{"id":3135,"date":"2019-05-10T13:23:27","date_gmt":"2019-05-10T20:23:27","guid":{"rendered":"https:\/\/dev.darsky.com\/dalton\/?p=3135"},"modified":"2019-05-10T13:23:28","modified_gmt":"2019-05-10T20:23:28","slug":"south-korean-opportunity","status":"publish","type":"post","link":"https:\/\/dev.darsky.com\/dalton\/south-korean-opportunity\/","title":{"rendered":"South Korean Opportunity"},"content":{"rendered":"\n<p>South Korea is a small but densely populated Asian country\n(roughly one quarter of the area of Japan, with 52 million people, of which 20\nmillion are in the greater Seoul area alone). It has a per capita GDP of approximately\n$30,000, the 27th highest in the world. The country enjoys strong economic\nhealth, with one of the lowest government debt\/GDP ratios globally, twin\n(fiscal and current account) surpluses and large foreign exchange reserves. It\nalso has relatively low levels of inflation and unemployment. From the end of the\nKorean War in the 1950s, when the country was amongst the world\u2019s poorest\nnations, South Korea has emerged as an economic success, with major\nachievements as its companies gained global dominance firstly in industrial\nsectors, then in electronic hardware, and now in consumer goods (cosmetics and\nentertainment) and technology. The country is perceived globally as an\ninnovation leader, topping Bloomberg\u2019s innovation index for five consecutive\nyears.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"444\" src=\"https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-1-1024x444.png\" alt=\"\" class=\"wp-image-3136\" srcset=\"https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-1-1024x444.png 1024w, https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-1-300x130.png 300w, https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-1-768x333.png 768w, https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-1.png 1498w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Source:\nBloomberg<\/p>\n\n\n\n<p>Despite these achievements, we believe that the South Korean\nstock market may be one of the cheapest in the world (based on standard\nvaluation metrics), with the valuation gap between it and other world markets\nwidening in recent years.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"641\" src=\"https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-2-1024x641.png\" alt=\"\" class=\"wp-image-3137\" srcset=\"https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-2-1024x641.png 1024w, https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-2-300x188.png 300w, https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-2-768x480.png 768w, https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-2.png 1458w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Why does this valuation discount exist? We believe that the\nmain reasons are historically weak corporate governance employed by Korean\ncompanies and inefficient capital allocation by their corporate management\nteams. In addition, there is perceived geo-political risk, given that the war\nwith the neighboring North Korea never has ended officially.<\/p>\n\n\n\n<p>The Dalton team currently sees opportunities in South Korea\ndue to:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>New government\nattitude <\/strong>\u2013 Former reform activists are now important government officials.\nThere is an increased drive to eradicate unfair corporate actions, including eliminating\n\u201ctunneling\u201d (the diversion of corporate resources from the firm to its controlling\nshareholders and\/or affiliated companies), removing circular holding\nstructures, strengthening minority shareholders participation through\ncumulative voting, and monitoring unfair or unruly activities by the major \u201cchaebol\u201d\nfamilies.<\/li><li><strong>Stewardship\nCode <\/strong>\u2013 The Korean government has launched a Stewardship Code, which\nencourages asset managers and owners to interact with companies for better\nmanagement of business, governance, transparency and capital allocation. Adopters\nof the Code need to comply with the principles or explain their activities. Importantly,\nthe National Pension Service of Korea (NPS) (representing 7% of the entire\nKorean equity market) adopted the Stewardship Code on July 30, 2018. We believe\nthat NPS\u2019 adoption of the Stewardship Code should be a big influence, not only\nbecause of its sheer size, but also because of NPS\u2019 new system of evaluating most\nof its outsourced managers on how effectively they have implemented the\nStewardship Code.<\/li><li><strong>Corporate\nincidents &#8211; <\/strong>Several recent corporate incidents (including Samsung Group\u2019s\nmerger of Cheil Industries and Samsung C&amp;T Corporation) have exposed the\nabuse of minority shareholder rights and crony-capitalism in South Korea; these\nincidents have increased public anger to very high levels. We believe that this\nanger may be a driving force for change.<\/li><li><strong>Activism\n\u2013 <\/strong>SouthKorea has increasingly\nseen activist activities by foreign and local firms in the last couple of\nyears. High profile examples shareholder activism include Elliott Management\nCorporation\u2019s actions against Samsung and Hyundai Motor Group.<\/li><li><strong>Private equity\n<\/strong>\u2013 Private equity activity in South Korea has increased (albeit from a low\nbase), and Korean companies are taking note of the radical changes in capital\nallocation implemented by private equity firms.<\/li><li><strong>Thawing relations\nwith North Korea <\/strong>\u2013 2018 witnessed an historic summit held between US and\nNorth Korean leaders, resulting in a joint statement with the aim of\nde-nuclearization of the Korean Peninsula.