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 Electronics: Lee Jae-Yong Orders the Creation of a New Task Force to Raise Shareholder Value

Trading Ideas on the Possibility of Samsung Electronics' Special Shareholder Returns

Korean Holdcos Vs Opcos Gap Spreads Opportunities Amid Market Carnage

Samsung's Lee Jae-Yong Receives Pardon & Get Out of Jail Card: A Signal of Major M&As by Samsung?

Samsung C&T: Deep Discount NAV, Capital Shifting to Value/Holdcos, & Trading Business Boost

Samsung C&T and Hyundai E&C: Two Main Beneficiaries of Neom (World's Biggest Construction Project)

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

<ul>
<li>Our base case NAV valuation of Samsung C&amp;T is 147,095 won per share, representing 20% higher than current share price.</li>
<li>Samsung C&amp;T is up 4.7% YTD, significantly outperforming the market and its major affiliates including Samsung Electronics (down 24.9% YTD).</li>
<li>We mention four major factors leading Samsung C&amp;T to outperform Samsung Electronics' shares this year including shift to value stocks, Neom project, higher commodity prices, and downturn in semiconductor sector.</li>
</ul>


Our base case NAV valuation of Samsung C&amp;T is 147,095 won per share, representing 20% higher than current share price.
Samsung C&amp;T is up 4.7% YTD, significantly outperforming the market and its major affiliates including Samsung Electronics (down 24.9% YTD).
We mention four major factors leading Samsung C&amp;T to outperform Samsung Electronics' shares this year including shift to value stocks, Neom project, higher commodity prices, and downturn in semiconductor sector.


Samsung C&T: Closing the NAV Discount Gap