Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Samsung Life Insurance (032830 KS) and Samsung Fire &amp; Marine Insurance (000810 KS) plan to sell about 278 billion won of Samsung Electronics (005930 KS) in block deal sales.</li>
<li>A total of 5 million shares of Samsung Electronics shares that are expected to be sold in this block deal sale represents 0.1% of Samsung Electronics' outstanding shares.</li>
<li>If Samsung Life Insurance is able to sell 4.256 million shares of Samsung Electronics for 236.4 billion won, this would represent 1.3% of Samsung Life Insurance's market cap. </li>
</ul>


Samsung Life Insurance (032830 KS) and Samsung Fire &amp; Marine Insurance (000810 KS) plan to sell about 278 billion won of Samsung Electronics (005930 KS) in block deal sales.
A total of 5 million shares of Samsung Electronics shares that are expected to be sold in this block deal sale represents 0.1% of Samsung Electronics' outstanding shares.
If Samsung Life Insurance is able to sell 4.256 million shares of Samsung Electronics for 236.4 billion won, this would represent 1.3% of Samsung Life Insurance's market cap. 


Block Deal Sale of About 278 Billion Won of Samsung Electronics by Samsung Life and Samsung F&M

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Smartphone 2024 small growth about +5% YoY. PC 2024 small unit growth +4%. Don’t expect much better in 2025 but the Silicon content will increase, both for processor and DRAM.</li>
<li>Lots of cuts in 2025 Semiconductor Capex. TSMC is up but Samsung, UMC, Intel down. Japan Semi Equipment association has revised down 2025 growth from 10% to 5%.</li>
<li>Cloud Capex booming. Microsoft announced US$80bn in FY25. Meta at US$60-65bn. TSMC to increase 5-3nm wafer price by 5-10%. The Ai segment of semiconductors is doing extremely well</li>
</ul>


Smartphone 2024 small growth about +5% YoY. PC 2024 small unit growth +4%. Don’t expect much better in 2025 but the Silicon content will increase, both for processor and DRAM.
Lots of cuts in 2025 Semiconductor Capex. TSMC is up but Samsung, UMC, Intel down. Japan Semi Equipment association has revised down 2025 growth from 10% to 5%.
Cloud Capex booming. Microsoft announced US$80bn in FY25. Meta at US$60-65bn. TSMC to increase 5-3nm wafer price by 5-10%. The Ai segment of semiconductors is doing extremely well


Tech News: Smartphone and PC Stabilize. Semicon Capex Cuts. Cloud Capex Up. TSMC Increasing Prices.

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.

<ul>
<li>Samsung Life needs FSC approval for a 10-year holding plan on its Samsung Electronics stake. Without it, the whole plan could fall apart, so it’s all about regulatory green lights.</li>
<li>If FSC approves Samsung Life's long-term holding, they can't sell those shares for at least 5 years—no exit strategy for the next half-decade due to regulatory rules.</li>
<li>Samsung Life will convert part of its stake into long-term holdings, signaling how future buybacks and special dividends will balance in Samsung Electronics' next shareholder return program.</li>
</ul>


Samsung Life needs FSC approval for a 10-year holding plan on its Samsung Electronics stake. Without it, the whole plan could fall apart, so it’s all about regulatory green lights.
If FSC approves Samsung Life's long-term holding, they can't sell those shares for at least 5 years—no exit strategy for the next half-decade due to regulatory rules.
Samsung Life will convert part of its stake into long-term holdings, signaling how future buybacks and special dividends will balance in Samsung Electronics' next shareholder return program.


Converting Samsung Life's Samsung Electronics Stake to Long-Term Holdings: Clearing up the Confusion

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

<ul>
<li>Leaked Mediatek Chip Specs? -- Talk of a "Qualcomm Killer"</li>
<li>Hon Hai in the New York Times -- Why Foxconn is Investing in Texas &amp; Thailand</li>
<li>TSMC's Arizona 4nm Production On Track to Start 2H25E -- Still Expected to Be 30% Higher Cost vs. Taiwan and That's Okay</li>
</ul>


Leaked Mediatek Chip Specs? -- Talk of a "Qualcomm Killer"
Hon Hai in the New York Times -- Why Foxconn is Investing in Texas &amp; Thailand
TSMC's Arizona 4nm Production On Track to Start 2H25E -- Still Expected to Be 30% Higher Cost vs. Taiwan and That's Okay


Taiwan Tech Weekly: Leaked Mediatek Specs Spur Talk Of "Qualcomm Killer"'; TSMC on Track in Arizona

