In today’s briefing:
- Preemptive Short Position Buildup on SFA Engineering for Samsung’s Next Stake Sale
- Samsung Electronics: Return of the King
- ALT Co IPO Preview
Preemptive Short Position Buildup on SFA Engineering for Samsung’s Next Stake Sale
- Samsung Display still holds a 5.85% stake. Hankyung reported that this remaining stake would also be disposed of in the future.
- Then the key lies in timing. Considering the ongoing pattern of block deals being exposed during the pre-sounding phase, we may be able to capture clues for preemptive trading.
- As seen from the chart depicting SFA’s loan balance and the percentage of short-selling to daily TV, we can observe a significant increase in activity just before today’s sale event.
Samsung Electronics: Return of the King
- Asia Ex-Japan investors move from underweight to a record overweight in Samsung Electronics
- Samsung has been a key beneficiary of manager rotation over the last 6-months alongside BYD, Trip Com and Meituan.
- Majority of funds positioned overweight with a record 81.4% of funds holding a position. Samsung becomes one of the highest conviction holdings in the Asia Ex-Japan region.
ALT Co IPO Preview
- ALT Co is getting ready to complete its IPO in Korea in July. ALT tests high-performance non-memory semiconductors applied to various industries such as secondary batteries, artificial intelligence, and automotive.
- The bankers used four companies as comps for ALT including Lb Semicon, LB Lusem, Doosan Tesna, and Nepes Ark. These four stocks are up on average 48% YTD.
- The IPO price range is from 16,700 won to 20,500 won. The expected market cap of the company post IPO is from 150 billion won to 184 billion won.
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