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>The Rebuilding Korea Party's hints about this bill since Thursday are seen as a key reason Samsung Electronics' stock has stalled, despite hype around affiliate shareholder returns.</li>
<li>With polls dipping, Lee is shifting right. Given the political shifts, pushing through the controversial Samsung Life Act seems unlikely for now.</li>
<li>Instead of focusing on legislative chances, we should see Samsung Electronics' stock stall as a short-term entry opportunity ahead of the shareholder return announcement</li>
</ul>


The Rebuilding Korea Party's hints about this bill since Thursday are seen as a key reason Samsung Electronics' stock has stalled, despite hype around affiliate shareholder returns.
With polls dipping, Lee is shifting right. Given the political shifts, pushing through the controversial Samsung Life Act seems unlikely for now.
Instead of focusing on legislative chances, we should see Samsung Electronics' stock stall as a short-term entry opportunity ahead of the shareholder return announcement


A Real-World Take on the Market Worries Around the Samsung Life Act Proposal

Samsung Electronics Pref Shares / Event-Driven

<ul>
<li>Starting this year, both year-end and interim divvies follow the new rule, with ex-div dates set after the payout is confirmed.</li>
<li>Quarterly dividend arbitrage will heat up, especially for high-yield bank stocks, attracting traders to cash in on the spread.</li>
<li>Samsung Electronics is likely to update bylaws at the March AGM, with Q1 payout ex-div dates set after the dividend is confirmed.</li>
</ul>


Starting this year, both year-end and interim divvies follow the new rule, with ex-div dates set after the payout is confirmed.
Quarterly dividend arbitrage will heat up, especially for high-yield bank stocks, attracting traders to cash in on the spread.
Samsung Electronics is likely to update bylaws at the March AGM, with Q1 payout ex-div dates set after the dividend is confirmed.


FSS Officially Rolls Out New Ex-Div Rule for Quarterly Divs; Sammy May Finally Join the Change

<ul>
<li>The 2nd phase of the buyback, around 3T KRW with a 3-month window, could drop this week, likely by mid- or end-week.</li>
<li>The market's worried Samsung might not retire the shares this time and could handle them differently.</li>
<li>The latest talk is that Samsung will retire the shares immediately, like Phase 1. This could be an inflection point for solid short-term price action—time to set up positions.</li>
</ul>


The 2nd phase of the buyback, around 3T KRW with a 3-month window, could drop this week, likely by mid- or end-week.
The market's worried Samsung might not retire the shares this time and could handle them differently.
The latest talk is that Samsung will retire the shares immediately, like Phase 1. This could be an inflection point for solid short-term price action—time to set up positions.


Samsung's 10T KRW Buyback Phase 2: The Timing of the Drop and How the Structure Is Looking

<ul>
<li>The market's reaction to Samsung Fire's stake sale seems overhyped. Given past share sales, Life may outperform Fire as this momentum unfolds.</li>
<li>I don’t see SDS merging with Samsung Electronics. It lacks synergy and could stir up PR issues. If Sammy’s stock stalls, Lee Jae-yong might sell more of his SDS stake.</li>
<li>I’m still bullish on Sammy prefs. If the tax reform passes, a special dividend, not a buyback, will be the cleanest way for Samsung to address inheritance tax.</li>
</ul>


The market's reaction to Samsung Fire's stake sale seems overhyped. Given past share sales, Life may outperform Fire as this momentum unfolds.
I don’t see SDS merging with Samsung Electronics. It lacks synergy and could stir up PR issues. If Sammy’s stock stalls, Lee Jae-yong might sell more of his SDS stake.
I’m still bullish on Sammy prefs. If the tax reform passes, a special dividend, not a buyback, will be the cleanest way for Samsung to address inheritance tax.


My Take on the Three Scenarios that Sammy Buyback Stirred up in the Market Today

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Samsung Electronics (005930 KS)'s shares were up 3.5% (55,600 won) while KOSPI was down 0.3% today. We believe there were two major reasons for this.</li>
<li>First, there was a recent meeting among Lee Jae Yong (Samsung Electronics), Masayoshi Son (Softbank), and Sam Altman (Open AI) regarding a potential alliance regarding the new <strong>Stargate Project.</strong>
</li>
<li>Second, there has been increased speculation regarding additional <strong>total shareholder returns</strong> measures by Samsung Electronics that could be announced in the coming weeks. </li>
</ul>


Samsung Electronics (005930 KS)'s shares were up 3.5% (55,600 won) while KOSPI was down 0.3% today. We believe there were two major reasons for this.
First, there was a recent meeting among Lee Jae Yong (Samsung Electronics), Masayoshi Son (Softbank), and Sam Altman (Open AI) regarding a potential alliance regarding the new Stargate Project.

Second, there has been increased speculation regarding additional total shareholder returns measures by Samsung Electronics that could be announced in the coming weeks. 


Samsung Electronics - Positive Impact from the Potential Involvement in the Stargate Project

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.

Samsung Electronics Pref Shares (005935 KS)

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Samsung Electronics Pref Shares (005935 KS)

A Real-World Take on the Market Worries Around the Samsung Life Act Proposal

This post takes a real-world take on the market concerns surrounding the Samsung Life Act proposal, breaking down how it could impact sentiment and...

Sanghyun Park

FSS Officially Rolls Out New Ex-Div Rule for Quarterly Divs; Sammy May Finally Join the Change

Korea FSS is officially rolling out the new ex-div date rule for quarterly divs, and Samsung Electronics is likely to hop on the bandwagon to...

Sanghyun Park

Samsung's 10T KRW Buyback Phase 2: The Timing of the Drop and How the Structure Is Looking

This post dives into the latest market intel on the timing and structure of Samsung Electronics' 10T KRW buyback Phase 2.

Sanghyun Park

My Take on the Three Scenarios that Sammy Buyback Stirred up in the Market Today

Samsung Life and Fire just pulled the trigger on offloading Sammy Electronics shares post-close. Life’s dumping 4.25M shares (KRW 236.4B), trimming...

Sanghyun Park

Samsung Electronics - Positive Impact from the Potential Involvement in the Stargate Project

Samsung Electronics' shares rise as potential alliance for Stargate Project and increased shareholder returns speculation boost investor confidence.

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A Real-World Take on the Market Worries Around the Samsung Life Act Proposal

This post takes a real-world take on the market concerns surrounding the Samsung Life Act proposal, breaking down how it could impact sentiment and...

Sanghyun Park

FSS Officially Rolls Out New Ex-Div Rule for Quarterly Divs; Sammy May Finally Join the Change

Korea FSS is officially rolling out the new ex-div date rule for quarterly divs, and Samsung Electronics is likely to hop on the bandwagon to...

Sanghyun Park

Samsung's 10T KRW Buyback Phase 2: The Timing of the Drop and How the Structure Is Looking

This post dives into the latest market intel on the timing and structure of Samsung Electronics' 10T KRW buyback Phase 2.

Sanghyun Park

My Take on the Three Scenarios that Sammy Buyback Stirred up in the Market Today

Samsung Life and Fire just pulled the trigger on offloading Sammy Electronics shares post-close. Life’s dumping 4.25M shares (KRW 236.4B), trimming...

Sanghyun Park

Samsung Electronics - Positive Impact from the Potential Involvement in the Stargate Project

​Samsung Electronics' shares rise as potential alliance for Stargate Project and increased shareholder returns speculation boost investor confidence.

Douglas Kim

Samsung Electronics' shares rise as potential alliance for Stargate Project and increased shareholder returns speculation boost investor confidence.