Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Samsung C&T: Valuation Sensitivity Analysis & Key Catalysts

JY Lee & The Ides of March.....and What It Means for You

Buffett's Investments in Japanese Trading Companies - Positive Boost to Korean Trading Companies?

Samsung Group Chairman Lee Kun-Hee Passes Away

Equity Bottom-Up

Lee Kun-Hee's value of Samsung related shares is estimated to be <a href="https://newsis.com/view/?id=NISX20201025_0001209736&amp;cID=13001&amp;pID=13000" target="_blank" rel="noopener">18.2 trillion won</a> (US$16.2 billion) as of 23 October 2020. It is estimated that there will be about 10.6 trillion won in inheritance taxes associated with Lee Kun-Hee's holdings in public equities. This would represent 58.2% in the inheritance tax rate. Samsung C&amp;T had a really good day today (up 13.5%). Our SoTP analysis of Samsung C&amp;T suggests that it remains highly undervalued right now. Our SoTP analysis suggests an implied price per share of 186,00 won, which is 57% higher than the current price of 118,000 won. Samsung C&amp;T's investment stakes in affiliates are worth 43 trillion won.

Lee Kun-Hee's value of Samsung related shares is estimated to be 18.2 trillion won (US$16.2 billion) as of 23 October 2020. It is estimated that there will be about 10.6 trillion won in inheritance taxes associated with Lee Kun-Hee's holdings in public equities. This would represent 58.2% in the inheritance tax rate. Samsung C&amp;T had a really good day today (up 13.5%). Our SoTP analysis of Samsung C&amp;T suggests that it remains highly undervalued right now. Our SoTP analysis suggests an implied price per share of 186,00 won, which is 57% higher than the current price of 118,000 won. Samsung C&amp;T's investment stakes in affiliates are worth 43 trillion won.

Details on Inheritance Taxes & Impact on the Samsung Group Post Death of Chairman Lee