External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Value-Up disclosure aimed at raising PBR by strengthening ROE and shareholder returns </li><li>Three implementation plans set to reach a target of ROE of 10% by 2027</li><li>Boosting shareholder returns through dividend payouts of at least W5,000 + treasury share buybacks worth 1-2% of its market cap</li></ul><p><em>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.</em></p>

Value-Up disclosure aimed at raising PBR by strengthening ROE and shareholder returns Three implementation plans set to reach a target of ROE of 10% by 2027Boosting shareholder returns through dividend payouts of at least W5,000 + treasury share buybacks worth 1-2% of its market capContent 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 - Towards Higher ROE, Greater Shareholder Returns

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>On 28 October, SK Inc (034730 KS) announced its corporate value up program.</li>
<li>Minimum annual DPS was set at 5,000 won. The combination of dividends and share buyback/cancellations would mean that the total shareholder returns could range about 4% to 5% per year. </li>
<li>The company announced its goal of improving its ROE to around 10% in the long-term. From 2021 to 2023, the company's ROE averaged 3.9%.</li>
</ul>


On 28 October, SK Inc (034730 KS) announced its corporate value up program.
Minimum annual DPS was set at 5,000 won. The combination of dividends and share buyback/cancellations would mean that the total shareholder returns could range about 4% to 5% per year. 
The company announced its goal of improving its ROE to around 10% in the long-term. From 2021 to 2023, the company's ROE averaged 3.9%.


SK Inc: Solid Corporate Value Up Plan Muddled by Chairman Chey's Ongoing Divorce Proceeding

<ul>
<li>In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 4Q 2024.</li>
<li>Volatility has been high in the Korean stock market in the past several weeks resulting in some interesting widening of some gaps among numerous holdcos and opcos in Korea. </li>
<li>Of the 38 pair trades, 19 of them involved holdcos outperforming opcos in the past six months and the other 19 opcos outperforming holdcos in the same period. </li>
</ul>


In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 4Q 2024.
Volatility has been high in the Korean stock market in the past several weeks resulting in some interesting widening of some gaps among numerous holdcos and opcos in Korea. 
Of the 38 pair trades, 19 of them involved holdcos outperforming opcos in the past six months and the other 19 opcos outperforming holdcos in the same period. 


Korean Holdcos Vs Opcos Gap Trading Opportunities in 4Q 2024

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.

Event-Driven

<ul>
<li>The new 100% mandatory tender offer rule could push buyers to lower premiums for major shareholders, potentially increasing hostile takeover attempts as costs get shared with minority shareholders.</li>
<li>It looks like MBK is eyeing this situation as a chance to redefine their strategy. This really shows how serious MBK is about the Korea Zinc deal.</li>
<li>Watch for top-tier assets available via hostile takeovers, particularly companies like SK Inc and Lotte Corp, where low shareholder stakes may lead to management conflicts.</li>
</ul>


The new 100% mandatory tender offer rule could push buyers to lower premiums for major shareholders, potentially increasing hostile takeover attempts as costs get shared with minority shareholders.
It looks like MBK is eyeing this situation as a chance to redefine their strategy. This really shows how serious MBK is about the Korea Zinc deal.
Watch for top-tier assets available via hostile takeovers, particularly companies like SK Inc and Lotte Corp, where low shareholder stakes may lead to management conflicts.


Why MBK's Move into Local Hostile Takeover Scene Matters: Focus on SK Inc and Lotte Corp

<ul>
<li>In this insight, we discuss the potential sale of SK Specialty by SK Inc (034730 KS) which owns 100% stake in the company. </li>
<li>If SK Inc could sell SK Specialty at about 3 trillion won to 4 trillion won, this could reduce significantly reduce debt burden of SK Inc.</li>
<li>Our base case NAV value per share for SK Inc is 203,288 won per share, representing 38% upside from current levels.</li>
</ul>


In this insight, we discuss the potential sale of SK Specialty by SK Inc (034730 KS) which owns 100% stake in the company. 
If SK Inc could sell SK Specialty at about 3 trillion won to 4 trillion won, this could reduce significantly reduce debt burden of SK Inc.
Our base case NAV value per share for SK Inc is 203,288 won per share, representing 38% upside from current levels.


Potential Sale of SK Specialty and Deleveraging of the SK Group - Impact on SK Inc and NAV Analysis

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)

SK - Towards Higher ROE, Greater Shareholder Returns

Value-Up disclosure aimed at raising PBR by strengthening ROE and shareholder returns. Three implementation plans set to reach a target of ROE of...

Daishin Securities

SK Inc: Solid Corporate Value Up Plan Muddled by Chairman Chey's Ongoing Divorce Proceeding

SK Inc announced its corporate value up program. The combination of dividends and share buyback/cancellations would mean that the total shareholder...

Douglas Kim

Korean Holdcos Vs Opcos Gap Trading Opportunities in 4Q 2024

In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

Why MBK's Move into Local Hostile Takeover Scene Matters: Focus on SK Inc and Lotte Corp

This post investigates the reasons MBK has suddenly ventured into the hostile takeover market in Korea and discusses why we should pay attention to...

Sanghyun Park

Potential Sale of SK Specialty and Deleveraging of the SK Group - Impact on SK Inc and NAV Analysis

In this insight, we discuss the potential sale of SK Specialty by SK Inc (034730 KS) which owns 100% stake in the company. Our NAV value of SK Inc...

Douglas Kim

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