Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>There has been an intensified discussions of a potential physical split of Samsung Electronics (005930 KS) into two companies.</li>
<li>A major dispute facing Samsung Electronics is the fact that its semiconductor business (DS unit; Device Solutions) is making so much more money than the other business units.</li>
<li>Despite this dispute, I think the most likely scenario is for Samsung Electronics to maintain its status quo and not split the company into two separate companies.</li>
</ul>


There has been an intensified discussions of a potential physical split of Samsung Electronics (005930 KS) into two companies.
A major dispute facing Samsung Electronics is the fact that its semiconductor business (DS unit; Device Solutions) is making so much more money than the other business units.
Despite this dispute, I think the most likely scenario is for Samsung Electronics to maintain its status quo and not split the company into two separate companies.


A Physical Split of Samsung Electronics into Two Companies Amid Big Profit Difference in DS and DX?

Equity Bottom-Up

<ul>
<li>Militant labor union at Samsung Electronics could force a partial shut-down of key semiconductor manufacturing operations starting 21 May. </li>
<li>I think the most likely scenario with regards to Samsung Electronics' labor union dispute is an actual partial shutdown that could last one to several days.</li>
<li>This labor dispute is likely to continue to be highlighted by the local media in the next four weeks which is negative on Samsung Electronics. </li>
</ul>


Militant labor union at Samsung Electronics could force a partial shut-down of key semiconductor manufacturing operations starting 21 May. 
I think the most likely scenario with regards to Samsung Electronics' labor union dispute is an actual partial shutdown that could last one to several days.
This labor dispute is likely to continue to be highlighted by the local media in the next four weeks which is negative on Samsung Electronics. 


Labor Union of Samsung Electronics to Force Shut Down Starting 21 May?

Equity Derivatives

<ul>
<li>Korea Exchange has approved the launch of Samsung Electronics and SK Hynix 2x single-stock leveraged ETFs as early as 22 May.</li>
<li>The launch of Samsung Electronics and SK Hynix single stock 2x leveraged ETFs will likely result in higher volatility on these stocks and impact their option prices as well. </li>
<li>However, because this is a new product in Korea, it is uncertain if the current prices of Samsung Electronics and SK Hynix options already reflect the launch of these products.</li>
</ul>


Korea Exchange has approved the launch of Samsung Electronics and SK Hynix 2x single-stock leveraged ETFs as early as 22 May.
The launch of Samsung Electronics and SK Hynix single stock 2x leveraged ETFs will likely result in higher volatility on these stocks and impact their option prices as well. 
However, because this is a new product in Korea, it is uncertain if the current prices of Samsung Electronics and SK Hynix options already reflect the launch of these products.


Launch of Samsung Electronics and SK Hynix 2x Single-Stock Leveraged ETFs as Early as 22 May

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.

Equity Capital Markets

Samsung Electronics / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front,  a few companies in Hong Kong managed to use the ceasefire window to launch their bookbuilds.</li>
<li>On the placement front, as well there a few large deals along with some upcoming lockups.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front,  a few companies in Hong Kong managed to use the ceasefire window to launch their bookbuilds.
On the placement front, as well there a few large deals along with some upcoming lockups.


Aequitas ECM Weekly (13 April 2026)-Samsung, Victory Giant, Huaqin, Sigenergy, Manycore, Merdeka

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.

Samsung Electronics Pref Shares / Event-Driven

Samsung Electronics Pref Shares (005935 KS)

<ul>
<li>The local market wants Samsung to clarify FCF deployment and capital allocation, as the March 19 filing just rehashed the 50 percent payout and 2026 capex and R&amp;D guidance.</li>
<li>With Hong Ra-hee’s final block deal done, Samsung is shifting from defensive buybacks to a structured capital allocation, prioritizing pref-first cancellations to boost ROE ahead of June value-up index rebalancing.</li>
<li>Samsung’s three year plan stays on the 50 percent FCF framework, but a preferred first buyback roadmap before June could shrink the P/C gap above 75 percent.</li>
</ul>


The local market wants Samsung to clarify FCF deployment and capital allocation, as the March 19 filing just rehashed the 50 percent payout and 2026 capex and R&amp;D guidance.
With Hong Ra-hee’s final block deal done, Samsung is shifting from defensive buybacks to a structured capital allocation, prioritizing pref-first cancellations to boost ROE ahead of June value-up index rebalancing.
Samsung’s three year plan stays on the 50 percent FCF framework, but a preferred first buyback roadmap before June could shrink the P/C gap above 75 percent.


Samsung Likely to Drop Second Value-Up Disclosure Before June with Pref-First Cancel to Boost ROE

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 Pref Shares (005935 KS)

A Physical Split of Samsung Electronics into Two Companies Amid Big Profit Difference in DS and DX?

Discussion intensifies over potential split of Samsung Electronics due to disparity in profits between semiconductor business and other units, but...

Douglas Kim

Labor Union of Samsung Electronics to Force Shut Down Starting 21 May?

Militant labor union at Samsung Electronics could force a partial shut-down of key semiconductor manufacturing operations starting 21 May.

Douglas Kim

Launch of Samsung Electronics and SK Hynix 2x Single-Stock Leveraged ETFs as Early as 22 May

Korea Exchange approves launch of Samsung Electronics and SK Hynix 2x leveraged ETFs as early as 22 May. This is expected to increase volatility...

Douglas Kim

Aequitas ECM Weekly (13 April 2026)-Samsung, Victory Giant, Huaqin, Sigenergy, Manycore, Merdeka

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Samsung Likely to Drop Second Value-Up Disclosure Before June with Pref-First Cancel to Boost ROE

Samsung Electronics set to release second value-up disclosure before June highlighting preferred-first cancellations to lift ROE.

Sanghyun Park

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52-week Range

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A Physical Split of Samsung Electronics into Two Companies Amid Big Profit Difference in DS and DX?

​Discussion intensifies over potential split of Samsung Electronics due to disparity in profits between semiconductor business and other units, but...

Douglas Kim

Labor Union of Samsung Electronics to Force Shut Down Starting 21 May?

Militant labor union at Samsung Electronics could force a partial shut-down of key semiconductor manufacturing operations starting 21 May.

Douglas Kim

Launch of Samsung Electronics and SK Hynix 2x Single-Stock Leveraged ETFs as Early as 22 May

​Korea Exchange approves launch of Samsung Electronics and SK Hynix 2x leveraged ETFs as early as 22 May. This is expected to increase volatility...

Douglas Kim

Aequitas ECM Weekly (13 April 2026)-Samsung, Victory Giant, Huaqin, Sigenergy, Manycore, Merdeka

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Samsung Likely to Drop Second Value-Up Disclosure Before June with Pref-First Cancel to Boost ROE

Samsung Electronics set to release second value-up disclosure before June highlighting preferred-first cancellations to lift ROE.

Sanghyun Park

Discussion intensifies over potential split of Samsung Electronics due to disparity in profits between semiconductor business and other units, but...

Korea Exchange approves launch of Samsung Electronics and SK Hynix 2x leveraged ETFs as early as 22 May. This is expected to increase volatility...