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

<p>Samsung's huge special dividend (+ quarterly div) for FY2020 comes on April 16.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="80">
<col width="80">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Special dividend"}'>Special dividend</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ord"}'>Ord</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"1P"}'>1P</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Div"}'>Div</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1932}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}'>₩1,932</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1933}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}'>₩1,933</td>
</tr>
<tr>
<td>- Quarterly</td>
<td style="text-align: right;">₩354</td>
<td style="text-align: right;">₩355</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Special"}'>- Special</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1578}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula="=R[-1]C[0]-354">₩1,578</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1578}' data-sheets-numberformat='{"1":4,"2":"[$₩-412]#,##0"}' data-sheets-formula="=R[-1]C[0]-355">₩1,578</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Payment date"}'><strong>Payment date</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":42481}' data-sheets-numberformat='{"1":5,"2":"yy/m/d","3":1}'><strong>16/4/21</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":42481}' data-sheets-numberformat='{"1":5,"2":"yy/m/d","3":1}'><strong>16/4/21</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Record date"}'>Record date</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":11677}' data-sheets-numberformat='{"1":5,"2":"yy/m/d","3":1}'>31/12/20</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":11677}' data-sheets-numberformat='{"1":5,"2":"yy/m/d","3":1}'>31/12/20</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ex rights-1D"}'>Ex rights-1D</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":47107}' data-sheets-numberformat='{"1":5,"2":"yy/m/d","3":1}'>28/12/20</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":47107}' data-sheets-numberformat='{"1":5,"2":"yy/m/d","3":1}'>28/12/20</td>
</tr>
<tr><td colspan="3" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><p>The total div amounts to ₩13.1T: 2.31% of the Ord SO and 2.57% of the 1P SO.</p><p>As a % of DTV, it is 7.6x for Ord and 13.6x for 1P.</p><p>Out of ₩13.1T, ₩7.7T (59%) will be going to the foreign shareholders.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="80">
<col width="80">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Special dividend"}'>Special dividend</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ord"}'>Ord</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"1P"}'>1P</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"SO"}'>SO</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":5969782550}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula='=googlefinance("005930", "shares")'>5,969,782,550</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":822886700}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula='=googlefinance("005935", "shares")'>822,886,700</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total div (₩B)"}'>Total div (₩B)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":11533.6198866}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula="=R[-1]C[0]*R[-25]C[0]/1000000000">11,533.6</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1590.6399911}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula="=R[-1]C[0]*R[-25]C[0]/1000000000">1,590.6</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"% of MC"}'><strong>% of MC</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.023137724550898204}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[-1]C[0]*1000000000/(googlefinance("005930", "price")*googlefinance("005930", "shares"))'><strong>2.31%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.025773333333333332}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[-1]C[0]*1000000000/(googlefinance("005935", "price")*googlefinance("005935", "shares"))'><strong>2.58%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"% of DTV"}'><strong>% of DTV</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":7.589329418866759}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[-2]C[0]/(googlefinance("005930", "volumeavg")*googlefinance("005930", "price")/1000000000)'><strong>758.93%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":13.577458461157631}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[-2]C[0]/(googlefinance("005935", "volumeavg")*googlefinance("005935", "price")/1000000000)'><strong>1357.75%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"FO"}'>FO</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5582}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>55.82%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.8204}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>82.04%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"FO shares"}'>FO shares</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3332143450}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>3,332,143,450</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":675105949}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>675,105,949</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total div for FO (₩B)"}'><strong>Total div for FO (₩B)</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":6437.7011454}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula="=R[-30]C[0]*R[-1]C[0]/1000000000"><strong>6,437.7</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1304.979799417}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula="=R[-30]C[0]*R[-1]C[0]/1000000000"><strong>1,305.0</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"% of MC"}'>% of MC</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.01291474466020201}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[-1]C[0]*1000000000/(googlefinance("005930", "price")*googlefinance("005930", "shares"))'>1.29%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.02114474648684118}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[-1]C[0]*1000000000/(googlefinance("005935", "price")*googlefinance("005935", "shares"))'>2.11%</td>
</tr>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table>

Samsung's huge special dividend (+ quarterly div) for FY2020 comes on April 16.







Special dividend
Ord
1P


Div
₩1,932
₩1,933


- Quarterly
₩354
₩355


- Special
₩1,578
₩1,578


Payment date
16/4/21
16/4/21


Record date
31/12/20
31/12/20


Ex rights-1D
28/12/20
28/12/20

Source: KRX

The total div amounts to ₩13.1T: 2.31% of the Ord SO and 2.57% of the 1P SO.As a % of DTV, it is 7.6x for Ord and 13.6x for 1P.Out of ₩13.1T, ₩7.7T (59%) will be going to the foreign shareholders.







Special dividend
Ord
1P


SO
5,969,782,550
822,886,700


Total div (₩B)
11,533.6
1,590.6


% of MC
2.31%
2.58%


% of DTV
758.93%
1357.75%


FO
55.82%
82.04%


FO shares
3,332,143,450
675,105,949


Total div for FO (₩B)
6,437.7
1,305.0


% of MC
1.29%
2.11%

Source: KRX



Samsung Electronics Pref Shares (005935 KS)

Samsung Special Div Payment Event on April 16: What to Expect