Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Samsung Labor Deal: Detailed Structure and Stock Impact Breakdown

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

Samsung Electronics Pref Shares / Event-Driven

Samsung Electronics Pref Shares (005935 KS)

<ul>
<li>OPI stays EVA based, no shift to operating profit payout, focus on WACC lock or band as least bad compromise, equity negative, offset likely via stronger capital return package.</li>
<li>FCF payout up to 60 percent, higher dividend floor, more systematic buybacks, plus ADR listing optionality to reinforce constraints on operating profit payout shift.</li>
<li>Base case is one off bonus plus WACC freeze, priced in, late June catalyst, positioning into capital return upside, ADR optionality, and preferred share discount compression.</li>
</ul>


OPI stays EVA based, no shift to operating profit payout, focus on WACC lock or band as least bad compromise, equity negative, offset likely via stronger capital return package.
FCF payout up to 60 percent, higher dividend floor, more systematic buybacks, plus ADR listing optionality to reinforce constraints on operating profit payout shift.
Base case is one off bonus plus WACC freeze, priced in, late June catalyst, positioning into capital return upside, ADR optionality, and preferred share discount compression.


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