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)

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 stock swap arb spread has been consistently maintained at a 3% level.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/228/039/original/image_54310233621630910463267.png?1630910464" class="editor-image img-responsive" data-smartkarma-image-id="228039"></figure><p><strong>Then, should we do this arb?</strong></p><p>This depends on how much you see the possibility of cancellation, which is the only risk of this event.</p><p>For this merger to pass the EGM, it must satisfy the following two requirements:</p><div class="content-highlight">
<ul><li><strong>2/3 of attending shareholders to vote for the merger</strong></li></ul>
<p><strong>AND</strong></p>
<ul><li><strong>1/3 of all shareholders to vote for the merger</strong></li></ul>
</div><div id="ember2904" data-message-id="514079"><div><div id="ember2905"><div><div><div><p>First, treasury shares account for 15.07%, which is non-voting shares. So, as SK Inc owns 49.1%, which translates into 58% of the voting shares, it has a pretty good shot at passing the merger by itself alone, even though it falls short of hitting 2/3 (66%).</p></div></div></div></div></div></div><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":"Shareholding - SK Materials"}'>Shareholding - SK Materials</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Share %"}'>Share %</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Voting %"}'>Voting %</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"SK Inc"}'><strong>SK Inc</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.4912}' data-sheets-numberformat='[null,3,"0.00%",1]'>49.12%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.578358648298599}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/(1-R3C2)"><strong>57.84%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Treasury shares"}'><strong>Treasury shares</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1507}' data-sheets-numberformat='[null,3,"0.00%",1]'>15.07%</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}'><strong>-</strong></td>
</tr>
<tr><td colspan="3"><strong> </strong></td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"NPS"}'>NPS</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0713}' data-sheets-numberformat='[null,3,"0.00%",1]'>7.13%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.08395148946190982}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/(1-R3C2)"><strong>8.40%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Minority shareholders"}'>Minority shareholders</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.28680000000000005}' data-sheets-numberformat='[null,3,"0.00%",1]'>28.68%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.33768986223949143}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/(1-R3C2)"><strong>33.77%</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":0.175}' data-sheets-numberformat='[null,3,"0.00%",1]'>17.50%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.20605204285882492}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/(1-R3C2)"><strong>20.61%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Local institutions/retail"}'>- Local institutions/retail</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.11180000000000007}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[-2]C[0]-R[-1]C[0]">11.18%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.13163781938066652}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/(1-R3C2)"><strong>13.16%</strong></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Voting rights (NPS+minority)"}'><strong>Voting rights (NPS+minority)</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.42164135170140127}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-4]C[-1]+R[-3]C[-1])/(1-R3C2)"><strong>42.16%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Voting rights (minority)"}'><strong>Voting rights (minority)</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.33768986223949143}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-4]C[-1])/(1-R3C2)"><strong>33.77%</strong></td>
</tr>
<tr><td colspan="3" data-sheets-value='{"1":2,"2":"Source: FnGuide"}'>Source: KRX &amp; FnGuide</td></tr>
</tbody>
</table><p>The issue is stock purchase cost, whose ceiling is set at 800 billion won, representing 18% of the SO and 51% of the minority shareholders' shares.</p><div class="content-highlight"><p><strong>It is important to note that exceeding the ceiling doesn't necessarily mean SK will cancel the merger. Instead, it will consider canceling the merger if the total cost exceeds the ceiling.</strong></p></div><div id="ember2918" data-message-id="514083"><div id="ember2919">
<p>Minority shareholders can be broken down into NPS (7.1%), foreign (17.5%), local institutions/retail (11.2%). I wouldn't care much about local institutions/retail. Local institutional investors typically do not oppose corporate events involving local conglomerates. This is because most of them are affiliates of financial holding companies, which in turn are tied to various deal opportunities with conglomerates such as SK Group. Local retail shareholders have significantly lower shareholder attendance rates. In addition, the proportion of stocks traded after August 23rd, the last day to have a dissent right, should be high.</p>
<p>Then NPS? I don't think they would vote against it. NPS has not said much about the merger so far. There has been a recent case where NPS voted against the corporate event of local conglomerates. But this merger, it'd be different. Since both are listed companies, there is no problem with the merger ratio. In addition, it would be difficult to see that the strategic value of the merger is low enough to claim that SK Materials' shareholder value is damaged.</p>
<p>Then, the key would be foreign shareholders (17.5%). Based on today's closing price, the dissent right spread is around 1%. It is questionable whether such a spread will lead to a huge dissent right exercise. But even if foreign shareholders fully exercised their dissent rights, it would be right below the ceiling.</p>
<table class="table table-striped">
<colgroup>
<col width="200">
<col width="200">
</colgroup>
<tbody>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Spread - stock purchase"}'>Spread - stock purchase for SK Materials</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":410400}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩410,400</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Exercise price"}'>Exercise price</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":415751}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",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":3,"3":1122.22}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩1,122</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Shares"}'>- Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":10000}' data-sheets-numberformat='[null,2,"#,##0"]'>10,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Tax-adj. exercise price"}'>Tax-adj. exercise price</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":414628.78}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩414,629</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Spread"}'>Spread</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.01030404483430806}' data-sheets-numberformat='[null,3,"0.00%",1]'>1.03%</td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: DART &amp; KRX"}'>Source: DART &amp; KRX</td></tr>
</tbody>
</table>
</div></div><div class="content-highlight"><p><strong>So, my prediction is this merger will go through.</strong></p></div>

