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

<p>We saw a series of filings by Samsung affiliates on the major shareholder stake changes due to the inheritance.</p><div class="content-highlight">
<p>Here are the links to the regulatory filings at DART of the three companies:</p>
<ul>
<li><a href="http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20210430800706%20http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20210430800576%20http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20210430800687" target="_blank" rel="noopener">Samsung Electronics</a></li>
<li><a href="http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20210430800706%20http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20210430800576%20http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20210430800687" target="_blank" rel="noopener">Samsung C&amp;T</a></li>
<li><a href="http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20210430800687" target="_blank" rel="noopener">Samsung Life Insurance</a></li>
</ul>
</div><p>Samsung said that the late chairman Lee Kun-hee didn't leave any will. So, the inheritance went at a 1/3 (spouse) to 2/3/N (each child) ratio, except for Samsung Life Insurance under the family members' mutual consent.</p><p>As for Samsung Life Insurance, the mother, Hong Ra-hee, gave up on her share. Instead, Lee Jae-yong got 1/2, and Lee Bu-jin (elder daughter) received 2/3/2. The youngest one, Lee Seo-hyun, took 1/3/2.</p><table class="table table-striped">
<colgroup>
<col width="219">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 388px;" data-sheets-value='{"1":2,"2":"Samsung Electronics Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Samsung Electronics Co Ltd</td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":2,"2":"%"}'>Before</td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":2,"2":"%"}'>After</td>
</tr>
<tr>
<td style="width: 388px;" data-sheets-value='{"1":2,"2":"Hong Ra-hee"}'><strong>Hong Ra-hee</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0.009071285184415972}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula='=R[0]C[2]/googlefinance(R7C[-1], "shares")'><strong>0.91%</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0.023}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>2.30%</strong></td>
</tr>
<tr>
<td style="width: 388px;" data-sheets-value='{"1":2,"2":"Lee Jae-yong"}'><strong>Lee Jae-yong</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0.007038807468791305}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula='=R[0]C[2]/googlefinance(R7C[-1], "shares")'><strong>0.70%</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0.0163}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>1.63%</strong></td>
</tr>
<tr>
<td style="width: 388px;" data-sheets-value='{"1":2,"2":"Lee Bu-jin"}'><strong>Lee Bu-jin</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula='=R[0]C[2]/googlefinance(R7C[-1], "shares")'><strong>0.00%</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0.0093}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>0.93%</strong></td>
</tr>
<tr>
<td style="width: 388px;" data-sheets-value='{"1":2,"2":"Lee Seo-hyun"}'><strong>Lee Seo-hyun</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula='=R[0]C[2]/googlefinance(R7C[-1], "shares")'><strong>0.00%</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0.0093}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>0.93%</strong></td>
</tr>
<tr><td colspan="3" style="width: 744px;" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><table class="table table-striped">
<colgroup>
<col width="219">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 388px;" data-sheets-value='{"1":2,"2":"Samsung C&amp;T Corp"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Samsung C&amp;T Corp</td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":2,"2":"%"}'>Before</td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":2,"2":"%"}'>After</td>
</tr>
<tr>
<td style="width: 388px;" data-sheets-value='{"1":2,"2":"Hong Ra-hee"}'><strong>Hong Ra-hee</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>0.00%</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0.009677378395139042}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>0.97%</strong></td>
</tr>
<tr>
<td style="width: 388px;" data-sheets-value='{"1":2,"2":"Lee Jae-yong"}'><strong>Lee Jae-yong</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0.17483552006465336}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>17.48%</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0.18128711636306202}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>18.13%</strong></td>
