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>This is MoEF’s first gov-led tax reform—not lawmaker-initiated—and unlike April’s DP bill, it carries broader scope and priority fast-track status, boosting passage odds.</li>
<li>Local chatter says MoEF is eyeing end-July to table its tax reform bill — that’s the base case making the rounds on the tape today.</li>
<li>Gov may go full-scope: 9–25% div tax on all firms plus tax credits. Traders are now rotating into high forward-yield names ahead of MoEF’s late-July package.</li>
</ul>


This is MoEF’s first gov-led tax reform—not lawmaker-initiated—and unlike April’s DP bill, it carries broader scope and priority fast-track status, boosting passage odds.
Local chatter says MoEF is eyeing end-July to table its tax reform bill — that’s the base case making the rounds on the tape today.
Gov may go full-scope: 9–25% div tax on all firms plus tax credits. Traders are now rotating into high forward-yield names ahead of MoEF’s late-July package.


Div Tax Intel Drop: Street Pivoting to Forward Yield Plays (Consensus Data Excel Attached)

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>SK Telecom experienced the biggest cyberattack in its history in April which is likely to result in a major shakeup of its management team. </li>
<li>We estimate SK Telecom could lose 1 million+ mobile service customers. Given its ARPU of 29,355 won per month, this would represent lost annual revenue of nearly 352 billion won. </li>
<li>This massive cyberattack could cost SK Telecom more than 1 trillion won in a combination of lost revenue and additional commission/advertising necessary to attract new customers. </li>
</ul>


SK Telecom experienced the biggest cyberattack in its history in April which is likely to result in a major shakeup of its management team. 
We estimate SK Telecom could lose 1 million+ mobile service customers. Given its ARPU of 29,355 won per month, this would represent lost annual revenue of nearly 352 billion won. 
This massive cyberattack could cost SK Telecom more than 1 trillion won in a combination of lost revenue and additional commission/advertising necessary to attract new customers. 


Biggest Cyberattack in SK Telecom's History - Likely to Lead to Major Management Changes

<ul>
<li>Prior to market open on 25 April, SK Telecom announced that it plans to sell 10.8 million shares of Kakao, representing 2.4% of outstanding shares in a  block deal sale.</li>
<li>The sale of Kakao Corp shares and using the proceeds to further acquire shares in SK Broadband and invest in AI businesses is a solid move by SK Telecom. </li>
<li>We believe that this trading down gap of Kakao Corp is likely to be covered soon in the next several days/weeks so it represents a short term buying opportunity. </li>
</ul>


Prior to market open on 25 April, SK Telecom announced that it plans to sell 10.8 million shares of Kakao, representing 2.4% of outstanding shares in a  block deal sale.
The sale of Kakao Corp shares and using the proceeds to further acquire shares in SK Broadband and invest in AI businesses is a solid move by SK Telecom. 
We believe that this trading down gap of Kakao Corp is likely to be covered soon in the next several days/weeks so it represents a short term buying opportunity. 


SK Telecom's Block Deal Sale of 10.8 Million Shares of Kakao Corp

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>4Q24 revenue W4.5tn (-0% YoY) with OP of W250bn (-15% YoY); 2024 OP W1.8tn (+4% YoY)</li><li>Balanced growth in both wireless and wireline, with easing marketing and depreciation cost burdens; 2025E OP W2.1tn (+16%)</li><li>OP CAGR 11% for 2020–2024, 11% for 2025–2028E</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>

4Q24 revenue W4.5tn (-0% YoY) with OP of W250bn (-15% YoY); 2024 OP W1.8tn (+4% YoY)Balanced growth in both wireless and wireline, with easing marketing and depreciation cost burdens; 2025E OP W2.1tn (+16%)OP CAGR 11% for 2020–2024, 11% for 2025–2028EContent 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 Telecom (017670 KS) - SKT and SKB in Sync

Korea Stock Exchange Kospi Index / Event-Driven

<ul>
<li>Martial law has been declared 11 times since 1945, but this is the first since Korea’s post-‘90 democratization.</li>
<li>The Martial Law Command's first proclamation blocks parliament, raising legal questions about its constitutionality and making any immediate attempt to end martial law uncertain.</li>
<li>Defense and telecom stocks could outperform short-term due to martial law, making them strong trading targets to watch.</li>
</ul>


Martial law has been declared 11 times since 1945, but this is the first since Korea’s post-‘90 democratization.
The Martial Law Command's first proclamation blocks parliament, raising legal questions about its constitutionality and making any immediate attempt to end martial law uncertain.
Defense and telecom stocks could outperform short-term due to martial law, making them strong trading targets to watch.


Breaking: Korea Drops Martial Law, Local Markets in Turmoil—What’s the Short-Term Trade Play Here?

South Korea

SK Telecom Co., Ltd. is a Korean mobile and telecommunications operator. The Company provides cellular voice, wireless data, and wireless internet services. SK Telecom also offers fixed line services and platform services.

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SK Telecom (017670 KS)

Div Tax Intel Drop: Street Pivoting to Forward Yield Plays (Consensus Data Excel Attached)

Lee admin’s tax revamp, set to drop later this month, is now clearly leaning toward broader dividend tax separation. Word is they’ll lower the...

Sanghyun Park

Biggest Cyberattack in SK Telecom's History - Likely to Lead to Major Management Changes

SK Telecom experienced the biggest cyberattack in its history in April which could cost SK Telecom more than 1 trillion won in a combination of...

Douglas Kim

SK Telecom's Block Deal Sale of 10.8 Million Shares of Kakao Corp

The sale of Kakao Corp shares and using the proceeds to further acquire shares in SK Broadband and invest in AI businesses is a solid move by SK...

Douglas Kim