<\/li><\/ul>\n\n\n\n<p>The Dalton team believes that investors have yet to\nacknowledge that significant changes are underway in South Korea. Firstly, we\nhave seen several cases of South Korean companies and their management teams\nbeing prosecuted by the Korean Fair Trade Commission for attempted nefarious\nrelated-party transactions. Secondly, dividend payments have increased in the\nKorean market. &nbsp;Thirdly, there has been a\nmajor unwinding of the cross shareholdings in Korean companies. Meanwhile, the\nMSCI Korea Index trades below book value.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"629\" src=\"https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-3-1024x629.png\" alt=\"\" class=\"wp-image-3138\" srcset=\"https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-3-1024x629.png 1024w, https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-3-300x184.png 300w, https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-3-768x472.png 768w, https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-3.png 1365w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"798\" height=\"544\" src=\"https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-4.png\" alt=\"\" class=\"wp-image-3139\" srcset=\"https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-4.png 798w, https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-4-300x205.png 300w, https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-4-768x524.png 768w\" sizes=\"auto, (max-width: 798px) 100vw, 798px\" \/><\/figure>\n\n\n\n<p>Source: Business\nKorea; Korea Fair Trade Commission<\/p>\n\n\n\n<p>Dalton believes that select holdings in Korea may offer\nattractive long-term returns. Our key themes are:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Good\nowners\/managements<\/strong> &#8211; Companies with strong alignment of interest; managements\nwith strong track records.<\/li><li><strong>Turnarounds &#8211; <\/strong>Companies with poor historic alignment of interest that are implementing\nchanges, where we understand the rationale for the change in approach.<\/li><li><strong>Follow the money <\/strong>\u2013 We see opportunities to \u2018piggy-back\u2019 on other investors\u2014in particular,\nprivate equity firms typically introduce strong alignment of interest for\nmanagement teams.<\/li><li><strong>Go activist &#8211; <\/strong>Select companies with good businesses and assets, but poor historic track\nrecords, open to our suggestions &nbsp;on ways\nto improve capital allocation and alignment of interest. In select cases, we\nwill use public activism to affect change, including proposals to change the\ncompanies\u2019 statutory auditors or directors.<\/li><\/ul>\n\n\n\n<p><strong><em>Improve Korea\nCampaign<\/em><\/strong><\/p>\n\n\n\n<p>In early 2019, a\ngroup of investors led by Dalton Investments launched a campaign aimed at\naddressing the sustained underperformance of the Korean stock market and\nimproving outcomes for all shareholders. As part of this campaign, Dalton\npublished a letter which was delivered to NPS and the Government, the National\nAssembly of the Republic of Korea, among others. <\/p>\n\n\n\n<p><em>Korea National Pension\nService <\/em><\/p>\n\n\n\n<p>NPS is one of the largest pension schemes in the world, with\nover $100 billion invested in Korean equities (7% of the Korean equity market).\nNPS is also a signatory of the Korean Stewardship Code.<\/p>\n\n\n\n<p>Dalton recommended the following to NPS: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Focus on global best practices <\/li><li>Actively exercise shareholder rights<\/li><li>Focus on capital allocation and economic value add<\/li><li>Change screening metrics for target engagement<\/li><li>Focus beyond minimum dividend yield\/payout<\/li><li>Focus on companies\u2019 idle cash piles<\/li><li>Encourage share repurchases<\/li><li>Automatically cancel treasury shares<\/li><\/ul>\n\n\n\n<p><em>The National Assembly of the Republic of\nKorea (The Government)<\/em><\/p>\n\n\n\n<p>Korean individuals\/institutions own approximately 70% of the\nKorean equity market, meaning the people most negatively impacted by the poor\nperformance of the Korean stock market are the Korean. Dalton believes that, by\naligning management incentives with those of all shareholders, the government\ncan profoundly and positively impact the value of Korean companies and the wealth\nof countless Korean individual investors.<\/p>\n\n\n\n<p>Dalton recommended the following to the National Assembly: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Better alignment of tax rates<ul><li>Reduce income tax rates on dividends<\/li><\/ul><ul><li>Reduce the estate and gift tax<\/li><\/ul><ul><li>Reduce taxes on long-term equity investments<\/li><\/ul><\/li><li>Regulate stock voting systems<\/li><li>Introduce a mandatory tender offer system<\/li><li>Relax restrictions on capital allocation <\/li><li>Adopt the use of \u201cdefault options\u201d for\nretirement accounts\u2019 asset allocation choice<\/li><\/ul>\n\n\n\n<p>No representation or warranty can be given with respect to\nthe accuracy or completeness of the information, or with respect to the terms\nof any future offer of transactions conforming to the terms hereof.&nbsp;\nCertain assumptions may have been made in the analysis which resulted in any\ninformation and returns\/results detailed herein.&nbsp; No representation is\nmade that any results\/returns indicated will be achieved or that all\nassumptions in achieving these returns have been considered or stated.&nbsp;\nAdditional information is available on request.