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>Listed companies trading below 0.8x P/B may be taxed like unlisted ones—based on book value, with a floor set at 80% of NAV regardless of calculated valuation.</li>
<li>Momentum is spreading beyond holdcos, with local desks eyeing low-PBR, high treasury share names. Attached is an Excel with Q1 PBRs and Q4 treasury ratios for all listed stocks.</li>
<li>We could target direct succession names like SK Inc. or go broader, screening by treasury share % and P/B discount—likely the preferred route given Korea’s post-election momentum playbook.</li>
</ul>


Listed companies trading below 0.8x P/B may be taxed like unlisted ones—based on book value, with a floor set at 80% of NAV regardless of calculated valuation.
Momentum is spreading beyond holdcos, with local desks eyeing low-PBR, high treasury share names. Attached is an Excel with Q1 PBRs and Q4 treasury ratios for all listed stocks.
We could target direct succession names like SK Inc. or go broader, screening by treasury share % and P/B discount—likely the preferred route given Korea’s post-election momentum playbook.


PBR 0.8x Law — What Is It, and Why Might It Spark a Classic Post-Election Korea Momentum Trade?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

HD Korea Shipbuilding & Offshore Engineering / Event-Driven

HD Korea Shipbuilding & Offshore Engineering (009540 KS)

HD Korea Shipbuilding & Offshore Engineering

<ul>
<li>There has been an increasing speculation of HD Hyundai increasing its stake in HD Korea Shipbuilding &amp; Offshore Engineering (HD KSOE) in 2025. </li>
<li>There are two main reasons why HD Hyundai could increase its stake in HD KSOE. </li>
<li>They include HD KSOE contributing higher percentage of dividend income and continued full-fledged recovery of the operating profits of the HD HHI and HD Hyundai Mipo. </li>
</ul>


There has been an increasing speculation of HD Hyundai increasing its stake in HD Korea Shipbuilding &amp; Offshore Engineering (HD KSOE) in 2025. 
There are two main reasons why HD Hyundai could increase its stake in HD KSOE. 
They include HD KSOE contributing higher percentage of dividend income and continued full-fledged recovery of the operating profits of the HD HHI and HD Hyundai Mipo. 


HD Hyundai: Will It Increase Ownership Stake In HD Korea Shipbuilding & Offshore Engineering?

<ul>
<li>On 22 May, Samsung Biologics (207940 KS) announced that that it plans to establish a new holding company called Samsung Bioepis Holdings through a spin-off.</li>
<li>Samsung Bioepis Holdings will fully incorporate Samsung Bioepis as a wholly owned subsidiary. Samsung Bioepis will focus on the biosimilars business. Samsung Biologics will focus on the CDMO business. </li>
<li>There is likely to be mixed reactions to Samsung Biologics' announcement to create a holding company structure to split the CDMO and biosimilar businesses.</li>
</ul>


On 22 May, Samsung Biologics (207940 KS) announced that that it plans to establish a new holding company called Samsung Bioepis Holdings through a spin-off.
Samsung Bioepis Holdings will fully incorporate Samsung Bioepis as a wholly owned subsidiary. Samsung Bioepis will focus on the biosimilars business. Samsung Biologics will focus on the CDMO business. 
There is likely to be mixed reactions to Samsung Biologics' announcement to create a holding company structure to split the CDMO and biosimilar businesses.


Samsung Biologics: Creation of a Holding Company to Split CDMO and Biosimilar Businesses

<ul>
<li>Kcc Corp (002380 KS) is considering on issuing an overseas exchangeable bond (EB) for its 10% stake in Samsung C&amp;T (028260 KS).</li>
<li>KCC is the second largest shareholder of Samsung C&amp;T with a 10% stake in the company which is worth 2 trillion won (US$1.4 billion).</li>
<li>Our NAV valuation of KCC Corp suggests NAV per share of 332,947 won, which is 27% higher than current price.</li>
</ul>


Kcc Corp (002380 KS) is considering on issuing an overseas exchangeable bond (EB) for its 10% stake in Samsung C&amp;T (028260 KS).
KCC is the second largest shareholder of Samsung C&amp;T with a 10% stake in the company which is worth 2 trillion won (US$1.4 billion).
Our NAV valuation of KCC Corp suggests NAV per share of 332,947 won, which is 27% higher than current price.


KCC Corp: Considering on Issuing an Overseas EB for Its 10% Stake in Samsung C&T

<ul>
<li>On 29 March, it was reported that Lee Seo-Hyun has been appointed as the President of Samsung C&amp;T (028260 KS), returning to the company after more than five years.</li>
<li>Lee Seo-Hyun is the third child of the late Samsung Chairman Lee Kun-Hee. She will be in charge of the overall strategic planning of Samsung C&amp;T.</li>
<li>Many investors will likely to question this move, since they may question her ability to make strategic decisions that are in the best interests of all the minority investors. </li>
</ul>


On 29 March, it was reported that Lee Seo-Hyun has been appointed as the President of Samsung C&amp;T (028260 KS), returning to the company after more than five years.
Lee Seo-Hyun is the third child of the late Samsung Chairman Lee Kun-Hee. She will be in charge of the overall strategic planning of Samsung C&amp;T.
Many investors will likely to question this move, since they may question her ability to make strategic decisions that are in the best interests of all the minority investors. 


Samsung C&T: Why Is Lee Seo-Hyun Returning as the President?

South Korea

KCC Corp, manufactures paint & related product, building materials such as cement corrugated sheet, glass wool mat, and board & pipe cover, PVC window profile, paints, and ceramic fiber for high temperature applications. The Company also produces various glasses such as glass fiber, float glass, patterned glass, safety tempered glass, and long glass fibers.

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Kcc Corp (002380 KS)

PBR 0.8x Law — What Is It, and Why Might It Spark a Classic Post-Election Korea Momentum Trade?

This post breaks down what the PBR 0.8x law actually is, why it matters for Korean equities, and how it fits into the classic post-election...

Sanghyun Park

HD Hyundai: Will It Increase Ownership Stake In HD Korea Shipbuilding & Offshore Engineering?

There has been an increasing speculation of HD Hyundai increasing its stake in HD Korea Shipbuilding & Offshore Engineering (HD KSOE) in 2025.

Douglas Kim

Samsung Biologics: Creation of a Holding Company to Split CDMO and Biosimilar Businesses

On 22 May, Samsung Biologics (207940 KS) announced that that it plans to establish a new holding company called Samsung Bioepis Holdings through a...

Douglas Kim

KCC Corp: Considering on Issuing an Overseas EB for Its 10% Stake in Samsung C&T

Kcc Corp (002380 KS) is considering on issuing an overseas exchangeable bond (EB) for its 10% stake in Samsung C&T (028260 KS).

Douglas Kim

Samsung C&T: Why Is Lee Seo-Hyun Returning as the President?

On 29 March, it was reported that Lee Seo-Hyun has been appointed as the President of Samsung C&T (028260 KS), returning to the company after more...

Douglas Kim

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