Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

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>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