Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Is Samsung Electronics (005930 KS) Quietly Starting to Take Off?

Samsung Electronics (005930 KS) Outlook as Foundry Spin-Off Gains Momentum

Getting a Clear Read on the Samsung Life Play to Flip into a Financial Holding Co

Clearing Confusion on Samsung C&T’s Forced Holding Co Conversion: Key Trade Angle in Biologics Split

Intel Summary on Samsung Biologics Split and Samsung C&T’s Acquisition of Samsung Electronics Shares

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>The FTC uses acquisition cost, not market value, so Samsung C&amp;T’s existing 5.05% Samsung Elec stake is booked at KRW 400B</li>
<li>Samsung Life only needs to sell ~5.5% of Samsung Elec, not the full 8.51%, leaving Samsung C&amp;T with a ~KRW 10T buffer before hitting the 50% holdco threshold.</li>
<li>The holdco risk is overblown—unlikely without rule changes. The Bio spin-off looks like prep for Samsung C&amp;T to buy Samsung Elec stake, driving re-rating upside for C&amp;T and Life.</li>
</ul>


The FTC uses acquisition cost, not market value, so Samsung C&amp;T’s existing 5.05% Samsung Elec stake is booked at KRW 400B
Samsung Life only needs to sell ~5.5% of Samsung Elec, not the full 8.51%, leaving Samsung C&amp;T with a ~KRW 10T buffer before hitting the 50% holdco threshold.
The holdco risk is overblown—unlikely without rule changes. The Bio spin-off looks like prep for Samsung C&amp;T to buy Samsung Elec stake, driving re-rating upside for C&amp;T and Life.


삼성물산 강제 홀드코 전환 문제에 대한 삼성 인사이더의 잘못된 전제

Samsung Life Insurance

삼성물산 강제 홀드코 전환 문제에 대한 삼성 인사이더의 잘못된 전제