</tr>
<tr>
<td style="width: 388px;" data-sheets-value='{"1":2,"2":"Lee Bu-jin"}'><strong>Lee Bu-jin</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0.05595063042372629}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>5.60%</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0.06240221602048565}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>6.24%</strong></td>
</tr>
<tr>
<td style="width: 388px;" data-sheets-value='{"1":2,"2":"Lee Seo-hyun"}'><strong>Lee Seo-hyun</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0.05595063042372629}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>5.60%</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0.06240221602048565}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>6.24%</strong></td>
</tr>
<tr><td colspan="3" style="width: 744px;" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><table class="table table-striped">
<colgroup>
<col width="219">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 388px;" data-sheets-value='{"1":2,"2":"Samsung Life Insurance co., Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Samsung Life Insurance co., Ltd</td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":2,"2":"%"}'>Before</td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":2,"2":"%"}'>After</td>
</tr>
<tr>
<td style="width: 388px;" data-sheets-value='{"1":2,"2":"Lee Jae-yong"}'><strong>Lee Jae-yong</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0.0006}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>0.06%</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0.1044}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>10.44%</strong></td>
</tr>
<tr>
<td style="width: 388px;" data-sheets-value='{"1":2,"2":"Lee Bu-jin"}'><strong>Lee Bu-jin</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>0.00%</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0.0692}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>6.92%</strong></td>
</tr>
<tr>
<td style="width: 388px;" data-sheets-value='{"1":2,"2":"Lee Seo-hyun"}'><strong>Lee Seo-hyun</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>0.00%</strong></td>
<td style="text-align: right; width: 178px;" data-sheets-value='{"1":3,"3":0.0346}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>3.46%</strong></td>
</tr>
<tr><td colspan="3" style="width: 744px;" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><p><strong>As a result, we can safely say that the entire Samsung Group is under Lee Jae-yong's firm control.</strong></p><ul>
<li>He single-handedly controls 18.13% of Samsung C&amp;T, the de facto holding company.</li>
<li>He then owns 29.28% of Samsung Life Insurance, including C&amp;T's 19.34% stake in Life.</li>
<li>Lastly, he governs Samsung Electronics with a 15.15% stake, including Life's 8.51% and C&amp;T's 5.01%.</li>
</ul><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Lee Jae-yong"}' data-sheets-formula="=R[-22]C[0]">Lee Jae-yong's controlling stake</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Samsung C&amp;T Corp"}' data-sheets-formula="=R[-9]C[0]"><strong>Samsung C&amp;T Corp</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.18128711636306202}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[-6]C[2]"><strong>18.13%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Samsung Life Insurance co., Ltd"}' data-sheets-formula="=R[-19]C[0]"><strong>Samsung Life Insurance co., Ltd</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2978}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[-15]C[2]+R[-18]C[2]"><strong>29.78%</strong></td>
</tr>
<tr>
<td><em> - Including the stake owned by Samsung C&amp;T</em></td>
<td style="text-align: right;"><em>19.34%</em></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Samsung Electronics Co Ltd"}' data-sheets-formula="=R[-31]C[0]"><strong>Samsung Electronics Co Ltd</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.15147665697890453}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[-25]C[2]+R[-29]C[2]+R[-30]C[2]"><strong>15.15%</strong></td>
</tr>
<tr>
<td><em> - Including the stake owned by Samsung C&amp;T</em></td>
<td style="text-align: right;"><em>8.51%</em></td>
</tr>
<tr>
<td><em> - Including the stake owned by Samsung Life Insurance</em></td>
<td style="text-align: right;"><em>5.01%</em></td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table>

