Samsung C&T Corporation (OTC ADR)
Industrials · Trading Companies & Distributors
Trading at a steep holding-company discount to NAV - the Samsung Biologics stake alone (worth ~$15B at market) exceeds the entire market cap; any Korean conglomerate discount compression or Samsung Biologics re-rating flows directly through.
Construction backlog is weighted toward semiconductor fabs and data centers - capex cycles that remain structural. The OTC ADR provides foreign access to the Samsung equity ecosystem at a discount unavailable through direct Samsung Electronics ownership.
Conglomerate discount is structural and unlikely to fully close without activist pressure or spin-off; Korean chaebol governance remains opaque to foreign shareholders. Construction margins are thin and exposed to raw material cost spikes. OTC liquidity is low and bid/ask spreads are wide, making entries and exits costly.
No dividend policy that compensates for the discount.
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