Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

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

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

<ul>
<li>For the past 7 years Riedel Research has been issuing company-specific Corporate Governance scores on companies in the Emerging Markets. This service is now being widely used by risk managers, fundamental investors and quant funds.</li>
<li>Our proprietary Corporate Governance (CG) scoring system now covers over 1,725 stocks including over 200 in Korea.</li>
<li>RRG CG scores have a proven ability to highlight the risk of frauds and misstatements by EM companies and a track record of adding alpha. Over the past 5…</li>
</ul>


For the past 7 years Riedel Research has been issuing company-specific Corporate Governance scores on companies in the Emerging Markets. This service is now being widely used by risk managers, fundamental investors and quant funds.
Our proprietary Corporate Governance (CG) scoring system now covers over 1,725 stocks including over 200 in Korea.
RRG CG scores have a proven ability to highlight the risk of frauds and misstatements by EM companies and a track record of adding alpha. Over the past 5…


Corporate Governance Issues in Some of the Most Widely Held Korean Corporates

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

Value-focused bottom-up Asian equity research

NVB Asia Pte Ltd

Equity Bottom-Up

<ul><li>PEC offers engineering services to oil&amp;gas/petrochemical/pharma/chemical industry</li><li>Orderbook at low, ready to rebound with oil prices picking up</li><li>PEC never loss making in its core operations since 2008</li><li>Price Equals Cash: cash per share is 0.59 SGD (86% of market cap)</li><li>Privatisation candidate if Mr. Market ignores underlying value</li><li>PEC fair value 1.13 SGD, or 66% upside</li></ul>

PEC offers engineering services to oil&amp;gas/petrochemical/pharma/chemical industryOrderbook at low, ready to rebound with oil prices picking upPEC never loss making in its core operations since 2008Price Equals Cash: cash per share is 0.59 SGD (86% of market cap)Privatisation candidate if Mr. Market ignores underlying valuePEC fair value 1.13 SGD, or 66% upside

Discover Singapore: Price (Almost) Equals Cash... ; PEC SP Equity

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)

<blockquote>
“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.”
―Nassim Nicholas Taleb, Ten principles for a Black Swan-proof world (2009)
</blockquote>This morning, Hanjin Shipping Co. said it will apply for court receivership after lenders decided to halt all support. We have been highlighting these risks from 2013 and in our last update on troubled container shipping company, we had highlighted the…


“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.”
―Nassim Nicholas Taleb, Ten principles for a Black Swan-proof world (2009)
This morning, Hanjin Shipping Co. said it will apply for court receivership after lenders decided to halt all support. We have been highlighting these risks from 2013 and in our last update on troubled container shipping company, we had highlighted the…

Hanjin Shipping(117930 KS) - Borrowed Time Comes to an End

Early morning on Aug. 18 Thursday, there was the news about the possibility that Samsung Life would acquire additional stakes in Samsung Fire and Samsung Securities in an effort to create intermediate financial holding company. Specifically, Samsung Life would buy some of Samsung Fire's treasury shares - equivalent to a 9% stake - as well as Samsung Fire's 8.02% stake in Samsung Securities. That is, investors had expectations that Samsung Life may announce creation of financial holding company…

Early morning on Aug. 18 Thursday, there was the news about the possibility that Samsung Life would acquire additional stakes in Samsung Fire and Samsung Securities in an effort to create intermediate financial holding company. Specifically, Samsung Life would buy some of Samsung Fire's treasury shares - equivalent to a 9% stake - as well as Samsung Fire's 8.02% stake in Samsung Securities. That is, investors had expectations that Samsung Life may announce creation of financial holding company…

Recap on Samsung Affiliates' Recent Price Surge

South Korea

Samsung E&A Co.,Ltd provides engineering construction and project management services in the domestic and international markets. The Company constructs refinery plants, petrochemical plants, gas plants, hydrocarbon upstream, power plants, metallurgy plant, industrial plants, and water treatment facilities. Samsung E&A conducts businesses across worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Samsung E&A (028050 KS)

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

Corporate Governance Issues in Some of the Most Widely Held Korean Corporates

For the past 7 years Riedel Research has been issuing company-specific Corporate Governance scores on companies in the Emerging Markets. This...

David Riedel

Discover Singapore: Price (Almost) Equals Cash... ; PEC SP Equity

PEC offers engineering services to oil&gas/petrochemical/pharma/chemical industry Orderbook at low, ready to rebound with oil prices picking...

Nicolas Van Broekhoven

Hanjin Shipping(117930 KS) - Borrowed Time Comes to an End

“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a...

Drewry Maritime Financial Research

Recap on Samsung Affiliates' Recent Price Surge

Early morning on Aug. 18 Thursday, there was the news about the possibility that Samsung Life would acquire additional stakes in Samsung Fire and...

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)