South Korean Preferred: Hidden Cove Of Value In A Bull Market

South Korean preferred shares, have, for the majority of the last year or so, traded at a record historic discount to their common counterparts. However, within the last two months the preferred equity class has undergone some-what of a rerating, as surging levels of corporate cash boost the outlook for dividend payouts.  In particular, according to data supplied by Bloomberg, at the end of November the preferred stock of the five largest listed South Korean companies was up 36% year-to-date. In comparison, the common stock of the companies in question declined 5.8%. What’s more, at the end of November, preferred…