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

<p>Samsung Heavy Industries first announced a 5 to 1 capital reduction. But this one is a par-value capital reduction without any refund. So, the number of outstanding shares remains unchanged. Only the par-value will be down from ₩5,000 to ₩1,000.</p><p>Why doing it now? Well, it had to do it a long time ago. It has already been a while since Samsung Heavy began to run the risk of encountering capital impairment.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 227.273px;" data-sheets-value='{"1":2,"2":"Capital reduction "}'>Capital reduction details</td>
<td style="text-align: right; width: 227.273px;" data-sheets-value='{"1":2,"2":"Current"}'>Current</td>
<td style="text-align: right; width: 227.273px;" data-sheets-value='{"1":2,"2":"After capital reduction"}'>After capital reduction</td>
</tr>
<tr>
<td style="width: 227.273px;" data-sheets-value='{"1":2,"2":"Ordinary shares"}'><strong>Ordinary shares</strong></td>
<td style="text-align: right; width: 227.273px;" data-sheets-value='{"1":3,"3":630000000}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'><strong>630,000,000</strong></td>
<td style="text-align: right; width: 227.273px;" data-sheets-value='{"1":3,"3":630000000}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'><strong>630,000,000</strong></td>
</tr>
<tr>
<td style="width: 227.273px;" data-sheets-value='{"1":2,"2":"Par value"}'><strong>Par value</strong></td>
<td style="text-align: right; width: 227.273px;" data-sheets-value='{"1":3,"3":5000}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}'><strong>₩5,000</strong></td>
<td style="text-align: right; width: 227.273px;" data-sheets-value='{"1":3,"3":1000}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}'><strong>₩1,000</strong></td>
</tr>
<tr>
<td style="width: 227.273px;" data-sheets-value='{"1":2,"2":"Capital"}'><strong>Capital</strong></td>
<td style="text-align: right; width: 227.273px;" data-sheets-value='{"1":3,"3":3150.574225}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula="=R[2]C[-3]/1000000000"><strong>3,150.6</strong></td>
<td style="text-align: right; width: 227.273px;" data-sheets-value='{"1":3,"3":630.114845}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula="=R[2]C[-3]/1000000000"><strong>630.1</strong></td>
</tr>
<tr>
<td style="width: 227.273px;" data-sheets-value='{"1":2,"2":"Record date"}'>Record date</td>
<td colspan="2" style="text-align: right; width: 475.455px;" data-sheets-value='{"1":3,"3":44403}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2021. 07. 26</td>
</tr>
<tr>
<td style="width: 227.273px;" data-sheets-value='{"1":2,"2":"Shareholder meeting"}'>Shareholder meeting</td>
<td colspan="2" style="text-align: right; width: 475.455px;" data-sheets-value='{"1":3,"3":44369}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2021. 06. 22</td>
</tr>
<tr>
<td style="width: 227.273px;" data-sheets-value='{"1":2,"2":"Trade suspension"}'><strong>Trade suspension</strong></td>
<td colspan="2" style="text-align: right; width: 475.455px;" data-sheets-value='{"1":2,"2":"2021. 07. 23 ~ 08. 09"}'><strong>2021. 07. 23 ~ 08. 09</strong></td>
</tr>
<tr><td colspan="3" style="width: 723.636px;">Source: DART</td></tr>
</tbody>
</table><hr><p><strong>What's really important is what follows this capital reduction. </strong><strong>Samsung Heavy also made a preannouncement of a ₩1T new share issuance.</strong></p><p>Samsung Heavy will have a shareholder meeting on June 22 to increase the total allowable shares to be issued. A ₩1T new share issuance would see a 22% capital increase at the last close, requiring an increase in the total allowable shares to be issued. This needs shareholder approval. So, we will see the final fixation of offering details after June 22. A new share issuance itself requires only board approval.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Share structure"}'>Share structure</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ordinary"}'>Ordinary shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Preferred"}'>Preferred shares</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total allowable shares to be issued"}'><strong>Total allowable shares to be issued</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":740000000}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'><strong>740,000,000</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":60000000}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'><strong>60,000,000</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Shares outstanding"}'><strong>Shares outstanding</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":630000000}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'><strong>630,000,000</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":114845}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'><strong>114,845</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Treasury shares"}'>Treasury shares</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":25964429}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>25,964,429</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Float shares"}'>Float shares</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":604035571}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>604,035,571</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":114845}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>114,845</td>
</tr>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><p>What's unusual is the preannouncement. Why preannounces it for an offering taking place more than a month later? Of course, it is not like we've never seen it before. Hyundai Heavy Industries Intermediate Holdco (now Korea Shipbuilding &amp; Offshore Engn Co Ltd) made a preannouncement of rights offering back in 2019. But that was part of a group-wide complex restructuring process, which should have been made public in advance.</p><p>This is a stand-alone offering event. I don't really see why Samsung Heavy should disclose it in advance through a preannouncement.</p><p>My suspicion? I think it is related to the recently enacted short-selling restriction to close the loophole for arb trading in a rights offer. Those having shorted between a day after an offering announcement day and an offering price-fixing day face the restriction. In such a case, they are prevented from participating in an offering at all. The restrictions apply to offering events whose filing dates are after April 6, 2021.</p><div>
<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Country"}'>Restriction detail</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Target"}'><strong>Target</strong></td>
<td data-sheets-value='{"1":2,"2":"Those having shorted between an offering announcement day+1D and an offering price fixing day"}'><strong>Those having shorted between the trading day following an offering announcement day and an offering price-fixing day</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Restriction"}'><strong>Restriction</strong></td>
<td data-sheets-value='{"1":2,"2":"Prohibits participating in an offering"}'><strong>Prohibits participating in an offering</strong></td>
</tr>
<tr>
<td>Effective date</td>
<td>April 6, 2021</td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: Korea FSC"}'>Source: Korea FSC</td></tr>
</tbody>
</table>
<p>Then, the question is whether this preannouncement qualifies as an offering announcement subject to the short-selling restrictions. I don't think it is since the Korea FSC states that an offering announcement contains a detailed schedule. This preannouncement has only an estimated offering value.</p>
<p>Samsung Heavy Industries isn't exactly a fancy growth stock. It is evident that liquidity-wise, this offering needs as many arb traders as possible. So, the company may have figured a way to walk around the short-selling restrictions so that it could invite more arb traders. It is like giving more than plenty of time (6 weeks) to short before an offering announcement and recover at a deep discount in an offering.</p>
</div>

