Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Thematic (Sector/Industry)

Proper understanding of SDS DilemmaFirst and Foremost, what we have to remind ourselves is this very important fact: Vice Chairman Lee and his two sisters still own 17 percent in SDS. Not only that, SDS business is largely dependent on Samsung affiliates. In other words, SDS is only few of the assets (along with Samsung Engineering) that Lee family can easily leverage for facilitating ownership transfer. How would Lee family use SDS? This certainly remains to be seen. But regardless of what they…

Proper understanding of SDS DilemmaFirst and Foremost, what we have to remind ourselves is this very important fact: Vice Chairman Lee and his two sisters still own 17 percent in SDS. Not only that, SDS business is largely dependent on Samsung affiliates. In other words, SDS is only few of the assets (along with Samsung Engineering) that Lee family can easily leverage for facilitating ownership transfer. How would Lee family use SDS? This certainly remains to be seen. But regardless of what they…

Samsung Still Keeps an Eye on Korea's Medicare Privatization for Samsung Life and SDS

Several Korean newspapers reported yesterday that Samsung’s Jae-yong Lee is scheduled to have a private meeting with CEO of Hana Financial Group and CEO of KB Financial Group later this month. Lee already had a meeting with CEO of Woori Financial Group and CEO of Shinhan Financial Group. These newspapers reported that the reason for Lee’s meeting with the nation’s four big financial groups might imply that Samsung may create a financial holding company (centered around Samsung Life Insurance)…

Several Korean newspapers reported yesterday that Samsung’s Jae-yong Lee is scheduled to have a private meeting with CEO of Hana Financial Group and CEO of KB Financial Group later this month. Lee already had a meeting with CEO of Woori Financial Group and CEO of Shinhan Financial Group. These newspapers reported that the reason for Lee’s meeting with the nation’s four big financial groups might imply that Samsung may create a financial holding company (centered around Samsung Life Insurance)…

Samsung's Lee Meets the Heads of Korea's Major Financial Groups: Implications and Future Scenario

Does Samsung still need an amendment to the South Korean holding company law? (Currently, the South Korean holding company law bans any industrial holding company to own a financial company.)It is now clear that Samsung (and Vice Chairman Lee) wants to create a Softbank-type investment specialized company, which will be mainly based on Samsung Life Insurance. That is, he dose not aim to build a financial service company. Instead, he wants to build an investment company that can compete on the…

Does Samsung still need an amendment to the South Korean holding company law? (Currently, the South Korean holding company law bans any industrial holding company to own a financial company.)It is now clear that Samsung (and Vice Chairman Lee) wants to create a Softbank-type investment specialized company, which will be mainly based on Samsung Life Insurance. That is, he dose not aim to build a financial service company. Instead, he wants to build an investment company that can compete on the…

Interesting Development for Samsung Restructuring: Opposition Party Is Now Samsung's Best Supporter?

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>South Korea's presidential policy chief Kim Yong-beom publicly floated a "citizen dividend" funded by AI-boom tax revenues on 12-May, triggering a 5.1% intraday KOSPI drop before he clarified the mechanism.</li>
<li>The proposal landed simultaneously with Samsung's largest-ever labor standoff: 73,000 union members threatening an 18-day strike from May 21, demanding 15% of operating profit.</li>
<li>Korea's AI super-cycle has created a distributional crisis that is now priced by neither the KOSPI multiple nor consensus earnings models.</li>
</ul>


South Korea's presidential policy chief Kim Yong-beom publicly floated a "citizen dividend" funded by AI-boom tax revenues on 12-May, triggering a 5.1% intraday KOSPI drop before he clarified the mechanism.
The proposal landed simultaneously with Samsung's largest-ever labor standoff: 73,000 union members threatening an 18-day strike from May 21, demanding 15% of operating profit.
Korea's AI super-cycle has created a distributional crisis that is now priced by neither the KOSPI multiple nor consensus earnings models.


Korea's Possible Citizen/National Dividend Policy: KOSPI & Samsung Falls!

