Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Founded in 2021, Anthropic has rapidly become one of the most important companies in the global generative AI market.</li>
<li>In early 2026, Anthropic's valuation has surged to US$350 billion. In August 2023, SK Telecom announced a US$100 million investment in Anthropic valuing the company at around US$5 billion.</li>
<li>At the current valuation of US$350 billion for Anthropic, a 2% stake would be worth about US$7 billion (10 trillion), representing 79% of SK Telecom's market cap. </li>
</ul>


Founded in 2021, Anthropic has rapidly become one of the most important companies in the global generative AI market.
In early 2026, Anthropic's valuation has surged to US$350 billion. In August 2023, SK Telecom announced a US$100 million investment in Anthropic valuing the company at around US$5 billion.
At the current valuation of US$350 billion for Anthropic, a 2% stake would be worth about US$7 billion (10 trillion), representing 79% of SK Telecom's market cap. 


SK Telecom's Investment in Anthropic - A Huge Homerun

Event-Driven

<ul>
<li>On 27 August, SK Telecom (017670 KS) officially launched SK Horizon, the AI data center (AIDC) arm.</li>
<li>SK Telecom will partner with KKR, IMM Investment, and Stonebridge consortium that will provide 3.1 trillion won ($2.2 billion) in total capital. SK Horizon is targeting 318MW of capacity.</li>
<li>Overall, I am positive on SK Telecom's establishment of SK Horizon (AIDC). By establishing SK Horizon, SK Telecom has killed two birds with one stone.</li>
</ul>


On 27 August, SK Telecom (017670 KS) officially launched SK Horizon, the AI data center (AIDC) arm.
SK Telecom will partner with KKR, IMM Investment, and Stonebridge consortium that will provide 3.1 trillion won ($2.2 billion) in total capital. SK Horizon is targeting 318MW of capacity.
Overall, I am positive on SK Telecom's establishment of SK Horizon (AIDC). By establishing SK Horizon, SK Telecom has killed two birds with one stone.


SK Telecom Launches SK Horizon (AI Data Center Company)

Understand How Markets Actually Work, Learning.Investing.Thriving.

Marc Rudajev

Understand How Markets Actually Work

Learning.Investing.Thriving.

Learning.Investing.Thriving. is built on a simple idea: If you want to build wealth, you need more than stock tips. You need to understand how markets actually work.

<ul>
<li>On a spring evening in 1876, Alexander Graham Bell spilled acid on his trousers, called for his assistant through a contraption of wire and diaphragm, and in doing so placed the first telephone call in history.</li>
<li>Thomas Watson, sitting in the next room, heard the words clearly and came running.</li>
<li>The most consequential sentence in the history of telecommunications was a man asking for a little help. </li>
</ul>


On a spring evening in 1876, Alexander Graham Bell spilled acid on his trousers, called for his assistant through a contraption of wire and diaphragm, and in doing so placed the first telephone call in history.
Thomas Watson, sitting in the next room, heard the words clearly and came running.
The most consequential sentence in the history of telecommunications was a man asking for a little help. 


Episode 47: Wrong Number, The Hidden Line to Anthropic Inside SK Telecom

Cross Asset Strategy

<ul>
<li>There are some major surprises (both inclusions and exclusions) in the Korea Value Up index. </li>
<li>In particular, the telecom sector (SK Telecom and KT) and large cap holding companies (Samsung C&amp;T and LG Corp) are surprising exclusions in the index.</li>
<li>There are many surprising inclusions in the Korea Value Up Index. We provide 30 companies are surprising inclusions in the Korea Value Up Index (19 KOSDAQ and 11 KOSPI listed).</li>
</ul>


There are some major surprises (both inclusions and exclusions) in the Korea Value Up index. 
In particular, the telecom sector (SK Telecom and KT) and large cap holding companies (Samsung C&amp;T and LG Corp) are surprising exclusions in the index.
There are many surprising inclusions in the Korea Value Up Index. We provide 30 companies are surprising inclusions in the Korea Value Up Index (19 KOSDAQ and 11 KOSPI listed).


