Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<p>The SK Inc/SK Materials merger got shareholder approval from SK Materials shareholders.</p><div class="content-highlight"><p>FYI, SK Inc doesn't need shareholder approval since this qualified as a small-scale merger under the local law.</p></div><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/239/381/original/Screen+Shot+2021-11-02+at+6.09.51+PM.png?1635892520" class="editor-image img-responsive" data-smartkarma-image-id="239381"></figure></section><div class="content-caption">(SK Materials regulatory filing - Source: KRX KIND)</div><p>The merger got a 77.7% approval rate out of the attending votes at the SK Materials shareholder meeting. But unfortunately, we only know the percentage of dissent votes out of the attending votes. The information regarding the number of attending votes isn't available. So, we are unable to accurately estimate the potential stock purchase cost at this point. </p><div id="ember2418" class="content-caption">
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/239/612/original/Screen+Shot+2021-11-01+at+10.34.36+AM.png?1635991418" class="editor-image img-responsive" data-smartkarma-image-id="239612"></figure></section><p>(Source: Digital Today)</p>
</div><p>Hence, we have to wait for the stock purchase cost, which ends on November 18. It has to stay below ₩800B, 18.24% of the SO. Otherwise, there is a risk of canceling the merger.</p><table class="table table-striped">
<colgroup>
<col width="200">
<col width="200">
<col width="200">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Schedule"}' data-sheets-note="Sang Hyun Park: We have to buy shares until BOD+1 to be eligible to receive stock purchase rights. We then have to notify our dissenting opinion until the end of dissenting opinion notice period.">Schedule</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"SK Inc"}' data-sheets-formula="=R[-15]C[0]">SK Inc</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"SK Materials Co Ltd"}' data-sheets-formula="=R[-12]C[-1]">SK Materials</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Last day to own stock purchase rights"}'>Last day to own stock purchase rights</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"N/A"}'>N/A</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44066}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2020. 08. 23</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ex-rights date"}'>Ex-rights date</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44442}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2021. 09. 03</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44442}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2021. 09. 03</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Record date of shareholder register"}'>Record date of shareholder register</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44445}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2021. 09. 06</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44445}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2021. 09. 06</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Dissenting opinion notice"}'>Dissenting opinion notice</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"2021. 09. 06 ~ 09. 23"}'>2021. 09. 06 ~ 09. 23</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"2021. 10. 14 ~ 10. 28"}'>2021. 10. 14 ~ 10. 28</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Shareholder meeting"}'>Shareholder meeting</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"N/A"}'>N/A</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44498}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2021. 10. 29</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stock purchase right exercise"}'><strong>Stock purchase right exercise</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"N/A"}'><strong>N/A</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"2021. 10. 29 ~ 11. 18"}'><strong>2021. 10. 29 ~ 11. 18</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Trade suspension"}'>Trade suspension</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"N/A"}'>N/A</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"2021. 11. 29 ~ 12. 24"}'>2021. 11. 29 ~ 12. 24</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Listing"}'>Listing</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"N/A"}'>N/A</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44557}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2021. 12. 27</td>
</tr>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><p>How real is this cancellation risk? Well, the spread is approaching 5%. At this much widened spread, I'd say the cancellation risk is pretty real. </p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Spread - stock purchase"}'>Spread - stock purchase</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"SK Inc"}' data-sheets-formula="=R[-29]C[0]">SK Inc</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"SK Materials Co Ltd"}' data-sheets-formula="=R[-29]C[0]">SK Materials Co Ltd</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Current price"}'>Current price</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":251500}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula="=R[-29]C[0]">₩251,500</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":391900}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula="=R[-29]C[0]">₩391,900</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Exercise price"}'>Exercise price</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"N/A"}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula="=Terms!R[-18]C[0]">N/A</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":415751}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula="=Terms!R[-17]C[-1]">₩415,751</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Transfer income tax"}'>Transfer income tax</td>