&nbsp; Opinions and estimates offered\nconstitute our judgment and are subject to change without notice, as are\nstatements of financial market trends, which are based on market\nconditions.&nbsp; Unless otherwise indicated, figures presented are\npreliminary, unaudited, subject to change and do not constitute Dalton\u2019s\nstandard books and records.<\/p>\n\n\n\n<p>Any estimates, projections or predictions (including in\ntabular form) given in this communication are intended to be forward-looking\nstatements.&nbsp; Although Dalton believes that the expectations in such forward-looking\nstatements are reasonable, it can give no assurance that any forward-looking\nstatements will prove to be correct.&nbsp; Such estimates are subject to actual\nknown and unknown risks, uncertainties and other factors that could cause\nactual results to differ materially from those projected.&nbsp; These\nforward-looking statements speak only as of the date of this\ncommunication.&nbsp; Dalton expressly disclaims any obligation or undertaking\nto update or revise any forward-looking statement contained herein to reflect\nany change in its expectations or any change in circumstances upon which such\nstatement is based.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Korea is a small but densely populated Asian country (roughly one quarter of the area of Japan, with 52 million people, of which 20 million are in the greater Seoul area alone). It has a per capita GDP of \u2026<br \/><a class=\"read-more\" href=\"https:\/\/dev.darsky.com\/dalton\/south-korean-opportunity\/\">read more &gt;<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[15],"tags":[],"class_list":["post-3135","post","type-post","status-publish","format-standard","hentry","category-dalton-insights","wpautop"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korean Opportunity - Dalton Investments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.darsky.com\/dalton\/south-korean-opportunity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korean Opportunity - Dalton Investments\" \/>\n<meta property=\"og:description\" content=\"South Korea is a small but densely populated Asian country (roughly one quarter of the area of Japan, with 52 million people, of which 20 million are in the greater Seoul area alone). It has a per capita GDP of \u2026read more &gt;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dev.darsky.com\/dalton\/south-korean-opportunity\/\" \/>\n<meta property=\"og:site_name\" content=\"Dalton Investments\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-10T20:23:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-05-10T20:23:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-1-1024x444.png\" \/>\n<meta name=\"author\" content=\"Michael Caroff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michael Caroff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/dev.darsky.com\/dalton\/south-korean-opportunity\/\",\"url\":\"https:\/\/dev.darsky.com\/dalton\/south-korean-opportunity\/\",\"name\":\"South Korean Opportunity - Dalton Investments\",\"isPartOf\":{\"@id\":\"https:\/\/dev.darsky.com\/dalton\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/dev.darsky.com\/dalton\/south-korean-opportunity\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/dev.darsky.com\/dalton\/south-korean-opportunity\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-1-1024x444.png\",\"datePublished\":\"2019-05-10T20:23:27+00:00\",\"dateModified\":\"2019-05-10T20:23:28+00:00\",\"author\":{\"@id\":\"https:\/\/dev.darsky.com\/dalton\/#\/schema\/person\/7cd5842f2361b709d526b3ca097af100\"},\"breadcrumb\":{\"@id\":\"https:\/\/dev.darsky.com\/dalton\/south-korean-opportunity\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/dev.darsky.com\/dalton\/south-korean-opportunity\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/dev.darsky.com\/dalton\/south-korean-opportunity\/#primaryimage\",\"url\":\"https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-1.png\",\"contentUrl\":\"https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2019\/05\/KOREA-1.png\",\"width\":1498,\"height\":649},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/dev.darsky.com\/dalton\/south-korean-opportunity\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/dev.darsky.com\/dalton\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"South Korean Opportunity\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/dev.darsky.com\/dalton\/#website\",\"url\":\"https:\/\/dev.darsky.com\/dalton\/\",\"name\":\"Dalton Investments\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/dev.darsky.com\/dalton\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/dev.darsky.com\/dalton\/#\/schema\/person\/7cd5842f2361b709d526b3ca097af100\",\"name\":\"Michael Caroff\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/dev.darsky.com\/dalton\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/d091b13cfcd164d9ad3bbc7c6bf347b6345eaf12567daee32fa9f19cca173b86?s=96&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/d091b13cfcd164d9ad3bbc7c6bf347b6345eaf12567daee32fa9f19cca173b86?s=96&r=g\",\"caption\":\"Michael Caroff\"},\"sameAs\":[\"http:\/\/caroff.com\"],\"url\":\"https:\/\/dev.darsky.com\/dalton\/author\/caroff\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"South Korean Opportunity - Dalton Investments","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/dev.darsky.com\/dalton\/south-korean-opportunity\/","og_locale":"en_US","og_type":"article","og_title":"South Korean Opportunity - Dalton Investments","og_description":"South Korea is a small but densely populated Asian country (roughly one quarter of the area of Japan, with 52 million people, of which 20 million are in the greater Seoul area alone). 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