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

Samsung Electronics Pref Shares / Event-Driven

<ul>
<li>Yesterday, the FSC pushed for value-up policies, but the real buzz was about Samsung Electronics hinting at rolling out its own value-up plan soon.</li>
<li>Samsung may raise its dividend payout from 50% to 60% and could issue a special dividend if semiconductor results improve or FCF exceeds expectations.</li>
<li>Samsung's value-up disclosure may not cause short-term price action but could strengthen downside support. It may focus on dividends over buybacks, potentially boosting preferred stock.</li>
</ul>


Yesterday, the FSC pushed for value-up policies, but the real buzz was about Samsung Electronics hinting at rolling out its own value-up plan soon.
Samsung may raise its dividend payout from 50% to 60% and could issue a special dividend if semiconductor results improve or FCF exceeds expectations.
Samsung's value-up disclosure may not cause short-term price action but could strengthen downside support. It may focus on dividends over buybacks, potentially boosting preferred stock.


What We’ve Got on Samsung Electronics' Value-Up Disclosure

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>AI inkjet breakthrough in semiconductor manufacturing promises more precise coating, revolutionizing tech industry processes.</li><li>China's price war in EV sector causes financial chaos and supply chain disruptions for 2 years, impacting global market.</li><li>US House considers OLED import ban following patent dispute with Samsung Display Corporation, keeping spotlight on patent issues.</li></ul>

AI inkjet breakthrough in semiconductor manufacturing promises more precise coating, revolutionizing tech industry processes.China's price war in EV sector causes financial chaos and supply chain disruptions for 2 years, impacting global market.US House considers OLED import ban following patent dispute with Samsung Display Corporation, keeping spotlight on patent issues.

Tech Supply Chain Tracker (26-Dec-2024): AI inkjet tech offers precise semiconductor coating.

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Micron's Q1F25 met expectations on key metrics but the ~9% downward guidance for the current quarter sent the share price into a tailspin</li>
<li>Consumer-Related inventory issues and China competition were highlighted as the root causes for the surprise downward guide</li>
<li>Micron is ok to cede legacy products to China competition and focus instead on the much more lucrative leading edge products, especially HBM. The transition could be rocky however</li>
</ul>


Micron's Q1F25 met expectations on key metrics but the ~9% downward guidance for the current quarter sent the share price into a tailspin
Consumer-Related inventory issues and China competition were highlighted as the root causes for the surprise downward guide
Micron is ok to cede legacy products to China competition and focus instead on the much more lucrative leading edge products, especially HBM. The transition could be rocky however


Micron. So Long Legacy & Hello There HBM, Data Center & Leading Edge

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>In 2025, the NPS could purchase significant amounts of Korean stocks (at least 25 trillion won) which could act as support in the domestic stock market. </li>
<li>At the end of September 2024, NPS's domestic stock portfolio was 12.7% of its total assets, a 2.2% lower than NPS's domestic stocks target at the end of 2025 (14.9%).</li>
<li>The top five net purchases by the NPS and local pension funds of Korean stocks in the past one month include Samsung Electronics, Kakao, SK Innovation, Hyundai Motor, and SEMCO.</li>
</ul>


In 2025, the NPS could purchase significant amounts of Korean stocks (at least 25 trillion won) which could act as support in the domestic stock market. 
At the end of September 2024, NPS's domestic stock portfolio was 12.7% of its total assets, a 2.2% lower than NPS's domestic stocks target at the end of 2025 (14.9%).
The top five net purchases by the NPS and local pension funds of Korean stocks in the past one month include Samsung Electronics, Kakao, SK Innovation, Hyundai Motor, and SEMCO.


NPS: Portfolio Rebalance Could Lead to Buying At Least 25 Trillion Won in Korean Stocks in 2025

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Rapidus vs. TSMC: Can Japan's Newcomer Compete in the 2nm Race?</li>
<li>Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech </li>
<li>Hon Hai Pauses Nissan Pursuit Amid Honda Talks -- A Japanese Savior for Nissan is Likely But This Confirms Hon Hai's EV Ambitions Remain High</li>
</ul>


Rapidus vs. TSMC: Can Japan's Newcomer Compete in the 2nm Race?
Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech 
Hon Hai Pauses Nissan Pursuit Amid Honda Talks -- A Japanese Savior for Nissan is Likely But This Confirms Hon Hai's EV Ambitions Remain High


Taiwan Tech Weekly: Rapidus's Challenge Vs. TSMC for 2nm; Hon Hai Hunting for Automaker Acquisition

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)

What We’ve Got on Samsung Electronics' Value-Up Disclosure

Here’s what we’ve got on Samsung Electronics' value-up disclosure so far. Samsung Electronics hinted at rolling out their own value-up plan soon...

Sanghyun Park

Tech Supply Chain Tracker (26-Dec-2024): AI inkjet tech offers precise semiconductor coating.

AI inkjet breakthrough enhances semiconductor production; China's EV price war disrupts market; US House considers OLED import ban after patent...

Tech Supply Chain Tracker

Micron. So Long Legacy & Hello There HBM, Data Center & Leading Edge

Micron is ok to cede legacy products to China & focus instead on the much more lucrative leading edge products, especially HBM. The transition...

William Keating

NPS: Portfolio Rebalance Could Lead to Buying At Least 25 Trillion Won in Korean Stocks in 2025

In 2025, the NPS could purchase significant amounts of Korean stocks (at least 25 trillion won) which could act as support in the domestic stock...

Douglas Kim

Taiwan Tech Weekly: Rapidus's Challenge Vs. TSMC for 2nm; Hon Hai Hunting for Automaker Acquisition

Japan's newcomer Rapidus challenges TSMC in the 2nm race; Hon Hai's pursuit of Nissan pauses due to Nissan-Honda talks, but signals Hon Hai's...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

What We’ve Got on Samsung Electronics' Value-Up Disclosure

Here’s what we’ve got on Samsung Electronics' value-up disclosure so far. Samsung Electronics hinted at rolling out their own value-up plan soon...

Sanghyun Park

Tech Supply Chain Tracker (26-Dec-2024): AI inkjet tech offers precise semiconductor coating.

AI inkjet breakthrough enhances semiconductor production; China's EV price war disrupts market; US House considers OLED import ban after patent...

Tech Supply Chain Tracker

Micron. So Long Legacy & Hello There HBM, Data Center & Leading Edge

Micron is ok to cede legacy products to China & focus instead on the much more lucrative leading edge products, especially HBM. The transition...

William Keating

NPS: Portfolio Rebalance Could Lead to Buying At Least 25 Trillion Won in Korean Stocks in 2025

In 2025, the NPS could purchase significant amounts of Korean stocks (at least 25 trillion won) which could act as support in the domestic stock...

Douglas Kim

Taiwan Tech Weekly: Rapidus's Challenge Vs. TSMC for 2nm; Hon Hai Hunting for Automaker Acquisition

​Japan's newcomer Rapidus challenges TSMC in the 2nm race; Hon Hai's pursuit of Nissan pauses due to Nissan-Honda talks, but signals Hon Hai's...

Vincent Fernando, CFA

Japan's newcomer Rapidus challenges TSMC in the 2nm race; Hon Hai's pursuit of Nissan pauses due to Nissan-Honda talks, but signals Hon Hai's...