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

HD Korea Shipbuilding & Offshore Engineering / Event-Driven

HD Korea Shipbuilding & Offshore Engineering

<ul>
<li>Market sniffing policy push; low-float names flagged as junk risk with skewed control. Desks circling, Palliser hit early—LG Chem trade popped, timing spot on.</li>
<li>Trade setup: screen &gt;₩1tn caps with low float, parent stakes 60–80%. Policy push likely forces stake cuts, driving float higher and squeezing NAV discounts—LG Chem shows the play.</li>
<li>Screening &gt;₩1tn caps flags 11 names: parents hold 60–80%. All potential stake-sale plays to boost float, squeeze NAV discount.</li>
</ul>


Market sniffing policy push; low-float names flagged as junk risk with skewed control. Desks circling, Palliser hit early—LG Chem trade popped, timing spot on.
Trade setup: screen &gt;₩1tn caps with low float, parent stakes 60–80%. Policy push likely forces stake cuts, driving float higher and squeezing NAV discounts—LG Chem shows the play.
Screening &gt;₩1tn caps flags 11 names: parents hold 60–80%. All potential stake-sale plays to boost float, squeeze NAV discount.


Korea’s Next Policy Play: NAV Discount Squeeze on Low‑Float Large Caps

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>On 1 October, it was reported in the local media that Hahn &amp; Co (is acquiring the management rights of SK D&amp;D Co Ltd (210980 KS). </li>
<li>This tender offer is not likely to be successful. Less than 1/3 of the 6.96 million shares that are up for tender offer could be sold by the existing shareholders.</li>
<li>We believe that the majority of the remaining investors in SK D&amp;D want higher tender offer price.</li>
</ul>


On 1 October, it was reported in the local media that Hahn &amp; Co (is acquiring the management rights of SK D&amp;D Co Ltd (210980 KS). 
This tender offer is not likely to be successful. Less than 1/3 of the 6.96 million shares that are up for tender offer could be sold by the existing shareholders.
We believe that the majority of the remaining investors in SK D&amp;D want higher tender offer price.


Acquisition of SK D&D by Hahn & Co + Tender Offer and Delisting Plans

<ul>
<li>Hahn &amp; Co. to buy SK Discovery’s 31.3% stake, launch ₩12,750/share tender for 37.4% float (₩88.8B), fully debt-financed, Oct 1–29.</li>
<li>SK D&amp;D likely gaps to offer price at open; 95% triggers delisting, but bidder must hit ~85%—tender size is heavy, so success isn’t guaranteed.</li>
<li>Setup for possible 2nd-round tender; current offer one-third of FY25 BPS, minorities unlikely to bite—trade is positioning for a potential price bump.</li>
</ul>


Hahn &amp; Co. to buy SK Discovery’s 31.3% stake, launch ₩12,750/share tender for 37.4% float (₩88.8B), fully debt-financed, Oct 1–29.
SK D&amp;D likely gaps to offer price at open; 95% triggers delisting, but bidder must hit ~85%—tender size is heavy, so success isn’t guaranteed.
Setup for possible 2nd-round tender; current offer one-third of FY25 BPS, minorities unlikely to bite—trade is positioning for a potential price bump.


SK D&D Tender to Be Announced Pre-Market This Morning – Assessing the Trading Angle

Equity Capital Markets

<ul>
<li>KRX is set to spotlight Philenergy’s 2023 IPO as the model, pushing spin-off deals to reward parentco holders—like Philoptics’ move to hand out IPO shares.</li>
<li>Philoptics doubled pre-Philenergy IPO on crazy momentum, then round-tripped post-listing. Setups like this hint at bigger parentco moves ahead in future spin-off IPO plays.</li>
<li>SK Enmove IPO is scrapped; but SK Plasma (SK Discovery) still live; LS E-Link (LS Corp) also likely to be an early test case for the new parentco compensation framework.</li>
</ul>


KRX is set to spotlight Philenergy’s 2023 IPO as the model, pushing spin-off deals to reward parentco holders—like Philoptics’ move to hand out IPO shares.
Philoptics doubled pre-Philenergy IPO on crazy momentum, then round-tripped post-listing. Setups like this hint at bigger parentco moves ahead in future spin-off IPO plays.
SK Enmove IPO is scrapped; but SK Plasma (SK Discovery) still live; LS E-Link (LS Corp) also likely to be an early test case for the new parentco compensation framework.


KRX Virtually Locks In Parentco Payout Rules for Spin-Off IPOs

<ul>
<li>The declining appeal of the separator business prompts SK to seek buyers for SKIET through block deals amid financial pressures. The first deal is anticipated despite recent stock price drops.</li>
<li>SK Ecoplant looks to sell its 37.6% stake in SK Oceanplant. Negotiations stall over the former major shareholder's 20% stake, prompting consideration of a block deal.</li>
<li>SK Bioscience, under SK Discovery, faces possible sale amid SK's bio company reshuffle. SK Chemicals may bring SK Biopharm under its wing to help SK Inc focus on semiconductors/batteries.</li>
</ul>


The declining appeal of the separator business prompts SK to seek buyers for SKIET through block deals amid financial pressures. The first deal is anticipated despite recent stock price drops.
SK Ecoplant looks to sell its 37.6% stake in SK Oceanplant. Negotiations stall over the former major shareholder's 20% stake, prompting consideration of a block deal.
SK Bioscience, under SK Discovery, faces possible sale amid SK's bio company reshuffle. SK Chemicals may bring SK Biopharm under its wing to help SK Inc focus on semiconductors/batteries.


Block Deal Prospects Arising from SK Group's Corporate Reshuffle

South Korea

SK Discovery Co.,Ltd. wholesales and distributes natural gas. The Company wholesales and distributes propylene, propane, and other natural gas SK Discovery markets its products throughout South Korea.

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Sk Discovery (006120 KS)

Korea’s Next Policy Play: NAV Discount Squeeze on Low‑Float Large Caps

This post lays out a live watchlist for NAV discount traders as Korea’s policy narrative shifts to low‑float large caps.

Sanghyun Park

Acquisition of SK D&D by Hahn & Co + Tender Offer and Delisting Plans

This tender offer of SK D&D is not likely to be successful. Less than 1/3 of the 6.96 million shares that are up for tender offer could be sold by...

Douglas Kim

SK D&D Tender to Be Announced Pre-Market This Morning – Assessing the Trading Angle

This post details SK D&D tender hitting pre-market this morning (by Hahn & Co) and takes a closer look at the trade setup.

Sanghyun Park

KRX Virtually Locks In Parentco Payout Rules for Spin-Off IPOs

This post breaks down how KRX has virtually locked in its playbook for rewarding parentco shareholders in spin-off IPOs.

Sanghyun Park

Block Deal Prospects Arising from SK Group's Corporate Reshuffle

SK Group seems to have chosen a block deal of SK Innovation's stake in SKIET as the first step to improve SK On's financial structure. SK...

Sanghyun Park

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