Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<ul>
<li>At the end of September 2022, Korean stocks accounted for 13.6% of total assets of the NPS whose target for domestic stock exposure is 15.9% by end of this year. </li>
<li>In recent months, NPS has been net increasing purchases of companies including Naver, Celltrion, POSCO Chemical, Samsung Life Insurance, and Krafton. </li>
<li>Although the allowable range for SAA by NPS is ±3%p, there is some leeway for NPS to add to the domestic equities given that they were much lower than target. </li>
</ul>


At the end of September 2022, Korean stocks accounted for 13.6% of total assets of the NPS whose target for domestic stock exposure is 15.9% by end of this year. 
In recent months, NPS has been net increasing purchases of companies including Naver, Celltrion, POSCO Chemical, Samsung Life Insurance, and Krafton. 
Although the allowable range for SAA by NPS is ±3%p, there is some leeway for NPS to add to the domestic equities given that they were much lower than target. 


NPS Could Raise Investments in Korean Stocks in December 2022

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

<ul>
<li>KRX unveiled the rebalancing results of the CSI KRX China-Korea indices for Korean constituents yesterday.</li>
<li>There is still insufficient evidence data to estimate specific passive impact. The previous rebalancing in June showed no clear correlation between constituent changes and price impact.</li>
<li>Although it may be risky to trade on this rebalancing, monitoring the correlation of their passive impact at this point, one year after the release, seems worthwhile.</li>
</ul>


KRX unveiled the rebalancing results of the CSI KRX China-Korea indices for Korean constituents yesterday.
There is still insufficient evidence data to estimate specific passive impact. The previous rebalancing in June showed no clear correlation between constituent changes and price impact.
Although it may be risky to trade on this rebalancing, monitoring the correlation of their passive impact at this point, one year after the release, seems worthwhile.


CSI KRX China-Korea: Rebalancing Results from KRX & Flow Trading Considerations

<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

Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

Samsung Life Insurance / Equity Bottom-Up

<ul>
<li>Across the major economies in East Asia (China, Japan, Korea), Korea is the only country that follows the global trend of rising interest rates and yields.</li>
<li>Investing in the country's life insurers could be a good way to play out the thesis of rising yield environment in 2023.</li>
<li>Samsung Life is a better bet for this among the country's two largest public life insurance companies.</li>
</ul>


Across the major economies in East Asia (China, Japan, Korea), Korea is the only country that follows the global trend of rising interest rates and yields.
Investing in the country's life insurers could be a good way to play out the thesis of rising yield environment in 2023.
Samsung Life is a better bet for this among the country's two largest public life insurance companies.


2023 High Conviction: Samsung Life - A Play On Korea’s Rising Yields

<ul>
<li>After the market close today, Meritz Financial Group (MFG) made one of the biggest announcements in the history of the group.</li>
<li>It announced that Meritz Fire &amp; Marine Insurance and Meritz Securities will become fully owned subsidiaries of Meritz Financial Group. Meritz F&amp;M Insurance and Meritz Securities will also be delisted.</li>
<li>MFG is making a real positive change through the share swaps among the three companies. This will likely have the biggest positive impact will be on MFG. </li>
</ul>


After the market close today, Meritz Financial Group (MFG) made one of the biggest announcements in the history of the group.
It announced that Meritz Fire &amp; Marine Insurance and Meritz Securities will become fully owned subsidiaries of Meritz Financial Group. Meritz F&amp;M Insurance and Meritz Securities will also be delisted.
MFG is making a real positive change through the share swaps among the three companies. This will likely have the biggest positive impact will be on MFG. 


Meritz Financial Group: Comprehensive Stock Swap + Delisting of Meritz Sec. And Meritz F&M Insurance

South Korea

Samsung Life Insurance Co., Ltd. provides insurance services. The Company offers life and health insurance services. Samsung Life Insurance serves customers in South Korea.

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Samsung Life Insurance (032830 KS)

NPS Could Raise Investments in Korean Stocks in December 2022

At the end of September 2022, Korean stocks accounted for 13.6% of total assets of the NPS whose target for domestic stock exposure is 15.9% by end...

Douglas Kim

CSI KRX China-Korea: Rebalancing Results from KRX & Flow Trading Considerations

This post details the rebalancing results of the CSI KRX China-Korea indices (50, EV, and Semiconductor), effective December 12, and discusses...

Sanghyun Park

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

2023 High Conviction: Samsung Life - A Play On Korea’s Rising Yields

Samsung Life offers a good way to play out the thesis of rising yield environment in Korea into 2023, which is the only major East Asian country...

Alec Tseung

Meritz Financial Group: Comprehensive Stock Swap + Delisting of Meritz Sec. And Meritz F&M Insurance

Meritz Financial Group (MFG) is making a real positive change through the share swaps among the three Meritz companies. This will likely have the...

Douglas Kim

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