Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

I investigate special situations, pairs, and index rebalancing trades in Korea.

Korea / Special Sits, Pairs, Index Rebalancing

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Samsung Electronics Yearend Special Dividend Possibility Checkup

Gravity Works As WeWork Doesn't; Now Plan B

Clepsydra Capital

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

Event-Driven

<ul>
<li>The 4Q consensus DPS is ₩584, implying that this year's special dividend is ₩223 and the 4Q CAPEX is ₩12.62T.</li>
<li>From the 1P/Ord pair trade perspective, the possibility that the 1P discount will rise above 10% again is low in the short term.</li>
<li>We may have to prepare a trading setup aimed at the possibility that the CAPEX concerns may push the futures/spot into contango, leading to a spread opening.</li>
</ul>


The 4Q consensus DPS is ₩584, implying that this year's special dividend is ₩223 and the 4Q CAPEX is ₩12.62T.
From the 1P/Ord pair trade perspective, the possibility that the 1P discount will rise above 10% again is low in the short term.
We may have to prepare a trading setup aimed at the possibility that the CAPEX concerns may push the futures/spot into contango, leading to a spread opening.


Samsung Electronics Pref Shares (005935 KS)

Samsung Electronics Yearend DPS Revised Down