We saw a series of filings by Samsung affiliates on the major shareholder stake changes due to the inheritance.
Here are the links to the regulatory filings at DART of the three companies:

Samsung Electronics
Samsung C&amp;T
Samsung Life Insurance

Samsung said that the late chairman Lee Kun-hee didn't leave any will. So, the inheritance went at a 1/3 (spouse) to 2/3/N (each child) ratio, except for Samsung Life Insurance under the family members' mutual consent.As for Samsung Life Insurance, the mother, Hong Ra-hee, gave up on her share. Instead, Lee Jae-yong got 1/2, and Lee Bu-jin (elder daughter) received 2/3/2. The youngest one, Lee Seo-hyun, took 1/3/2.








Samsung Electronics Co Ltd
Before
After


Hong Ra-hee
0.91%
2.30%


Lee Jae-yong
0.70%
1.63%


Lee Bu-jin
0.00%
0.93%


Lee Seo-hyun
0.00%
0.93%

Source: DART










Samsung C&amp;T Corp
Before
After


Hong Ra-hee
0.00%
0.97%


Lee Jae-yong
17.48%
18.13%


Lee Bu-jin
5.60%
6.24%


Lee Seo-hyun
5.60%
6.24%

Source: DART










Samsung Life Insurance co., Ltd
Before
After


Lee Jae-yong
0.06%
10.44%


Lee Bu-jin
0.00%
6.92%


Lee Seo-hyun
0.00%
3.46%

Source: DART

As a result, we can safely say that the entire Samsung Group is under Lee Jae-yong's firm control.
He single-handedly controls 18.13% of Samsung C&amp;T, the de facto holding company.
He then owns 29.28% of Samsung Life Insurance, including C&amp;T's 19.34% stake in Life.
Lastly, he governs Samsung Electronics with a 15.15% stake, including Life's 8.51% and C&amp;T's 5.01%.






