{
  "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": 21,
  "pageCount": 60,
  "prevPage": 20,
  "nextPage": 22,
  "slideType": "before_after",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a combination of a time-series line chart and three bar charts to demonstrate the divergence between market valuation and fundamental business performance.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "line_chart",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-1b2358468037/21",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-1b2358468037",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-1b2358468037.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-1b2358468037#slide-21",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "callout",
      "text": "SCT's share price performance does not reflect core business growth. Intrinsic value has doubled but the share price is down 18% since the merger with Cheil",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c59a7347-bc99-4516-89c6-73844649e6b7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.2,
        "x": 0.76,
        "y": 0.24
      },
      "kind": "chart",
      "text": "Total Return Since Cheil Merger: SCT vs KOSPI",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a75a70c8-920c-4df7-b616-073c5973f587",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.2,
        "x": 0.76,
        "y": 0.68
      },
      "kind": "chart",
      "text": "Operating Margin (ex Bio) 2016 vs 2022",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4789f085-d94b-438e-87e6-6b740e1bdf0d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.2,
        "x": 0.76,
        "y": 0.45
      },
      "kind": "chart",
      "text": "Intrinsic Value Per Share (IVPS) 2016 vs 2022",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "81f8e70b-08a5-40b5-a6c5-1eb0c8b86195",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.7,
        "x": 0.04,
        "y": 0.24
      },
      "kind": "chart",
      "text": "Time series of SCT Share Price, KOSPI Index, and NAVPS from 2016 to 2023",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "048654be-c090-4ac6-b2e3-dd57f47adc94",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "share price performance: (49%)",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b7-709e-b8c9-9227d153d9f4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Company, Bloomberg, Analyst research; Market data as of 1 Dec 2023",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5d3b238a-e386-4ef4-8c8e-776585d25b20",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.8,
        "x": 0.04,
        "y": 0.03
      },
      "kind": "title",
      "text": "SCT's Shares Have Underperformed KOSPI Since the Cheil Merger Despite Underlying Businesses Strongly Outperforming",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a70471c3-d731-418f-85bd-305a2d5a8b80",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before-After-Bridge",
      "slug": "before-after-bridge",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "d937de6b-b725-4c6b-bc95-b07f317243a8",
      "evidence": "SCT's share price performance does not reflect core business growth. Intrinsic value has doubled but the share price is down 18% since the merger with Cheil",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "3350d444-fec1-40c6-97be-fa5ab2d3f7f0",
      "evidence": "Contrasts poor share price performance with strong underlying business growth metrics.",
      "confidence": 0.9
    }
  ],
  "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
}