Samsung Heavy Industries first announced a 5 to 1 capital reduction. But this one is a par-value capital reduction without any refund. So, the number of outstanding shares remains unchanged. Only the par-value will be down from ₩5,000 to ₩1,000.Why doing it now? Well, it had to do it a long time ago. It has already been a while since Samsung Heavy began to run the risk of encountering capital impairment.







Capital reduction details
Current
After capital reduction


Ordinary shares
630,000,000
630,000,000


Par value
₩5,000
₩1,000


Capital
3,150.6
630.1


Record date
2021. 07. 26


Shareholder meeting
2021. 06. 22


Trade suspension
2021. 07. 23 ~ 08. 09

Source: DART

What's really important is what follows this capital reduction. Samsung Heavy also made a preannouncement of a ₩1T new share issuance.Samsung Heavy will have a shareholder meeting on June 22 to increase the total allowable shares to be issued. A ₩1T new share issuance would see a 22% capital increase at the last close, requiring an increase in the total allowable shares to be issued. This needs shareholder approval. So, we will see the final fixation of offering details after June 22. A new share issuance itself requires only board approval.







Share structure
Ordinary shares
Preferred shares


Total allowable shares to be issued
740,000,000
60,000,000


Shares outstanding
630,000,000
114,845


Treasury shares
25,964,429
-


Float shares
604,035,571
114,845

Source: DART

What's unusual is the preannouncement. Why preannounces it for an offering taking place more than a month later? Of course, it is not like we've never seen it before. Hyundai Heavy Industries Intermediate Holdco (now Korea Shipbuilding &amp; Offshore Engn Co Ltd) made a preannouncement of rights offering back in 2019. But that was part of a group-wide complex restructuring process, which should have been made public in advance.This is a stand-alone offering event. I don't really see why Samsung Heavy should disclose it in advance through a preannouncement.My suspicion? I think it is related to the recently enacted short-selling restriction to close the loophole for arb trading in a rights offer. Those having shorted between a day after an offering announcement day and an offering price-fixing day face the restriction. In such a case, they are prevented from participating in an offering at all. The restrictions apply to offering events whose filing dates are after April 6, 2021.






