Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Equity Bottom-Up

What is really in the mind of Chairman Chey? What is his “big picture”? What is certain is that he has a long-term strategy for the entire SK Group. He has spent more than 3 years contemplating this strategy in his prison cell. It is the time for him to put the ideas into action.It is a well-known fact that Chairman Chey is aiming to build the following three major pillars for SK Group: energy (SK Innovation - 096770), telecommunication (SK Telecom - 017670) and semiconductor (SK Hynix -…

What is really in the mind of Chairman Chey? What is his “big picture”? What is certain is that he has a long-term strategy for the entire SK Group. He has spent more than 3 years contemplating this strategy in his prison cell. It is the time for him to put the ideas into action.It is a well-known fact that Chairman Chey is aiming to build the following three major pillars for SK Group: energy (SK Innovation - 096770), telecommunication (SK Telecom - 017670) and semiconductor (SK Hynix -…

SK Telecom (017670): What Is Chairman Chey Really Thinking?

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Formosa Sumco Technology / Equity Bottom-Up

<ul>
<li>The company recently announced poor earnings down 56% YoY in 1Q24</li>
<li>Dwindling cash is another major concern especially with higher debt/ebitda</li>
<li>At 15-25% ROE is sensible but now back toward 5% there is less enthusiasm </li>
</ul>


The company recently announced poor earnings down 56% YoY in 1Q24
Dwindling cash is another major concern especially with higher debt/ebitda
At 15-25% ROE is sensible but now back toward 5% there is less enthusiasm 


Formosa Sumco Technology - Earnings, Returns, Financial Position, Worsening Dramatically

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (000660 KS)

SK Telecom (017670): What Is Chairman Chey Really Thinking?

What is really in the mind of Chairman Chey? What is his “big picture”? What is certain is that he has a long-term strategy for the entire SK...

Sanghyun Park

Formosa Sumco Technology - Earnings, Returns, Financial Position, Worsening Dramatically

Company is seeing far lower net profit, with the just-announced quarter one of the worst on record in recent years. Debt is now a factor and SG&A...

Daniel Tabbush

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