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>Samsung C&amp;T must give up control of Samsung Life if it goes holdco—market expects a spin-off to form a new financial holdco to retain group structure.</li>
<li>Rerating momentum is building as Samsung C&amp;T and Life gain from governance and credibility boosts, with the BioLogics spin-off hinting at early, proactive restructuring moves by the group.</li>
<li>Locals focus on Samsung C&amp;T and Life for momentum trades, sidelining BioLogics; this trend will likely intensify post-June 3 election, shaping key market dynamics to watch.</li>
</ul>


Samsung C&amp;T must give up control of Samsung Life if it goes holdco—market expects a spin-off to form a new financial holdco to retain group structure.
Rerating momentum is building as Samsung C&amp;T and Life gain from governance and credibility boosts, with the BioLogics spin-off hinting at early, proactive restructuring moves by the group.
Locals focus on Samsung C&amp;T and Life for momentum trades, sidelining BioLogics; this trend will likely intensify post-June 3 election, shaping key market dynamics to watch.


Getting a Clear Read on the Samsung Life Play to Flip into a Financial Holding Co

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<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>Samsung C&amp;T’s holding ratio mainly hinges on its Samsung Biologics stake; Samsung Electronics’ 5% isn’t counted, and Samsung SDS is excluded since Samsung Electronics is its largest shareholder.</li>
<li>This ties to calls for Samsung’s governance overhaul, aiming for C&amp;T to avoid forced conversion while boosting control over Samsung Electronics via bold, more aggressive moves than expected.</li>
<li>Samsung C&amp;T will likely sell some Biologics shares around its in-kind contribution to Epis, timing sales based on post-listing price action.</li>
</ul>


Samsung C&amp;T’s holding ratio mainly hinges on its Samsung Biologics stake; Samsung Electronics’ 5% isn’t counted, and Samsung SDS is excluded since Samsung Electronics is its largest shareholder.
This ties to calls for Samsung’s governance overhaul, aiming for C&amp;T to avoid forced conversion while boosting control over Samsung Electronics via bold, more aggressive moves than expected.
Samsung C&amp;T will likely sell some Biologics shares around its in-kind contribution to Epis, timing sales based on post-listing price action.


Clearing Confusion on Samsung C&T’s Forced Holding Co Conversion: Key Trade Angle in Biologics Split

Equity Bottom-Up

<ul>
<li>Three major reasons why Samsung Electronics is our 2025 high conviction pick include attractive valuations, reduced concerns about inheritance tax overhang, and higher likely total shareholder returns.</li>
<li>Given that 2025 will be the last year of major inheritance tax payment for the Lee family, this reduced overhang could act as a positive sentiment on Samsung Electronics.</li>
<li>Pressures on Samsung to announce material improvement to shareholder returns are coming not just from existing shareholders but also from the Korean government due to Korea Corporate Value Up program.</li>
</ul>


Three major reasons why Samsung Electronics is our 2025 high conviction pick include attractive valuations, reduced concerns about inheritance tax overhang, and higher likely total shareholder returns.
Given that 2025 will be the last year of major inheritance tax payment for the Lee family, this reduced overhang could act as a positive sentiment on Samsung Electronics.
Pressures on Samsung to announce material improvement to shareholder returns are coming not just from existing shareholders but also from the Korean government due to Korea Corporate Value Up program.


2025 High Conviction: Samsung Electronics

<ul>
<li>The word on the street is the Dems are banking on their candidate winning in June, then clearing the veto and pushing the Corporate Act amendment through immediately.</li>
<li>What seemed like a dead issue for the Corporate Act amendment has turned into a surprise, shifting market momentum and potentially impacting the Korean stock scene.</li>
<li>It could shift the Korean market’s focus to long-term governance improvements, targeting major holdcos like CJ, Hanwha, GS, Doosan, Mobis, SK, and Samsung C&amp;T, with June’s election key.</li>
</ul>


The word on the street is the Dems are banking on their candidate winning in June, then clearing the veto and pushing the Corporate Act amendment through immediately.
What seemed like a dead issue for the Corporate Act amendment has turned into a surprise, shifting market momentum and potentially impacting the Korean stock scene.
It could shift the Korean market’s focus to long-term governance improvements, targeting major holdcos like CJ, Hanwha, GS, Doosan, Mobis, SK, and Samsung C&amp;T, with June’s election key.


Corporate Act Amendment Takes Unexpected Turn: Watch for Holdco Momentum Plays Post-June Election

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)

Getting a Clear Read on the Samsung Life Play to Flip into a Financial Holding Co

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Sanghyun Park

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...

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Clearing Confusion on Samsung C&T’s Forced Holding Co Conversion: Key Trade Angle in Biologics Split

This post clears up the confusion around Samsung C&T’s forced holding company conversion — here’s the key short-term trade angle from the Biologics...

Sanghyun Park

2025 High Conviction: Samsung Electronics

A BIG relief rally on Samsung Electronics likely next week. Trump administration just announced that smartphones, computers, semiconductor devices,...

Douglas Kim

Corporate Act Amendment Takes Unexpected Turn: Watch for Holdco Momentum Plays Post-June Election

Korea's Corporate Act amendment just took an unexpected turn. We should definitely keep an eye on momentum plays in local holding companies,...

Sanghyun Park

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