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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

Samsung Fire & Marine Insurance / Equity Bottom-Up

<ul>
<li>On 31 January, Samsung Fire &amp; Marine Insurance (000810 KS) announced a comprehensive corporate value up plan.</li>
<li>The three major areas of focus include K-ICS ratio (220%), ROE targets of 11-13%, and total shareholder returns to 50% by 2028. </li>
<li>The company plans to reduce the treasury shares as a percentage of total outstanding shares from 15.9% to 5% by 2028 (10.9% of total outstanding shares over over four years).</li>
</ul>


On 31 January, Samsung Fire &amp; Marine Insurance (000810 KS) announced a comprehensive corporate value up plan.
The three major areas of focus include K-ICS ratio (220%), ROE targets of 11-13%, and total shareholder returns to 50% by 2028. 
The company plans to reduce the treasury shares as a percentage of total outstanding shares from 15.9% to 5% by 2028 (10.9% of total outstanding shares over over four years).


Samsung Fire & Marine Insurance: Strong Corporate Value Up Plan

Equity Capital Markets

Seoul Guarantee Insurance / Equity Capital Markets

<ul>
<li>Our base case valuation of Seoul Guarantee Insurance is target price of 32,463 won per share, which is 2.1% higher than the high end of the IPO price range. </li>
<li>All in all, we are not particularly impressed with SGIC's lack of top-line sales growth and worsening operating profit and margins in 1Q-3Q 2024. </li>
<li>Despite the much lower IPO price range and a promise for higher shareholder returns, we remain Negative on this IPO. </li>
</ul>


Our base case valuation of Seoul Guarantee Insurance is target price of 32,463 won per share, which is 2.1% higher than the high end of the IPO price range. 
All in all, we are not particularly impressed with SGIC's lack of top-line sales growth and worsening operating profit and margins in 1Q-3Q 2024. 
Despite the much lower IPO price range and a promise for higher shareholder returns, we remain Negative on this IPO. 


APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

<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> is looking to raise around US$155m in its Korean IPO. </li>
<li>Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.</li>
<li>In this note, we discuss its recent financials, and share our updated thoughts on valuation.</li>
</ul>



Seoul Guarantee Insurance (031210 KS) is looking to raise around US$155m in its Korean IPO. 
Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.
In this note, we discuss its recent financials, and share our updated thoughts on valuation.


Seoul Guarantee Insurance Pre-IPO Updated Thoughts on Valuation - Weaker Performance than Expected

<ul>
<li>Seoul Guarantee Insurance Corp (SGIC) is trying for another attempt at an IPO at much lower IPO price range. The IPO price range is from 26,000 won to 31,800 won.</li>
<li>At the high end of the IPO price range, the IPO offering size is 222 billion won. The IPO price range has been lowered by 34% to 39%. </li>
<li>Despite the company's consistent record of generating positive operating profit, its lack of sales growth and declining operating margins in 2024 remain key concerns.</li>
</ul>


Seoul Guarantee Insurance Corp (SGIC) is trying for another attempt at an IPO at much lower IPO price range. The IPO price range is from 26,000 won to 31,800 won.
At the high end of the IPO price range, the IPO offering size is 222 billion won. The IPO price range has been lowered by 34% to 39%. 
Despite the company's consistent record of generating positive operating profit, its lack of sales growth and declining operating margins in 2024 remain key concerns.


Seoul Guarantee Insurance Corp IPO Preview (Significantly Lower IPO Price Range)

South Korea

Samsung Fire & Marine Insurance Co., Ltd. provides insurance services. The Company offers auto, fire, marine, casualty, health, leisure, and retirement products and services. Samsung Fire & Marine Insurance serves customers in South Korea.

Samsung Fire & Marine Insurance (000810 KS)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Samsung Fire & Marine Insurance (000810 KS)

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

Samsung Fire & Marine Insurance: Strong Corporate Value Up Plan

Samsung F&M Insurance plans to reduce the treasury shares as a percentage of total outstanding shares from 15.9% to 5% by 2028 (10.9% of total...

Douglas Kim

SGIC IPO Valuation Analysis

Our base case valuation of Seoul Guarantee Insurance is target price of 32,463 won per share, which is 2.1% higher than the high end of the IPO...

Douglas Kim

Seoul Guarantee Insurance Pre-IPO Updated Thoughts on Valuation - Weaker Performance than Expected

Seoul Guarantee Insurance (031210 KS) is looking to raise around US$155m in its Korean IPO. In this note, we discuss its recent financials, and...

Clarence Chu

Seoul Guarantee Insurance Corp IPO Preview (Significantly Lower IPO Price Range)

Seoul Guarantee Insurance Corp (SGIC) is trying for another attempt at an IPO at much lower IPO price range. The IPO price range is from 26,000 won...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)