The SK Inc/SK Materials stock swap arb spread has been consistently maintained at a 3% level.Then, should we do this arb?This depends on how much you see the possibility of cancellation, which is the only risk of this event.For this merger to pass the EGM, it must satisfy the following two requirements:
2/3 of attending shareholders to vote for the merger
AND
1/3 of all shareholders to vote for the merger
First, treasury shares account for 15.07%, which is non-voting shares. So, as SK Inc owns 49.1%, which translates into 58% of the voting shares, it has a pretty good shot at passing the merger by itself alone, even though it falls short of hitting 2/3 (66%).







Shareholding - SK Materials
Share %
Voting %


SK Inc
49.12%
57.84%


Treasury shares
15.07%
-

 

NPS
7.13%
8.40%


Minority shareholders
28.68%
33.77%


- Foreign
17.50%
20.61%


- Local institutions/retail
11.18%
13.16%



Voting rights (NPS+minority)
-
42.16%


Voting rights (minority)
-
33.77%

Source: KRX &amp; FnGuide

The issue is stock purchase cost, whose ceiling is set at 800 billion won, representing 18% of the SO and 51% of the minority shareholders' shares.It is important to note that exceeding the ceiling doesn't necessarily mean SK will cancel the merger. Instead, it will consider canceling the merger if the total cost exceeds the ceiling.
Minority shareholders can be broken down into NPS (7.1%), foreign (17.5%), local institutions/retail (11.2%). I wouldn't care much about local institutions/retail. Local institutional investors typically do not oppose corporate events involving local conglomerates. This is because most of them are affiliates of financial holding companies, which in turn are tied to various deal opportunities with conglomerates such as SK Group. Local retail shareholders have significantly lower shareholder attendance rates. In addition, the proportion of stocks traded after August 23rd, the last day to have a dissent right, should be high.
Then NPS? I don't think they would vote against it. NPS has not said much about the merger so far. There has been a recent case where NPS voted against the corporate event of local conglomerates. But this merger, it'd be different. Since both are listed companies, there is no problem with the merger ratio. In addition, it would be difficult to see that the strategic value of the merger is low enough to claim that SK Materials' shareholder value is damaged.
Then, the key would be foreign shareholders (17.5%). Based on today's closing price, the dissent right spread is around 1%. It is questionable whether such a spread will lead to a huge dissent right exercise. But even if foreign shareholders fully exercised their dissent rights, it would be right below the ceiling.






Spread - stock purchase for SK Materials

Current price
₩410,400


Exercise price
₩415,751


Transfer income tax
₩1,122


- Shares
10,000


Tax-adj. exercise price
₩414,629


Spread
1.03%

Source: DART &amp; KRX


So, my prediction is this merger will go through.