<td style="text-align: right;" data-sheets-value='{"1":5,"5":{"1":3,"2":8,"3":[{"1":2,"2":"MULTIPLY"},{"1":3,"3":1},{"1":2,"2":"N/A"},{"1":5,"5":{"1":9,"2":404}},{"1":5,"5":{"1":9,"2":403}}]}}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula="=R[16]C[0]/R[9]C[0]">N/A</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":5192.22}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula="=R[16]C[0]/R[9]C[0]">₩5,192</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Shares"}'>- Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":10000}' data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-formula="=R[8]C[0]">N/A</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":10000}' data-sheets-numberformat='{"1":2,"2":"#,##0"}' data-sheets-formula="=R[8]C[0]">10,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Tax-adj. exercise price"}'>Tax-adj. exercise price</td>
<td style="text-align: right;" data-sheets-value='{"1":5,"5":{"1":3,"2":8,"3":[{"1":2,"2":"MULTIPLY"},{"1":3,"3":1},{"1":2,"2":"N/A"},{"1":5,"5":{"1":9,"2":404}},{"1":5,"5":{"1":9,"2":403}}]}}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula="=R[-3]C[0]-R[-2]C[0]">N/A</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":410558.78}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula="=R[-3]C[0]-R[-2]C[0]">₩410,559</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Spread"}'>Spread</td>
<td style="text-align: right;" data-sheets-value='{"1":5,"5":{"1":3,"2":8,"3":[{"1":2,"2":"MULTIPLY"},{"1":3,"3":1},{"1":2,"2":"N/A"},{"1":5,"5":{"1":9,"2":404}},{"1":5,"5":{"1":9,"2":403}}]}}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[-1]C[0]-R[-34]C[0])/R[-34]C[0]">N/A</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.047611074253636206}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[-1]C[0]-R[-5]C[0])/R[-5]C[0]">4.76%</td>
</tr>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART &amp; KRX"}'>Source: DART &amp; KRX</td></tr>
</tbody>
</table><p>The magic number is 18.24% of the shares outstanding. 65% of the SO are locked. So, the key is the remaining 35%. Of this, the 5% held by the NPS will exercise the appraisal rights as the NPS clearly said that it would do so if the share price stays below the exercise price. For this, the NPS didn't even attend the EGM to preserve its appraisal rights. So, we only need about 13~14% out of the 36% held by minority shareholders to break the ceiling. Even considering the shares changing hands August 23rd (the last day to own the stock purchase rights), it doesn't seem to me that reaching 13~14% out of the 36% would be terribly challenging.</p><table class="table table-striped">
<colgroup>
<col width="200">
<col width="200">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Shareholding"}'>Shareholding</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"SK Materials Co Ltd"}' data-sheets-formula="=R[-23]C[0]">SK Materials Co Ltd</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Major shareholder"}'>Major shareholder</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.4911}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>49.12%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Treasury shares"}'>Treasury shares</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1507}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>15.07%</td>
</tr>
<tr>
<td><strong>: Total</strong></td>
<td style="text-align: right;"><strong>64.19%</strong></td>
</tr>
<tr><td colspan="2"></td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"NPS"}'><strong>NPS</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Less than 5%"}'><strong>Less than 5%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Minority shareholders"}'><strong>Minority shareholders</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3581000000000001}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=1-sum(R[-5]C[0]:R[-1]C[0])"><strong>35.81%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Foreign"}'>- Foreign</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.169}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>16.90% (as of today)</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Local institutional"}'>- Local institutional</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.05}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>5.00% (estimated)</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Local retail"}'>- Local retail</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.13910000000000006}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=1-sum(R[-8]C[0]:R[-4]C[0])-sum(R[-2]C[0]:R[-1]C[0])">13.91% (estimated)</td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: FnGuide"}'>Source: KRX &amp; FnGuide</td></tr>
</tbody>
</table>

