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 Dems are serious about the Commercial Act amendment, with Lee Jae-myung personally attending the policy forum to pitch the change directly to key business players.</li>
<li>Key takeaways: expanding directors' fiduciary duties to all shareholders and mandatory cumulative voting, which could empower minority shareholders and reignite value-up policies in Korean companies.</li>
<li>The Dems plan to fast-track the Commercial Act amendment by year-end, with implementation likely by Q2 next year, boosting market moves and reigniting the value-up trade ahead of May’s election.</li>
</ul>


The Dems are serious about the Commercial Act amendment, with Lee Jae-myung personally attending the policy forum to pitch the change directly to key business players.
Key takeaways: expanding directors' fiduciary duties to all shareholders and mandatory cumulative voting, which could empower minority shareholders and reignite value-up policies in Korean companies.
The Dems plan to fast-track the Commercial Act amendment by year-end, with implementation likely by Q2 next year, boosting market moves and reigniting the value-up trade ahead of May’s election.


Korean Dems Push for Commercial Act Amendment by Year-End: Game-Changer for Value-Up Trade

Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

United Overseas Insurance / Equity Bottom-Up

<ul>
<li>UOI received much media attention when a minority shareholder group attempted to push the company to distribute its Haw Par shares and appoint a financial advisor to unlock shareholder value.</li>
<li>Although the Board dismissed the request due to the failure to meet statutory requirements, the ownership structure between UOI, UOB, Haw Par, and Wee family remains a valid concern.</li>
<li>UOI has underperformed the broader market over the past 5 years; the key to management is how it can grow from a mid-sized local insurer to a leading regional one.</li>
</ul>


UOI received much media attention when a minority shareholder group attempted to push the company to distribute its Haw Par shares and appoint a financial advisor to unlock shareholder value.
Although the Board dismissed the request due to the failure to meet statutory requirements, the ownership structure between UOI, UOB, Haw Par, and Wee family remains a valid concern.
UOI has underperformed the broader market over the past 5 years; the key to management is how it can grow from a mid-sized local insurer to a leading regional one.


United Overseas Insurance: The Samsung Family of Singapore?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 2Q 2025.</li>
<li>Among the 38 holdcos/opcos, there have been several pairs that have resulted in significant price ratio divergence which could provide trading opportunities in terms of their pricing gaps closing reversal.</li>
<li>Given the resumption in short selling in Korea, there is going to be a lot more interest in pair trades in Korea, especially among the major Korean holdcos/opcos. </li>
</ul>


In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 2Q 2025.
Among the 38 holdcos/opcos, there have been several pairs that have resulted in significant price ratio divergence which could provide trading opportunities in terms of their pricing gaps closing reversal.
Given the resumption in short selling in Korea, there is going to be a lot more interest in pair trades in Korea, especially among the major Korean holdcos/opcos. 


Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2025

<ul>
<li>The FSS will review the subsidiary approval, with final approval expected from the FSC by early April. Market signals suggest a near-100% chance of Samsung Life getting the green light.</li>
<li>Samsung’s moves post-Lee Jae-yong’s Feb 3rd ruling signal a major pivot, setting up aggressive value-up plays across Samsung Life, Samsung Electronics, and Samsung C&amp;T.</li>
<li>Shoring up Samsung Life’s finances triggers a domino effect, positioning Samsung Electronics and Samsung C&amp;T to follow with their own shareholder-friendly moves.</li>
</ul>


The FSS will review the subsidiary approval, with final approval expected from the FSC by early April. Market signals suggest a near-100% chance of Samsung Life getting the green light.
Samsung’s moves post-Lee Jae-yong’s Feb 3rd ruling signal a major pivot, setting up aggressive value-up plays across Samsung Life, Samsung Electronics, and Samsung C&amp;T.
Shoring up Samsung Life’s finances triggers a domino effect, positioning Samsung Electronics and Samsung C&amp;T to follow with their own shareholder-friendly moves.


Samsung Life’s Official Move to Make Fire a Subsidiary: A Value-Up Play for Samsung's Big Three

<ul>
<li>We're starting to see some local market players getting ready and setting up trades that bet on a potential split for Samsung Electronics.</li>
<li>Samsung could leverage the buzz around spinning off its foundry business to split key units—foundry, memory chips, and others—into two or three separate companies at the shareholder meeting.</li>
<li>Additionally, the valuation gap between Samsung Electronics and Biologics has narrowed more than it has in the last decade, making it an even more attractive opportunity.</li>
</ul>


We're starting to see some local market players getting ready and setting up trades that bet on a potential split for Samsung Electronics.
Samsung could leverage the buzz around spinning off its foundry business to split key units—foundry, memory chips, and others—into two or three separate companies at the shareholder meeting.
Additionally, the valuation gap between Samsung Electronics and Biologics has narrowed more than it has in the last decade, making it an even more attractive opportunity.


Surging Buzz Around the Potential Split of Samsung Electronics

South Korea

Samsung C&T Corporation conducts diversified business support services and resort operation activities. The Company offers a range of services in areas including clothing retail, construction, energy, real estate, food service, and resort accommodations. Samsung C&T also operates a resort with amusement rides, a zoo, water park, golf clubs, and restaurants.

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Samsung C&T (028260 KS)

Korean Dems Push for Commercial Act Amendment by Year-End: Game-Changer for Value-Up Trade

Korean democratic party is pushing to wrap up the Commercial Act amendment by year-end: This could spark a fresh turning point for the value-up trade.

Sanghyun Park

United Overseas Insurance: The Samsung Family of Singapore?

Recent media attention on UOI due to minority shareholders' activism attempt; concerns over ownership structure, which resembles that of Samsung...

Alec Tseung

Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2025

In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

Samsung Life’s Official Move to Make Fire a Subsidiary: A Value-Up Play for Samsung's Big Three

Samsung Life's official application to incorporate Samsung Fire as a subsidiary: A value-up play for Samsung's top 3 companies: Samsung Life,...

Sanghyun Park

Surging Buzz Around the Potential Split of Samsung Electronics

This post dives into the potential split of Samsung Electronics, one of the hot topics currently heating up Korea's stock market.

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Korean Dems Push for Commercial Act Amendment by Year-End: Game-Changer for Value-Up Trade

Korean democratic party is pushing to wrap up the Commercial Act amendment by year-end: This could spark a fresh turning point for the value-up trade.

Sanghyun Park

United Overseas Insurance: The Samsung Family of Singapore?

​Recent media attention on UOI due to minority shareholders' activism attempt; concerns over ownership structure, which resembles that of Samsung...

Alec Tseung

Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2025

In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

Samsung Life’s Official Move to Make Fire a Subsidiary: A Value-Up Play for Samsung's Big Three

Samsung Life's official application to incorporate Samsung Fire as a subsidiary: A value-up play for Samsung's top 3 companies: Samsung Life,...

Sanghyun Park

Surging Buzz Around the Potential Split of Samsung Electronics

This post dives into the potential split of Samsung Electronics, one of the hot topics currently heating up Korea's stock market.

Sanghyun Park

Recent media attention on UOI due to minority shareholders' activism attempt; concerns over ownership structure, which resembles that of Samsung...