SK Inc/SK Materials Merger: Approval Possibilities & Another Arb Opportunity with SK Inc Futures

<h2>Change the articles of incorporation for stock dividends</h2><p>SK Innovation will hold an extraordinary general meeting of shareholders on September 16. The most important agenda for this general shareholders' meeting is to get shareholder approval for SK Innovation's spin-off announced on the 4th of this month.</p><div class="content-highlight">
<p><strong>But other things stand out as well.</strong></p>
<p><strong>That is, SK innovation is partially amending its articles of incorporation. And it wants to obtain shareholder approval for these amendments at this general meeting.</strong></p>
</div><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/226/948/original/Screen+Shot+2021-08-30+at+5.39.42+PM.png?1630359625" class="editor-image img-responsive" data-smartkarma-image-id="226948"></figure></section><p>Among the amendments, the amendment to allow for stock dividends is attracting attention from the market. It is unusual for a Korean local company to insert a stock dividend clause (in addition to a cash dividend) in the articles of incorporation. In fact, a stock dividend itself is unfamiliar in Korea.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/226/949/original/Screen+Shot+2021-08-30+at+5.26.21+PM.png?1630360013" class="editor-image img-responsive" data-smartkarma-image-id="226949"></figure><p>Then, on the surface, it is interpreted that SK Innovation chose a stock dividend to reduce the backlash from shareholders following the spin-off because SK Innovation lacked cash and transferred most of its cash holdings to a new battery company.</p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/226/950/original/Screen+Shot+2021-08-30+at+5.53.24+PM.png?1630360549" class="editor-image img-responsive" data-smartkarma-image-id="226950"></figure></section></section>

Change the articles of incorporation for stock dividendsSK Innovation will hold an extraordinary general meeting of shareholders on September 16. The most important agenda for this general shareholders' meeting is to get shareholder approval for SK Innovation's spin-off announced on the 4th of this month.
But other things stand out as well.
That is, SK innovation is partially amending its articles of incorporation. And it wants to obtain shareholder approval for these amendments at this general meeting.
Among the amendments, the amendment to allow for stock dividends is attracting attention from the market. It is unusual for a Korean local company to insert a stock dividend clause (in addition to a cash dividend) in the articles of incorporation. In fact, a stock dividend itself is unfamiliar in Korea.Then, on the surface, it is interpreted that SK Innovation chose a stock dividend to reduce the backlash from shareholders following the spin-off because SK Innovation lacked cash and transferred most of its cash holdings to a new battery company.


SK Innovation's Unusual Attempt to Change the Articles of Incorporation for Stock Dividends

<p>A fairly interesting path to the growth strategy of SK Group, with SK Holdings at the center, spread in the local market this morning. The core of this strategic path is to maximize valuation by separating the business divisions owned by SK Holdings' direct subsidiaries and listing them separately.</p><p>This is a part of the so-called SK Financial Story strategy that SK Holdings recently unveiled extensively. Through this, SK Holdings plans to increase its valuation nearly tenfold by 2025.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/226/830/original/5.png?1630290296" class="editor-image img-responsive" data-smartkarma-image-id="226830"></figure></section><div class="content-caption">(Courtesy SK Holdings)</div><div class="content-highlight"><p><em>The full version of this SK Financial Story presentation is attached below in this insight.</em></p></div><p>This strategic path was made clear by the merger of SK Holdings and SK Materials. Therefore, the SK Holdings/SK Materials merger is just the beginning, and that a similar merger will continue is spreading in the local market today.</p><p><strong>So who will be the next target?</strong></p><p>The answer to this? Well, we can find the answer from today's stock prices. Among SK affiliates, <a href="https://www.smartkarma.com/entities/skc-co-ltd" target="_blank" data-smartkarma-citation="entities:3970:1" rel="noopener">SKC Co Ltd (011790 KS)</a> is showing the largest share price movement. As of now (11:30 am local time), SKC is down more than 5%. This is because concerns are rapidly growing in the market that SKC will become the next affiliate to merge with SK Holdings.</p><ul>
<li><strong>SKC will pursue a physical division in the same way as SK Materials, and a newly created operating company will be listed separately, aiming for a significant valuation re-rating.</strong></li>
<li><strong>After SKC, SK Siltron, an unlisted company, will be the next target. This is a scenario where SK Siltron merges with SK Materials' newly created operating company and goes public. Similarly, this newly combined company will again aim for a substantial valuation re-rating. </strong></li>
</ul>

