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.

Index Rebalance

<ul>
<li>LG Chem's deletion is almost a done deal. The pouch-type pack goes to LG Energy, and the cathode business is not big enough to beat L&amp;F.</li>
<li>Chunbo is an additive field that this index has not included so far. So, Chunbo will be added as a new addition rather than replacing someone else.</li>
<li>SK IE Tech is quite tricky. The key is to see separator and elecfoil as the same field. If so, SK IET is likely to replace Iljin Materials.</li>
</ul>


LG Chem's deletion is almost a done deal. The pouch-type pack goes to LG Energy, and the cathode business is not big enough to beat L&amp;F.
Chunbo is an additive field that this index has not included so far. So, Chunbo will be added as a new addition rather than replacing someone else.
SK IE Tech is quite tricky. The key is to see separator and elecfoil as the same field. If so, SK IET is likely to replace Iljin Materials.


Solactive Lithium Index Rebalancing: Noteworthy Names in Korea Before the Announcement

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>On 7 October, SKC Co Ltd (011790 KS) announced that it will conduct a share buyback of 1.89 million shares, representing 5% of outstanding shares.</li>
<li>We continue to maintain a Negative view of SKC Co.</li>
<li>We remain concerned about lack of clear measures to protect existing minority shareholders if its major subsidiaries (such as Nexilis) complete IPOs in the next several years.</li>
</ul>


On 7 October, SKC Co Ltd (011790 KS) announced that it will conduct a share buyback of 1.89 million shares, representing 5% of outstanding shares.
We continue to maintain a Negative view of SKC Co.
We remain concerned about lack of clear measures to protect existing minority shareholders if its major subsidiaries (such as Nexilis) complete IPOs in the next several years.


SKC Co: Announces a Share Buyback of 5% of Outstanding Shares

<ul>
<li>This ETF's AUM has stayed flat over the past three months, sitting at ₩1.3T. It has 28 constituents, and it is unlikely that there will be any addition/deletion.</li>
<li>SKIET is expected to have the most inflow relative to ADTV. Then, we have Ecopro BM, which will increase the number of shares through a rights offering.</li>
<li>On the other hand, among the top-tier stocks, SK Innovation, SKC, and Ecopro Co Ltd deserve our attention for shorting.</li>
</ul>


This ETF's AUM has stayed flat over the past three months, sitting at ₩1.3T. It has 28 constituents, and it is unlikely that there will be any addition/deletion.
SKIET is expected to have the most inflow relative to ADTV. Then, we have Ecopro BM, which will increase the number of shares through a rights offering.
On the other hand, among the top-tier stocks, SK Innovation, SKC, and Ecopro Co Ltd deserve our attention for shorting.


TIGER Theme ETF "Secondary Cell" Rebalancing Projections: SKIET, Ecopro BM, SKI, SKC, & Ecopro

<ul>
<li>SK Group has been the the most active M&amp;A player among the major chaebols in Korea in the past decade. SK Group is once again making some big M&amp;A moves.</li>
<li>In this insight, we discuss SK Inc and SK Innovation's plans to purchase a minority stake in Bill Gates' TerraPower nuclear SMR technology company.</li>
<li>We also discuss the recent sale of the PET film business by SKC for 1.6 trillion won and how SKC may try to acquire the controlling interests of Iljin Materials.</li>
</ul>


SK Group has been the the most active M&amp;A player among the major chaebols in Korea in the past decade. SK Group is once again making some big M&amp;A moves.
In this insight, we discuss SK Inc and SK Innovation's plans to purchase a minority stake in Bill Gates' TerraPower nuclear SMR technology company.
We also discuss the recent sale of the PET film business by SKC for 1.6 trillion won and how SKC may try to acquire the controlling interests of Iljin Materials.


SK Inc & SK Innovation Plan to Buy Stake in Bill Gates' TerraPower + SKC Sells PET Film Business

<ul>
<li>Heo Jae-Myeong, the CEO of Iljin Materials, is planning to sell his 53.3% stake in the company.</li>
<li>Potential buyers of Iljin Materials include Lotte, SK, LG, and POSCO.</li>
<li>The CEO Heo Jae-Myung could potentially receive greater amounts of money if he sells the company now, rather than waiting when the compulsory tender offer could be made into law.</li>
</ul>


Heo Jae-Myeong, the CEO of Iljin Materials, is planning to sell his 53.3% stake in the company.
Potential buyers of Iljin Materials include Lotte, SK, LG, and POSCO.
The CEO Heo Jae-Myung could potentially receive greater amounts of money if he sells the company now, rather than waiting when the compulsory tender offer could be made into law.


Iljin Materials: Is the Potential Change in Compulsory Tender Offer Forcing Owner to Speed Up Sale?

South Korea

SKC Co., Ltd. manufactures a variety of films, including polyester films, silicon coated films, and inkjet films.  The Company also produces chemical products, such as propylene oxide, propylene glycol, and styrene monomer. In addition, SKC provides materials for photovoltaic.

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SKC Co Ltd (011790 KS)

Solactive Lithium Index Rebalancing: Noteworthy Names in Korea Before the Announcement

This post discusses the notable Korean stocks in the upcoming rebalancing of the Solactive Lithium Index (Global X ETF: LIT).

Sanghyun Park

TIGER Theme ETF "Secondary Cell" Rebalancing Projections: SKIET, Ecopro BM, SKI, SKC, & Ecopro

This post projects the upcoming rebalancing of the TIGER Theme ETF "Secondary Cell": SKIET, Ecopro BM, SKI, SKC, & Ecopro.

Sanghyun Park

SK Inc & SK Innovation Plan to Buy Stake in Bill Gates' TerraPower + SKC Sells PET Film Business

We discuss SK Inc & SK Innovation plan to buy stake in Bill Gates' TerraPower as well as SKC selling the PET film business for 1.6 trillion won to...

Douglas Kim

Iljin Materials: Is the Potential Change in Compulsory Tender Offer Forcing Owner to Speed Up Sale?

The CEO of Iljin Materials Heo Jae-Myung could potentially receive greater amounts of money if he sells his stake now, rather than waiting when the...

Douglas Kim

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