Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Samsung Electronics (005930 KS) announced a massive share buyback program worth 10 trillion won which represents 3.1% of its market cap.</li>
<li>Of this total amount, about 3 trillion won will be purchased and cancelled in the next three months. This will include 50,144,628 common shares and 6,912,036 preferred shares.</li>
<li>We believe that this massive share buyback and cancellation is likely to boost Samsung Electronics' share price resulting in a strong outperformance relative to KOSPI in the next 6-12 months. </li>
</ul>


Samsung Electronics (005930 KS) announced a massive share buyback program worth 10 trillion won which represents 3.1% of its market cap.
Of this total amount, about 3 trillion won will be purchased and cancelled in the next three months. This will include 50,144,628 common shares and 6,912,036 preferred shares.
We believe that this massive share buyback and cancellation is likely to boost Samsung Electronics' share price resulting in a strong outperformance relative to KOSPI in the next 6-12 months. 


Samsung Electronics: A Massive 10 Trillion Won Share Buyback Program

Equity Bottom-Up

<ul>
<li>In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 2Q 2025.</li>
<li>Among the 38 holdcos/opcos, there have been several pairs that have resulted in significant price ratio divergence which could provide trading opportunities in terms of their pricing gaps closing reversal.</li>
<li>Given the resumption in short selling in Korea, there is going to be a lot more interest in pair trades in Korea, especially among the major Korean holdcos/opcos. </li>
</ul>


In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 2Q 2025.
Among the 38 holdcos/opcos, there have been several pairs that have resulted in significant price ratio divergence which could provide trading opportunities in terms of their pricing gaps closing reversal.
Given the resumption in short selling in Korea, there is going to be a lot more interest in pair trades in Korea, especially among the major Korean holdcos/opcos. 


Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2025

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>The FSS will review the subsidiary approval, with final approval expected from the FSC by early April. Market signals suggest a near-100% chance of Samsung Life getting the green light.</li>
<li>Samsung’s moves post-Lee Jae-yong’s Feb 3rd ruling signal a major pivot, setting up aggressive value-up plays across Samsung Life, Samsung Electronics, and Samsung C&amp;T.</li>
<li>Shoring up Samsung Life’s finances triggers a domino effect, positioning Samsung Electronics and Samsung C&amp;T to follow with their own shareholder-friendly moves.</li>
</ul>


The FSS will review the subsidiary approval, with final approval expected from the FSC by early April. Market signals suggest a near-100% chance of Samsung Life getting the green light.
Samsung’s moves post-Lee Jae-yong’s Feb 3rd ruling signal a major pivot, setting up aggressive value-up plays across Samsung Life, Samsung Electronics, and Samsung C&amp;T.
Shoring up Samsung Life’s finances triggers a domino effect, positioning Samsung Electronics and Samsung C&amp;T to follow with their own shareholder-friendly moves.


Samsung Life’s Official Move to Make Fire a Subsidiary: A Value-Up Play for Samsung's Big Three

<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

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.

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)

Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2025

In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

Samsung Life’s Official Move to Make Fire a Subsidiary: A Value-Up Play for Samsung's Big Three

Samsung Life's official application to incorporate Samsung Fire as a subsidiary: A value-up play for Samsung's top 3 companies: Samsung Life,...

Sanghyun Park

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Samsung Electronics: A Massive 10 Trillion Won Share Buyback Program

Samsung Electronics repurchased 3.39 trillion won (including preferred stocks) from February 19th to May 13th. The average purchase price was...

Douglas Kim

Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2025

In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

Samsung Life’s Official Move to Make Fire a Subsidiary: A Value-Up Play for Samsung's Big Three

Samsung Life's official application to incorporate Samsung Fire as a subsidiary: A value-up play for Samsung's top 3 companies: Samsung Life,...

Sanghyun Park

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

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