Restriction detail

Target
Those having shorted between the trading day following an offering announcement day and an offering price-fixing day


Restriction
Prohibits participating in an offering


Effective date
April 6, 2021

Source: Korea FSC


Then, the question is whether this preannouncement qualifies as an offering announcement subject to the short-selling restrictions. I don't think it is since the Korea FSC states that an offering announcement contains a detailed schedule. This preannouncement has only an estimated offering value.
Samsung Heavy Industries isn't exactly a fancy growth stock. It is evident that liquidity-wise, this offering needs as many arb traders as possible. So, the company may have figured a way to walk around the short-selling restrictions so that it could invite more arb traders. It is like giving more than plenty of time (6 weeks) to short before an offering announcement and recover at a deep discount in an offering.


Samsung Heavy's Unusual Preannouncement of Rights Offer: Pave the Path for Massive Arb Trades?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<p>After the market close today, <a href="https://www.smartkarma.com/entities/samsung-heavy-industries" target="_blank" data-smartkarma-citation="entities:4:1" rel="noopener">Samsung Heavy Industries (010140 KS)</a> announced that it will conduct a capital reduction plan followed by rights offering issue worth 1 trillion won. The capital reduction will involve a reduction in par value (5 to 1). The rights offering will be worth 1 trillion won, representing 22% of Samsung Heavy Industries (SHI)'s market cap of 4.5 trillion won.</p><p>We believe that this rights offering by Samsung Heavy Industries will act as an overhang on its share price as many investors fear that this offering will lead to further shares dilution. In addition, the company also had an operating loss of 506.8 billion won in 1Q 2021, which was much worse than the consensus estimate of an operating loss of 49.3 billion won in this period.</p><p><strong>Rising materials costs</strong> including steel has resulted in higher than expected total operating costs for Samsung Heavy Industries.</p>

After the market close today, Samsung Heavy Industries (010140 KS) announced that it will conduct a capital reduction plan followed by rights offering issue worth 1 trillion won. The capital reduction will involve a reduction in par value (5 to 1). The rights offering will be worth 1 trillion won, representing 22% of Samsung Heavy Industries (SHI)'s market cap of 4.5 trillion won.We believe that this rights offering by Samsung Heavy Industries will act as an overhang on its share price as many investors fear that this offering will lead to further shares dilution. In addition, the company also had an operating loss of 506.8 billion won in 1Q 2021, which was much worse than the consensus estimate of an operating loss of 49.3 billion won in this period.Rising materials costs including steel has resulted in higher than expected total operating costs for Samsung Heavy Industries.

Samsung Heavy Industries: A Capital Reduction Followed by 1 Trillion Won in Rights Offering

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<p>The short sell ban in Korea that was instated on 16 March 2020 is set to expire on 15 March.</p><p>However, with mayoral elections in Seoul and Busan around the corner, politicians are said to be leaning on the FSC to extend the short sell ban. Add to that the retail outrage - from petitions to the Blue House, bus tours, and posts on K-Streetbets of targeting stocks with high short interest.</p><p>There is a high likelihood that the short sell ban gets extended by three more months to tide the politicians over the mayoral elections.</p><p>In the event that the short sell ban expires, we highlight stocks that have seen the most short covering since the start of the short sell ban, stocks with high short interest as a percentage of market cap and free float, and high days of ADV to cover.</p><p>This will have implications for many strategies and will open the door to trade the ordinaries vs preferred shares, long/short and other related strategies.</p>

The short sell ban in Korea that was instated on 16 March 2020 is set to expire on 15 March.However, with mayoral elections in Seoul and Busan around the corner, politicians are said to be leaning on the FSC to extend the short sell ban. Add to that the retail outrage - from petitions to the Blue House, bus tours, and posts on K-Streetbets of targeting stocks with high short interest.There is a high likelihood that the short sell ban gets extended by three more months to tide the politicians over the mayoral elections.In the event that the short sell ban expires, we highlight stocks that have seen the most short covering since the start of the short sell ban, stocks with high short interest as a percentage of market cap and free float, and high days of ADV to cover.This will have implications for many strategies and will open the door to trade the ordinaries vs preferred shares, long/short and other related strategies.

