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.

Equity Capital Markets

<ul>
<li>The discount’s tight, but this near-2-trillion-won raise is a rare mega-deal in Korea, despite the issuance ratio below 20%.</li>
<li>Samsung Electronics is in for 150 billion won, but plenty of supply remains. A smooth clearance? Unlikely. This could drive stock rights costs lower as price discovery unfolds.</li>
<li>The optimal approach is to wait for a decline in rights prices and assess hedge costs through single stock futures (or TRS, if doable), given the shorting restrictions.</li>
</ul>


The discount’s tight, but this near-2-trillion-won raise is a rare mega-deal in Korea, despite the issuance ratio below 20%.
Samsung Electronics is in for 150 billion won, but plenty of supply remains. A smooth clearance? Unlikely. This could drive stock rights costs lower as price discovery unfolds.
The optimal approach is to wait for a decline in rights prices and assess hedge costs through single stock futures (or TRS, if doable), given the shorting restrictions.


Samsung SDI Capital Raise: A Mega Deal Rarely Seen in the Local Market

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>On 14 March, Samsung SDI (006400 KS) announced a 2 trillion won (US$1.4 billion) rights offering capital raise plan.</li>
<li>Samsung SDI's 2 trillion won capital raise is likely to have a near-term negative impact on the company's share price.</li>
<li>We are negative on Samsung SDI's rights offering capital raise mainly due to shares dilution. We also remain concerned that weak demand for EVs globally could last longer. </li>
</ul>


On 14 March, Samsung SDI (006400 KS) announced a 2 trillion won (US$1.4 billion) rights offering capital raise plan.
Samsung SDI's 2 trillion won capital raise is likely to have a near-term negative impact on the company's share price.
We are negative on Samsung SDI's rights offering capital raise mainly due to shares dilution. We also remain concerned that weak demand for EVs globally could last longer. 


Samsung SDI: Announces a 2 Trillion Won Rights Offering Capital Raise

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Seoul Guarantee Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seoul-guarantee-insurance-co" target="_blank" data-smartkarma-citation="entities:40123:1" rel="noopener">Seoul Guarantee Insurance (031210 KS)</a> raised around US$125m in its Korean IPO. </li>
<li>Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.</li>
<li>We have looked at the firm’s past performance and discussed our thoughts on valuation. In this note, we talk about the trading dynamics.</li>
</ul>



Seoul Guarantee Insurance (031210 KS) raised around US$125m in its Korean IPO. 
Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.
We have looked at the firm’s past performance and discussed our thoughts on valuation. In this note, we talk about the trading dynamics.


Seoul Guarantee Insurance IPO Trading - KDIC Stake Overhang Remains, Yield Might Help

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Mar 7th which has an aggregated short interest worth USD3.6bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Kakao, Hlb, Samsung Electronics.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Mar 7th which has an aggregated short interest worth USD3.6bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Kakao, Hlb, Samsung Electronics.


KRX Short Interest Weekly (Mar 7th): Kakao, Hlb, Samsung Electronics

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Apple’s AI struggle. Google’s Gemini has won? TSMC ex-Chairman is joining Micron’s board</li>
<li>SK Hynix out of image sensors. Korean Gvt launch US$100bn fund for strategic industries</li>
<li>Stargate first data center is under way. Close to 100k Nvidia GPU in 2026. Hon Hai makes the servers.</li>
</ul>


Apple’s AI struggle. Google’s Gemini has won? TSMC ex-Chairman is joining Micron’s board
SK Hynix out of image sensors. Korean Gvt launch US$100bn fund for strategic industries
Stargate first data center is under way. Close to 100k Nvidia GPU in 2026. Hon Hai makes the servers.


Tech News This Week. Apple AI, TSMC, Korea's Giga-Fund, Stargate

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)

Samsung SDI Capital Raise: A Mega Deal Rarely Seen in the Local Market

Post-close, an FSS insider leaked that SDI is the first test case for the new rights issue review system. Starting Monday, the FSS will scrutinize...

Sanghyun Park

Samsung SDI: Announces a 2 Trillion Won Rights Offering Capital Raise

Samsung SDI's 2 trillion won capital raise is likely to have a near-term negative impact on the company's share price. We also remain concerned...

Douglas Kim

Seoul Guarantee Insurance IPO Trading - KDIC Stake Overhang Remains, Yield Might Help

Seoul Guarantee Insurance (031210 KS) raised around US$125m in its Korean IPO. In this note, we talk about the trading dymanics.

Sumeet Singh

KRX Short Interest Weekly (Mar 7th): Kakao, Hlb, Samsung Electronics

We analyzed KRX short interest report for the past week and highlighted short interest changes in Kakao, Hlb, Samsung Electronics.

Ke Yan, CFA, FRM

Tech News This Week. Apple AI, TSMC, Korea's Giga-Fund, Stargate

Apple AI adopting Google Gemini. TSMC ex-Chairman joins Micron board. SK Hynix exits image sensors, Korean Govt launches $100bn fund. Stargate...

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Samsung SDI Capital Raise: A Mega Deal Rarely Seen in the Local Market

Post-close, an FSS insider leaked that SDI is the first test case for the new rights issue review system. Starting Monday, the FSS will scrutinize...

Sanghyun Park

Samsung SDI: Announces a 2 Trillion Won Rights Offering Capital Raise

Samsung SDI's 2 trillion won capital raise is likely to have a near-term negative impact on the company's share price. We also remain concerned...

Douglas Kim

Seoul Guarantee Insurance IPO Trading - KDIC Stake Overhang Remains, Yield Might Help

Seoul Guarantee Insurance (031210 KS) raised around US$125m in its Korean IPO. In this note, we talk about the trading dymanics.

Sumeet Singh

KRX Short Interest Weekly (Mar 7th): Kakao, Hlb, Samsung Electronics

We analyzed KRX short interest report for the past week and highlighted short interest changes in Kakao, Hlb, Samsung Electronics.

Ke Yan, CFA, FRM

Tech News This Week. Apple AI, TSMC, Korea's Giga-Fund, Stargate

​Apple AI adopting Google Gemini. TSMC ex-Chairman joins Micron board. SK Hynix exits image sensors, Korean Govt launches $100bn fund. Stargate...

Nicolas Baratte

Apple AI adopting Google Gemini. TSMC ex-Chairman joins Micron board. SK Hynix exits image sensors, Korean Govt launches $100bn fund. Stargate...