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>UMC Secures Key Qualcomm Advanced Packaging Order; Breakthrough in High-Growth Chip Supply Chain Segment</li>
<li>Why TSMC Remains Critical for QCOM Manufacturing, Yet UMC Provides a Strong Strategic Counterbalance</li>
<li>UMC Must Prove Itself, but QCOM Win Sparks Optimism for Sentiment and Outlook Recovery -- Maintain TSMC as Structural Long &amp; Rate UMC as Outperform</li>
</ul>


UMC Secures Key Qualcomm Advanced Packaging Order; Breakthrough in High-Growth Chip Supply Chain Segment
Why TSMC Remains Critical for QCOM Manufacturing, Yet UMC Provides a Strong Strategic Counterbalance
UMC Must Prove Itself, but QCOM Win Sparks Optimism for Sentiment and Outlook Recovery -- Maintain TSMC as Structural Long &amp; Rate UMC as Outperform


United Microelectronics: Key QCOM Advanced Packaging Win Signals Client Shift Away from TSMC

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (SMSN LI)

Block Deal Sale of About 278 Billion Won of Samsung Electronics by Samsung Life and Samsung F&M

Samsung Life Insurance (032830 KS) and Samsung Fire & Marine Insurance (000810 KS) plan to sell about 278 billion won of Samsung Electronics...

Douglas Kim

Tech News: Smartphone and PC Stabilize. Semicon Capex Cuts. Cloud Capex Up. TSMC Increasing Prices.

Smartphone and PC small growth in 2024 and 2025, but Silicon content in processors and DRAM will increase. Semiconductor Capex cuts in 2025. Cloud...

Nicolas Baratte

Converting Samsung Life's Samsung Electronics Stake to Long-Term Holdings: Clearing up the Confusion

Turning Samsung Life’s stake in Samsung Electronics into long-term holdings: Sorting out the noise and digging into the key moves that matter most...

Sanghyun Park

Taiwan Tech Weekly: Leaked Mediatek Specs Spur Talk Of "Qualcomm Killer"'; TSMC on Track in Arizona

Leaked Mediatek chip specs hint at potential rival to Qualcomm's flagship chips; Foxconn investing in Texas & Thailand; TSMC's Arizona production...

Vincent Fernando, CFA

United Microelectronics: Key QCOM Advanced Packaging Win Signals Client Shift Away from TSMC

UMC secures key Qualcomm order, providing strategic counterbalance to TSMC in chip supply chain segment. Optimism likely to improve for UMC's...

Vincent Fernando, CFA

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Block Deal Sale of About 278 Billion Won of Samsung Electronics by Samsung Life and Samsung F&M

Samsung Life Insurance (032830 KS) and Samsung Fire & Marine Insurance (000810 KS) plan to sell about 278 billion won of Samsung Electronics...

Douglas Kim

Tech News: Smartphone and PC Stabilize. Semicon Capex Cuts. Cloud Capex Up. TSMC Increasing Prices.

​Smartphone and PC small growth in 2024 and 2025, but Silicon content in processors and DRAM will increase. Semiconductor Capex cuts in 2025. Cloud...

Nicolas Baratte

Converting Samsung Life's Samsung Electronics Stake to Long-Term Holdings: Clearing up the Confusion

Turning Samsung Life’s stake in Samsung Electronics into long-term holdings: Sorting out the noise and digging into the key moves that matter most...

Sanghyun Park

Taiwan Tech Weekly: Leaked Mediatek Specs Spur Talk Of "Qualcomm Killer"'; TSMC on Track in Arizona

​Leaked Mediatek chip specs hint at potential rival to Qualcomm's flagship chips; Foxconn investing in Texas & Thailand; TSMC's Arizona production...

Vincent Fernando, CFA

United Microelectronics: Key QCOM Advanced Packaging Win Signals Client Shift Away from TSMC

​UMC secures key Qualcomm order, providing strategic counterbalance to TSMC in chip supply chain segment. Optimism likely to improve for UMC's...

Vincent Fernando, CFA

Smartphone and PC small growth in 2024 and 2025, but Silicon content in processors and DRAM will increase. Semiconductor Capex cuts in 2025. Cloud...

Leaked Mediatek chip specs hint at potential rival to Qualcomm's flagship chips; Foxconn investing in Texas & Thailand; TSMC's Arizona production...

UMC secures key Qualcomm order, providing strategic counterbalance to TSMC in chip supply chain segment. Optimism likely to improve for UMC's...