Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Equity Capital Markets

Seoul Guarantee Insurance / Equity Capital Markets

<ul>
<li>Seoul Guarantee Insurance is sticking to the same playbook, focusing on boosting dividend appeal, with a better price and the 100% secondary sell-down and KDIC stake dump still in place.</li>
<li>There’s doubt about market interest, as the performance drop from 2023 to 2024 raises concerns over meeting the 200B KRW minimum dividend promise.</li>
<li>Seoul Guarantee is Korea’s only pure-play surety insurer, tied to the domestic economy. The IPO lacks a growth plan to reduce this reliance, which would’ve been a key win.</li>
</ul>


Seoul Guarantee Insurance is sticking to the same playbook, focusing on boosting dividend appeal, with a better price and the 100% secondary sell-down and KDIC stake dump still in place.
There’s doubt about market interest, as the performance drop from 2023 to 2024 raises concerns over meeting the 200B KRW minimum dividend promise.
Seoul Guarantee is Korea’s only pure-play surety insurer, tied to the domestic economy. The IPO lacks a growth plan to reduce this reliance, which would’ve been a key win.


Seoul Guarantee IPO: Price Cut, Dividend Focus, But Overhang and Weak Earnings May Hurt