affiliate shares. 


Samsung Electronics: Likely Focus on Inheritance Taxes Again in 1Q 2023

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Unprecedented protests have emerged in China; Hon Hai is offering an $1,800 bonus per month to keep workers on site.</li>
<li>Taiwan memory chip makers are slashing production in response to end-demand weakness, Nanya Tech looks at risk of a pullback.</li>
<li>TSMC to build its most advanced fab yet, a 1-nanometer class facility, in Taoyuan. The price tag? $32bn.</li>
</ul>


Unprecedented protests have emerged in China; Hon Hai is offering an $1,800 bonus per month to keep workers on site.
Taiwan memory chip makers are slashing production in response to end-demand weakness, Nanya Tech looks at risk of a pullback.
TSMC to build its most advanced fab yet, a 1-nanometer class facility, in Taoyuan. The price tag? $32bn.


Taiwan Tech Weekly: Unprecedented China Protests, Memory Slump, TSMC Keeping Taiwan Fabs Ahead of US

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>FSC's unveiled measures: 1. declare a dividend before determining which shareholder to receive, 2. scrap foreign investor ID, &amp; 3. widen price limit on a listing day &amp; allow "test-the-waters"</li>
<li>These are still drafts, but since they have already been coordinated with the Yoon administration, it is highly likely that they will be implemented in the not-too-distant future.</li>
<li>FSC will disclose detailed plans next month. We should rush to prepare for them, which significantly impacts the increase in foreign investors' trading volume and the IPO pricing.</li>
</ul>


FSC's unveiled measures: 1. declare a dividend before determining which shareholder to receive, 2. scrap foreign investor ID, &amp; 3. widen price limit on a listing day &amp; allow "test-the-waters"
These are still drafts, but since they have already been coordinated with the Yoon administration, it is highly likely that they will be implemented in the not-too-distant future.
FSC will disclose detailed plans next month. We should rush to prepare for them, which significantly impacts the increase in foreign investors' trading volume and the IPO pricing.


Korea FSC: Major Changes in Foreign Investor Registration & IPO Pricing

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 (005930 KS)

Korean Financial Regulators Propose Changes to Dividends, IPOs, & Foreign Investor Registration

The Korean FSC made a public presentation of potential changes to regulations related to dividends, IPOs, and foreign investors registration which...

Douglas Kim

2023 High Conviction: Semiconductor Down Market

What's happening in semiconductors? When will the downturn end? What does this mean to chip stock prices? This Insight provides some concrete...

Jim Handy

Samsung Electronics: Likely Focus on Inheritance Taxes Again in 1Q 2023

One of the key events for Samsung Electronics in 1Q 2023 could be additional selling by Lee Jae-Yong and his family members to pay for inheritance...

Douglas Kim

Taiwan Tech Weekly: Unprecedented China Protests, Memory Slump, TSMC Keeping Taiwan Fabs Ahead of US

Taiwan memory chip makers are slashing production in response to end-demand weakness, Nanya Tech looks at risk of a pullback.

Vincent Fernando, CFA

Korea FSC: Major Changes in Foreign Investor Registration & IPO Pricing

This post details the significant changes to the local financial market, which FSC unveiled this morning, and discusses ramifications on the market.

Sanghyun Park

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