Korea Short Sell Ban: Elections, Public Outrage, Bus Tours, Blue House Petitions, K-Streetbets

<p>Everything seems to be clicking for Samsung Heavy lately.</p><p>The price is nearing a new 52W high as 1M gain amounts to 36%. It is currently 40% above the 20D EMA.</p><p>Even today, the shares are super actively trading at a 7x 30D DTV (nearly US$300M). </p><table class="table table-striped">
<colgroup>
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Item"}'>Item</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Value"}'>Value</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Name"}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}'>Name</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Samsung Heavy Industries Co.,Ltd"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>Samsung Heavy Industries Co., Ltd</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ticker"}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}'>Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"010140"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}' data-sheets-formula='="010140"'>010140</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"MC (₩B)"}'>MC (₩B)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":4437.814898}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula='=googlefinance(R[-1]C[0], "marketcap")/1000000000'>4,437.8</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"TV/DTV (x)"}'>TV/DTV (x)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":7.081586919405633}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}' data-sheets-formula='=googlefinance(R[-7]C[0], "volume")/googlefinance(R[-7]C[0], "volumeavg")'>7.08</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"- DTV (₩B)"}'>- DTV (₩B)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":32.792907414285715}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula='=googlefinance(R[-8]C[0], "volumeavg")*average(index(googlefinance(R[-8]C[0], "price", today()-30, today()), 0,2))/1000000000'>32.8</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"TV (₩B)"}'>TV (₩B)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":288.64293488}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula='=googlefinance(R3C[0], "volume")*R[-6]C[1]/1000000000'>288.6</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - % of SO"}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}'>- % of SO</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.06563945396825396}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=googlefinance(R[-10]C[0], "volume")/googlefinance(R[-10]C[0], "shares")'>6.56%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"RSI (14)"}'>RSI (14)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":76.17947249921087}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}' data-sheets-formula="=R[480]C[7]">76.18</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"%K"}'>%K</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":81.30434782608695}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}' data-sheets-formula="=R[479]C[10]">81.30</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"%D"}'>%D</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":75.39881573448905}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}' data-sheets-formula="=R[478]C[11]">75.40</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"52WH"}'>52WH</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.06809078771695594}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R6C[1]-R[0]C[1])/R[0]C[1]">-6.81%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Date"}'>- Date</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":43845.64583333333}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}' data-sheets-formula='=index(googlefinance(R[-23]C[0], "price", today()-365, today()), (match(max(index(googlefinance(R[-23]C[0], "price", today()-365, today()), 0, 2)), index(googlefinance(R[-23]C[0], "price", today()-365, today()), 0, 2), 0)), 1)'>1/15/20</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"52WL"}'>52WL</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.2407704654895666}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R6C[1]-R[0]C[1])/R[0]C[1]">124.08%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Date"}'>- Date</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":43913.64583333333}' data-sheets-numberformat='{"1":5,"2":"m\"/\"d\"/\"yy"}' data-sheets-formula='=index(googlefinance(R[-25]C[0], "price", today()-365, today()), (match(min(index(googlefinance(R[-25]C[0], "price", today()-365, today()), 0, 2)), index(googlefinance(R[-25]C[0], "price", today()-365, today()), 0, 2), 0)), 1)'>3/23/20</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"20D SMA"}'>20D SMA</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.48890784982935154}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R6C3-R178C[15])/R178C[15]">48.89%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"20D EMA"}'>20D EMA</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3958087194948088}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R6C3-R178C[16])/R178C[16]">39.58%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1M Δ"}'>1M Δ</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3553398058252427}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=(googlefinance(R[-28]C2, "price")-index(googlefinance(R[-28]C2, "price", today()-30), 2,2))/index(googlefinance(R[-28]C2, "price", today()-30), 2,2)'>35.53%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1M SD"}'>1M SD</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.09740796096387769}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=stdev.s(index((googlefinance(R3C[0], "price", today()-30, today())), 0, 2))/average(index((googlefinance(R3C[0], "price", today()-30, today())), 0, 2))'>9.74%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"3M Δ"}'>3M Δ</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3371647509578544}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=(googlefinance(R[-30]C2, "price")-index(googlefinance(R[-30]C2, "price", today()-90), 2,2))/index(googlefinance(R[-30]C2, "price", today()-90), 2,2)'>33.72%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"3M SD"}'>3M SD</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.06832492657050346}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=stdev.s(index((googlefinance(R3C[0], "price", today()-90, today())), 0, 2))/average(index((googlefinance(R3C[0], "price", today()-90, today())), 0, 2))'>6.83%</td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: Google Finance"}'>Source: Google Finance</td></tr>
</tbody>
</table><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/173/552/original/chart.png?1606188554" class="editor-image img-responsive" data-smartkarma-image-id="173552"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/173/553/original/chart%20%281%29.png?1606188563" class="editor-image img-responsive" data-smartkarma-image-id="173553"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/173/554/original/chart%20%282%29.png?1606188572" class="editor-image img-responsive" data-smartkarma-image-id="173554"></figure></section>