The SK Inc/SK Materials merger got shareholder approval from SK Materials shareholders.FYI, SK Inc doesn't need shareholder approval since this qualified as a small-scale merger under the local law.(SK Materials regulatory filing - Source: KRX KIND)The merger got a 77.7% approval rate out of the attending votes at the SK Materials shareholder meeting. But unfortunately, we only know the percentage of dissent votes out of the attending votes. The information regarding the number of attending votes isn't available. So, we are unable to accurately estimate the potential stock purchase cost at this point. 
(Source: Digital Today)
Hence, we have to wait for the stock purchase cost, which ends on November 18. It has to stay below ₩800B, 18.24% of the SO. Otherwise, there is a risk of canceling the merger.







Schedule
SK Inc
SK Materials


Last day to own stock purchase rights
N/A
2020. 08. 23


Ex-rights date
2021. 09. 03
2021. 09. 03


Record date of shareholder register
2021. 09. 06
2021. 09. 06


Dissenting opinion notice
2021. 09. 06 ~ 09. 23
2021. 10. 14 ~ 10. 28


Shareholder meeting
N/A
2021. 10. 29


Stock purchase right exercise
N/A
2021. 10. 29 ~ 11. 18


Trade suspension
N/A
2021. 11. 29 ~ 12. 24


Listing
N/A
2021. 12. 27

Source: DART

How real is this cancellation risk? Well, the spread is approaching 5%. At this much widened spread, I'd say the cancellation risk is pretty real. 







Spread - stock purchase
SK Inc
SK Materials Co Ltd


Current price
₩251,500
₩391,900


Exercise price
N/A
₩415,751


Transfer income tax
N/A
₩5,192


- Shares
N/A
10,000


Tax-adj. exercise price
N/A
₩410,559


Spread
N/A
4.76%

Source: DART &amp; KRX

The magic number is 18.24% of the shares outstanding. 65% of the SO are locked. So, the key is the remaining 35%. Of this, the 5% held by the NPS will exercise the appraisal rights as the NPS clearly said that it would do so if the share price stays below the exercise price. For this, the NPS didn't even attend the EGM to preserve its appraisal rights. So, we only need about 13~14% out of the 36% held by minority shareholders to break the ceiling. Even considering the shares changing hands August 23rd (the last day to own the stock purchase rights), it doesn't seem to me that reaching 13~14% out of the 36% would be terribly challenging.






Shareholding
SK Materials Co Ltd


Major shareholder
49.12%


Treasury shares
15.07%


: Total
64.19%



NPS
Less than 5%


Minority shareholders
35.81%


- Foreign
16.90% (as of today)


- Local institutional
5.00% (estimated)


- Local retail
13.91% (estimated)

