Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>Korean equities are stalled; macro catalysts are absent. Street focus shifts from treasury share cancellations to next year’s mandatory tender offers, now seen as the top policy driver.</li>
<li>Pre-MTO trades focus on holding companies with wide NAV discounts or low controlling stakes, front-running policy-driven re-ratings before minority shareholders capture control premiums.</li>
<li>Focus on 32 Korean holding companies &gt;KRW 500B; those with wide NAV discounts and lighter controlling stakes—SK's holding companies, Samsung C&amp;T, Hanwha, LG, LS—are prime re-rating plays.</li>
</ul>


Korean equities are stalled; macro catalysts are absent. Street focus shifts from treasury share cancellations to next year’s mandatory tender offers, now seen as the top policy driver.
Pre-MTO trades focus on holding companies with wide NAV discounts or low controlling stakes, front-running policy-driven re-ratings before minority shareholders capture control premiums.
Focus on 32 Korean holding companies &gt;KRW 500B; those with wide NAV discounts and lighter controlling stakes—SK's holding companies, Samsung C&amp;T, Hanwha, LG, LS—are prime re-rating plays.


Holdco NAV Discount Compression Play on Korea’s Next Policy Narrative: Mandatory Tender Offers

SK Square

Holdco NAV Discount Compression Play on Korea’s Next Policy Narrative: Mandatory Tender Offers