External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>We maintain our Buy rating on SK Innovation and raise our target price to W156,000 (from W116,000), reflecting upward revisions to our earnings forecasts for both the refining and battery businesses as well as a decline in net debt.</li><li>Refining margins have been showing notable strength, reaching their highest level since Sep. 2023, and are expected to remain strong through the winter heating season.</li><li>Meanwhile, we expect the battery business to strengthen its overall business portfolio through ESS order wins. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our Buy rating on SK Innovation and raise our target price to W156,000 (from W116,000), reflecting upward revisions to our earnings forecasts for both the refining and battery businesses as well as a decline in net debt.Refining margins have been showing notable strength, reaching their highest level since Sep. 2023, and are expected to remain strong through the winter heating season.Meanwhile, we expect the battery business to strengthen its overall business portfolio through ESS order wins. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SK Innovation (096770 KS/Buy)Battery portfolio to strengthen on ESS orders

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>There is an end of a lock-up period for 55.3 million shares (33% of outstanding shares) for SK Innovation (096770 KS) starting 20 November 2025.</li>
<li>This could potentially result in additional selling by insiders which could negatively impact its share price in the coming weeks.</li>
<li>SK Innovation is currently trading at relatively high valuation multiples. We remain Bearish on SK Innovation.</li>
</ul>


There is an end of a lock-up period for 55.3 million shares (33% of outstanding shares) for SK Innovation (096770 KS) starting 20 November 2025.
This could potentially result in additional selling by insiders which could negatively impact its share price in the coming weeks.
SK Innovation is currently trading at relatively high valuation multiples. We remain Bearish on SK Innovation.


SK Innovation - End of Lockup Period For 33% of Outstanding Shares

<ul>
<li>SK Group plans to restructure its renewable energy businesses that could result in asset sales of more than 1 trillion won. </li>
<li>SK Group is taking on a major restructuring of its renewable energy businesses, including  including fuel cells, energy storage systems (ESS), and solar/wind power generation facilities. </li>
<li>A consensus has been forming in the local media regarding Chairman Chey's expected divorce payment to his wife Roh So-young to be about 400 billion won to 700 billion won.</li>
</ul>


SK Group plans to restructure its renewable energy businesses that could result in asset sales of more than 1 trillion won. 
SK Group is taking on a major restructuring of its renewable energy businesses, including  including fuel cells, energy storage systems (ESS), and solar/wind power generation facilities. 
A consensus has been forming in the local media regarding Chairman Chey's expected divorce payment to his wife Roh So-young to be about 400 billion won to 700 billion won.


SK: Restructuring of Renewable Energy Business of Nearly 1 Trillion Won & Chey's Divorce Payment

<ul>
<li>Three main reasons why SK Inc is our high conviction in 2026 include mandatory cancellation of treasury shares, deep discount to NAV, and the end of divorce for Chairman Chey. </li>
<li>SK Inc has 17.98 million shares in treasury, representing 24.8% of outstanding shares. Among the stocks included in KOSPI200, this is one of the highest percentage of treasury shares.</li>
<li>Our NAV valuation analysis suggests NAV of 28 trillion won or NAV per share of 386,469 won. This represents a 46% upside to its current price.</li>
</ul>


Three main reasons why SK Inc is our high conviction in 2026 include mandatory cancellation of treasury shares, deep discount to NAV, and the end of divorce for Chairman Chey. 
SK Inc has 17.98 million shares in treasury, representing 24.8% of outstanding shares. Among the stocks included in KOSPI200, this is one of the highest percentage of treasury shares.
Our NAV valuation analysis suggests NAV of 28 trillion won or NAV per share of 386,469 won. This represents a 46% upside to its current price.


<ul>
<li>On 16 September, it was reported in the local media that SK Innovation's subsidiary SK Geo Centric plans to sell its entire 35% stake in the Sinopec-SK Petrochem JV.</li>
<li>The transaction is expected to be priced closed to its book value of about 819 billion won. Sinopec is a leading potential buyer. </li>
<li>From 2020 to 2024, SK Geo Centric generated cumulative operating profit of 695 billion won, accounting for 12.7% of SK Innovation's cumulative operating profit in this period. </li>
</ul>


On 16 September, it was reported in the local media that SK Innovation's subsidiary SK Geo Centric plans to sell its entire 35% stake in the Sinopec-SK Petrochem JV.
The transaction is expected to be priced closed to its book value of about 819 billion won. Sinopec is a leading potential buyer. 
From 2020 to 2024, SK Geo Centric generated cumulative operating profit of 695 billion won, accounting for 12.7% of SK Innovation's cumulative operating profit in this period. 


SK Innovation's Subsidiary SK Geo Centric to Sell Its Entire 35% Stake in Sinopec-SK Petrochem JV

South Korea

SK Innovation Co., Ltd. refines, markets, and distributes oil.  The Company produces a variety of petroleum products, such as gasoline, kerosene, liquefied petroleumgas (LPG), and diesel oil.  SK Energy also manufactures petrochemical p roducts, including paraxylene, synthetic resins, styrene monomer, and ethylene.

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SK Innovation (096770 KS)