Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Local Intel on Timing and Structure of Samsung’s Return Package

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>Samsung sees KRW 90tn to KRW 110tn of 2026 shareholder returns, with around KRW 30tn in 3Q dividends and the balance decided in January 2027.</li>
<li>Samsung’s KRW 110tn FCF payout ceiling looks likely, while the KRW 150tn view is too aggressive. The KRW 27.5tn special dividend is more dividend heavy than expected.</li>
<li>No cancellation focused buyback was announced, signaling limited confidence in memory pricing. With returns heavily dividend skewed, the near term Samsung downside looks hard to avoid.</li>
</ul>


Samsung sees KRW 90tn to KRW 110tn of 2026 shareholder returns, with around KRW 30tn in 3Q dividends and the balance decided in January 2027.
Samsung’s KRW 110tn FCF payout ceiling looks likely, while the KRW 150tn view is too aggressive. The KRW 27.5tn special dividend is more dividend heavy than expected.
No cancellation focused buyback was announced, signaling limited confidence in memory pricing. With returns heavily dividend skewed, the near term Samsung downside looks hard to avoid.


Samsung Electronics Pref Shares (005935 KS)

Samsung Return: ₩27.5tn Special Dividend, No Immediate Cancellations Raise Memory Pivot Concerns