Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Samsung Union Noise Trade: WACC Freeze Vs Incremental Capital Return Package Setup

Scenario Development for the Samsung Union Situation

Court Injunction Outlook on Samsung Union Strike Risk and Key Factors Driving the Decision

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>Stock based bonus with lockup removes overhang, supports tape. OP hurdle intact at KRW 200 trillion, no OP no payout, reinforcing growth narrative and downside support.</li>
<li>Bonus tied to separate KPI set later, not OP or EVA, pushing dispute out. Strike risk gone, union leverage weak, mgmt likely controls KPI design.</li>
<li>Mgmt to announce ~KRW 30 trillion buyback given limited treasury stock. Likely bundled with shareholder returns, driving front running flows and near term upside, especially in prefs.</li>
</ul>


Stock based bonus with lockup removes overhang, supports tape. OP hurdle intact at KRW 200 trillion, no OP no payout, reinforcing growth narrative and downside support.
Bonus tied to separate KPI set later, not OP or EVA, pushing dispute out. Strike risk gone, union leverage weak, mgmt likely controls KPI design.
Mgmt to announce ~KRW 30 trillion buyback given limited treasury stock. Likely bundled with shareholder returns, driving front running flows and near term upside, especially in prefs.


Samsung Electronics Pref Shares (005935 KS)

Samsung Labor Deal: Detailed Structure and Stock Impact Breakdown