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 family is done with selling stakes in Samsung Life Insurance and Samsung SDS. What remains now is the sale of a 0.33% stake in Samsung Electronics by Hong Ra-hee.</li>
<li>Hong Ra-hee's 0.33% stake in Samsung Electronics is highly likely to appear soon. The deadline is April 25th. It will likely cause an impact of 1.5x ADTV.</li>
<li>Additional stake sales are likely. SDS for sure, and probably more Life. But more SamE? This remains unclear due to the substantially lower controlling stake percentage.</li>
</ul>


The family is done with selling stakes in Samsung Life Insurance and Samsung SDS. What remains now is the sale of a 0.33% stake in Samsung Electronics by Hong Ra-hee.
Hong Ra-hee's 0.33% stake in Samsung Electronics is highly likely to appear soon. The deadline is April 25th. It will likely cause an impact of 1.5x ADTV.
Additional stake sales are likely. SDS for sure, and probably more Life. But more SamE? This remains unclear due to the substantially lower controlling stake percentage.


Samsung Family's Inheritance Tax Situation & Future Block Deals

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>The Samsung Group owner Lee family wants to partially sell their stake in Samsung Sds worth 390 billion won in a block deal.</li>
<li>The block deal sale involves 3.02 million shares of Samsung SDS or 3.9% of outstanding shares.</li>
<li>We would avoid this block deal as the company may face continued overhang sale issue in the next 1-2 years. </li>
</ul>


The Samsung Group owner Lee family wants to partially sell their stake in Samsung Sds worth 390 billion won in a block deal.
The block deal sale involves 3.02 million shares of Samsung SDS or 3.9% of outstanding shares.
We would avoid this block deal as the company may face continued overhang sale issue in the next 1-2 years. 


Block Deal Sale of Samsung SDS by the Lee Family to Pay for Inheritance Taxes

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Kookmin Bank Trust Department is looking to raise up to US$321m via selling 3.9% of Samsung SDS.</li>
<li>The deal appears to be very well flagged as the ultimate sellers are the Samsung family.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>


Kookmin Bank Trust Department is looking to raise up to US$321m via selling 3.9% of Samsung SDS.
The deal appears to be very well flagged as the ultimate sellers are the Samsung family.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Samsung SDS Placement - Deal Is Very Well Flagged and the Stock Is Cheap, but It's a Tough One

Index Rebalance

<ul>
<li>FnGuide Samsung Group has the most AUM among locally themed indexes. As of last Friday's closing price, AUM is ₩1.52T.</li>
<li>The share price movements of Samsung Group affiliates basically show high cointegration. Therefore, a small differential impact on the flow significantly affects the short-term price direction of these stocks. </li>
<li>So, we should consider a long/short setup on a swing trading window. Particularly, we need to focus on the first two trading days, when the rebalancing impact is relatively significant.</li>
</ul>


FnGuide Samsung Group has the most AUM among locally themed indexes. As of last Friday's closing price, AUM is ₩1.52T.
The share price movements of Samsung Group affiliates basically show high cointegration. Therefore, a small differential impact on the flow significantly affects the short-term price direction of these stocks. 
So, we should consider a long/short setup on a swing trading window. Particularly, we need to focus on the first two trading days, when the rebalancing impact is relatively significant.


FnGuide Samsung Group Index Rebalancing Preview

<ul>
<li>The local street hears KRX has bumped it up to 14.68%. With the 1% rounding applied, it becomes 15%.</li>
<li>It is extremely rare for a Fast Entry to come in with a float market cap of +₩10T. So, we will see significant weight adjustments for the other constituents.</li>
<li>As we move towards the implementation date, we can consider basket-shorting those high-impact names for LG Energy's long hedge.</li>
</ul>


The local street hears KRX has bumped it up to 14.68%. With the 1% rounding applied, it becomes 15%.
It is extremely rare for a Fast Entry to come in with a float market cap of +₩10T. So, we will see significant weight adjustments for the other constituents.
As we move towards the implementation date, we can consider basket-shorting those high-impact names for LG Energy's long hedge.


LG Energy's KOSPI 200 Float Is 15%: Weight Adjustment Trading for Other Constituents

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 Family's Inheritance Tax Situation & Future Block Deals

This post revisits the Samsung family's inheritance tax situation and examines additional stake sale possibilities in the future.

Sanghyun Park

Block Deal Sale of Samsung SDS by the Lee Family to Pay for Inheritance Taxes

The Samsung Group owner Lee family wants to partially sell their stake in Samsung Sds worth 390 billion won in a block deal. We would avoid this...

Douglas Kim

Samsung SDS Placement - Deal Is Very Well Flagged and the Stock Is Cheap, but It's a Tough One

Kookmin Bank Trust Department is looking to raise up to US$321m via selling 3.9% of Samsung SDS. The deal appears to be very well flagged.

Sumeet Singh

FnGuide Samsung Group Index Rebalancing Preview

FnGuide Samsung Group Index has the largest AUM among the locally-themed indexes. This post previews the upcoming rebalancing in June.

Sanghyun Park

LG Energy's KOSPI 200 Float Is 15%: Weight Adjustment Trading for Other Constituents

KRX has bumped up LG Energy's float to 15%. As a result, we will see a more substantial passive impact on LG Energy. Also, we should see...

Sanghyun Park

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