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

Private Capital Markets

FWD Group Holdings / Private Capital Markets

<ul>
<li>The saga of CK Hutchison's Panama Canal Ports sale might also impact FWD due to tensions between China and the Li family.</li>
<li>Despite minimal mainland China presence, FWD faces exposure through its significant HK and Macau operations; HK and Macau contributed 40% - 50% of the group's VNB and operating profits.</li>
<li>After FWD's failed IPO attempts, PCG might consider a strategic sale for liquidity; FWD might offer a good strategic fit to Korean insurers looking to expand to Southeast Asia. </li>
</ul>


The saga of CK Hutchison's Panama Canal Ports sale might also impact FWD due to tensions between China and the Li family.
Despite minimal mainland China presence, FWD faces exposure through its significant HK and Macau operations; HK and Macau contributed 40% - 50% of the group's VNB and operating profits.
After FWD's failed IPO attempts, PCG might consider a strategic sale for liquidity; FWD might offer a good strategic fit to Korean insurers looking to expand to Southeast Asia. 


FWD: An Ideal Acquisition Target for Korean Insurers?

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

<ul>
<li>Chosun reports that some Samsung affiliates are exploring tax-free dividends at the operational level, with execs reportedly briefed on the idea.</li>
<li>Surprisingly, regulators and politicians haven't objected to tax-free dividends, which ironically align with the value-up policy. The delay in Samsung's value-up announcements may be due to this decision.</li>
<li>It’s unclear if Samsung Electronics and Life will drop tax-free dividends, but if regulators approve, they could introduce it suddenly in their value-up updates, especially with Lee Jae-yong’s cash crunch.</li>
</ul>


Chosun reports that some Samsung affiliates are exploring tax-free dividends at the operational level, with execs reportedly briefed on the idea.
Surprisingly, regulators and politicians haven't objected to tax-free dividends, which ironically align with the value-up policy. The delay in Samsung's value-up announcements may be due to this decision.
It’s unclear if Samsung Electronics and Life will drop tax-free dividends, but if regulators approve, they could introduce it suddenly in their value-up updates, especially with Lee Jae-yong’s cash crunch.


The Hot Chatter in the Local Market: Tax-Free Dividends – Is Samsung In?

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>As reported by <a href="https://www.smartkarma.com/profiles/douglas-kim" target="_blank" data-smartkarma-citation="accounts:342" rel="noopener">Douglas Kim</a>, <a href="https://www.smartkarma.com/entities/samsung-life-insurance-co-ltd" target="_blank" data-smartkarma-citation="entities:510:1" rel="noopener">Samsung Life Insurance</a> and <a href="https://www.smartkarma.com/entities/samsung-fire-marine-insurance" target="_blank" data-smartkarma-citation="entities:511:1" rel="noopener">Samsung Fire &amp; Marine Insurance</a> plan to sell shares of <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> in block deal sales. </li>
<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> has been in a flat, bottoming behavior, since November 2024. We have <a href="https://www.smartkarma.com/insights/samsung-electronics-005930-ks-primed-for-a-rally-key-profit-targets" target="_blank" rel="noopener">previously discussed</a> the possibility that the stock may start to rally. </li>
<li>At the moment the stock has been down for 3 weeks in a row, <strong>our model is indicating a WEEKLY oversold condition that may trigger a (short-term) rally.</strong>
</li>
</ul>


As reported by Douglas Kim, Samsung Life Insurance and Samsung Fire &amp; Marine Insurance plan to sell shares of Samsung Electronics (005930 KS) in block deal sales. 

Samsung Electronics (005930 KS) has been in a flat, bottoming behavior, since November 2024. We have previously discussed the possibility that the stock may start to rally. 
At the moment the stock has been down for 3 weeks in a row, our model is indicating a WEEKLY oversold condition that may trigger a (short-term) rally.



Samsung Electronics (005930 KS) Outlook After 278B Won Shares Block Deal Sale

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 3 March.</li>
<li>Our top 10 Korean stock picks from 14 to 28 January are down on average 1.8%, slightly outperforming KOSPI which is down 2.2% in the same period.</li>
<li>The top 10 Korean stock picks (bi-weekly) include SL Corp, Korea Electric Terminal, BNK Financial, S1, LX International, Doubleugames, Samsung C&amp;T, Amorepacific Corp (pref), SK Telecom, and POSCO International. </li>
</ul>


In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 3 March.
Our top 10 Korean stock picks from 14 to 28 January are down on average 1.8%, slightly outperforming KOSPI which is down 2.2% in the same period.
The top 10 Korean stock picks (bi-weekly) include SL Corp, Korea Electric Terminal, BNK Financial, S1, LX International, Doubleugames, Samsung C&amp;T, Amorepacific Corp (pref), SK Telecom, and POSCO International. 


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (3 March 2025)

<ul>
<li>Samsung Life isn't getting a boost from Samsung Fire, so they need to stay focused on managing equity to maintain their K-ICS ratio.</li>
<li>They’ll use capital securities issuance as a quick fix but must also monitor their Samsung Electronics stake, a major asset, to manage the situation effectively.</li>
<li>Samsung Electronics will likely focus on dividends over buybacks. Watch for a pair trade setup between common and preferred shares, favoring long positions on preferreds.</li>
</ul>


Samsung Life isn't getting a boost from Samsung Fire, so they need to stay focused on managing equity to maintain their K-ICS ratio.
They’ll use capital securities issuance as a quick fix but must also monitor their Samsung Electronics stake, a major asset, to manage the situation effectively.
Samsung Electronics will likely focus on dividends over buybacks. Watch for a pair trade setup between common and preferred shares, favoring long positions on preferreds.


Clarifying Samsung Life’s Position on How Samsung Electronics Structures Its Shareholder Returns

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)

FWD: An Ideal Acquisition Target for Korean Insurers?

FWD also faces strategic crossroads amid Li family's China tensions, with its Hong Kong-heavy insurance business vulnerable despite minimal...

Alec Tseung

The Hot Chatter in the Local Market: Tax-Free Dividends – Is Samsung In?

This post takes a dive into the hot topic in the local market: tax-free dividends – Will Samsung go for tax-free dividends?

Sanghyun Park

Samsung Electronics (005930 KS) Outlook After 278B Won Shares Block Deal Sale

Shares of Samsung Electronics are soon going to be sold in block deal sales. The stock is oversold and has been "bottoming" since November 2024, we...

Nico Rosti

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (3 March 2025)

In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 3 March.

Douglas Kim

Clarifying Samsung Life’s Position on How Samsung Electronics Structures Its Shareholder Returns

This post clarifies Samsung Life’s position on how Samsung Electronics structures its shareholder returns in the upcoming value-up disclosure.

Sanghyun Park

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