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>SK Inc plans to use SK Hynix as a dividend machine, boosting payouts to ₩3 trillion, and if it absorbs SK Square, it could pocket ₩600 billion—doubling SK Telecom's dividends.</li>
<li>SK Inc will likely use ₩5 trillion from the SK Telecom deal for a tender offer, boosting its stake in SK Square to 60-70% before merging to minimize dilution.</li>
<li>The SK Telecom deal and potential SK Square tender offer could be the main narrative driving SK Group stocks this year, making SK Square a key momentum play.</li>
</ul>


SK Inc plans to use SK Hynix as a dividend machine, boosting payouts to ₩3 trillion, and if it absorbs SK Square, it could pocket ₩600 billion—doubling SK Telecom's dividends.
SK Inc will likely use ₩5 trillion from the SK Telecom deal for a tender offer, boosting its stake in SK Square to 60-70% before merging to minimize dilution.
The SK Telecom deal and potential SK Square tender offer could be the main narrative driving SK Group stocks this year, making SK Square a key momentum play.


SK Stocks’ Main Narrative: SK Telecom Exit & SK Inc Eyeing SK Square

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>In this insight, we discuss the details of the share price performances of the Korea Value Up Index (especially among the index constituents) this year.</li>
<li>It appears that many traders are buying beaten up, higher beta stocks in Korea that were excessively pushed to much lower levels last year. </li>
<li>Among the top 20 best performing stocks in the Korea Value Up Index this year, 15 of them (75% of the top 20 stocks) are listed on KOSDAQ. </li>
</ul>


In this insight, we discuss the details of the share price performances of the Korea Value Up Index (especially among the index constituents) this year.
It appears that many traders are buying beaten up, higher beta stocks in Korea that were excessively pushed to much lower levels last year. 
Among the top 20 best performing stocks in the Korea Value Up Index this year, 15 of them (75% of the top 20 stocks) are listed on KOSDAQ. 


Korea Value Up Index: Winners and Losers in 2025 YTD

Thematic (Sector/Industry)

<ul>
<li>Korea’s impeachment drama hit a tipping point, with the second motion against Yoon set for a vote on the 14th, and the market pricing in a 100% chance of approval.</li>
<li>The market’s all-in on a Democratic Party win in May, as public sentiment against the president makes the ruling party’s chances virtually non-existent.</li>
<li>Target stocks impacted by corporate law changes, then focus on sector-specific plays, particularly the energy policy shift and growing support for virtual assets.</li>
</ul>


Korea’s impeachment drama hit a tipping point, with the second motion against Yoon set for a vote on the 14th, and the market pricing in a 100% chance of approval.
The market’s all-in on a Democratic Party win in May, as public sentiment against the president makes the ruling party’s chances virtually non-existent.
Target stocks impacted by corporate law changes, then focus on sector-specific plays, particularly the energy policy shift and growing support for virtual assets.


Yoon’s Impeachment a Lock, Regime Change Trade Set for May

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

<ul>
<li>Forget government pressure, will peer pressure help fast forward Korea Corp Value Up program? </li>
<li>Japanese shame game versus Korean pride of the chaebols ? </li>
<li>Heading into 2025 we are seeing major Korean companies come out with longer term shareholder return plans</li>
</ul>


Forget government pressure, will peer pressure help fast forward Korea Corp Value Up program? 
Japanese shame game versus Korean pride of the chaebols ? 
Heading into 2025 we are seeing major Korean companies come out with longer term shareholder return plans


Corporate Value Up Korea; Will It Start Working Now and into 2025?

Equity Bottom-Up

<ul>
<li>SK Square (402340 KS) announced a solid corporate value up plan pushing up its share price by 8.8% to 87,500 won on 22 November.</li>
<li>Major highlights of the corporate value up plan included cancellation of 200 billion won of treasury shares, higher ROE target, and achieve 1x PBR ratio (nearly double the current ratio).</li>
<li>Our NAV analysis of SK Square suggests NAV of 15.2 trillion won or 112,822 won per share, representing 29% higher than current share price.</li>
</ul>


SK Square (402340 KS) announced a solid corporate value up plan pushing up its share price by 8.8% to 87,500 won on 22 November.
Major highlights of the corporate value up plan included cancellation of 200 billion won of treasury shares, higher ROE target, and achieve 1x PBR ratio (nearly double the current ratio).
Our NAV analysis of SK Square suggests NAV of 15.2 trillion won or 112,822 won per share, representing 29% higher than current share price.


SK Square: A Solid Corporate Value Up Plan Likely to Lead to Continued Outperformance

South Korea

SK Square Co., Ltd. operates as an investment company. The Company invests in semiconductors, information and communications technologies, and other industries. SK Square conducts businesses in South Korea.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SK Square (402340 KS)

SK Stocks’ Main Narrative: SK Telecom Exit & SK Inc Eyeing SK Square

This post summarizes the key market narrative around SK Group stocks: SK Telecom’s exit and SK Inc potentially eyeing the absorption of SK Square.

Sanghyun Park

Korea Value Up Index: Winners and Losers in 2025 YTD

In this insight, we discuss the details of the share price performances of the Korea Value Up Index (especially among the index constituents) this...

Douglas Kim

Yoon’s Impeachment a Lock, Regime Change Trade Set for May

Yoon’s impeachment is pretty much a lock, with the market pricing in a 100% chance. We should get ready for theme trading plays aiming at the...

Sanghyun Park

Corporate Value Up Korea; Will It Start Working Now and into 2025?

Will Korea Corp Value Up program start to really work in 2025? What will drive this program to work is not government pressure but peer pressure

Ken S. Kim

SK Square: A Solid Corporate Value Up Plan Likely to Lead to Continued Outperformance

SK Square announced a solid corporate value up plan including a cancellation of 200 billion won of treasury shares, higher ROE target, and higher...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)