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>Once Samsung F&amp;M burns treasury shares, Samsung Life’s stake hits 16.93%. If they avoid a subsidiary, they’ll need to dump ~817K shares. Today’s ruling makes that move much less likely.</li>
<li>Samsung Life’s value-up announcement could be major, likely dropping around their earnings call on February 20, with solid intel backing this move.</li>
<li>The balance of dividends vs. buybacks, plus Samsung Life’s 10% stake ceiling, will drive volatility for Samsung Electronics. Samsung Life’s value-up release, before Samsung Electronics', will boost market clarity.</li>
</ul>


Once Samsung F&amp;M burns treasury shares, Samsung Life’s stake hits 16.93%. If they avoid a subsidiary, they’ll need to dump ~817K shares. Today’s ruling makes that move much less likely.
Samsung Life’s value-up announcement could be major, likely dropping around their earnings call on February 20, with solid intel backing this move.
The balance of dividends vs. buybacks, plus Samsung Life’s 10% stake ceiling, will drive volatility for Samsung Electronics. Samsung Life’s value-up release, before Samsung Electronics', will boost market clarity.


Lee Jae-Yong’s Appeal Verdict: Unpacking the Drivers Behind Samsung Life’s Big Price Action

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>After 2 very poor quarters (revenue decline YoY), 2Q25 revenue increase 93% YoY, net income 137%. The painfully high volatility will not go away. </li>
<li>But Lasertec maintains its FY25 guidance which means that the blowout 2Q25 does not indicate higher growth</li>
<li>The expectation bubble should have completely deflated (SiC for EV, Intel, Samsung). The stock is trading at 18x, at the bottom of its trading range and valuations. Attractive.</li>
</ul>


After 2 very poor quarters (revenue decline YoY), 2Q25 revenue increase 93% YoY, net income 137%. The painfully high volatility will not go away. 
But Lasertec maintains its FY25 guidance which means that the blowout 2Q25 does not indicate higher growth
The expectation bubble should have completely deflated (SiC for EV, Intel, Samsung). The stock is trading at 18x, at the bottom of its trading range and valuations. Attractive.


Lasertec: FY25 Guidance Isn’t Revised up Despite a Blockbuster 2Q25. The Stock Is Attractive.

<ul>
<li>Big Dec-24 due to China. Mar-25 will be weaker. FY26 growth will come only from TSMC and HBM. After a strong FY25 (~30% growth), FY26 should see growth at 10-15%.</li>
<li>Accounting concerns  should be over after the publication of the audit report on Jan 14 2025. The stock has started appreciating since early Jan 2025.</li>
<li>Valuations are low. The stock is trading at ~11x FY26 EPS. A muted Mar-25 could limit the upside short-term, let’s wait.</li>
</ul>


Big Dec-24 due to China. Mar-25 will be weaker. FY26 growth will come only from TSMC and HBM. After a strong FY25 (~30% growth), FY26 should see growth at 10-15%.
Accounting concerns  should be over after the publication of the audit report on Jan 14 2025. The stock has started appreciating since early Jan 2025.
Valuations are low. The stock is trading at ~11x FY26 EPS. A muted Mar-25 could limit the upside short-term, let’s wait.


SCREEN: Moderate ~teens Growth Outlook but the Stock Is Cheap

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Quantitative Analysis

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> has been in a downtrend since mid July 2024. A base may be forming and the stock may begin a rally from here.</li>
<li>This insight will identify the WEEKLY profit targets for this possible rally: since the stock's direction is unclear at the moment, strategic predictions risky, better be short-term tactical.</li>
<li>The stock currently has corrected for 2 weeks from the last close up, reaching the 50% support area, according to our <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics</a> quantitative LONG model.</li>
</ul>



Samsung Electronics (005930 KS) has been in a downtrend since mid July 2024. A base may be forming and the stock may begin a rally from here.
This insight will identify the WEEKLY profit targets for this possible rally: since the stock's direction is unclear at the moment, strategic predictions risky, better be short-term tactical.
The stock currently has corrected for 2 weeks from the last close up, reaching the 50% support area, according to our Samsung Electronics quantitative LONG model.


