Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Samsung Electronics (005930 KS): 1.7 T KRW Block Deal Sale, Where to Buy the Inevitable Pullback

Clear Recent Outperformance of Korean Preferred Vs. Common Shares

Direction of Samsung Elec 1P Discount Next Week, Watch the Reversion Trade

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

Samsung Electronics Pref Shares / Event-Driven

Samsung Electronics Pref Shares (005935 KS)

<ul>
<li>Near‑term flow looks muted: Shinhan likely drips ~0.3% SO stake into liquid tape, not a block. With ₩2tn daily turnover, market easily absorbs without price shock.</li>
<li>Top‑holder stake dips 20.14→19.84% post‑sale, but ₩10tn buyback cancels ~1.5ppt float, restoring 20.14%. The 0.3% selldown’s pre‑calculated; no real trading juice, flow impact minimal.</li>
<li>Inheritance‑tax overhang done, buyback cycle fading. Gov’t pressure plus family’s last selldown point to dividend ramp. Prefs at 23% discount vs 10% target set up clean reversion trade.</li>
</ul>


Near‑term flow looks muted: Shinhan likely drips ~0.3% SO stake into liquid tape, not a block. With ₩2tn daily turnover, market easily absorbs without price shock.
Top‑holder stake dips 20.14→19.84% post‑sale, but ₩10tn buyback cancels ~1.5ppt float, restoring 20.14%. The 0.3% selldown’s pre‑calculated; no real trading juice, flow impact minimal.
Inheritance‑tax overhang done, buyback cycle fading. Gov’t pressure plus family’s last selldown point to dividend ramp. Prefs at 23% discount vs 10% target set up clean reversion trade.


Final Samsung Electronics Stake Sale: Overhang Risk, Control Optics, & Clean Pref Reversion Trade