Source: KRX &amp; FnGuide



SK Swap Arb: Cancellation Risk Assessment & Long/Short Setup Opportunities

<h2>October 12 EGM results</h2><p>SK Telecom's demerger and stock split got shareholder approval yesterday.</p><div class="content-highlight"><p><strong>Based on the number of attending votes, the approval rate for the demerger reached 99.95%, and the approval rate for the stock split was 99.96%, receiving overwhelming support from individual shareholders as well as institutions, including the National Pension Service.</strong></p></div><section class="figure"><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/234/760/original/3.png?1634066969" class="editor-image img-responsive" data-smartkarma-image-id="234760"></figure></section><p>As a result of this, SK Telecom and SK Square will be officially launched on November 1, the record date of the demerger. The current SK Telecom will be listed and re-listed as SK Telecom and SK Square, respectively, on November 29 after a period of stock trading suspension from October 26 to November 26.</p>
<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Schedule"}'>Schedule</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Trade suspension begins"}'>Trade suspension begins</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44495}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 10. 26</td>
</tr>
<tr>
<td><strong>Record date of demerger</strong></td>
<td style="text-align: right;"><strong>2021. 11. 01</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Trade suspension ends"}'>Trade suspension ends</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44526}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 11. 26</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Re-listing"}'><strong>Re-listing</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44529}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'><strong>2021. 11. 29</strong></td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table></section><p>SK Telecom plans to transform itself into a telecom service, artificial intelligence, and digital infrastructure service company and increase its annual sales from ₩15T in 2020 to ₩22T in 2025.</p><div class="content-highlight"><ul>
<li>As for the Telecom service business, it plans to solidify 5G leadership and continue the growth of media services. In the case of AI-based services, it will evolve the subscription service (T Universe) into an online and offline subscription commerce platform. Lastly, the company plans to fully expand its high-growth data center, cloud, and industrial Internet of Things (IoT) businesses by utilizing 5G MEC (mobile edge computing) for the digital infrastructure service business.</li>
<li>SK Square will be launched as a semiconductor/ICT investment company. Based on the successful DNA accumulated through investments in the semiconductor and ICT platform business so far, the company has set a vision to increase its net asset value from the current ₩26T to ₩75T by 2025.</li>
</ul></div><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Vision 2025"}'>Vision 2025</td>
<td data-sheets-value='{"1":2,"2":"SK Telecom"}'>SK Telecom</td>
<td data-sheets-value='{"1":2,"2":"SK Square"}'>SK Square</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Core business areas"}'>Core business areas</td>
<td data-sheets-value='{"1":2,"2":"Telecom service, AI-based service, &amp; digital infrastructure"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}'>Telecom service, AI-based service, &amp; digital infrastructure</td>
<td data-sheets-value='{"1":2,"2":"Semiconductor &amp; ICT investment"}'><div><div>Semiconductor &amp; ICT investment</div></div></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Current value"}'>Current value</td>
<td data-sheets-value='{"1":2,"2":"FY2020 annual sales of ₩15T"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}'>FY2020 annual sales of ₩15T</td>
<td data-sheets-value='{"1":2,"2":"FY2021 net asset value of ₩26T"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}'>FY2021 net asset value of ₩26T</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Target by FY2025"}'><strong>Target by FY2025</strong></td>
<td data-sheets-value='{"1":2,"2":"Annual sales of ₩22T"}'><strong>Yearly sales of ₩22T</strong></td>
<td data-sheets-value='{"1":2,"2":"Net asset value of ₩75T"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}'><strong>Net asset value of ₩75T</strong></td>
</tr>
<tr><td colspan="3" data-sheets-value='{"1":2,"2":"Source: SK Telecom"}'>Source: SK Telecom</td></tr>
</tbody>
</table><p>After the demerger, SK Telecom will have SK Broadband, SK Telink, PS&amp;Marketing, F&amp;U Credit Information, Service Top, Service Ace, and SK O&amp;S as subsidiaries. On the other hand, 16 companies will be placed under SK Square: SK Hynix, ADT Caps, 11st Street, T Map Mobility, One Store, Contents Wavve, Dream Us Company, and SK Planet.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"SK Telecom"}'>SK Telecom</td>
<td data-sheets-value='{"1":2,"2":"SK Investment"}'>SK Square</td>
</tr>
<tr>
<td><strong>: 7 in total</strong></td>
<td><strong>: 16 in total</strong></td>
</tr>
<tr><td colspan="2"></td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"SK Broadband"}'>SK Broadband</td>
<td data-sheets-value='{"1":2,"2":"SK Hynix"}'>SK Hynix</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"SK Telink"}'>SK Telink</td>
<td data-sheets-value='{"1":2,"2":" ADT Caps"}'>ADT Caps</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"PS&amp;Marketing"}'>PS&amp;Marketing</td>
<td data-sheets-value='{"1":2,"2":"11st Street"}'>11st Street</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"F&amp;S Credit Info"}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>F&amp;S Credit Info</td>
<td data-sheets-value='{"1":2,"2":"T Map Mobility"}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>T Map Mobility</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Servie Top"}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>Service Top</td>
<td data-sheets-value='{"1":2,"2":"One Store"}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>One Store</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Service Ace"}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>Service Ace</td>
<td data-sheets-value='{"1":2,"2":" Contents Wavve"}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>Contents Wavve</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"SK O&amp;S"}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>SK O&amp;S</td>
<td data-sheets-value='{"1":2,"2":"Dream Us Company"}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>Dream Us Company</td>
</tr>
<tr>
<td data-sheets-numberformat='{"1":3,"2":"0.00000%"}'></td>
<td data-sheets-value='{"1":2,"2":"SK Planet"}'>SK Planet</td>
</tr>
<tr>
<td data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'></td>
<td data-sheets-value='{"1":2,"2":"FSK L&amp;S"}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>FSK L&amp;S</td>
</tr>
<tr>
<td data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'></td>
<td data-sheets-value='{"1":2,"2":"Incross"}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>Incross</td>
</tr>
<tr>
<td data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'></td>
<td data-sheets-value='{"1":2,"2":"NanoNtech"}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>Nano N Tech</td>
</tr>
<tr>
<td data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'></td>
<td data-sheets-value='{"1":2,"2":"Spark Plus"}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>Spark Plus</td>
</tr>
<tr>
<td data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'></td>
<td data-sheets-value='{"1":2,"2":"SK Telecom CST1"}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'><div>SK Telecom CST1</div></td>
</tr>
<tr>
<td data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'></td>
<td data-sheets-value='{"1":2,"2":"SK Telecom TMT Investment"}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'><div>SK Telecom TMT Investment</div></td>
</tr>
<tr>
<td data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'></td>
<td data-sheets-value='{"1":2,"2":"ID Quantique"}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>ID Quantique</td>
</tr>
<tr>
<td data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'></td>
<td data-sheets-value='{"1":2,"2":"Techmaker"}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>Techmaker</td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: SED"}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}'>Source: SK Telecom</td></tr>
</tbody>
</table><hr><div class="content-highlight">
<p><strong>In a separate regulatory filing,</strong></p>
<p>SKT said that it would transfer 520,000 treasury shares to its employees. In other words, SKT is giving 100 shares of treasury stock to each employee. Based on the closing price of ₩304,500 on October 8, this is equivalent to ₩158.3B.</p>
<p>It represents 0.72% of the total issued shares and about 60% of its current treasury shares. After this transaction, SKT's treasury shares will fall to 379,500, 0.53% of the shares outstanding.</p>
</div><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/234/761/original/4.png?1634069235" class="editor-image img-responsive" data-smartkarma-image-id="234761"></figure></section>

