In today’s briefing:
- Korea Dividend Tax Cut: Eligibility Criteria & Market Impact on Large Caps, Including Samsung Prefs
- Canon Electronics (7739 JP): Canon (7751 JP)’s Tender Offer at JPY3,650
Korea Dividend Tax Cut: Eligibility Criteria & Market Impact on Large Caps, Including Samsung Prefs
- Market eyed 25% top rate, but 30% is still punchy; <100 people hit it, lower than before, giving big shareholders incentive to rotate back into dividends.
- The new regime hits only companies with 25% payout last year and +10% YoY dividend: lower than the original draft, and the 10% bump is a solid positive.
- Companies >5tn KRW with ≥25% payout last year must boost dividends +10% YoY to get the tax cut; Samsung could add ~1tn KRW, potentially easing its pref discount.
Canon Electronics (7739 JP): Canon (7751 JP)’s Tender Offer at JPY3,650
- Canon Electronics (7739 JP) has recommended a tender offer from Canon Inc (7751 JP) at JPY3,650, a 32.4% premium to the last close price.
- The offer is attractive as it is above book value (P/B of 1.21x), above the midpoint of the IFA DCF valuation range and represents an all-time high.
- An attractive offer facilitates meeting the required tendering rate. The offer closes on 19 January 2026 and is a done deal.
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