Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>The Supreme Court of Korea plans to make a final ruling on Samsung's Lee Jae-Yong on 17 July.</li>
<li>If the Supreme Court confirms this appellate court's ruling, then Lee Jae-Yong would finally be cleared of all charges related to the Samsung C&amp;T and Cheil Industries merger. </li>
<li>The market is mostly expecting the confirmation of "not guilty" on all 19 charges on Lee Jae-Yong.</li>
</ul>


The Supreme Court of Korea plans to make a final ruling on Samsung's Lee Jae-Yong on 17 July.
If the Supreme Court confirms this appellate court's ruling, then Lee Jae-Yong would finally be cleared of all charges related to the Samsung C&amp;T and Cheil Industries merger. 
The market is mostly expecting the confirmation of "not guilty" on all 19 charges on Lee Jae-Yong.


Supreme Court's Final Ruling on Samsung's Lee Jae-Yong on 17 July: Impact on Samsung Group Companies

Event-Driven

<ul>
<li>After the market close on 25 June, Affinity Equity Partners sold all of its 1.94% stake (9.742 million shares) in Shinhan Financial (055550 KS) in a block deal sale.</li>
<li>It was reported that the sale was made at around 59,475 won to 59,780 won, a 2.0-2.5% discount from the previous day's closing price of 61,000 won.</li>
<li><em><strong>This block deal sale of 1.9% stake in Shinhan could be viewed negatively as Affinity has decided to sell the shares at current levels rather than waiting for further upside. </strong></em></li>
</ul>


After the market close on 25 June, Affinity Equity Partners sold all of its 1.94% stake (9.742 million shares) in Shinhan Financial (055550 KS) in a block deal sale.
It was reported that the sale was made at around 59,475 won to 59,780 won, a 2.0-2.5% discount from the previous day's closing price of 61,000 won.
This block deal sale of 1.9% stake in Shinhan could be viewed negatively as Affinity has decided to sell the shares at current levels rather than waiting for further upside. 


Block Deal Sale of 1.9% of Shinhan Financial by Affinity Equity Partners (BLSH: Buy Low Sell High)

Mirae Asset Securities / Equity Bottom-Up

<ul>
<li>In this insight, we propose a pair trade between a basket of major securities stocks (long) versus banking stocks (short) in Korea.</li>
<li>We believe the five major securities stocks in Korea could continue to outperform the five major banking stocks in Korea over the next 6-12 months.</li>
<li>We present 3 major headwinds on the Korean banking sector and 4 major tailwinds on the Korean securities sector. </li>
</ul>


In this insight, we propose a pair trade between a basket of major securities stocks (long) versus banking stocks (short) in Korea.
We believe the five major securities stocks in Korea could continue to outperform the five major banking stocks in Korea over the next 6-12 months.
We present 3 major headwinds on the Korean banking sector and 4 major tailwinds on the Korean securities sector. 


A Pair Trade (Basket) Of Korean Banks Vs Securities

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>Samsung Life’s value-up disclosure: we should expect it with Q4 earnings on the 20th—every local desk and media outlet is eyeing that date.</li>
<li>Unlike Samsung Life, Samsung Securities is tight-lipped. Earnings are set for Feb 14, but expect the value-up announcement after Feb 20, likely before early March and AGM season.</li>
<li>Tomorrow’s unlikely for Samsung Card's value-up disclosure. It’s holding off until the card fee recalculation is finalized—likely after February or before mid-March, ahead of AGM season.</li>
</ul>


Samsung Life’s value-up disclosure: we should expect it with Q4 earnings on the 20th—every local desk and media outlet is eyeing that date.
Unlike Samsung Life, Samsung Securities is tight-lipped. Earnings are set for Feb 14, but expect the value-up announcement after Feb 20, likely before early March and AGM season.
Tomorrow’s unlikely for Samsung Card's value-up disclosure. It’s holding off until the card fee recalculation is finalized—likely after February or before mid-March, ahead of AGM season.


Making a Call on when Samsung’s Financial Arms Will Drop Their Value-Up Announcements

<ul>
<li>In this insight, we review the major equity indices in Korea in 2024 including KOSPI 200 and Korea Value Up Index. </li>
<li>Some alpha generating performances continue in terms of adding stocks to be included in the KOSPI 200 and reducing stocks that could be excluded.</li>
<li>Korea Value Up Index has been heavily promoted by the Korean Exchange this year. Korea Exchange plans to make special changes to the Korea Value-Up Index constituents on 20 December. </li>
</ul>


In this insight, we review the major equity indices in Korea in 2024 including KOSPI 200 and Korea Value Up Index. 
Some alpha generating performances continue in terms of adding stocks to be included in the KOSPI 200 and reducing stocks that could be excluded.
Korea Value Up Index has been heavily promoted by the Korean Exchange this year. Korea Exchange plans to make special changes to the Korea Value-Up Index constituents on 20 December. 


A Review of Major Equity Indices in Korea in 2024

South Korea

Samsung Securities Co.,Ltd. provides personalized asset management services. The Company provides brokerage, investment trust, underwriting services, and other services. Samsung Securities also provides cyber trading, mutual funds, asset backed securities issuing, municipal bonds trading services.

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Samsung Securities (016360 KS)

Supreme Court's Final Ruling on Samsung's Lee Jae-Yong on 17 July: Impact on Samsung Group Companies

The Supreme Court confirmed the original verdict of NOT GUILTY on all 19 charges for Samsung Chairman Lee Jae-Yong. This final decision is likely...

Douglas Kim

Block Deal Sale of 1.9% of Shinhan Financial by Affinity Equity Partners (BLSH: Buy Low Sell High)

After the market close on 25 June, Affinity Equity Partners sold all of its 1.94% stake (9.742 million shares) in Shinhan Financial (055550 KS) in...

Douglas Kim

A Pair Trade (Basket) Of Korean Banks Vs Securities

In this insight, we propose a pair trade between a basket of major securities stocks (long) versus banking stocks (short) in Korea.

Douglas Kim

Making a Call on when Samsung’s Financial Arms Will Drop Their Value-Up Announcements

This post makes a call on when the remaining three of Samsung’s financial players (other than Samsung Fire) will drop their value-up announcements.

Sanghyun Park

A Review of Major Equity Indices in Korea in 2024

We review the major equity indices in Korea in 2024 including KOSPI 200 and Korea Value Up Index. KRX plans to make special changes to the Korea...

Douglas Kim

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