Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>The 2nd phase of the buyback, around 3T KRW with a 3-month window, could drop this week, likely by mid- or end-week.</li>
<li>The market's worried Samsung might not retire the shares this time and could handle them differently.</li>
<li>The latest talk is that Samsung will retire the shares immediately, like Phase 1. This could be an inflection point for solid short-term price action—time to set up positions.</li>
</ul>


The 2nd phase of the buyback, around 3T KRW with a 3-month window, could drop this week, likely by mid- or end-week.
The market's worried Samsung might not retire the shares this time and could handle them differently.
The latest talk is that Samsung will retire the shares immediately, like Phase 1. This could be an inflection point for solid short-term price action—time to set up positions.


Samsung's 10T KRW Buyback Phase 2: The Timing of the Drop and How the Structure Is Looking

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In this insight, we provide the top 10 stocks picks in the Korean stock market for the two weeks starting 17 February.</li>
<li>The top 10 stock picks (bi-weekly) include Hyundai G.F. Holding, Binggrae, Cheil Worldwide, Hana Tour, Samsung Electronics (pref), Samsung E&amp;A, Hyundai Elevator, KT Corp, Orion Corp, and Samsung Life Insurance. </li>
<li>We started to incorporate top negative catalysts along with positive catalysts in our top stock picks bi-weekly. Top negative catalyst is tariffs. We tried to exclude companies exposed to tariffs.</li>
</ul>


In this insight, we provide the top 10 stocks picks in the Korean stock market for the two weeks starting 17 February.
The top 10 stock picks (bi-weekly) include Hyundai G.F. Holding, Binggrae, Cheil Worldwide, Hana Tour, Samsung Electronics (pref), Samsung E&amp;A, Hyundai Elevator, KT Corp, Orion Corp, and Samsung Life Insurance. 
We started to incorporate top negative catalysts along with positive catalysts in our top stock picks bi-weekly. Top negative catalyst is tariffs. We tried to exclude companies exposed to tariffs.


Top 10 Korean Stock Picks Bi-Weekly (17 February 2025)

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Foxconn chairman emphasizes collaboration with Nissan, denies interest in takeover, focusing on their partnership.</li><li>SMIC targets automotive growth, facing competition in China's chip market, seeking to expand market share.</li><li>Microip sees 489% revenue growth post-CES success, expanding 'designless' strategy, fueling January success.</li></ul>

Foxconn chairman emphasizes collaboration with Nissan, denies interest in takeover, focusing on their partnership.SMIC targets automotive growth, facing competition in China's chip market, seeking to expand market share.Microip sees 489% revenue growth post-CES success, expanding 'designless' strategy, fueling January success.

Tech Supply Chain Tracker (13-Feb-2025): Foxconn chair denies Nissan takeover, focuses on collaboration.

<ul>
<li>The market's reaction to Samsung Fire's stake sale seems overhyped. Given past share sales, Life may outperform Fire as this momentum unfolds.</li>
<li>I don’t see SDS merging with Samsung Electronics. It lacks synergy and could stir up PR issues. If Sammy’s stock stalls, Lee Jae-yong might sell more of his SDS stake.</li>
<li>I’m still bullish on Sammy prefs. If the tax reform passes, a special dividend, not a buyback, will be the cleanest way for Samsung to address inheritance tax.</li>
</ul>


The market's reaction to Samsung Fire's stake sale seems overhyped. Given past share sales, Life may outperform Fire as this momentum unfolds.
I don’t see SDS merging with Samsung Electronics. It lacks synergy and could stir up PR issues. If Sammy’s stock stalls, Lee Jae-yong might sell more of his SDS stake.
I’m still bullish on Sammy prefs. If the tax reform passes, a special dividend, not a buyback, will be the cleanest way for Samsung to address inheritance tax.