October 12 EGM resultsSK Telecom's demerger and stock split got shareholder approval yesterday.Based on the number of attending votes, the approval rate for the demerger reached 99.95%, and the approval rate for the stock split was 99.96%, receiving overwhelming support from individual shareholders as well as institutions, including the National Pension Service.As a result of this, SK Telecom and SK Square will be officially launched on November 1, the record date of the demerger. The current SK Telecom will be listed and re-listed as SK Telecom and SK Square, respectively, on November 29 after a period of stock trading suspension from October 26 to November 26.






Schedule

Trade suspension begins
2021. 10. 26


Record date of demerger
2021. 11. 01


Trade suspension ends
2021. 11. 26


Re-listing
2021. 11. 29

Source: DART

SK Telecom plans to transform itself into a telecom service, artificial intelligence, and digital infrastructure service company and increase its annual sales from ₩15T in 2020 to ₩22T in 2025.
As for the Telecom service business, it plans to solidify 5G leadership and continue the growth of media services. In the case of AI-based services, it will evolve the subscription service (T Universe) into an online and offline subscription commerce platform. Lastly, the company plans to fully expand its high-growth data center, cloud, and industrial Internet of Things (IoT) businesses by utilizing 5G MEC (mobile edge computing) for the digital infrastructure service business.
SK Square will be launched as a semiconductor/ICT investment company. Based on the successful DNA accumulated through investments in the semiconductor and ICT platform business so far, the company has set a vision to increase its net asset value from the current ₩26T to ₩75T by 2025.








Vision 2025
SK Telecom
SK Square


Core business areas
Telecom service, AI-based service, &amp; digital infrastructure
Semiconductor &amp; ICT investment


Current value
FY2020 annual sales of ₩15T
FY2021 net asset value of ₩26T



Target by FY2025
Yearly sales of ₩22T
Net asset value of ₩75T

Source: SK Telecom

After the demerger, SK Telecom will have SK Broadband, SK Telink, PS&amp;Marketing, F&amp;U Credit Information, Service Top, Service Ace, and SK O&amp;S as subsidiaries. On the other hand, 16 companies will be placed under SK Square: SK Hynix, ADT Caps, 11st Street, T Map Mobility, One Store, Contents Wavve, Dream Us Company, and SK Planet.






SK Telecom
SK Square


: 7 in total
: 16 in total



SK Broadband
SK Hynix


SK Telink
ADT Caps


PS&amp;Marketing
11st Street


F&amp;S Credit Info
T Map Mobility


Service Top
One Store


Service Ace
Contents Wavve


SK O&amp;S
Dream Us Company



SK Planet



FSK L&amp;S



Incross



Nano N Tech



Spark Plus



SK Telecom CST1



SK Telecom TMT Investment



ID Quantique



Techmaker

Source: SK Telecom


In a separate regulatory filing,
SKT said that it would transfer 520,000 treasury shares to its employees. In other words, SKT is giving 100 shares of treasury stock to each employee. Based on the closing price of ₩304,500 on October 8, this is equivalent to ₩158.3B.
It represents 0.72% of the total issued shares and about 60% of its current treasury shares. After this transaction, SKT's treasury shares will fall to 379,500, 0.53% of the shares outstanding.


