Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>SK Inc (034730 KS) announced that it will cancel about 4.8 trillion won ($3.3 billion) worth of treasury shares, representing about 20.3% of its outstanding shares.</li>
<li>This should have a big positive impact on SK Inc's share price. The treasury shares cancellation date is scheduled for 4 January 2027.</li>
<li><em><strong>Our updated NAV valuation suggests target NAV per share of 662,130 won, which is 82% higher than current price. </strong></em></li>
</ul>


SK Inc (034730 KS) announced that it will cancel about 4.8 trillion won ($3.3 billion) worth of treasury shares, representing about 20.3% of its outstanding shares.
This should have a big positive impact on SK Inc's share price. The treasury shares cancellation date is scheduled for 4 January 2027.
Our updated NAV valuation suggests target NAV per share of 662,130 won, which is 82% higher than current price. 


SK Inc: Cancellation of 20.3% of Outstanding Shares

Equity Bottom-Up

<ul>
<li>In this insight, we provide an update on SK Inc (034730 KS) which is our 2026 high conviction pick.</li>
<li>On 10 February, SK Inc announced annual DPS of 8,000 won for 2025, up 14% YoY. This represents a dividend yield of 2.4%. </li>
<li>Our updated NAV valuation suggests target NAV per share of 465,286 won, which is 41% higher than current price.</li>
</ul>


In this insight, we provide an update on SK Inc (034730 KS) which is our 2026 high conviction pick.
On 10 February, SK Inc announced annual DPS of 8,000 won for 2025, up 14% YoY. This represents a dividend yield of 2.4%. 
Our updated NAV valuation suggests target NAV per share of 465,286 won, which is 41% higher than current price.


An Update on SK Inc (2026 High Conviction Pick)

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>The only variable is timing. The ruling party now plans to push the 3rd Commercial Act amendment through the Assembly by the end of January.</li>
<li>Local desks seem to be targeting ~46 names with &gt;10% treasury and ₩50B+ market cap, flagging stocks where a burn could boost EPS and attract institutional flow.</li>
<li>Core targets remain holding cos with top shareholder discounts. Big caps with lower top stakes, like SK, Doosan, KCC, and Lotte, are prime for treasury burns and share price support.</li>
</ul>


The only variable is timing. The ruling party now plans to push the 3rd Commercial Act amendment through the Assembly by the end of January.
Local desks seem to be targeting ~46 names with &gt;10% treasury and ₩50B+ market cap, flagging stocks where a burn could boost EPS and attract institutional flow.
Core targets remain holding cos with top shareholder discounts. Big caps with lower top stakes, like SK, Doosan, KCC, and Lotte, are prime for treasury burns and share price support.


Treasury Burn Play: SK Inc & Big Caps in Focus as 3rd Commercial Act Nears

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.

Research Reinvented

<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

<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

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 Inc: Cancellation of 20.3% of Outstanding Shares

Our updated NAV valuation of SK suggests a target NAV per share of 662,130 won, which is 82% higher than current price. SK Inc announced that it...

Douglas Kim

An Update on SK Inc (2026 High Conviction Pick)

We believe there is a 30% chance the Korean govt concludes mandatory treasury share cancellations by late February, a 40% chance in March, and a...

Douglas Kim

Treasury Burn Play: SK Inc & Big Caps in Focus as 3rd Commercial Act Nears

This post looks into the treasury burn play based on the latest KRX treasury shares numbers, highlighting 46 names, with SK Inc and other big caps...

Sanghyun Park

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

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

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SK Inc: Cancellation of 20.3% of Outstanding Shares

Our updated NAV valuation of SK suggests a target NAV per share of 662,130 won, which is 82% higher than current price. SK Inc announced that it...

Douglas Kim

An Update on SK Inc (2026 High Conviction Pick)

We believe there is a 30% chance the Korean govt concludes mandatory treasury share cancellations by late February, a 40% chance in March, and a...

Douglas Kim

Treasury Burn Play: SK Inc & Big Caps in Focus as 3rd Commercial Act Nears

This post looks into the treasury burn play based on the latest KRX treasury shares numbers, highlighting 46 names, with SK Inc and other big caps...

Sanghyun Park

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

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

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