Samsung Electronics (005930 KS) Primed for a Rally: Key Profit Targets

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) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>PC Monitor: Snapdragon’s Surge, AMD’s Gains, Intel’s Test; Long Asus &amp; Dell</li>
<li>Memory Monitor: Is DeepSeek a Problem for SK Hynix &amp; Micron's HBM DRAM Growth? </li>
<li>TSMC (2330.TT; TSM.US): Earthquake Impact Limited; Setting Newest Production Line Not Viable in US. </li>
</ul>


PC Monitor: Snapdragon’s Surge, AMD’s Gains, Intel’s Test; Long Asus &amp; Dell
Memory Monitor: Is DeepSeek a Problem for SK Hynix &amp; Micron's HBM DRAM Growth? 
TSMC (2330.TT; TSM.US): Earthquake Impact Limited; Setting Newest Production Line Not Viable in US. 


Taiwan Tech Weekly: How Apple Helped TSMC Become #1; Also Morris Chang Comments on TSMC ADR Premium

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)

Lee Jae-Yong’s Appeal Verdict: Unpacking the Drivers Behind Samsung Life’s Big Price Action

Late tday, local news outlets are buzzing with reports that Samsung Life is seriously looking into taking over Samsung Fire & Marine Insurance by...

Sanghyun Park

Lasertec: FY25 Guidance Isn’t Revised up Despite a Blockbuster 2Q25. The Stock Is Attractive.

Lasertec sees massive revenue and net income growth in 2Q25, but high volatility persists and FY25 guidance remains unchanged. Stock trading at...

Nicolas Baratte

SCREEN: Moderate ~teens Growth Outlook but the Stock Is Cheap

China impact on Dec-24, weaker Mar-25, FY26 growth from TSMC/HBM. Accounting concerns resolved, stock appreciating. Low valuations at 11x FY26...

Nicolas Baratte

Samsung Electronics (005930 KS) Primed for a Rally: Key Profit Targets

As South Korea's Holidays are about to end, and its stock market is about to re-open, we want to invite you to have a look again at this analysis...

Nico Rosti

Taiwan Tech Weekly: How Apple Helped TSMC Become #1; Also Morris Chang Comments on TSMC ADR Premium

Also: Performance of Snapdragon, AMD, and Intel in the PC monitor market; potential challenges for SK Hynix and Micron in the memory monitor...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lee Jae-Yong’s Appeal Verdict: Unpacking the Drivers Behind Samsung Life’s Big Price Action

Late tday, local news outlets are buzzing with reports that Samsung Life is seriously looking into taking over Samsung Fire & Marine Insurance by...

Sanghyun Park

Lasertec: FY25 Guidance Isn’t Revised up Despite a Blockbuster 2Q25. The Stock Is Attractive.

​Lasertec sees massive revenue and net income growth in 2Q25, but high volatility persists and FY25 guidance remains unchanged. Stock trading at...

Nicolas Baratte

SCREEN: Moderate ~teens Growth Outlook but the Stock Is Cheap

​China impact on Dec-24, weaker Mar-25, FY26 growth from TSMC/HBM. Accounting concerns resolved, stock appreciating. Low valuations at 11x FY26...

Nicolas Baratte

Samsung Electronics (005930 KS) Primed for a Rally: Key Profit Targets

As South Korea's Holidays are about to end, and its stock market is about to re-open, we want to invite you to have a look again at this analysis...

Nico Rosti

Taiwan Tech Weekly: How Apple Helped TSMC Become #1; Also Morris Chang Comments on TSMC ADR Premium

Also: Performance of Snapdragon, AMD, and Intel in the PC monitor market; potential challenges for SK Hynix and Micron in the memory monitor...

Vincent Fernando, CFA

Lasertec sees massive revenue and net income growth in 2Q25, but high volatility persists and FY25 guidance remains unchanged. Stock trading at...

China impact on Dec-24, weaker Mar-25, FY26 growth from TSMC/HBM. Accounting concerns resolved, stock appreciating. Low valuations at 11x FY26...