SKT Demerger Got Shareholder Approval & SK Square NAV Analysis

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<div class="content-highlight">
<p>In this insight, we provide an updated NAV valuation analysis of <a href="https://www.smartkarma.com/entities/sk-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:393:1" rel="noopener">SK Inc (034730 KS)</a>. Our updated base case valuation of SK Inc is 381,838 won per share, representing 45.5% higher than current share price.</p>
<p>In the next 12 months, we believe there is likely to be a greater emphasis on three of the unlisted companies of SK Inc including<strong> SK E&amp;S, SK Pharmteco, and SK Siltron</strong> which will increasingly be considered as potential IPO candidates.</p>
</div><ul>
<li>
<strong>SK E&amp;S</strong> is a private company that is 90% owned by <a href="https://www.smartkarma.com/entities/sk-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:393:1" rel="noopener">SK Inc (034730 KS)</a>. In early September, SK E&amp;S provided a detailed plan to aggressively expand its hydrogen, LNG, and renewable operations by 2025.</li>
<li>
<a href="https://www.ezyeconomy.com/news/articleView.html?idxno=111825" target="_blank" rel="noopener">SK Pharmteco's</a> sales increased form 110 billion won in 2017 to 710 billion won in 2020. As of July 2021, the local media mentioned that the value of SK Pharmteco could be nearly 2 trillion won but this valuation could rise to nearly 10 trillion in two to three years if the company continues to make strong progress in the CMO sector.</li>
<li>
<a href="https://www.businesspost.co.kr/BP?command=article_view&amp;num=251332" target="_blank" rel="noopener"><strong>SK Siltron</strong></a> is another private company owned SK Inc that is seriously being considered for an IPO. In September 2021, the local media mentioned that SK Siltron could be valued at about 4 to 5 trillion won. </li>
</ul>


In this insight, we provide an updated NAV valuation analysis of SK Inc (034730 KS). Our updated base case valuation of SK Inc is 381,838 won per share, representing 45.5% higher than current share price.
In the next 12 months, we believe there is likely to be a greater emphasis on three of the unlisted companies of SK Inc including SK E&amp;S, SK Pharmteco, and SK Siltron which will increasingly be considered as potential IPO candidates.


SK E&amp;S is a private company that is 90% owned by SK Inc (034730 KS). In early September, SK E&amp;S provided a detailed plan to aggressively expand its hydrogen, LNG, and renewable operations by 2025.

SK Pharmteco's sales increased form 110 billion won in 2017 to 710 billion won in 2020. As of July 2021, the local media mentioned that the value of SK Pharmteco could be nearly 2 trillion won but this valuation could rise to nearly 10 trillion in two to three years if the company continues to make strong progress in the CMO sector.

SK Siltron is another private company owned SK Inc that is seriously being considered for an IPO. In September 2021, the local media mentioned that SK Siltron could be valued at about 4 to 5 trillion won. 


SK Inc - SoTP Valuation Analysis and 3 Key Catalysts (SK E&S, SK Pharmteco, & SK Siltron)

