Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Samsung Just Dropped Its Value-Up Filing: Key Highlights and This Year’s DPS Estimate

Samsung Likely to Drop Second Value-Up Disclosure Before June with Pref-First Cancel to Boost ROE

Clearing up the Confusion Around Samsung’s March 19 Deadline for Submitting the Value-Up Disclosure

Samsung’s Pref-Skewed Burn in Latest Filing & Impact on Discount Dynamics

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>Samsung just reaffirmed existing payouts, KRW 9.8tn regular, KRW 1.3tn FY2025 special, and the KRW 16tn buyback, with no new FY2026 dividends or buybacks.</li>
<li>The AGM's schedule update covers only the FY2027–FY2029 three-year plan; no guidance or timing was given for FY2026 incremental shareholder returns.</li>
<li>Local consensus sees FY2026 net income near KRW 170tn, implying KRW 70–80tn for 50% FCF payout; tomorrow’s value-up likely gives a first peek at incremental returns, affecting pref discount.</li>
</ul>


Samsung just reaffirmed existing payouts, KRW 9.8tn regular, KRW 1.3tn FY2025 special, and the KRW 16tn buyback, with no new FY2026 dividends or buybacks.
The AGM's schedule update covers only the FY2027–FY2029 three-year plan; no guidance or timing was given for FY2026 incremental shareholder returns.
Local consensus sees FY2026 net income near KRW 170tn, implying KRW 70–80tn for 50% FCF payout; tomorrow’s value-up likely gives a first peek at incremental returns, affecting pref discount.


Parsing the Underlying Implications of Samsung’s Shareholder Return Comments at Today’s AGM