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>A high-ranking official from the local financial regulatory authority has confirmed to several local media outlets that the tax benefits for the value-up program will be unveiled this month.</li>
<li>Corporate tax cuts and separate taxation on dividend income will be included. The short-term impact at the time of the announcement will likely be more significant for corporate tax cuts.</li>
<li>Local market is focused on screening large companies within the KOSPI 200 that have substantial pre-tax profits in anticipation of the corporate tax cut momentum to be announced this month.</li>
</ul>


A high-ranking official from the local financial regulatory authority has confirmed to several local media outlets that the tax benefits for the value-up program will be unveiled this month.
Corporate tax cuts and separate taxation on dividend income will be included. The short-term impact at the time of the announcement will likely be more significant for corporate tax cuts.
Local market is focused on screening large companies within the KOSPI 200 that have substantial pre-tax profits in anticipation of the corporate tax cut momentum to be announced this month.


Value-Up Tax Support Revealed by End of June: Local Market Eyes Corporate Tax Cut Beneficiaries

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>We discuss the importance of Hyundai Motor generating nearly 11.5 trillion won in operating profit in 2023, which is likely to be the highest among all Korean companies. </li>
<li>Hyundai Motor and Kia Corp combined are expected to generate operating profit of 20.7 trillion won in 2023, representing 57% of total operating profit of the top 10 Korean companies.</li>
<li>In 2023, Hyundai Motor plans a full-scale world-wide roll-out of its EV Ioniq 6. Furthermore, it set a dividend payout ratio at 25% or higher.</li>
</ul>


We discuss the importance of Hyundai Motor generating nearly 11.5 trillion won in operating profit in 2023, which is likely to be the highest among all Korean companies. 
Hyundai Motor and Kia Corp combined are expected to generate operating profit of 20.7 trillion won in 2023, representing 57% of total operating profit of the top 10 Korean companies.
In 2023, Hyundai Motor plans a full-scale world-wide roll-out of its EV Ioniq 6. Furthermore, it set a dividend payout ratio at 25% or higher.


Hyundai Motor: Highest Operating Profit Among All Korean Companies in 2023

Douglas Research Advisory

<ul>
<li>In the past week, one of the biggest stories in Korea has been the Hyundai Motor Group's mega $21 billion investment in the United States.</li>
<li>There is a real concern that Hyundai Motor may need to raise external capital to fund its US investments/share buybacks/dividends in 2027/2028.</li>
<li>Hyundai Motor (005380 KS) remains one of the most undervalued global auto companies. It is trading at P/E of 4.7x in 2025 and 4.5x in 20026. </li>
</ul>


In the past week, one of the biggest stories in Korea has been the Hyundai Motor Group's mega $21 billion investment in the United States.
There is a real concern that Hyundai Motor may need to raise external capital to fund its US investments/share buybacks/dividends in 2027/2028.
Hyundai Motor (005380 KS) remains one of the most undervalued global auto companies. It is trading at P/E of 4.7x in 2025 and 4.5x in 20026. 


Hyundai Motor Group - $21 Billion Investment in the US [Where Will the Money Come From?]

<ul>
<li>Korea's first ATS goes live on March 4, starting with 10 tickers based on liquidity and market cap, expanding to 800 over time. First 10 revealed next week.</li>
<li>KRX vs ATS arbitrage will be key, with execution speed differences causing price dislocations, especially for KOSPI 200 stocks. Lower ATS fees may shift institutional flow, increasing arb opportunities.</li>
<li>On top of that, lack of market makers could widen bid-ask spreads, creating opportunities for spread scalpers to profit.</li>
</ul>


Korea's first ATS goes live on March 4, starting with 10 tickers based on liquidity and market cap, expanding to 800 over time. First 10 revealed next week.
KRX vs ATS arbitrage will be key, with execution speed differences causing price dislocations, especially for KOSPI 200 stocks. Lower ATS fees may shift institutional flow, increasing arb opportunities.
On top of that, lack of market makers could widen bid-ask spreads, creating opportunities for spread scalpers to profit.


Korea’s First ATS Launching March 4: Arb Opportunities to Watch

<ul>
<li>Major banks, Hyundai Motor, POSCO Holdings, and companies like HMM, which updated their articles, will likely set dividend record dates pre-AGM in the mid-to-late February window.</li>
<li>Track backwardation in March futures for mispricings. Companies will likely follow last year’s playbook: AGM in mid-to-late March, record date 3–4 weeks prior, announcement 2 weeks ahead.</li>
<li>Opportunity lies in the March futures basis spread between February contract and record date announcement. Watch those for potential dividend hikes and futures mispricing ahead.</li>
</ul>


Major banks, Hyundai Motor, POSCO Holdings, and companies like HMM, which updated their articles, will likely set dividend record dates pre-AGM in the mid-to-late February window.
Track backwardation in March futures for mispricings. Companies will likely follow last year’s playbook: AGM in mid-to-late March, record date 3–4 weeks prior, announcement 2 weeks ahead.
Opportunity lies in the March futures basis spread between February contract and record date announcement. Watch those for potential dividend hikes and futures mispricing ahead.


Key Info We Need to Know About Boosting Predictability of Dividend Record Dates in Korea

South Korea

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

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Hyundai Motor (005385 KS)

Value-Up Tax Support Revealed by End of June: Local Market Eyes Corporate Tax Cut Beneficiaries

A high-ranking official confirmed that tax cut incentives for the value-up program will be unveiled by the end of this month. This post...

Sanghyun Park

Hyundai Motor: Highest Operating Profit Among All Korean Companies in 2023

In this insight, we discuss the importance of Hyundai Motor generating nearly 11.5 trillion won in operating profit in 2023, which is likely to be...

Douglas Kim

Hyundai Motor Group - $21 Billion Investment in the US [Where Will the Money Come From?]

In the past week, one of the biggest stories in Korea has been the Hyundai Motor Group's mega $21 billion investment in the United States.

Douglas Kim

Korea’s First ATS Launching March 4: Arb Opportunities to Watch

NextTrade just unveiled its first batch of stocks for the March 4 ATS launch: Lotte Shopping, Cheil Worldwide, Kolon Ind, LG Uplus, S-Oil, Golfzon,...

Sanghyun Park

Key Info We Need to Know About Boosting Predictability of Dividend Record Dates in Korea

This post covers the essentials for improving the predictability of dividend record dates in Korea, providing key information for navigating...

Sanghyun Park

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