My Take on the Three Scenarios that Sammy Buyback Stirred up in the Market Today

Taiwan Tech Focused Senior Analyst

Patrick Liao

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>The 1Q25 outlook is expected to see a 0-5% decline quarter-over-quarter due to the recent earthquake in southern Taiwan.  </li>
<li>Factors such as increased demand related to <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a>  iPhone production and subsidies for China's electronics industry are expected to boost Novatek's output in 1Q25.</li>
<li>US President Donald Trump has expressed dissatisfaction with Taiwan's increasing dominance in the semiconductor manufacturing sector.</li>
</ul>


The 1Q25 outlook is expected to see a 0-5% decline quarter-over-quarter due to the recent earthquake in southern Taiwan.  
Factors such as increased demand related to Apple (AAPL US)  iPhone production and subsidies for China's electronics industry are expected to boost Novatek's output in 1Q25.
US President Donald Trump has expressed dissatisfaction with Taiwan's increasing dominance in the semiconductor manufacturing sector.


Novatek (3034.TT): Earthquake Affecting 1Q25 Outlook; Benefited by Subsidies for China's Electronics

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (005930 KS)

Samsung's 10T KRW Buyback Phase 2: The Timing of the Drop and How the Structure Is Looking

This post dives into the latest market intel on the timing and structure of Samsung Electronics' 10T KRW buyback Phase 2.

Sanghyun Park

Top 10 Korean Stock Picks Bi-Weekly (17 February 2025)

The top 10 stock picks (bi-weekly) include Hyundai G.F. Holding, Binggrae, Cheil Worldwide, Hana Tour, Samsung Electronics (pref), Samsung E&A,...

Douglas Kim

Tech Supply Chain Tracker (13-Feb-2025): Foxconn chair denies Nissan takeover, focuses on collaboration.

Foxconn denies interest in Nissan takeover, focusing on collaboration; SMIC targets automotive growth in response to China's chip market pressures;...

Tech Supply Chain Tracker

My Take on the Three Scenarios that Sammy Buyback Stirred up in the Market Today

Samsung Life and Fire just pulled the trigger on offloading Sammy Electronics shares post-close. Life’s dumping 4.25M shares (KRW 236.4B), trimming...

Sanghyun Park

Novatek (3034.TT): Earthquake Affecting 1Q25 Outlook; Benefited by Subsidies for China's Electronics

1Q25 outlook for Novatek expected to decline 0-5% due to Taiwan earthquake, but boosted by Apple demand and China subsidies. Trump unhappy with...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Samsung's 10T KRW Buyback Phase 2: The Timing of the Drop and How the Structure Is Looking

This post dives into the latest market intel on the timing and structure of Samsung Electronics' 10T KRW buyback Phase 2.

Sanghyun Park

Top 10 Korean Stock Picks Bi-Weekly (17 February 2025)

The top 10 stock picks (bi-weekly) include Hyundai G.F. Holding, Binggrae, Cheil Worldwide, Hana Tour, Samsung Electronics (pref), Samsung E&A,...

Douglas Kim

Tech Supply Chain Tracker (13-Feb-2025): Foxconn chair denies Nissan takeover, focuses on collaboration.

Foxconn denies interest in Nissan takeover, focusing on collaboration; SMIC targets automotive growth in response to China's chip market pressures;...

Tech Supply Chain Tracker

My Take on the Three Scenarios that Sammy Buyback Stirred up in the Market Today

Samsung Life and Fire just pulled the trigger on offloading Sammy Electronics shares post-close. Life’s dumping 4.25M shares (KRW 236.4B), trimming...

Sanghyun Park

Novatek (3034.TT): Earthquake Affecting 1Q25 Outlook; Benefited by Subsidies for China's Electronics

​1Q25 outlook for Novatek expected to decline 0-5% due to Taiwan earthquake, but boosted by Apple demand and China subsidies. Trump unhappy with...

Patrick Liao

1Q25 outlook for Novatek expected to decline 0-5% due to Taiwan earthquake, but boosted by Apple demand and China subsidies. Trump unhappy with...