{
  "docId": "019dd923-622b-71dc-a6dd-1b2358468037",
  "docSlug": "b6b6f532847a",
  "documentTitle": "Samsung C&T Corporation (028260 KS)",
  "authorId": "24_Palliser_Capital",
  "authorName": "Palliser",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-12-06 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 20,
  "pageCount": 60,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 15,
  "notes": "The chart uses a timeline-based annotation style to highlight the ineffectiveness of past corporate actions.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "line_chart",
    "timeline_visual",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-1b2358468037/20",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-1b2358468037",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-1b2358468037.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-1b2358468037#slide-20",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The discount has been widening for many years. Initiatives taken by SCT, including the recent capital allocation policy update, have been insufficient to catalyse any reduction in the SCT Value Gap",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b7-709e-b8c9-c1bd6be8295a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.92,
        "x": 0.04,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Line chart showing share price discount over time with moving average and event annotations.",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "13240e6b-ab58-4f37-a695-0754cb4eeae5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Share Price Discount to Intrinsic Value",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b7-709e-b8c9-c5422eb57178",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "The discount has been widening for many years. Initiatives taken by SCT, including the recent capital allocation policy update, have been insufficient to catalyse any reduction in the SCT Value Gap",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "525981b1-e5fa-41f1-9a01-e6fa7beeeea9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.45,
        "x": 0.04,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: Company, Bloomberg, Press, Analyst research; Palliser Analysis, Market data as of 1 Dec 2023",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "61eb3d0b-6906-4567-bd0f-1164cdf98788",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.92,
        "x": 0.04,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "(1) Linear Interpolation of moving average from announcement of merger of Cheil Industries with SCT to date when financials for new SCT became available (2) Post-merger historical NAV is calculated by i) using post-tax market value of listed assets; ii) applying listed comparable comps forward EV/EBITDA multiple to Construction, Trading, Fashion and F&B businesses iii) applying KOSPI EV/EBITDA multiple to Leisure business at a discount; Post merger new SCT's discount to NAV calculation started from the date of the first available financials disclosure for the combined entity",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "968fa2ed-daf2-4464-86ef-331f6e0125b2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.04,
        "y": 0.05
      },
      "kind": "title",
      "text": "Share Price Discount to Intrinsic Value is at Historically Wide Levels",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "de1b371e-e74a-4254-a6c9-967b594afac4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "c8435eda-8502-467c-94b8-b98cbc0431ef",
      "evidence": "The slide explicitly frames the company's past initiatives as insufficient to address the widening value gap, exposing a contradiction between management's actions and market results.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [
    {
      "to": 35,
      "from": 16,
      "beatId": "5bcde41d-6d43-4054-83fd-7947f9d155c2",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the problem by highlighting the causes of the value gap, including inefficient capital allocation and governance issues.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 24,
      "from": 18,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "9dd92b8f-477e-45af-a756-f15c5ca90d4d",
      "evidence": "The document provides a detailed breakdown of SCT's intrinsic value, highlighting its various business segments and their contributions to its overall value.",
      "position": 1,
      "objective": "How can SCT's intrinsic value be broken down?",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.7,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}