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>We recently visited a <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a>  showroom in Ahmedabad, with the objective of understanding the preference for Electric Vehicles in India.</li>
<li>Pitched as the "Tata" of China, BYD offers 2 models ATTO 3 and e6 in India. </li>
<li>Considering <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> India interest, and <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> big bet on EV, BYD's current operations in India seem to be minuscule and may find little success.</li>
</ul>


We recently visited a BYD (1211 HK)  showroom in Ahmedabad, with the objective of understanding the preference for Electric Vehicles in India.
Pitched as the "Tata" of China, BYD offers 2 models ATTO 3 and e6 in India. 
Considering Tesla Motors (TSLA US) India interest, and Mahindra &amp; Mahindra (MM IN) big bet on EV, BYD's current operations in India seem to be minuscule and may find little success.


BYD (1211 HK) | Takeaways from India Showroom Visit | "Tata" Of China

South Korea

Hyundai Corporation is a trading company.  The Company exports Hyundai Group's products, such as steel, ships, plants, automobiles, semiconductors, and machinery.  Hyundai Corporation also imports machinery and raw materials.

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Hyundai Corporation (011760 KS)

Samsung Still Keeps an Eye on Korea's Medicare Privatization for Samsung Life and SDS

Proper understanding of SDS DilemmaFirst and Foremost, what we have to remind ourselves is this very important fact: Vice Chairman Lee and his two...

Sanghyun Park

Samsung's Lee Meets the Heads of Korea's Major Financial Groups: Implications and Future Scenario

Several Korean newspapers reported yesterday that Samsung’s Jae-yong Lee is scheduled to have a private meeting with CEO of Hana Financial Group...

Sanghyun Park

Interesting Development for Samsung Restructuring: Opposition Party Is Now Samsung's Best Supporter?

Does Samsung still need an amendment to the South Korean holding company law? (Currently, the South Korean holding company law bans any industrial...

Sanghyun Park

Korea's Possible Citizen/National Dividend Policy: KOSPI & Samsung Falls!

South Korea's proposed "citizen dividend" funded by AI-boom tax revenues causes KOSPI drop, amid Samsung labor standoff and AI distributional crisis.

Nimish Maheshwari

BYD (1211 HK) | Takeaways from India Showroom Visit | "Tata" Of China

BYD's presence in India's electric vehicle market may struggle to gain traction compared to Tesla and Mahindra & Mahindra due to its limited...

Pranav Bhavsar

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Samsung Still Keeps an Eye on Korea's Medicare Privatization for Samsung Life and SDS

Proper understanding of SDS DilemmaFirst and Foremost, what we have to remind ourselves is this very important fact: Vice Chairman Lee and his two...

Sanghyun Park

Samsung's Lee Meets the Heads of Korea's Major Financial Groups: Implications and Future Scenario

Several Korean newspapers reported yesterday that Samsung’s Jae-yong Lee is scheduled to have a private meeting with CEO of Hana Financial Group...

Sanghyun Park

Interesting Development for Samsung Restructuring: Opposition Party Is Now Samsung's Best Supporter?

Does Samsung still need an amendment to the South Korean holding company law? (Currently, the South Korean holding company law bans any industrial...

Sanghyun Park

Korea's Possible Citizen/National Dividend Policy: KOSPI & Samsung Falls!

​South Korea's proposed "citizen dividend" funded by AI-boom tax revenues causes KOSPI drop, amid Samsung labor standoff and AI distributional crisis.

Nimish Maheshwari

BYD (1211 HK) | Takeaways from India Showroom Visit | "Tata" Of China

​BYD's presence in India's electric vehicle market may struggle to gain traction compared to Tesla and Mahindra & Mahindra due to its limited...

Pranav Bhavsar

South Korea's proposed "citizen dividend" funded by AI-boom tax revenues causes KOSPI drop, amid Samsung labor standoff and AI distributional crisis.

BYD's presence in India's electric vehicle market may struggle to gain traction compared to Tesla and Mahindra & Mahindra due to its limited...