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>Jay Lee’s clean Supreme Court win may cool Samsung’s governance trade near term. With legal risks gone, there’s less urgency to push structural changes or shuffle shares now.</li>
<li>Samsung C&amp;T, a hotspot for governance spec flows, may see bids fade as urgency for structural shifts drops; longs on revamp bets might consider fading or shorting amid lingering risks.</li>
<li>Samsung Life gets relief as forced Elec share sales drop, supporting its stock. Samsung Elec stays neutral. Trade idea: Samsung Life long, Samsung C&amp;T short on cooled governance hopes.</li>
</ul>


Jay Lee’s clean Supreme Court win may cool Samsung’s governance trade near term. With legal risks gone, there’s less urgency to push structural changes or shuffle shares now.
Samsung C&amp;T, a hotspot for governance spec flows, may see bids fade as urgency for structural shifts drops; longs on revamp bets might consider fading or shorting amid lingering risks.
Samsung Life gets relief as forced Elec share sales drop, supporting its stock. Samsung Elec stays neutral. Trade idea: Samsung Life long, Samsung C&amp;T short on cooled governance hopes.


Samsung Jay Lee Cleared by Supreme Court — Market Reaction Could Flip From Consensus

<ul>
<li>The FTC uses acquisition cost, not market value, so Samsung C&amp;T’s existing 5.05% Samsung Elec stake is booked at KRW 400B</li>
<li>Samsung Life only needs to sell ~5.5% of Samsung Elec, not the full 8.51%, leaving Samsung C&amp;T with a ~KRW 10T buffer before hitting the 50% holdco threshold.</li>
<li>The holdco risk is overblown—unlikely without rule changes. The Bio spin-off looks like prep for Samsung C&amp;T to buy Samsung Elec stake, driving re-rating upside for C&amp;T and Life.</li>
</ul>


The FTC uses acquisition cost, not market value, so Samsung C&amp;T’s existing 5.05% Samsung Elec stake is booked at KRW 400B
Samsung Life only needs to sell ~5.5% of Samsung Elec, not the full 8.51%, leaving Samsung C&amp;T with a ~KRW 10T buffer before hitting the 50% holdco threshold.
The holdco risk is overblown—unlikely without rule changes. The Bio spin-off looks like prep for Samsung C&amp;T to buy Samsung Elec stake, driving re-rating upside for C&amp;T and Life.


Samsung Insider’s Flawed Premise on the Samsung C&T Forced Holdco Conversion Issue

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we also provide a list of 30 top performing stocks in KOSPI in the past one week (in terms of price performance and trading value).</li>
<li>We also discuss the surging share price of Samsung Life Insurance which suggests a near-term regulation change that could require the company to partially dispose its stake in Samsung Electronics. </li>
<li>With Lee Jae-Myung becoming the new South Korean President, the probability of Samsung Life Insurance being forced to sell its stake in Samsung Electronics has risen much more.</li>
</ul>


In this insight, we also provide a list of 30 top performing stocks in KOSPI in the past one week (in terms of price performance and trading value).
We also discuss the surging share price of Samsung Life Insurance which suggests a near-term regulation change that could require the company to partially dispose its stake in Samsung Electronics. 
With Lee Jae-Myung becoming the new South Korean President, the probability of Samsung Life Insurance being forced to sell its stake in Samsung Electronics has risen much more.


Top 30 Best Performing Stocks in KOSPI in Past Week and Surging Price of Samsung Life Insurance

<ul>
<li>Samsung C&amp;T must give up control of Samsung Life if it goes holdco—market expects a spin-off to form a new financial holdco to retain group structure.</li>
<li>Rerating momentum is building as Samsung C&amp;T and Life gain from governance and credibility boosts, with the BioLogics spin-off hinting at early, proactive restructuring moves by the group.</li>
<li>Locals focus on Samsung C&amp;T and Life for momentum trades, sidelining BioLogics; this trend will likely intensify post-June 3 election, shaping key market dynamics to watch.</li>
</ul>


Samsung C&amp;T must give up control of Samsung Life if it goes holdco—market expects a spin-off to form a new financial holdco to retain group structure.
Rerating momentum is building as Samsung C&amp;T and Life gain from governance and credibility boosts, with the BioLogics spin-off hinting at early, proactive restructuring moves by the group.
Locals focus on Samsung C&amp;T and Life for momentum trades, sidelining BioLogics; this trend will likely intensify post-June 3 election, shaping key market dynamics to watch.


Getting a Clear Read on the Samsung Life Play to Flip into a Financial Holding Co

<ul>
<li>The Deputy Prime Minister Choi Sang Mok reaffirmed the Corporate Value Up program, pushing up the major value driven/low PBR stocks in Korea today.</li>
<li>Deputy Prime Minister Choi emphasized that as part of Corporate Value Up program, corporate tax benefits to companies that have made efforts to strengthen shareholder return policy will be provided.</li>
<li>The Korean government also plans to revise the law to separate taxation on the dividend income of shareholders of companies that expand dividends.</li>
</ul>


The Deputy Prime Minister Choi Sang Mok reaffirmed the Corporate Value Up program, pushing up the major value driven/low PBR stocks in Korea today.
Deputy Prime Minister Choi emphasized that as part of Corporate Value Up program, corporate tax benefits to companies that have made efforts to strengthen shareholder return policy will be provided.
The Korean government also plans to revise the law to separate taxation on the dividend income of shareholders of companies that expand dividends.


South Korea

Samsung Life Insurance Co., Ltd. provides insurance services. The Company offers life and health insurance services. Samsung Life Insurance serves customers in South Korea.

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Samsung Life Insurance (032830 KS)

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