Korea Value Up Index - Surprising Inclusions and Exclusions

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

HD Hyundai Heavy Industries  / Equity Bottom-Up

<ul>
<li>The memory giants, Samsung and SK Hynix, have driven the Korean collapse, as AI anxiety and competition concern takes hold. However, there's more to Korea than memory and AI capex.</li>
<li>Throughout last month's carnage, Korean earnings estimates continued to be upgraded - not only in tech but also in financials, retail, basic materials, energy and industrial services.</li>
<li>Based on strong growth, attractive valuations, healthy balance-sheets, robust earnings upgrades, we highlight 15 non-tech Korean companies. Companies from industrials, select household products, basic materials have the strongest growth forecasts.</li>
</ul>


The memory giants, Samsung and SK Hynix, have driven the Korean collapse, as AI anxiety and competition concern takes hold. However, there's more to Korea than memory and AI capex.
Throughout last month's carnage, Korean earnings estimates continued to be upgraded - not only in tech but also in financials, retail, basic materials, energy and industrial services.
Based on strong growth, attractive valuations, healthy balance-sheets, robust earnings upgrades, we highlight 15 non-tech Korean companies. Companies from industrials, select household products, basic materials have the strongest growth forecasts.


Asian Equities: Korea - If Not Memory, Then What?

South Korea

SK Telecom Co., Ltd. is a Korean mobile and telecommunications operator. The Company provides cellular voice, wireless data, and wireless internet services. SK Telecom also offers fixed line services and platform services.

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SK Telecom (SKM US)

SK Telecom's Investment in Anthropic - A Huge Homerun

According to Financial Times, Anthropic is preparing to complete an IPO of $2 trillion or more in October 2026, aiming to stage the largest IPO in...

Douglas Kim

SK Telecom Launches SK Horizon (AI Data Center Company)

Overall, I am positive on SK Telecom's establishment of SK Horizon (AIDC). By establishing SK Horizon, SK Telecom has killed two birds with one stone.

Douglas Kim

Episode 47: Wrong Number, The Hidden Line to Anthropic Inside SK Telecom

“Mr. Watson, come here, I want to see you.” Alexander Graham Bell, March 10, 1876. On a spring evening in 1876, Alexander Graham Bell spilled acid...

Marc Rudajev

Korea Value Up Index - Surprising Inclusions and Exclusions

There are many surprising inclusions and exclusions in the Korea Value Up Index. We provide 30 companies that are surprising inclusions and 10...

Douglas Kim

Asian Equities: Korea - If Not Memory, Then What?

KR memory giants have driven equity crash, but many non-tech firms show strong growth, cheap valuation, healthy balance sheets & EPS upgrades. We...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SK Telecom's Investment in Anthropic - A Huge Homerun

According to Financial Times, Anthropic is preparing to complete an IPO of $2 trillion or more in October 2026, aiming to stage the largest IPO in...

Douglas Kim

SK Telecom Launches SK Horizon (AI Data Center Company)

Overall, I am positive on SK Telecom's establishment of SK Horizon (AIDC). By establishing SK Horizon, SK Telecom has killed two birds with one stone.

Douglas Kim

Episode 47: Wrong Number, The Hidden Line to Anthropic Inside SK Telecom

“Mr. Watson, come here, I want to see you.” Alexander Graham Bell, March 10, 1876. On a spring evening in 1876, Alexander Graham Bell spilled acid...

Marc Rudajev

Korea Value Up Index - Surprising Inclusions and Exclusions

There are many surprising inclusions and exclusions in the Korea Value Up Index. We provide 30 companies that are surprising inclusions and 10...

Douglas Kim

Asian Equities: Korea - If Not Memory, Then What?

​KR memory giants have driven equity crash, but many non-tech firms show strong growth, cheap valuation, healthy balance sheets & EPS upgrades. We...

Manishi Raychaudhuri

KR memory giants have driven equity crash, but many non-tech firms show strong growth, cheap valuation, healthy balance sheets & EPS upgrades. We...