<p>SKC is up close to 8% this morning. Today's share price rise is believed to be due to the ambitious plan to transform itself into a mobility material business by investing ₩5T by 2025. Through this, SKC plans to achieve a market cap of ₩30T by 2025.</p><p>Specifically, SKC announced plans to start various secondary battery material businesses, such as silicon anode materials and high nickel cathode materials, in addition to the expansion of its copper foil business.</p><div class="content-highlight"><p><strong>SKC has set a goal to increase the mobility material unit EBITDA from the current ₩380B to ₩2.5T by 2025, accounting for 80% of the total EBITDA.</strong></p></div><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/232/008/original/1.png?1632706939" class="editor-image img-responsive" data-smartkarma-image-id="232008"></figure></section><div class="content-caption">(Source: SKC)</div><p>There seems to be no disagreement as to the fact that these are new businesses that are essential for SKC's growth.</p><div class="content-highlight"><p><strong>However, what the market is really interested in is how SKC will raise this ₩5T.</strong></p></div><p>What SKC says on the surface is that it plans to secure it through strategic financing with financial partners, internal cash and asset optimization, etc. Well, isn't this wording too vague?</p><p>However, SKC presented three fairly specific guidelines along with such vague wording.</p><ol>
<li><strong>Debt ratio: 150~200%</strong></li>
<li><strong>Net Debt-to-EBITDA ratio: less than 4x</strong></li>
<li><strong>Protection of stakeholder interests (well, I do not fully understand what this means.)</strong></li>
</ol><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/232/009/original/2.png?1632707692" class="editor-image img-responsive" data-smartkarma-image-id="232009"></figure></section><div class="content-caption">(Source: SKC)</div><p>First, the current level meets the guideline of less than 200%. As of the first half of this year, SKC's debt-to-equity ratio was 182%. It is worse than the 130% debt ratio maintained before 2019, but considering the current cash flow level, it is difficult to see it as dangerous.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/232/010/original/3.png?1632708315" class="editor-image img-responsive" data-smartkarma-image-id="232010"></figure></section><div class="content-caption">(Source: FnGuide)</div><p>ND/EBITDA stood at 5.6x at the end of last year. However, by the end of this year, this ratio is expected to drop to less than 4x. It is because SKC's EBITDA is growing at a reasonably rapid pace. EBITDA increased from ₩300B in 2017 to ₩380B last year and is expected to reach more than ₩600B this year.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Consolidated"}'>Consolidated</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":43070}' data-sheets-numberformat='{"1":5,"2":"yyyy/m","3":1}'>2017</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":43435}' data-sheets-numberformat='{"1":5,"2":"yyyy/m","3":1}'>2018</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":43800}' data-sheets-numberformat='{"1":5,"2":"yyyy/m","3":1}'>2019</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44166}' data-sheets-numberformat='{"1":5,"2":"yyyy/m","3":1}'>2020</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44348}' data-sheets-numberformat='{"1":5,"2":"yyyy/mm","3":1}'>2021E (annualized based on 1H21)</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Net-debt"}'>Net-debt</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1238.4}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'>₩1,238.4B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1295.3}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'>₩1,295.3B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1595.6}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'>₩1,595.6B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2149.7}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'>₩2,149.7B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2410.1}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'>₩2,410.1B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"EBITDA"}'>EBITDA</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":298.1}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'>₩298.1B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":328}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'>₩328.0B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":283.1}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'>₩283.1B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":386.6}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'>₩386.6B</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":638.8}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'>₩638.8B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"ND/EBITDA"}'><strong>ND/EBITDA</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":4.154310634015431}' data-sheets-numberformat='{"1":2,"2":"#,##0.00x","3":1}' data-sheets-formula="=R[-2]C[0]/R[-1]C[0]"><strong>4.15x</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3.949085365853658}' data-sheets-numberformat='{"1":2,"2":"#,##0.00x","3":1}' data-sheets-formula="=R[-2]C[0]/R[-1]C[0]"><strong>3.95x</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":5.63617096432356}' data-sheets-numberformat='{"1":2,"2":"#,##0.00x","3":1}' data-sheets-formula="=R[-2]C[0]/R[-1]C[0]"><strong>5.64x</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":5.560527677185721}' data-sheets-numberformat='{"1":2,"2":"#,##0.00x","3":1}' data-sheets-formula="=R[-2]C[0]/R[-1]C[0]"><strong>5.56x</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3.772855353788353}' data-sheets-numberformat='{"1":2,"2":"#,##0.00x","3":1}' data-sheets-formula="=R[-2]C[0]/R[-1]C[0]"><strong>3.77x</strong></td>
</tr>
<tr><td colspan="6" rowspan="1" data-sheets-value='{"1":2,"2":"Source: FnGuide"}'>Source: FnGuide</td></tr>
</tbody>
</table>