Everything seems to be clicking for Samsung Heavy lately.The price is nearing a new 52W high as 1M gain amounts to 36%. It is currently 40% above the 20D EMA.Even today, the shares are super actively trading at a 7x 30D DTV (nearly US$300M). 






Item
Value


Name
Samsung Heavy Industries Co., Ltd


Ticker
010140


MC (₩B)
4,437.8


TV/DTV (x)
7.08


- DTV (₩B)
32.8


TV (₩B)
288.6


- % of SO
6.56%


RSI (14)
76.18


%K
81.30


%D
75.40


52WH
-6.81%


- Date
1/15/20


52WL
124.08%


- Date
3/23/20


20D SMA
48.89%


20D EMA
39.58%


1M Δ
35.53%


1M SD
9.74%


3M Δ
33.72%


3M SD
6.83%

Source: Google Finance



Samsung C&T Holdco Conversion Ratio Calculations: Why Samsung Heavy in the Picture?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<p><a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (A) (19 HK)</a> has <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1008/2020100800907.pdf" target="_blank" rel="noopener">announced</a> it intends to list its wholly-owned <a href="https://www.swireblueocean.com/en/activities/what-we-do/" target="_blank" rel="noopener">Swire Blue Ocean A/S</a> (to be renamed Cadeler A/S) on the Oslo Stock Exchange.</p>
<p>Cadeler’s principal business is the "<em>installation of wind turbines and foundations for offshore windfarms and the provision of operation and maintenance services, accommodation, met mast installation and removal and decommissioning services to the offshore windfarm industry in northern European waters</em>".</p>
<p>Swire intends to remain a significant shareholder in Cadeler following completion of the proposed spin-off.</p>
<p>What would be the market cap for Cadeler? It currently operates two windfarm installation vessels. My back of the napkin calculations suggests a market cap upwards of US$250mn. This is not a material transaction.</p>
<p>As always, more below the fold.</p>

Swire Pacific (A) (19 HK) has announced it intends to list its wholly-owned Swire Blue Ocean A/S (to be renamed Cadeler A/S) on the Oslo Stock Exchange.
Cadeler’s principal business is the "installation of wind turbines and foundations for offshore windfarms and the provision of operation and maintenance services, accommodation, met mast installation and removal and decommissioning services to the offshore windfarm industry in northern European waters".
Swire intends to remain a significant shareholder in Cadeler following completion of the proposed spin-off.
What would be the market cap for Cadeler? It currently operates two windfarm installation vessels. My back of the napkin calculations suggests a market cap upwards of US$250mn. This is not a material transaction.
As always, more below the fold.

Swire Pacific: Oslo Spin-Off For Windfarm Installation Ops

South Korea

Samsung Heavy Industries Co., Ltd. manufactures crude oil tankers, container vessels, bulk carriers, cruisers, and passenger ferries.  The Company also produces steel and bridge structures, and material handling equipment.  In addition, Samsung Heavy Industries provides civil engineering, architectural, and plant construction services.

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Samsung Heavy Industries (010140 KS)

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Swire Pacific: Oslo Spin-Off For Windfarm Installation Ops

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