Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Event-Driven

<ul>
<li>Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,200+ insights published on Smartkarma.</li>
<li>In this cut, we unveil the first wave of 2026 high conviction ideas, break down the risks and rewards of the Meesho IPO and track upcoming lock-up expiries.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,200+ insights published on Smartkarma.
In this cut, we unveil the first wave of 2026 high conviction ideas, break down the risks and rewards of the Meesho IPO and track upcoming lock-up expiries.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: 2026's Top Picks, Unpacking Meesho's IPO & Navigating Lock-Ups

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<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.


Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>This week buyback‑burn names in focus; committees start debates, traders eye five bills’ overlap: retroactive cancellation of both new and legacy treasury stock.</li>
<li>Grace period ranges from immediate to five years, but four of five bills cluster at one year; market treating one‑year retroactive cancellation as base case.</li>
<li>Usual suspects in play: holdcos, financials, and &gt;30% treasury stock names. Hard‑line Assembly stance means loopholes unlikely; grace‑period noise not driving near‑term price action.</li>
</ul>


This week buyback‑burn names in focus; committees start debates, traders eye five bills’ overlap: retroactive cancellation of both new and legacy treasury stock.
Grace period ranges from immediate to five years, but four of five bills cluster at one year; market treating one‑year retroactive cancellation as base case.
Usual suspects in play: holdcos, financials, and &gt;30% treasury stock names. Hard‑line Assembly stance means loopholes unlikely; grace‑period noise not driving near‑term price action.


Buyback‑Burn Narrative in Play This Week as Korean Assembly Moves

<ul>
<li>The long-standing divorce case between SK Group Chairman Chey Tae-won and his estranged wife Roh So-young refuses to end.</li>
<li>Rather, the Supreme Court of Korea overturned a lower court ruling that ordered Chey Tae-won to pay 1.38 trillion won ($973 million) to Ro So-young.</li>
<li>Our NAV valuation of SK Inc suggests implied market cap of 25.8 trillion won or target price of 355,918 won per share, which is 63% higher than current levels.</li>
</ul>


The long-standing divorce case between SK Group Chairman Chey Tae-won and his estranged wife Roh So-young refuses to end.
Rather, the Supreme Court of Korea overturned a lower court ruling that ordered Chey Tae-won to pay 1.38 trillion won ($973 million) to Ro So-young.
Our NAV valuation of SK Inc suggests implied market cap of 25.8 trillion won or target price of 355,918 won per share, which is 63% higher than current levels.


Supreme Court Overturns a Lower Court Ruling for the Divorce Case Chey Tae-Won and Roh So-Young

<ul>
<li>Supreme Court divorce ruling for Chairman Chey (17.9% owner) hits tomorrow 10 a.m., likely driving intraday swings.</li>
<li>Chey’s wealth is mainly SK Inc (17.8%) and SK Siltron (29.6%). With half SK Inc shares tied, only SK Siltron offers liquidity, but it still falls short of his needs.</li>
<li>If the Supreme Court surprises, Chey may act on SK Inc shares, fueling a management/control narrative. Payments are due immediately, so SK Inc could see bigger intraday swings than expected.</li>
</ul>


Supreme Court divorce ruling for Chairman Chey (17.9% owner) hits tomorrow 10 a.m., likely driving intraday swings.
Chey’s wealth is mainly SK Inc (17.8%) and SK Siltron (29.6%). With half SK Inc shares tied, only SK Siltron offers liquidity, but it still falls short of his needs.
If the Supreme Court surprises, Chey may act on SK Inc shares, fueling a management/control narrative. Payments are due immediately, so SK Inc could see bigger intraday swings than expected.


Chey Divorce Verdict Tomorrow at 10 AM: SK Inc Poised for Larger-Than-Expected Intraday Moves

South Korea

SK Holdings Co., Ltd. is a holdings company that is engaged in various industries including energy, chemicals, information technology, semiconductors, marketing, and services businesses in South Korea and internationally.

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SK Inc (034730 KS)

Curator's Cut: 2026's Top Picks, Unpacking Meesho's IPO & Navigating Lock-Ups

This Curator's Cut issue highlights 2026's high conviction ideas, analyzes Meesho IPO risks/rewards, and tracks upcoming lock-up expiries on...

Pranav Rao

2026 High Conviction Idea: SK Inc

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...

Douglas Kim

Buyback‑Burn Narrative in Play This Week as Korean Assembly Moves

Mandatory treasury share cancellation narrative set to gain traction in the Korean market this week, as the National Assembly kicks off full‑scale...

Sanghyun Park

Supreme Court Overturns a Lower Court Ruling for the Divorce Case Chey Tae-Won and Roh So-Young

Divorce case between Chey Tae-won and his estranged wife Roh So-young refuses to end. Supreme Court overturned a lower court ruling that ordered...

Douglas Kim

Chey Divorce Verdict Tomorrow at 10 AM: SK Inc Poised for Larger-Than-Expected Intraday Moves

This post takes a closer look at tomorrow’s Chey divorce verdict 10 AM: SK Inc could see bigger-than-expected intraday moves.

Sanghyun Park

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Market Cap (USDm)

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Curator's Cut: 2026's Top Picks, Unpacking Meesho's IPO & Navigating Lock-Ups

This ​Curator's Cut issue highlights 2026's high conviction ideas, analyzes Meesho IPO risks/rewards, and tracks upcoming lock-up expiries on...

Pranav Rao

2026 High Conviction Idea: SK Inc

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...

Douglas Kim

Buyback‑Burn Narrative in Play This Week as Korean Assembly Moves

Mandatory treasury share cancellation narrative set to gain traction in the Korean market this week, as the National Assembly kicks off full‑scale...

Sanghyun Park

Supreme Court Overturns a Lower Court Ruling for the Divorce Case Chey Tae-Won and Roh So-Young

Divorce case between Chey Tae-won and his estranged wife Roh So-young refuses to end. Supreme Court overturned a lower court ruling that ordered...

Douglas Kim

Chey Divorce Verdict Tomorrow at 10 AM: SK Inc Poised for Larger-Than-Expected Intraday Moves

This post takes a closer look at tomorrow’s Chey divorce verdict 10 AM: SK Inc could see bigger-than-expected intraday moves.

Sanghyun Park

This Curator's Cut issue highlights 2026's high conviction ideas, analyzes Meesho IPO risks/rewards, and tracks upcoming lock-up expiries on...