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>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.


<ul>
<li>Once Samsung F&amp;M burns treasury shares, Samsung Life’s stake hits 16.93%. If they avoid a subsidiary, they’ll need to dump ~817K shares. Today’s ruling makes that move much less likely.</li>
<li>Samsung Life’s value-up announcement could be major, likely dropping around their earnings call on February 20, with solid intel backing this move.</li>
<li>The balance of dividends vs. buybacks, plus Samsung Life’s 10% stake ceiling, will drive volatility for Samsung Electronics. Samsung Life’s value-up release, before Samsung Electronics', will boost market clarity.</li>
</ul>


Once Samsung F&amp;M burns treasury shares, Samsung Life’s stake hits 16.93%. If they avoid a subsidiary, they’ll need to dump ~817K shares. Today’s ruling makes that move much less likely.
Samsung Life’s value-up announcement could be major, likely dropping around their earnings call on February 20, with solid intel backing this move.
The balance of dividends vs. buybacks, plus Samsung Life’s 10% stake ceiling, will drive volatility for Samsung Electronics. Samsung Life’s value-up release, before Samsung Electronics', will boost market clarity.


Lee Jae-Yong’s Appeal Verdict: Unpacking the Drivers Behind Samsung Life’s Big Price Action

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)

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

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