Lee Jae-yong's controlling stake

Samsung C&amp;T Corp
18.13%


Samsung Life Insurance co., Ltd
29.78%


 - Including the stake owned by Samsung C&amp;T
19.34%


Samsung Electronics Co Ltd
15.15%


 - Including the stake owned by Samsung C&amp;T
8.51%


 - Including the stake owned by Samsung Life Insurance
5.01%

Source: DART



Samsung Family Stake Change Filings: Ramifications for SamE 1P Discount

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></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a>, <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a> and <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a> while there was short covering on <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>, <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a>, <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home Co Ltd (6690 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> and <a href="https://www.smartkarma.com/entities/citic-securities-h" target="_blank" data-smartkarma-citation="entities:463:1" rel="noopener">Citic Securities (H) (6030 HK)</a>. Shorts increased in the Communication Services, Consumer Discretionary, Health Care and Real Estate sectors, and decreased in the Financials, Industrials, and Information Technology sectors.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/lasertec-corp" target="_blank" data-smartkarma-citation="entities:4126:1" rel="noopener">Lasertec Corp (6920 JP)</a>, <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" data-smartkarma-citation="entities:3700:1" rel="noopener">Anritsu Corp (6754 JP)</a>, <a href="https://www.smartkarma.com/entities/daito-trust-construct-co-ltd" target="_blank" data-smartkarma-citation="entities:10503:1" rel="noopener">Daito Trust Construct (1878 JP)</a>, <a href="https://www.smartkarma.com/entities/jfe-holdings-inc" target="_blank" data-smartkarma-citation="entities:210:1" rel="noopener">JFE Holdings (5411 JP)</a> and <a href="https://www.smartkarma.com/entities/tokyu-fudosan-holdings-corp" target="_blank" data-smartkarma-citation="entities:8355:1" rel="noopener">Tokyu Fudosan Holdings (3289 JP)</a> while shorts decreased 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/ana-holdings-inc" target="_blank" data-smartkarma-citation="entities:5308:1" rel="noopener">Ana Holdings (9202 JP)</a>, <a href="https://www.smartkarma.com/entities/h-i-s-co-ltd" target="_blank" data-smartkarma-citation="entities:19311:1" rel="noopener">H I S Co Ltd (9603 JP)</a>, <a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a> and <a href="https://www.smartkarma.com/entities/euglena-co-ltd" target="_blank" data-smartkarma-citation="entities:8414:1" rel="noopener">Euglena Co Ltd (2931 JP)</a>. Shorts increased in the Real Estate and Consumer Discretionary sectors, and decreased in the Industrials sector.</p></div><div><p>In Korea, shorts increased on <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> and <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a> during the week while decreasing on <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/hyundai-heavy-industries" target="_blank" data-smartkarma-citation="entities:10155:1" rel="noopener">Hyundai Heavy Industries (009540 KS)</a> and <a href="https://www.smartkarma.com/entities/doosan-infracore-co-ltd" target="_blank" data-smartkarma-citation="entities:3982:1" rel="noopener">Doosan Infracore (042670 KS)</a>. The short sell ban has ended today and short selling will be permitted on <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> constituents from Monday, 3 May.</p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/china-development-financial" target="_blank" data-smartkarma-citation="entities:13818:1" rel="noopener">China Development Financial (2883 TT)</a>, <a href="https://www.smartkarma.com/entities/yang-ming-marine-transport" target="_blank" data-smartkarma-citation="entities:8502:1" rel="noopener">Yang Ming Marine Transport (2609 TT)</a>, <a href="https://www.smartkarma.com/entities/evergreen-marine-corp-ltd" target="_blank" data-smartkarma-citation="entities:15428:1" rel="noopener">Evergreen Marine Corp (2603 TT)</a>, <a href="https://www.smartkarma.com/entities/walsin-lihwa-corp" target="_blank" data-smartkarma-citation="entities:17142:1" rel="noopener">Walsin Lihwa (1605 TT)</a> and <a href="https://www.smartkarma.com/entities/compal-electronics" target="_blank" data-smartkarma-citation="entities:4620:1" rel="noopener">Compal Electronics (2324 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" data-smartkarma-citation="entities:6704:1" rel="noopener">AU Optronics (2409 TT)</a>, <a href="https://www.smartkarma.com/entities/winbond-electronics-corp" target="_blank" data-smartkarma-citation="entities:9177:1" rel="noopener">Winbond Electronics (2344 TT)</a>, <a href="https://www.smartkarma.com/entities/asmedia-technology-inc" target="_blank" data-smartkarma-citation="entities:15732:1" rel="noopener">Asmedia Technology (5269 TT)</a>, <a href="https://www.smartkarma.com/entities/genius-electronic-optical-co-ltd" target="_blank" data-smartkarma-citation="entities:9632:1" rel="noopener">Genius Electronic Optical (3406 TT)</a> and <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 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 Tencent Holdings (700 HK), Meituan (3690 HK), China Merchants Bank H (3968 HK), WuXi AppTec Co. Ltd. (2359 HK) and Sunny Optical (2382 HK) while there was short covering on Ping An Insurance (H) (2318 HK), Baidu (9888 HK), Haier Smart Home Co Ltd (6690 HK), Alibaba Group (9988 HK) and Citic Securities (H) (6030 HK). Shorts increased in the Communication Services, Consumer Discretionary, Health Care and Real Estate sectors, and decreased in the Financials, Industrials, and Information Technology sectors.In Japan, stocks that saw the most shorts were Lasertec Corp (6920 JP), Anritsu Corp (6754 JP), Daito Trust Construct (1878 JP), JFE Holdings (5411 JP) and Tokyu Fudosan Holdings (3289 JP) while shorts decreased on Toshiba Corp (6502 JP), Ana Holdings (9202 JP), H I S Co Ltd (9603 JP), Outsourcing Inc (2427 JP) and Euglena Co Ltd (2931 JP). Shorts increased in the Real Estate and Consumer Discretionary sectors, and decreased in the Industrials sector.In Korea, shorts increased on Celltrion Inc (068270 KS) and Hyundai Motor Co (005380 KS) during the week while decreasing on Samsung Electronics (005930 KS), Hyundai Heavy Industries (009540 KS) and Doosan Infracore (042670 KS). The short sell ban has ended today and short selling will be permitted on Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) and KOSDAQ 150 Index (KOSDQ150 INDEX) constituents from Monday, 3 May.Stocks in Taiwan that saw the highest increase in shorts were China Development Financial (2883 TT), Yang Ming Marine Transport (2609 TT), Evergreen Marine Corp (2603 TT), Walsin Lihwa (1605 TT) and Compal Electronics (2324 TT) while shorts were covered on AU Optronics (2409 TT), Winbond Electronics (2344 TT), Asmedia Technology (5269 TT), Genius Electronic Optical (3406 TT) and Novatek Microelectronics Corp (3034 TT).