SKC is up close to 8% this morning. Today's share price rise is believed to be due to the ambitious plan to transform itself into a mobility material business by investing ₩5T by 2025. Through this, SKC plans to achieve a market cap of ₩30T by 2025.Specifically, SKC announced plans to start various secondary battery material businesses, such as silicon anode materials and high nickel cathode materials, in addition to the expansion of its copper foil business.SKC has set a goal to increase the mobility material unit EBITDA from the current ₩380B to ₩2.5T by 2025, accounting for 80% of the total EBITDA.(Source: SKC)There seems to be no disagreement as to the fact that these are new businesses that are essential for SKC's growth.However, what the market is really interested in is how SKC will raise this ₩5T.What SKC says on the surface is that it plans to secure it through strategic financing with financial partners, internal cash and asset optimization, etc. Well, isn't this wording too vague?However, SKC presented three fairly specific guidelines along with such vague wording.
Debt ratio: 150~200%
Net Debt-to-EBITDA ratio: less than 4x
Protection of stakeholder interests (well, I do not fully understand what this means.)
(Source: SKC)First, the current level meets the guideline of less than 200%. As of the first half of this year, SKC's debt-to-equity ratio was 182%. It is worse than the 130% debt ratio maintained before 2019, but considering the current cash flow level, it is difficult to see it as dangerous.(Source: FnGuide)ND/EBITDA stood at 5.6x at the end of last year. However, by the end of this year, this ratio is expected to drop to less than 4x. It is because SKC's EBITDA is growing at a reasonably rapid pace. EBITDA increased from ₩300B in 2017 to ₩380B last year and is expected to reach more than ₩600B this year.










Consolidated
2017
2018
2019
2020
2021E (annualized based on 1H21)


Net-debt
₩1,238.4B
₩1,295.3B
₩1,595.6B
₩2,149.7B
₩2,410.1B


EBITDA
₩298.1B
₩328.0B
₩283.1B
₩386.6B
₩638.8B


ND/EBITDA
4.15x
3.95x
5.64x
5.56x
3.77x

Source: FnGuide



SKC Is up 8% Today on a ₩30T Target Value by 2025, but How to Raise a ₩5T Investment?

<div class="content-highlight">
<p>SK E&amp;S is taking its subsidiary <a href="https://www.smartkarma.com/entities/busan-city-gas-co-ltd" target="_blank" data-smartkarma-citation="entities:14452:1" rel="noopener">Busan City Gas (015350 KS)</a> private through a tender offer. On 16 September, SK E&amp;S announced that it would buy 2,595,597 shares of Busan City Gas (23.6% stake) at 85,000 won per share. SK E&amp;S plans to spend 221 billion won in this tender offer. </p>
<p>Prior to this tender offer, SK E&amp;S had a 67.32% stake in Busan City Gas. SK E&amp;S plans to create a synergistic effect in terms of the eco-friendly energy business such as hydrogen and fuel cell power generation of SK E&amp;S with the hydrogen charging business operated by Busan City Gas.</p>
<ul>
<li>Following this news, Busan City Gas' share price reached limit up 30% to 80,300 won. </li>
<li>In order to provide adequate returns for the minority shareholders, SK E&amp;S is trying to complete this tender offer at a price of 85,000 won which is 40.62% higher than the average share price of the company in the past three months. </li>
</ul>
</div>


SK E&amp;S is taking its subsidiary Busan City Gas (015350 KS) private through a tender offer. On 16 September, SK E&amp;S announced that it would buy 2,595,597 shares of Busan City Gas (23.6% stake) at 85,000 won per share. SK E&amp;S plans to spend 221 billion won in this tender offer. 
Prior to this tender offer, SK E&amp;S had a 67.32% stake in Busan City Gas. SK E&amp;S plans to create a synergistic effect in terms of the eco-friendly energy business such as hydrogen and fuel cell power generation of SK E&amp;S with the hydrogen charging business operated by Busan City Gas.

Following this news, Busan City Gas' share price reached limit up 30% to 80,300 won. 
In order to provide adequate returns for the minority shareholders, SK E&amp;S is trying to complete this tender offer at a price of 85,000 won which is 40.62% higher than the average share price of the company in the past three months. 



SK E&S Makes a Tender Offer For Busan City Gas To Take It Private

South Korea

SK Holdings Co., Ltd. is a holdings company that is engaged in various industries including energy, chemicals, information technology, semiconductors, marketing, and services businesses in South Korea and internationally.

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SK Inc (034730 KS)

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