Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>Recent quarters operating numbers for <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI (006400 KS)</a> is quite poor and have caused the share price to decrease accordingly. </li>
<li>The share price has rallied on the back of the news on Tesla's new business to order ESS from Samsung SDI. </li>
<li>At what level shall investors start to accumulate Samsung SDI. </li>
</ul>


Recent quarters operating numbers for Samsung SDI (006400 KS) is quite poor and have caused the share price to decrease accordingly. 
The share price has rallied on the back of the news on Tesla's new business to order ESS from Samsung SDI. 
At what level shall investors start to accumulate Samsung SDI. 


Samsung SDI (006400): When Is the Buying Opportunity?

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We raise our target price for Samsung SDI to W450,000 (from W315,000), reflecting a significant upward revision to our outlook for the company’s ESS business.</li><li>During its 3Q25 earnings call, the company disclosed plans to strengthen its competitiveness in the ESS segment, including through additional production line conversions in North America.</li><li>We now forecast ESS revenue at W3.8tr for 2026 and W6.5tr for 2027 (revised up by 36% and 72%, respectively).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We raise our target price for Samsung SDI to W450,000 (from W315,000), reflecting a significant upward revision to our outlook for the company’s ESS business.During its 3Q25 earnings call, the company disclosed plans to strengthen its competitiveness in the ESS segment, including through additional production line conversions in North America.We now forecast ESS revenue at W3.8tr for 2026 and W6.5tr for 2027 (revised up by 36% and 72%, respectively).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung SDI (006400 KS/Buy)Valuation Gap with Global Peers to Narrow; Raise TP to W450,000

<ul>
<li>The EU ended the direct purchase subsidies for EVs; that is a negative for <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI (006400 KS)</a>.</li>
<li>Management is quite bullish, but the last two quarters result were quite informative on the level of margin and contribution from the battery business. </li>
<li>It trades around 112x PER while historically around 25-35x PER and its competitor <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> is only trading at 20x. </li>
</ul>


The EU ended the direct purchase subsidies for EVs; that is a negative for Samsung SDI (006400 KS).
Management is quite bullish, but the last two quarters result were quite informative on the level of margin and contribution from the battery business. 
It trades around 112x PER while historically around 25-35x PER and its competitor Contemporary Amperex Technology (CATL) (3750 HK) is only trading at 20x. 


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Korea Stock Exchange KOSPI 200 / Event-Driven

<ul>
<li>Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. </li>
<li>Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.</li>
<li>There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.</li>
</ul>


Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. 
Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.
There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.


Korea: Short Selling Is Back in March; Trade Ideas

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.

Equity Capital Markets

<ul>
<li>Samsung SDI kept the trading window open until May 12, not May 9 — so stock rights will trade for a total of six sessions.</li>
<li>If all shorts are closed by May 16, we can still subscribe. Spot hedging isn’t allowed, but outright shorts for pricing plays are fine.</li>
<li>Entry cost is effectively capped at 146,200 won, and it’s still very unlikely the final price exceeds that, so using it as the rights entry cap still makes sense.</li>
</ul>


Samsung SDI kept the trading window open until May 12, not May 9 — so stock rights will trade for a total of six sessions.
If all shorts are closed by May 16, we can still subscribe. Spot hedging isn’t allowed, but outright shorts for pricing plays are fine.
Entry cost is effectively capped at 146,200 won, and it’s still very unlikely the final price exceeds that, so using it as the rights entry cap still makes sense.


Samsung SDI Rights Trade Period & Short Ban: Quick Clarity

South Korea

Samsung SDI Co., Ltd. specializes in developing Lithium Ion Battery (LIB) technology.  The Company also manufactures cathode ray tubes (CRTs) for televisions and computer monitors.  Samsung SDI also produces liquid crystal display (LCD) components and rechargeable batteries for cellular phones , personal digital assistants (PDAs), Energy Storage Systems and solar panels.

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Samsung SDI (006400 KS)

Samsung SDI (006400): When Is the Buying Opportunity?

Samsung SDI's poor operating numbers have led to a decrease in share price, but a rally is expected with Tesla's new order for ESS. Investors...

Henry Soediarko