Asia Shorts: Tencent, CM Bank, Wuxi Apptec, Baidu, Anritsu, Daito, Ana, Yang Ming, Evergreen Marine

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

Equity Bottom-Up

<p>In today's Samsung earnings call the company reported lower semiconductor profits than those of its first quarter, and gave relatively weak excuses for the company's performance.  This comes one day after SK hynix revealed higher-than-expected revenues and earnings for the same quarter, and one month after a very positive call from Micron.</p>

In today's Samsung earnings call the company reported lower semiconductor profits than those of its first quarter, and gave relatively weak excuses for the company's performance.  This comes one day after SK hynix revealed higher-than-expected revenues and earnings for the same quarter, and one month after a very positive call from Micron.

Samsung Earnings Disappoint After Strong SK Hynix Call

<p>Samsung unveiled the Lee family's inheritance tax payment plan. But key details were missing. We do not still know which family member gets which company stake.</p><p>Unless specified in the will, the inheritance will go at a 1/3 (spouse) to 2/3/N (each child) ratio. But the consensus now is there is a will, and this 1/3 (spouse) to 2/3/N (each child) ratio won't happen.</p><p>The deadline to report the tax payment is April 30. But the family doesn't need to report who gets what information. The Korean inheritance tax law allows a family to make a collective payment for the entire family. Inheritance sharing can be discussed later, and there is no deadline for this.</p><p>Nonetheless, several Samsung insiders familiar with this matter have reportedly said that the who gets what information will be made public as early as next week. <span>All shareholding changes by a major shareholder must be filed and made public at DART within 5 days after changes are made. So, we will know once a decision is reached.</span></p>

Samsung unveiled the Lee family's inheritance tax payment plan. But key details were missing. We do not still know which family member gets which company stake.Unless specified in the will, the inheritance will go at a 1/3 (spouse) to 2/3/N (each child) ratio. But the consensus now is there is a will, and this 1/3 (spouse) to 2/3/N (each child) ratio won't happen.The deadline to report the tax payment is April 30. But the family doesn't need to report who gets what information. The Korean inheritance tax law allows a family to make a collective payment for the entire family. Inheritance sharing can be discussed later, and there is no deadline for this.Nonetheless, several Samsung insiders familiar with this matter have reportedly said that the who gets what information will be made public as early as next week. All shareholding changes by a major shareholder must be filed and made public at DART within 5 days after changes are made. So, we will know once a decision is reached.

Samsung 1P Discount Should Go South, Probably as Far South as Historic Low

<p>SK hynix' earnings call today showed good results, and management's outlook is for an even more positive second quarter and second half.  As a result, the company is accelerating its capital spending.</p>

SK hynix' earnings call today showed good results, and management's outlook is for an even more positive second quarter and second half.  As a result, the company is accelerating its capital spending.

SK Hynix Posts Good Results, Expects Even Better

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)

Samsung Family Stake Change Filings: Ramifications for SamE 1P Discount

Samsung family stake change filings are out for the four companies. This post looks into their ramifications for the Samsung Electronics 1P discount.

Sanghyun Park

Asia Shorts: Tencent, CM Bank, Wuxi Apptec, Baidu, Anritsu, Daito, Ana, Yang Ming, Evergreen Marine

The Insight looks at large short interest movements across HK, Japan, Korea and Taiwan stocks and highlights large increases/decreases in shorts to...

Brian Freitas

Samsung Earnings Disappoint After Strong SK Hynix Call

Samsung's April 29 earnings call was lackluster compared to its competitors' recent announcements. Is the company losing its technology lead? Are...

Jim Handy

Samsung 1P Discount Should Go South, Probably as Far South as Historic Low

Samsung announced the family's inheritance tax payment plan yesterday. This post argues why Samsung Electronics 1P should outperform Ord from now on.

Sanghyun Park

SK Hynix Posts Good Results, Expects Even Better

SK hynix' April 28 earnings call disclosed not only a good first quarter, but also a great outlook for the rest of 2021, not just for SK hynix, but...

Jim Handy

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