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

Event-Driven

<ul>
<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> was rather stingy with their capital returns after a stellar 2021</li>
<li>The longer term capital commitment plan of its 2 largest holdings gives a higher indication that M&amp;A should be coming</li>
<li>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> and <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> account for nearly 30% of KOSPI weight.  Talk about big fish small puddle</li>
</ul>



Samsung Electronics (005930 KS) was rather stingy with their capital returns after a stellar 2021
The longer term capital commitment plan of its 2 largest holdings gives a higher indication that M&amp;A should be coming

LG Energy Solution (373220 KS) and Samsung Electronics (005930 KS) account for nearly 30% of KOSPI weight.  Talk about big fish small puddle


Will Samsung Get EV Envy from LG Energy Solution Listing?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Korean EV battery unit play <a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> briefly doubled on its debut yesterday before closing 65.8% higher. </li>
<li>Following that gain, LG Energy is now the second-largest company in KOSPI after <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/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a> has given back all its gains from earlier this month, and currently trades at ~60% discount to NAV. </li>
</ul>


Korean EV battery unit play LG Energy Solution (373220 KS) briefly doubled on its debut yesterday before closing 65.8% higher. 
Following that gain, LG Energy is now the second-largest company in KOSPI after Samsung Electronics (005930 KS).

LG Chem Ltd (051910 KS) has given back all its gains from earlier this month, and currently trades at ~60% discount to NAV. 


LG Chem: Still Cheap After LG Energy's Big Debut

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Quantitative Analysis

<ul>
<li>In this insight, we discuss the dividends announcements which have been made by some of the largest Korean companies (25) in the past two days.</li>
<li>The average percentage difference in the actual versus the consensus estimate DPS in 2021 is 37.4% for these 25 companies.</li>
<li>Kia Motors now has a very nice dividend yield of 3.8%. DPS increased at an impressive rate of 200% YoY in 2021. </li>
</ul>


In this insight, we discuss the dividends announcements which have been made by some of the largest Korean companies (25) in the past two days.
The average percentage difference in the actual versus the consensus estimate DPS in 2021 is 37.4% for these 25 companies.
Kia Motors now has a very nice dividend yield of 3.8%. DPS increased at an impressive rate of 200% YoY in 2021. 


Key Highlights of 25 Major Korean Companies Making Dividends Announcements for 2021

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>In our estimate, the 4Q21/1Q22 revenue/GM is about NT$127.6bn/47.5% and NT$136bn/47.5% respectively. </li>
<li>We forecast MediaTek to ship 4G/5G for ~355mn/220nm chipsets in 2022 respectively. </li>
<li>Besides Oppo, Vivo, Xiaomi and Honor, MediaTek is shipping for a few thousand sets of Dimensity 9000 to Samsung in 1H22. </li>
</ul>


In our estimate, the 4Q21/1Q22 revenue/GM is about NT$127.6bn/47.5% and NT$136bn/47.5% respectively. 
We forecast MediaTek to ship 4G/5G for ~355mn/220nm chipsets in 2022 respectively. 
Besides Oppo, Vivo, Xiaomi and Honor, MediaTek is shipping for a few thousand sets of Dimensity 9000 to Samsung in 1H22. 


MediaTek (2454.TT): 1Q22 Preview-A Little Bit Higher in Revenue Outlook

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>For Kakao Bank, the 6M IPO lockup (2.79%) will hit the market. Also, the possibility that the 4.48% stake held by Anchor/TPG will hit the market should be left open.</li>
<li>In Krafton's case, Tencent is the most notable player, owning 13.56%. It recently suggested a reduction in overseas holdings. So, some of this 13.56% stake should appear in the market.</li>
<li>The 4.84% stake held by Premier Superior is available after February 14. Samsung Electronics and Samsung SDS shares by the Samsung family are also likely to take place in February.</li>
</ul>


For Kakao Bank, the 6M IPO lockup (2.79%) will hit the market. Also, the possibility that the 4.48% stake held by Anchor/TPG will hit the market should be left open.
In Krafton's case, Tencent is the most notable player, owning 13.56%. It recently suggested a reduction in overseas holdings. So, some of this 13.56% stake should appear in the market.
The 4.84% stake held by Premier Superior is available after February 14. Samsung Electronics and Samsung SDS shares by the Samsung family are also likely to take place in February.


KOSPI Overhang Stocks: Krafton, Kakao Bank, SKIET, Samsung Elec, & Samsung SDS

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 (005930 KS)

Will Samsung Get EV Envy from LG Energy Solution Listing?

Does LG Energy Solution listing force Samsung Electronics to make a M&A decision sooner versus later? Lot of ego at stake and Samsung did say at...

Ken S. Kim

LG Chem: Still Cheap After LG Energy's Big Debut

Go outright long in L Chem or hedge against a basket of domestic chemical peers. LGES won't be shortable until the 11 March.

David Blennerhassett

Key Highlights of 25 Major Korean Companies Making Dividends Announcements for 2021

In this insight, we discuss the dividends announcements which have been made by some of the largest Korean companies (25) in the past two days.

Douglas Kim

MediaTek (2454.TT): 1Q22 Preview-A Little Bit Higher in Revenue Outlook

In our estimate, the 4Q21/1Q22 revenue/GM is about NT$127.6bn/47.5% and NT$136Bn/47.5% respectively. We forecast MediaTek to ship 4G/5G for ~355mn...

Patrick Liao

KOSPI Overhang Stocks: Krafton, Kakao Bank, SKIET, Samsung Elec, & Samsung SDS

This post discusses the potential overhang stocks on KOSPI in February: Kakao Bank, Krafton, SKIET, Samsung Electronics, and Samsung SDS.

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)