Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Event-Driven

Elliott people are amazingly smart. Elliott people have learned what they could do and couldn't do from the C&amp;T merger. They always need to act for their own interest, and this time, their strategy is much more realistic and  doable than the previous one.1. NASDAQ Listing?Elliott's demand to list Samsung OPCO in NASDAQ may seem a non-sense to many people. But Samsung thinks it differently. In fact, Samsung and Lee have long considered moving their HQ to NYC. Why? Well, think about Samsung's…

Elliott people are amazingly smart. Elliott people have learned what they could do and couldn't do from the C&amp;T merger. They always need to act for their own interest, and this time, their strategy is much more realistic and  doable than the previous one.1. NASDAQ Listing?Elliott's demand to list Samsung OPCO in NASDAQ may seem a non-sense to many people. But Samsung thinks it differently. In fact, Samsung and Lee have long considered moving their HQ to NYC. Why? Well, think about Samsung's…

What Elliott Is Really After? Samsung Embarrassed, But No Reason to Refuse Proposal

Samsung does not seem to be bothered by Elliott's proposal. Officially, Samsung said that it would carefully examine the proposal of Elliott (Elliott's two units, Blake Capital and Potter Capital, hold a 0.62% in SEC).5 key points of Elliott's proposal:<ol>
<li>Splitting SEC into a business entity and an investment entity and then merging this investment entity with C&amp;T to create Samsung holding co</li>
<li>Listing this Samsung holding co in NASDAQ</li>
<li>Adding 3 more outside directors to improve corporate governance</li>
<li>…</li>
</ol>

Samsung does not seem to be bothered by Elliott's proposal. Officially, Samsung said that it would carefully examine the proposal of Elliott (Elliott's two units, Blake Capital and Potter Capital, hold a 0.62% in SEC).5 key points of Elliott's proposal:
Splitting SEC into a business entity and an investment entity and then merging this investment entity with C&amp;T to create Samsung holding co
Listing this Samsung holding co in NASDAQ
Adding 3 more outside directors to improve corporate governance
…


Elliott's Proposal to Samsung: Things We Should Know

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

<ul><li>The six major events in the Korea Stock Market in September were as follows: LG Chem-LG Life Sciences merger, Hanjin Shipping applying for court receivership, Samsung Electronics involved in a major product recall of Galaxy Note 7, the start of One-Shot Act program, the opening of Shinsegae's Starfield Hanam, and Hanmi Pharm's ending of license deal with Boehringer.</li><li>The best-performing sectors in September were Media/Telecom (up 3.1% YoY) and Software/Internet (up 2.8% YoY). The worst-performing sectors were Health Care (down 2% YoY) and Shipbuilding (down 2.6% YoY). </li><li>Our top picks in the stock market were up 0.1% on average in September versus KOSPI which was up 0.2% in the same period. </li></ul>

The six major events in the Korea Stock Market in September were as follows: LG Chem-LG Life Sciences merger, Hanjin Shipping applying for court receivership, Samsung Electronics involved in a major product recall of Galaxy Note 7, the start of One-Shot Act program, the opening of Shinsegae's Starfield Hanam, and Hanmi Pharm's ending of license deal with Boehringer.The best-performing sectors in September were Media/Telecom (up 3.1% YoY) and Software/Internet (up 2.8% YoY). The worst-performing sectors were Health Care (down 2% YoY) and Shipbuilding (down 2.6% YoY). Our top picks in the stock market were up 0.1% on average in September versus KOSPI which was up 0.2% in the same period. 

Korea Stock Market Monthly Recap #6 - (September 2016)

Director - Research, Consulting and Advisory, BondAdviser

Nicholas Yaxley

Director - Research, Consulting and Advisory

Australian bonds & fixed income research

BondAdviser

BondAdviser is the central reference point for intelligent information on Australian fixed income markets. We help you make informed decisions by providing unbiased research, transparent pricing data, analytics, portfolio tools and education.

BondAdviser has the broadest coverage of retail-accessible ASX-listed and over-the-counter Australian bonds and fixed income securities. We make it easy for you to review and compare investments before you place an order with your broker or dealer.

Bank hybrids have been issued in the Australian financial landscape for over 20 years in various forms. While drivers of performance have varied over this period, they are typically cyclical and have a recurring impact on security trading margins (albeit at different magnitudes). The focus of the article will be on what is technically known as an Additional Tier 1 capital security (hybrids), and our expectations for market drivers over the next twelve months and how hybrids will be impacted by supply &amp; demand, valuations, diverging monetary, and regulation.Hybrid investors need to be aware of the different drivers of market volatility (fundamental or technical) and appreciate how they may (or may not) influence margin movements.

Bank hybrids have been issued in the Australian financial landscape for over 20 years in various forms. While drivers of performance have varied over this period, they are typically cyclical and have a recurring impact on security trading margins (albeit at different magnitudes). The focus of the article will be on what is technically known as an Additional Tier 1 capital security (hybrids), and our expectations for market drivers over the next twelve months and how hybrids will be impacted by supply &amp; demand, valuations, diverging monetary, and regulation.Hybrid investors need to be aware of the different drivers of market volatility (fundamental or technical) and appreciate how they may (or may not) influence margin movements.

Liquidity and Technical Drivers of Hybrids

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

There is plenty of corporate risk out there. We have seen this across several large economies in the way of meaningful corporate stress. In South Korea, the Hanjin Shipping bankruptcy has negative implications not only for Korean banks, but certainly other banks lending into this space. This will not be an isolated shipping stress; there will be more.  In China, Bohai Steel is in trouble, which reportedly has US$28.9 billion in overdue loans. The steel sector has hit several banks in Thailand…

There is plenty of corporate risk out there. We have seen this across several large economies in the way of meaningful corporate stress. In South Korea, the Hanjin Shipping bankruptcy has negative implications not only for Korean banks, but certainly other banks lending into this space. This will not be an isolated shipping stress; there will be more.  In China, Bohai Steel is in trouble, which reportedly has US$28.9 billion in overdue loans. The steel sector has hit several banks in Thailand…

Consumer Banks in Asia May Fare Better at a Time when Large Corporate Stresses Are Evident

South Korea

Samsung Life Insurance Co., Ltd. provides insurance services. The Company offers life and health insurance services. Samsung Life Insurance serves customers in South Korea.

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Samsung Life Insurance (032830 KS)

What Elliott Is Really After? Samsung Embarrassed, But No Reason to Refuse Proposal

Elliott people are amazingly smart. Elliott people have learned what they could do and couldn't do from the C&T merger. They always need to act...

Sanghyun Park

Elliott's Proposal to Samsung: Things We Should Know

Samsung does not seem to be bothered by Elliott's proposal. Officially, Samsung said that it would carefully examine the proposal of Elliott...

Sanghyun Park

Korea Stock Market Monthly Recap #6 - (September 2016)

The six major events in the Korea Stock Market in September were as follows: LG Chem-LG Life Sciences merger, Hanjin Shipping applying for court...

Douglas Kim

Liquidity and Technical Drivers of Hybrids

Bank hybrids have been issued in the Australian financial landscape for over 20 years in various forms. While drivers of performance have varied...

BondAdviser

Consumer Banks in Asia May Fare Better at a Time when Large Corporate Stresses Are Evident

There is plenty of corporate risk out there. We have seen this across several large economies in the way of meaningful corporate stress. In South...

Daniel Tabbush

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