{"id":25280,"date":"2026-06-24T02:42:00","date_gmt":"2026-06-24T00:42:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=ec7a57bc6b92597cef3e5a250477bf3c"},"modified":"2026-06-24T02:42:00","modified_gmt":"2026-06-24T00:42:00","slug":"flashlight-capital-issues-letter-to-shareholders-of-samsung-s-1","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=25280","title":{"rendered":"Flashlight Capital Issues Letter to Shareholders of Samsung S-1"},"content":{"rendered":"<ul class=\"bwlistdisc\">\n<li>\nThe first activist campaign against a Samsung Group affiliate since Korea\u2019s Commercial Act amendments<\/li>\n<li>\n2x to 6x upside through re-rating and new growth initiatives<\/li>\n<\/ul><p>SINGAPORE--(BUSINESS WIRE)--Flashlight Capital Partners Pte. Ltd. (\u201cFlashlight Capital\u201d), a shareholder of S-1 Corporation (KRX: 012750) (\u201cS-1\u201d or the \u201cCompany\u201d), today released a letter to the Board of Directors and fellow shareholders outlining a five-point plan to improve corporate governance and unlock shareholder value at Korea\u2019s largest security services company.<\/p><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260623840794\/en\/2837444\/5\/FCP_logo_transparent.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260623840794\/en\/2837444\/22\/FCP_logo_transparent.jpg\" \/><\/a><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260623840794\/en\/2837444\/5\/FCP_logo_transparent.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260623840794\/en\/2837444\/21\/FCP_logo_transparent.jpg\" \/><\/a><p>\nAccording to Flashlight Capital, S-1 trades at approximately 3.3x EV\/EBITDA, compared to 12.0x for SK Shieldus, Korea\u2019s second-largest security company, and 11.1x for global peers.<\/p><p>\nCash and financial assets account for nearly half of S-1\u2019s market capitalization. Over the past ten years, the KOSPI Index rose approximately 370%, yet S-1\u2019s share price declined 30%.<\/p><p>\n\"S-1 is the market leader in a steadily growing industry, yet the stock trades at a steep discount,\" said Sanghyun Lee, Managing Partner of Flashlight Capital. \"We believe this valuation gap reflects deep-rooted governance failures within Samsung Group.\u201d<\/p><p>\nFlashlight Capital calls on the Board to:<\/p><ul class=\"bwlistdisc\">\n<li>\nEstablish a three-year shareholder value creation roadmap;<\/li>\n<li>\nPresent a five-year strategic plan addressing growth opportunities such as cybersecurity, drones, and senior care;<\/li>\n<li>\nAdopt a capital allocation framework for excess cash;<\/li>\n<li>\nModernize investor relations with CEO-led quarterly earnings calls; and<\/li>\n<li>\nReform the Board to comply with the amended Commercial Act.<\/li>\n<\/ul><p>\nFlashlight Capital said it sought discussions with both S-1's CEO and its Chairman of the Board, but was rebuffed, and has therefore published its presentation and letter online.<\/p><p>\nEvery S-1 CEO over the past quarter century has come from within Samsung Group, none with professional experience in the security industry. The current CEO previously served at a Samsung Group catering affiliate.<\/p><p>\nFlashlight Capital also identified an inverse correlation between CEO compensation and shareholder returns, calling it \"highly unusual\" and one that \"raises serious questions about whether the Board has fulfilled its fiduciary responsibilities to the 80% of shareholders who are not Samsung.\"<\/p><p>\nS-1 conducts no quarterly earnings calls and has historically required shareholders to attend its annual investor meeting in person on a day\u2019s notice.<\/p><p>\n\u201cWe believe S-1 can double in value through governance normalization.\u201d Lee said. \u201cWith new growth initiatives, the long-term upside could be substantially greater.\u201d<\/p><p>\nLee noted that the 2015 Samsung C&amp;T merger case resulted in the criminal conviction of several individuals, including the former head of Korea\u2019s National Pension Service. \u201cWe believe S-1 will become a bellwether for governance across Samsung Group,\" Lee said.<\/p><p>\n<b>About Flashlight Capital<\/b><\/p><p>\nFlashlight Capital Partners Pte. Ltd. was founded by Sanghyun Lee, former Head of Korea at The Carlyle Group, where he led the 2014 acquisition of Korean security company ADT Caps (later renamed SK Shieldus) and its sale to SK Telecom in 2018. In 2022, the firm launched an activist campaign at KT&amp;G.<\/p><p>\nFor more information, please visit <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.FlashlightCap.com&amp;esheet=54558654&amp;newsitemid=20260623840794&amp;lan=en-US&amp;anchor=www.FlashlightCap.com&amp;index=1&amp;md5=eaa58e5bd0115afe0ae1916bac4ef967\" rel=\"nofollow\" shape=\"rect\">www.FlashlightCap.com<\/a>.<\/p><br\/> <b>Contacts<\/b> <br\/><p>\n<a  href=\"mailto:contact@flashlightcap.com\" rel=\"nofollow\" shape=\"rect\">contact@flashlightcap.com<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>The first activist campaign against a Samsung Group affiliate since Korea\u2019s Commercial Act amendments<\/p>\n<p>2x to 6x upside through re-rating and new growth initiatives<br \/>\nSINGAPORE&#8211;(BUSINESS WIRE)&#8211;Flashlight Capital Partners Pte. Ltd. (\u201cFlashlight Capital&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-25280","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/25280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25280"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/25280\/revisions"}],"predecessor-version":[{"id":25281,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/25280\/revisions\/25281"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}