Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

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

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

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

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

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’s value-up confirms ~KRW 65–70T CAPEX and a hard 50% FCF payout, removing market overhang and signaling strong shareholder returns despite no explicit payout ratio.</li>
<li>With CAPEX ~KRW 70T and FCF ~KRW 170T, Samsung’s cash build could reach KRW 260–270T, giving the market a solid base to model DPS and structure narratives.</li>
<li>Samsung’s 50% FCF payout leaves ~KRW 75T for shareholder returns, implying ~KRW 5,500/share special dividend and total DPS ~KRW 7,000, or ~5% yield on preferred shares.</li>
</ul>


Samsung’s value-up confirms ~KRW 65–70T CAPEX and a hard 50% FCF payout, removing market overhang and signaling strong shareholder returns despite no explicit payout ratio.
With CAPEX ~KRW 70T and FCF ~KRW 170T, Samsung’s cash build could reach KRW 260–270T, giving the market a solid base to model DPS and structure narratives.
Samsung’s 50% FCF payout leaves ~KRW 75T for shareholder returns, implying ~KRW 5,500/share special dividend and total DPS ~KRW 7,000, or ~5% yield on preferred shares.


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