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>If ₩500B comes from common shares, about 40M shares retire, raising Samsung Life and Fire stakes to 10.07%, requiring a ₩0.23T block sale to trim excess.</li>
<li>Slightly smaller than last time but still notable, the insurers acted fast in February. Expect a ~0.07% block trade soon, though price impact was mild previously.</li>
<li>Watch for preferred share outperformance as phase two buyback hits 0.66% common vs. 0.81% preferred (effective buyback assuming cancellation); similar dynamics may repeat in the larger ₩4T phase three buyback.</li>
</ul>


If ₩500B comes from common shares, about 40M shares retire, raising Samsung Life and Fire stakes to 10.07%, requiring a ₩0.23T block sale to trim excess.
Slightly smaller than last time but still notable, the insurers acted fast in February. Expect a ~0.07% block trade soon, though price impact was mild previously.
Watch for preferred share outperformance as phase two buyback hits 0.66% common vs. 0.81% preferred (effective buyback assuming cancellation); similar dynamics may repeat in the larger ₩4T phase three buyback.


Samsung Electronics’ Phase 2 Buyback Disposal Plan Virtually Finalized: Two Key Trading Implications

<ul>
<li>We're starting to see some local market players getting ready and setting up trades that bet on a potential split for Samsung Electronics.</li>
<li>Samsung could leverage the buzz around spinning off its foundry business to split key units—foundry, memory chips, and others—into two or three separate companies at the shareholder meeting.</li>
<li>Additionally, the valuation gap between Samsung Electronics and Biologics has narrowed more than it has in the last decade, making it an even more attractive opportunity.</li>
</ul>


We're starting to see some local market players getting ready and setting up trades that bet on a potential split for Samsung Electronics.
Samsung could leverage the buzz around spinning off its foundry business to split key units—foundry, memory chips, and others—into two or three separate companies at the shareholder meeting.
Additionally, the valuation gap between Samsung Electronics and Biologics has narrowed more than it has in the last decade, making it an even more attractive opportunity.


Surging Buzz Around the Potential Split of Samsung Electronics

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Korea Exchange announced the long awaited Korea Value Up Index ("K Value Up Index") (composed of 100 stocks) today. </li>
<li>Korea Exchange used a 5-step screening process to select the 100 companies in this index including market cap, profitability, shareholder returns, market evaluation, and capital efficiency. </li>
<li>This Value Up index is part of the bigger "Corporate Value Up " program in Korea. <em><strong>These efforts to improve Korea's corporate governance policies is a marathon, not a sprint.  </strong></em>
</li>
</ul>


Korea Exchange announced the long awaited Korea Value Up Index ("K Value Up Index") (composed of 100 stocks) today. 
Korea Exchange used a 5-step screening process to select the 100 companies in this index including market cap, profitability, shareholder returns, market evaluation, and capital efficiency. 
This Value Up index is part of the bigger "Corporate Value Up " program in Korea. These efforts to improve Korea's corporate governance policies is a marathon, not a sprint.  



Korea Exchange Announces The Korea Value Up Index

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> is a leading beneficiary of the recovery in global Smartphone demand, and strength in Memory prices, driven by the proliferation of Gen AI demand.</li>
<li>Global Memory prices have recovered by up to +80%y/y driven by demand from hyperscaler customers for leading-technology DDR5, HBM, and other high-value-added memory products.</li>
<li>Samsung Electronics trades more than one standard deviation below its 5-year historic average trading range, a historically proved to be an excellent buying point.</li>
</ul>



Samsung Electronics (005930 KS) is a leading beneficiary of the recovery in global Smartphone demand, and strength in Memory prices, driven by the proliferation of Gen AI demand.
Global Memory prices have recovered by up to +80%y/y driven by demand from hyperscaler customers for leading-technology DDR5, HBM, and other high-value-added memory products.
Samsung Electronics trades more than one standard deviation below its 5-year historic average trading range, a historically proved to be an excellent buying point.


Samsung Electronics (005930-KR): Quality Generative AI Play, Trading at a Discount

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul>
<li>Nvidia CEO Jensen Huang has repeatedly emphasized that the data center is the new unit of compute.</li>
<li>While this concept seemed straightforward at first, the deeper implications became clearer after Nvidia's presentations at GTC and OFC 2024.</li>
<li>I only recently grasped exactly what is happening, and a simple reframing of the underlying principles that drove Moore’s Law makes the entire picture clearer.</li>
</ul>


Nvidia CEO Jensen Huang has repeatedly emphasized that the data center is the new unit of compute.
While this concept seemed straightforward at first, the deeper implications became clearer after Nvidia's presentations at GTC and OFC 2024.
I only recently grasped exactly what is happening, and a simple reframing of the underlying principles that drove Moore’s Law makes the entire picture clearer.


The Data Center is the New Compute Unit: Nvidia's Vision for System-Level Scaling

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.

Samsung Electronics Pref Shares (005935 KS)

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Samsung Electronics Pref Shares (005935 KS)

Samsung Electronics’ Phase 2 Buyback Disposal Plan Virtually Finalized: Two Key Trading Implications

This post covers the virtual finalization of Samsung Electronics’ Phase 2 buyback disposal plan and highlights two key trading implications.

Sanghyun Park

Surging Buzz Around the Potential Split of Samsung Electronics

This post dives into the potential split of Samsung Electronics, one of the hot topics currently heating up Korea's stock market.

Sanghyun Park

Korea Exchange Announces The Korea Value Up Index

KRX used a 5-step screening process to select the 100 companies in the Korea Value Up Index including market cap, profitability, shareholder...

Douglas Kim

Samsung Electronics (005930-KR): Quality Generative AI Play, Trading at a Discount

In this insight, we analyse Samsung Electronics with a particular focus on the global Memory and Smartphone markets, company financials and growth...

Wium Malan, CFA

The Data Center is the New Compute Unit: Nvidia's Vision for System-Level Scaling

Copper, Cooling, and Compute Density: The Pillars of Nvidia's Data Center Vision. Nvidia CEO Jensen Huang has repeatedly emphasized that the data...

Fabricated Knowledge

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