{
  "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": 38,
  "pageCount": 60,
  "prevPage": 37,
  "nextPage": 39,
  "slideType": "propose_solution",
  "function": "propose_solution",
  "density": "overcrowded",
  "nDataPoints": 2,
  "notes": "The slide uses a flow-based diagram to map sources of capital to specific allocation strategies.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "process_diagram",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-1b2358468037/38",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-1b2358468037",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-1b2358468037.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-1b2358468037#slide-38",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "By way of illustration, a share buyback at a 61% discount(1) to NAV results in a 159% ROI in terms of increase in NAV per share setting a high benchmark for alternative uses of capital",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b7-709e-b8cb-34e58fe5b95b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.36,
        "x": 0.04,
        "y": 0.26
      },
      "kind": "diagram",
      "text": "Flow from sources (Dividends, FCF, Asset Sales) to allocation buckets (Base Dividend, Shareholder Returns, Growth Investing)",
      "attrs": null,
      "subkind": "process",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8dfceba4-45b7-4603-bbe0-77ecf6093053",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.55,
        "x": 0.41,
        "y": 0.26
      },
      "kind": "list",
      "text": "Base Dividend: Continue to retain a minimum dividend; Predictable minimum return for shareholders",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a803227-3e62-47fd-8049-2590ca8179b3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.55,
        "x": 0.41,
        "y": 0.38
      },
      "kind": "list",
      "text": "Shareholder Returns: Remaining dividend from affiliates; Consistent additional shareholder return; Tax-efficient buybacks; 61% discount to NAV example",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aed74179-ad0e-4d2d-8bf5-aa3a6394d74f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.55,
        "x": 0.41,
        "y": 0.66
      },
      "kind": "list",
      "text": "Growth Asset Investing: Return-oriented investment; Organic/inorganic investment in tech/bio; Longer-term investments; Focus on globally competitive businesses",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c5efb3f4-9c7a-493b-98d4-f1171bdc8c74",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "ROI: 159%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b7-709e-b8cb-384ba6c787d9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "A transparent and well-communicated capital allocation process that ensures the highest-returning utilisation of capital combined with a fair shareholder returns policy will help create a compelling equity story",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "151787f9-f51b-4cad-9c31-05a15ecbf5b2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Company, Bloomberg, Analyst research; Market data as of 1 Dec 2023. Note: (1) Based on a buyback at a 5% premium to share price on 1 December 2023",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3238289f-3265-4a84-bad5-e838d9cd0b73",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "Adopt a Robust and Flexible Capital Allocation Framework",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7ea68d3e-512e-42be-a8c1-7ba9811ded83",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "82f30abd-5b58-40d3-9a00-b253ce10abea",
      "evidence": "Flow from sources (Dividends, FCF, Asset Sales) to allocation buckets (Base Dividend, Shareholder Returns, Growth Investing)",
      "confidence": 0.6
    }
  ],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "7d50c132-c698-4ad1-a92c-a1e38d02d5af",
      "evidence": "The slide explicitly proposes a capital allocation framework with specific buckets for dividends, buybacks, and growth investment.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 59,
      "from": 36,
      "beatId": "00e7af10-ced0-48ce-8738-739703f404cc",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document proposes solutions to address the issues, including adopting a robust capital allocation framework, improving governance, and restructuring the corporate structure.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 42,
      "from": 37,
      "name": "Quick Win Big Bet",
      "slug": "47-quick-win-big-bet",
      "bestFor": "Transformation planning, 100-day plans, resource allocation",
      "matchId": "14ca5294-467d-431c-ba85-642454808b94",
      "evidence": "The document proposes clear and actionable measures to catalyze growth and improve governance, including adopting a robust capital allocation framework and improving disclosure and management incentives.",
      "position": 2,
      "objective": "What are the quick wins and big bets for SCT?",
      "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap",
      "confidence": 0.7,
      "description": "Separate initiatives into immediate wins and longer-term strategic bets"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}