Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Equity Bottom-Up

Apparently, quite a large number of investors are making their move to switch to <a href="https://www.smartkarma.com/entities/5169" target="_blank" data-smartkarma-citation="entities:5169:1">NCsoft Corp (036570 KS)</a> from <a href="https://www.smartkarma.com/entities/22839" target="_blank" data-smartkarma-citation="entities:22839:1">Netmarble Games Corporation (251270 KS)</a>. As of 11:42 am today, NCsoft is up 4.18%, whereas Netmarble is down 6.41%. In fact, many of Korea's game user communities are saying that they intend to move to Lineage M once Lineage M becomes available on June 21. Why? they are mainly saying L2R is just "too light" while Lineage M is more of a real Lineage game. Another thing is there is a…

Apparently, quite a large number of investors are making their move to switch to NCsoft Corp (036570 KS) from Netmarble Games Corporation (251270 KS). As of 11:42 am today, NCsoft is up 4.18%, whereas Netmarble is down 6.41%. In fact, many of Korea's game user communities are saying that they intend to move to Lineage M once Lineage M becomes available on June 21. Why? they are mainly saying L2R is just "too light" while Lineage M is more of a real Lineage game. Another thing is there is a…

Foreign Investors Are Selling But Korea's Big Retail Investors Are Buying NCsoft, Why?

Event-Driven

Samsung restructuring debate doesn't really seem to have ended. Among Korea's local investors, this just continues to be one of the topics that are hotly being talked and noodled and speculated. Of the scenarios being noodled, I'd like to discuss the one that I find most convincing. Please be advised that the one that I will discuss right here hasn't been really substantiated. There has been no official confirmation from Samsung. So, I can only provide circumstantial evidences. Furthermore, it'd still be difficult to predict what kind of impact this particular scenario would have on price movements of each Samsung affiliate. So, I don't intend to go that far (price prediction) in this insight. I just intend to introduce what is being mainly discussed and talked among local investors in Korea in relation to Samsung restructuring.

Samsung restructuring debate doesn't really seem to have ended. Among Korea's local investors, this just continues to be one of the topics that are hotly being talked and noodled and speculated. Of the scenarios being noodled, I'd like to discuss the one that I find most convincing. Please be advised that the one that I will discuss right here hasn't been really substantiated. There has been no official confirmation from Samsung. So, I can only provide circumstantial evidences. Furthermore, it'd still be difficult to predict what kind of impact this particular scenario would have on price movements of each Samsung affiliate. So, I don't intend to go that far (price prediction) in this insight. I just intend to introduce what is being mainly discussed and talked among local investors in Korea in relation to Samsung restructuring.

Samsung Restructuring Update - Newly Emerging Scenario & Regulatory Pushes

<div class="content-highlight">I think I should warn you that this piece is my personal and projected view. So, for anyone who wants to stay away from market noises, I recommend staying away from this piece as well.</div>Alright, those who wouldn’t mind reading my personal view, then here is. I hope you enjoy my piece.First, I think it would be more understandable if Samsung had decided to delay SEC equity spinoff and SEC-centered holdco creation a little longer. Of course, I have thought and argued that it’d be better for Samsung…

I think I should warn you that this piece is my personal and projected view. So, for anyone who wants to stay away from market noises, I recommend staying away from this piece as well.Alright, those who wouldn’t mind reading my personal view, then here is. I hope you enjoy my piece.First, I think it would be more understandable if Samsung had decided to delay SEC equity spinoff and SEC-centered holdco creation a little longer. Of course, I have thought and argued that it’d be better for Samsung…

My Projected View on Samsung's Decision Not To Pursue Holdco Conversion

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Thematic (Sector/Industry)

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the Europe-Asia container trade in February and March and European exporters face highly unusual space crunch. This is highly unusual for a ‘back-haul’ route where ship utilization rarely reaches 70%. Carriers charged an ‘emergency minimum rate’ to accept bookings and some of them have put a stop to bookings until mid-April. Boxes already on the quay are getting…

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the Europe-Asia container trade in February and March and European exporters face highly unusual space crunch. This is highly unusual for a ‘back-haul’ route where ship utilization rarely reaches 70%. Carriers charged an ‘emergency minimum rate’ to accept bookings and some of them have put a stop to bookings until mid-April. Boxes already on the quay are getting…

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for Carriers

Dry Bulk Shipping - Why It’s Time for Dry Bulk Stocks to Take a BreatherWe have been positive on the dry bulk sector since mid-2016 but the near term valuations seem undemanding to us and are at risk of running ahead of fundamentals. The bottoming out process in 2016 and subsequent run up in 2017 has been on the back of reversal in asset values, narrowing supply-demand imbalance and expectations of supportive commodity demand. We have earlier talked about the sector under ownership and…

Dry Bulk Shipping - Why It’s Time for Dry Bulk Stocks to Take a BreatherWe have been positive on the dry bulk sector since mid-2016 but the near term valuations seem undemanding to us and are at risk of running ahead of fundamentals. The bottoming out process in 2016 and subsequent run up in 2017 has been on the back of reversal in asset values, narrowing supply-demand imbalance and expectations of supportive commodity demand. We have earlier talked about the sector under ownership and…

Dry Bulk Shipping - Why It's Time for Dry Bulk Stocks to Take a Breather

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)

Foreign Investors Are Selling But Korea's Big Retail Investors Are Buying NCsoft, Why?

Apparently, quite a large number of investors are making their move to switch to NCsoft Corp (036570 KS) from Netmarble Games Corporation (251270...

Sanghyun Park

Samsung Restructuring Update - Newly Emerging Scenario & Regulatory Pushes

Samsung restructuring debate doesn't really seem to have ended. Among Korea's local investors, this just continues to be one of the topics that are...

Sanghyun Park

My Projected View on Samsung's Decision Not To Pursue Holdco Conversion

I think I should warn you that this piece is my personal and projected view. So, for anyone who wants to stay away from market noises, I recommend...

Sanghyun Park

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for Carriers

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the...

Drewry Maritime Financial Research

Dry Bulk Shipping - Why It's Time for Dry Bulk Stocks to Take a Breather

Dry Bulk Shipping - Why It’s Time for Dry Bulk Stocks to Take a BreatherWe have been positive on the dry bulk sector since mid-2016 but the near...

Drewry Maritime Financial Research

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