Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>SK IE Technology (361610 KS) announced that it plans to raise 300 billion won through a third party paid-in capital allocation. </li>
<li>SK IE Technology plans to issue 10.5 million new shares (14.7% of outstanding shares). Expected price of capital raise is 28,600 won (2.1% lower than current price). </li>
<li>We have a Negative View of SK IE Technology as well its plans to raise capital worth 300 billion won.</li>
</ul>


SK IE Technology (361610 KS) announced that it plans to raise 300 billion won through a third party paid-in capital allocation. 
SK IE Technology plans to issue 10.5 million new shares (14.7% of outstanding shares). Expected price of capital raise is 28,600 won (2.1% lower than current price). 
We have a Negative View of SK IE Technology as well its plans to raise capital worth 300 billion won.


SK IE Technology - Capital Raise of 300 Billion Won

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Oct 17th. The aggregated short interest was USD11.9bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in KorZinc, Samsung Electronics, ECOPRO, SK Hynix, ECOPROBM.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Oct 17th. The aggregated short interest was USD11.9bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in KorZinc, Samsung Electronics, ECOPRO, SK Hynix, ECOPROBM.


KRX Short Interest Weekly (Oct 17th): KorZinc, Samsung Electronics, ECOPRO, SK Hynix, ECOPROBM

Equity Bottom-Up

<ul>
<li>In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the two weeks (29 August to 12 September 2025).</li>
<li>Shipbuilding remained the best performing sector in the past two weeks. Rechargeable battery was the worst performing sector. </li>
<li>Top 10 picks in this bi-weekly include KCC Corp, KT&amp;G, LG Uplus, Samsung Life Insurance, Paradise, Nongshim, LG Chem, HD Hyundai Mipo, SK Inc, and CJ Corp. </li>
</ul>


In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the two weeks (29 August to 12 September 2025).
Shipbuilding remained the best performing sector in the past two weeks. Rechargeable battery was the worst performing sector. 
Top 10 picks in this bi-weekly include KCC Corp, KT&amp;G, LG Uplus, Samsung Life Insurance, Paradise, Nongshim, LG Chem, HD Hyundai Mipo, SK Inc, and CJ Corp. 


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (29 August to 12 September 2025)

<ul>
<li>On 30 July, SK Innovation (096770 KS) announced that it plans to merge its subsidiaries SK On and SK Enmove. The merged company will be launched on 1 November.</li>
<li><strong>SK Group has announced a massive 8 trillion won capital raise plan involving this deal including paid-in capital increase of 2 trillion won for SK Innovation and SK On each. </strong></li>
<li>We provide three major reasons why we are negative on this merger/capital raise. </li>
</ul>


On 30 July, SK Innovation (096770 KS) announced that it plans to merge its subsidiaries SK On and SK Enmove. The merged company will be launched on 1 November.
SK Group has announced a massive 8 trillion won capital raise plan involving this deal including paid-in capital increase of 2 trillion won for SK Innovation and SK On each. 
We provide three major reasons why we are negative on this merger/capital raise. 


A Merger Between SK On and SK Enmove + A Massive 8 Trillion Won in Capital Raise

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>Facing tough fundraising, SK avoided a rights issue, opting for a complex deal to limit dilution and ease investor worries.</li>
<li>It all hinges on how the market views SK On’s cleanup plus Enmove’s steady cash flow—SK Innovation looks oversold, making this a decent long setup.</li>
<li>Enmove’s stable earnings boost SK On’s P&amp;L, likely triggering a rerate for SK Innovation and setting up a classic NAV compression trade.</li>
</ul>


Facing tough fundraising, SK avoided a rights issue, opting for a complex deal to limit dilution and ease investor worries.
It all hinges on how the market views SK On’s cleanup plus Enmove’s steady cash flow—SK Innovation looks oversold, making this a decent long setup.
Enmove’s stable earnings boost SK On’s P&amp;L, likely triggering a rerate for SK Innovation and setting up a classic NAV compression trade.


SK Innovation Cleanup: Watch Out for a Classic NAV Compression Play

South Korea

SK IE Technology Co., Ltd operates as a material solution provider. The Company provides information material solutions, electronic materials solutions, and other products. SK IE Technology conducts businesses across worldwide.

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SK IE Technology (361610 KS)

SK IE Technology - Capital Raise of 300 Billion Won

SK IE Technology (361610 KS) announced that it plans to raise 300 billion won through a third party paid-in capital allocation. We have a Negative...

Douglas Kim

KRX Short Interest Weekly (Oct 17th): KorZinc, Samsung Electronics, ECOPRO, SK Hynix, ECOPROBM

We analyzed KRX short interest report for the past week and highlighted short interest changes in KorZinc, Samsung Electronics, ECOPRO, SK Hynix,...

Ke Yan, CFA, FRM

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (29 August to 12 September 2025)

In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the two weeks (29 August to 12 September 2025).

Douglas Kim

A Merger Between SK On and SK Enmove + A Massive 8 Trillion Won in Capital Raise

SK Innovation announced that it plans to merge its subsidiaries SK On and SK Enmove.We provide three major reasons why we are Negative on this...

Douglas Kim

SK Innovation Cleanup: Watch Out for a Classic NAV Compression Play

This post dives into SK Innovation’s cleanup disclosure today, unpacking how these moves set the stage for an opportunity in a classic NAV...

Sanghyun Park

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