A fairly interesting path to the growth strategy of SK Group, with SK Holdings at the center, spread in the local market this morning. The core of this strategic path is to maximize valuation by separating the business divisions owned by SK Holdings' direct subsidiaries and listing them separately.This is a part of the so-called SK Financial Story strategy that SK Holdings recently unveiled extensively. Through this, SK Holdings plans to increase its valuation nearly tenfold by 2025.(Courtesy SK Holdings)The full version of this SK Financial Story presentation is attached below in this insight.This strategic path was made clear by the merger of SK Holdings and SK Materials. Therefore, the SK Holdings/SK Materials merger is just the beginning, and that a similar merger will continue is spreading in the local market today.So who will be the next target?The answer to this? Well, we can find the answer from today's stock prices. Among SK affiliates, SKC Co Ltd (011790 KS) is showing the largest share price movement. As of now (11:30 am local time), SKC is down more than 5%. This is because concerns are rapidly growing in the market that SKC will become the next affiliate to merge with SK Holdings.
SKC will pursue a physical division in the same way as SK Materials, and a newly created operating company will be listed separately, aiming for a significant valuation re-rating.
After SKC, SK Siltron, an unlisted company, will be the next target. This is a scenario where SK Siltron merges with SK Materials' newly created operating company and goes public. Similarly, this newly combined company will again aim for a substantial valuation re-rating. 


SKC Is Down 5% Today: Why & What Impact on SK Holdings/SK Materials Arb Spread-Hunting

<div class="content-highlight">
<h2>Conclusion</h2>
<p>We believe that this merger between SK Inc and SK Materials Holdings is likely to get completed. The long term benefit should be higher for SK Inc as it removes the holdco discount associated with its stake in SK Materials and is able to absorb the company without too much dilution.</p>
<p>In addition, in the next 3-5 years, there will likely be more speculation about an eventual merger between SK Inc and SK Square but that will likely require SK Inc raising its value much higher than current levels. Overall, we continue to have a POSITIVE view of SK Inc. </p>
<p>Both SK Square and SK Inc (post merger with SK Materials), will invest in the various segments of the global semiconductor value chain. SK Inc has mentioned that it plans to focus on investing in four main strategic sectors including new materials, bio, green and digital. <span>As both companies will be involved in investing in the various segments of the global semiconductor sector, there will likely be some overlaps in their investment operations. </span><span>As such, there could be some long-term benefits of merging SK Inc and SK Square. </span></p>
</div>


Conclusion
We believe that this merger between SK Inc and SK Materials Holdings is likely to get completed. The long term benefit should be higher for SK Inc as it removes the holdco discount associated with its stake in SK Materials and is able to absorb the company without too much dilution.
In addition, in the next 3-5 years, there will likely be more speculation about an eventual merger between SK Inc and SK Square but that will likely require SK Inc raising its value much higher than current levels. Overall, we continue to have a POSITIVE view of SK Inc. 
Both SK Square and SK Inc (post merger with SK Materials), will invest in the various segments of the global semiconductor value chain. SK Inc has mentioned that it plans to focus on investing in four main strategic sectors including new materials, bio, green and digital. As both companies will be involved in investing in the various segments of the global semiconductor sector, there will likely be some overlaps in their investment operations. As such, there could be some long-term benefits of merging SK Inc and SK Square. 


Merger of SK Inc & SK Materials Holdings: A Prelude to An Eventual Merger with SK Square?

South Korea

SK Materials Co Ltd. specializes in producing and distributing specialty gas.  The Company's main products include NF3 (Nitrogen Trifluoride) for semiconductor and LCD, SiH4 (Monosilane) for solar cells, WF6 (Tungsten Hexafluoride) and DCS (Dichlorosilane).

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SK Materials (036490 KS)

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

In this insight, we provide an updated NAV valuation analysis of SK Inc. Our updated base case valuation of SK Inc is 381,838 won per share,...

Douglas Kim

SK Inc/SK Materials Merger: Approval Possibilities & Another Arb Opportunity with SK Inc Futures

This post discusses the shareholder approval possibilities of the SK Inc/SK Materials merger and another arbitrage opportunity with SK Inc futures.

Sanghyun Park

SK Innovation's Unusual Attempt to Change the Articles of Incorporation for Stock Dividends

This post investigates and discusses SK Innovation's attempt to change the articles of incorporation to allow for stock dividends in the upcoming...

Sanghyun Park

SKC Is Down 5% Today: Why & What Impact on SK Holdings/SK Materials Arb Spread-Hunting

This post explains why SKC is down more than 5% today and what impact it has on the SK Holdings/SK Materials arb spread-hunting.

Sanghyun Park

Merger of SK Inc & SK Materials Holdings: A Prelude to An Eventual Merger with SK Square?

In the next few years, there will likely be more speculation about an eventual merger between SK Inc and SK Square but that will likely require SK...

Douglas Kim

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