{
  "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": 32,
  "pageCount": 60,
  "prevPage": 31,
  "nextPage": 33,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "The slide uses a comparison table to highlight the lack of regulation on treasury share disposal compared to new share issuance.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box",
    "bar_chart_vertical",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-1b2358468037/32",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-1b2358468037",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-1b2358468037.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-1b2358468037#slide-32",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The current plan to cancel these shares over 5 years is far too long and has been mischaracterised as a capital return",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b7-709e-b8cb-0253fb610aca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.4,
        "x": 0.55,
        "y": 0.28
      },
      "kind": "chart",
      "text": "LTM EPS (as of Q2 23) comparison between Reported (Incl Treasury) and Excl Treasury",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1fd75bd8-e30a-4ff7-9317-03749992f0d7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.05,
        "y": 0.28
      },
      "kind": "list",
      "text": "Korean local investors typically count treasury shares in the total number of shares when calculating per share value or earnings. Owing to looser regulation of treasury shares compared to other jurisdictions which allow them to be re-issued on uneconomic terms and dilute minority shareholders. Consequently, the significant number of uncancelled SCT treasury shares (13% of shares outstanding) represents a major overhang",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3f210b28-70fb-4c4a-a0e3-9510ed747d89",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EPS: 14.4%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b7-709e-b8cb-0570403cc769",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "Treasury shares create share count discrepancies and pose a dilution threat. The current plan to cancel these shares over 5 years is far too long and has been mischaracterised as a capital return",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9e7f5d6e-a0fc-4a3c-ad02-c98d0676a4c5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.25,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Company, Bloomberg, Analyst Research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a0debde2-d04b-45d0-b313-257f07532d23",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.9,
        "x": 0.05,
        "y": 0.58
      },
      "kind": "table",
      "text": "New Ordinary Share Issue vs Treasury Share Disposal comparison table",
      "attrs": null,
      "subkind": "comparison",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7fa49f14-e06f-4fcd-9aa0-975f401b7335",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.05,
        "y": 0.03
      },
      "kind": "title",
      "text": "Governance: 13% of Shares Outstanding Are Treasury Shares – A Costly Overhang Weighing on the Share Price",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "568a3b6a-c329-4f7d-94c5-b306dc1ac260",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison-frame",
      "slug": null,
      "matchId": "21a9bd2c-9eb2-439e-ba5f-a3fae41f34e5",
      "evidence": "Comparison table between New Share Issuance and Treasury Share Disposal",
      "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": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}