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>SDS seems to wait until after Samsung Electronics and C&amp;T announce their value-up plans. Key dates: JPM IR event on 21st and Board meeting on Feb 18.</li>
<li>I think they’re leaning toward a special dividend instead of increasing the base payout, based on the tone during our chat.</li>
<li>The prosecutor’s third-instance appeal likely won’t delay the value-up announcement, as it usually takes a year for a decision, and is unlikely to affect JY Lee or Samsung’s plans.</li>
</ul>


SDS seems to wait until after Samsung Electronics and C&amp;T announce their value-up plans. Key dates: JPM IR event on 21st and Board meeting on Feb 18.
I think they’re leaning toward a special dividend instead of increasing the base payout, based on the tone during our chat.
The prosecutor’s third-instance appeal likely won’t delay the value-up announcement, as it usually takes a year for a decision, and is unlikely to affect JY Lee or Samsung’s plans.


Sharing Intel from IR on the Growing Market Interest in Samsung SDS's Special Dividend

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li><em><strong>LG CNS reported better than expected results in 1Q 2025 with sales of 1.2 trillion won (up 13.2% YoY) and operating profit of 78.9 billion won (up 144.3% YoY).</strong></em></li>
<li>The company's sales, operating profit, and net profit were 5.5%, 16.5%, and 36.4% better than the consensus estimates, respectively in 1Q 2025. </li>
<li>The company's Cloud &amp; AI unit had sales of 717.3 billion won (up 30.1% YoY) in 1Q 2025.</li>
</ul>


LG CNS reported better than expected results in 1Q 2025 with sales of 1.2 trillion won (up 13.2% YoY) and operating profit of 78.9 billion won (up 144.3% YoY).
The company's sales, operating profit, and net profit were 5.5%, 16.5%, and 36.4% better than the consensus estimates, respectively in 1Q 2025. 
The company's Cloud &amp; AI unit had sales of 717.3 billion won (up 30.1% YoY) in 1Q 2025.


LG CNS: Better Than Expected Results in 1Q 2025 Led by Cloud & AI Unit

<ul>
<li>S&amp;P500 is up 27.7% YTD, outperforming KOSPI which is down 6.9% YTD. Global fund flow continues to pour into top quality US stocks such as Palantir, Tesla, and NVIDIA.</li>
<li>The top 20 best performing stocks in KOSPI 200 are up on average 106.8% YTD. However, the remaining 180 stocks in KOSPI 200 are down on average 9.2% YTD. </li>
<li>There is no large Palantir-like company that deals with AI/data analytics in Korea. However, large cap IT services and telcos in Korea are increasingly expanding their AI/data analytics related business.</li>
</ul>


S&amp;P500 is up 27.7% YTD, outperforming KOSPI which is down 6.9% YTD. Global fund flow continues to pour into top quality US stocks such as Palantir, Tesla, and NVIDIA.
The top 20 best performing stocks in KOSPI 200 are up on average 106.8% YTD. However, the remaining 180 stocks in KOSPI 200 are down on average 9.2% YTD. 
There is no large Palantir-like company that deals with AI/data analytics in Korea. However, large cap IT services and telcos in Korea are increasingly expanding their AI/data analytics related business.


A Comparison of KOSPI 200 and S&P 500 Companies Performances in 2024

<ul>
<li>Local institutions, notably pension funds, are increasingly investing in Samsung SDS, coinciding with the company's more active investor engagement. This has sparked speculation about Samsung's strategic motives.</li>
<li>Timing-Wise, as AI infra demands rise in Samsung Group, conditions for boosting SDS's performance improve. They monitor Samsung's moves to drive SDS's stock upward, considering its reliance on Samsung's revenue.</li>
<li>Local pension funds actively adopting overweight positions in Samsung SDS underscore the importance of crafting strategies tailored to overweighting SDS within the broader Samsung Group context.</li>
</ul>


Local institutions, notably pension funds, are increasingly investing in Samsung SDS, coinciding with the company's more active investor engagement. This has sparked speculation about Samsung's strategic motives.
Timing-Wise, as AI infra demands rise in Samsung Group, conditions for boosting SDS's performance improve. They monitor Samsung's moves to drive SDS's stock upward, considering its reliance on Samsung's revenue.
Local pension funds actively adopting overweight positions in Samsung SDS underscore the importance of crafting strategies tailored to overweighting SDS within the broader Samsung Group context.


Local Institutional Flows Towards Overweighting Samsung SDS in Samsung Group Context

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Doosan Robotics  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doosan-robotics" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (DOOSANROBO KS)</a> is looking to raise up to US$314m in its Korean IPO. </li>
<li>Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module. </li>
<li>In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.</li>
</ul>



Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO. 
Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module. 
In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.


Doosan Robotics IPO - Thoughts on Valuation - A Punt at Best, a Crash at Worst

South Korea

Samsung SDS Co., Ltd. provides information technology services, such as consulting and technical services. The Company also offers outsourcing services including application outsourcing, IT infrastructure outsourcing, and cloud computing.

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Samsung SDS (018260 KS)

LG CNS: Better Than Expected Results in 1Q 2025 Led by Cloud & AI Unit

LG CNS reported better than expected results in 1Q 2025 with sales of 1.2 trillion won (up 13.2% YoY) and operating profit of 78.9 billion won (up...

Douglas Kim

A Comparison of KOSPI 200 and S&P 500 Companies Performances in 2024

There is no large Palantir-like company that deals with AI/data analytics in Korea. However, large cap IT services and telcos in Korea are...

Douglas Kim

Local Institutional Flows Towards Overweighting Samsung SDS in Samsung Group Context

This post offers observations into local institutional flows favoring overweighting Samsung SDS within the broader Samsung Group context.

Sanghyun Park

Doosan Robotics IPO - Thoughts on Valuation - A Punt at Best, a Crash at Worst

Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO. comparison. In this note, we talk about valuation.

Ethan Aw

Price Gauge

52-week Range

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Sharing Intel from IR on the Growing Market Interest in Samsung SDS's Special Dividend

This post shares insights obtained through IR today regarding the growing market interest in Samsung SDS's special dividend.

Sanghyun Park

LG CNS: Better Than Expected Results in 1Q 2025 Led by Cloud & AI Unit

LG CNS reported better than expected results in 1Q 2025 with sales of 1.2 trillion won (up 13.2% YoY) and operating profit of 78.9 billion won (up...

Douglas Kim

A Comparison of KOSPI 200 and S&P 500 Companies Performances in 2024

There is no large Palantir-like company that deals with AI/data analytics in Korea. However, large cap IT services and telcos in Korea are...

Douglas Kim

Local Institutional Flows Towards Overweighting Samsung SDS in Samsung Group Context

This post offers observations into local institutional flows favoring overweighting Samsung SDS within the broader Samsung Group context.

Sanghyun Park

Doosan Robotics IPO - Thoughts on Valuation - A Punt at Best, a Crash at Worst

Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO. comparison. In this note, we talk about valuation.

Ethan Aw