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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Event-Driven

<p>In my previous insight on SK restructuring, I said the the most likely scenario would be SKT split-up and SKT Holdco+SK Holdco merger. Why? It is because SK Group has to convert SKT's 12.5% treasury shares into common shares having voting rights. I still have this view. SK may afford to have more time than its chaebol peer (particularly Samsung) since SK may not be as desperate as Samsung when it comes to restructuring. Unlike Samsung, SK has already completed the major part of holdco structure conversion. So, SK's situation is little different from that of Samsung. Nonetheless, this does not necessarily mean that SK can delay another round of restructuring (involving SK Hynix) indefinitely. SK Hynix' memory chip business is currently undergoing an extremely important period for business fundamentals. That is, SK Hynix needs to do various expansion activities. This means SK Hynix needs to be placed directly under SK Holdco if the situation allows.</p>

In my previous insight on SK restructuring, I said the the most likely scenario would be SKT split-up and SKT Holdco+SK Holdco merger. Why? It is because SK Group has to convert SKT's 12.5% treasury shares into common shares having voting rights. I still have this view. SK may afford to have more time than its chaebol peer (particularly Samsung) since SK may not be as desperate as Samsung when it comes to restructuring. Unlike Samsung, SK has already completed the major part of holdco structure conversion. So, SK's situation is little different from that of Samsung. Nonetheless, this does not necessarily mean that SK can delay another round of restructuring (involving SK Hynix) indefinitely. SK Hynix' memory chip business is currently undergoing an extremely important period for business fundamentals. That is, SK Hynix needs to do various expansion activities. This means SK Hynix needs to be placed directly under SK Holdco if the situation allows.

SK Restructuring Update - Gained Confidence About DRAM Biz (Daesung Industrial Gases Buyout Part 2)

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 Restructuring Update - Gained Confidence About DRAM Biz (Daesung Industrial Gases Buyout Part 2)

In my previous insight on SK restructuring, I said the the most likely scenario would be SKT split-up and SKT Holdco+SK Holdco merger. Why? It is...

Sanghyun Park

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