Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

I investigate special situations, pairs, and index rebalancing trades in Korea.

Korea / Special Sits, Pairs, Index Rebalancing

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Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Samsung Electronics posted markedly improved operating cash flow in 3Q. So, the market consensus for CFO has been revised upwards. On the other hand, CAPEX has been revised down.</li>
<li>Samsung Electronics can generate 13.5 trillion won to 14.5 trillion won in additional shareholder return funds (50% of FCF), meaning that 3.7~4.7 trillion won is the size for special dividends.</li>
<li>There is a high possibility of Samsung going to the special dividend path, at least for this year, for two reasons.</li>
</ul>


Samsung Electronics posted markedly improved operating cash flow in 3Q. So, the market consensus for CFO has been revised upwards. On the other hand, CAPEX has been revised down.
Samsung Electronics can generate 13.5 trillion won to 14.5 trillion won in additional shareholder return funds (50% of FCF), meaning that 3.7~4.7 trillion won is the size for special dividends.
There is a high possibility of Samsung going to the special dividend path, at least for this year, for two reasons.


Samsung Electronics Pref Shares (005935 KS)

Samsung Electronics Dividend Situation Update Based on 3Q Results