Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>On 30 August, SK Inc announced that it will buyback and cancel 200 billion won worth of common shares which represents 1.2% of SK Inc's current market cap. </li>
<li>Our SoTP valuation of SK Inc suggests an implied valuation of 325,228 won per share, suggesting 40% upside from current levels.</li>
<li>SK Inc's decision to buyback and cancel 200 billion won of common shares is a step in the right direction and the company abiding by its promises to its shareholders.</li>
</ul>


On 30 August, SK Inc announced that it will buyback and cancel 200 billion won worth of common shares which represents 1.2% of SK Inc's current market cap. 
Our SoTP valuation of SK Inc suggests an implied valuation of 325,228 won per share, suggesting 40% upside from current levels.
SK Inc's decision to buyback and cancel 200 billion won of common shares is a step in the right direction and the company abiding by its promises to its shareholders.


SK Inc's Common Shares Buyback & Cancellation of 200 Billion Won

Equity Bottom-Up

<ul>
<li>Three major positive factors for Samsung C&amp;T include deep discount NAV, capital shifting to value/holdcos, and higher commodity prices boosting trading business earnings. </li>
<li>Shanghai lockdown remains a black box event and there are some increasing concerns that the China COVID induced lockdowns could result in a potential earnings miss for Samsung Electronics.</li>
<li>Samsung C&amp;T (028260 KS) has been outperforming Samsung Electronics (005930 KS). Samsung C&amp;T is flat for the year versus Samsung Electronics which is down 13.6% YTD.</li>
</ul>


Three major positive factors for Samsung C&amp;T include deep discount NAV, capital shifting to value/holdcos, and higher commodity prices boosting trading business earnings. 
Shanghai lockdown remains a black box event and there are some increasing concerns that the China COVID induced lockdowns could result in a potential earnings miss for Samsung Electronics.
Samsung C&amp;T (028260 KS) has been outperforming Samsung Electronics (005930 KS). Samsung C&amp;T is flat for the year versus Samsung Electronics which is down 13.6% YTD.


Samsung C&T: Deep Discount NAV, Capital Shifting to Value/Holdcos, & Trading Business Boost

Global Healthcare Analyst

Tina Banerjee

SK Biopharmaceuticals   / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals Co Ltd (326030 KS)</a> surpassed KRW400 billion sales last year, the highest since inception. The company targets more than doubling sales this year, through global expansion of cenobamate.</li>
<li>The company is expected to launch its third commercial drug, carisbamate (currently in phase 3 trial) in global market in 2025.  </li>
<li>On the back of robust 2021 financial performance, SK Biopharmaceuticals shares have recovered and reached to two-month high, thereby offering an attractive and confirming buying opportunity.</li>
</ul>



SK Biopharmaceuticals Co Ltd (326030 KS) surpassed KRW400 billion sales last year, the highest since inception. The company targets more than doubling sales this year, through global expansion of cenobamate.
The company is expected to launch its third commercial drug, carisbamate (currently in phase 3 trial) in global market in 2025.  
On the back of robust 2021 financial performance, SK Biopharmaceuticals shares have recovered and reached to two-month high, thereby offering an attractive and confirming buying opportunity.


SK Biopharmaceuticals (326030 KS): Highest Performance in 2021; Pipeline Progress Entails Visibility

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.

<ul>
<li>For this March rebalancing, the screening base date is January 28, which is the last trading day of January. So, the 3-month rebalancing review period is now done.</li>
<li>Other than LG Energy (+₩146,2B), we should pay the most attention to AfreecaTV (+1.70x), Chunbo (+0.36x), Douzone Bizon (-4.82x), and SoulBrain (-0.99x).</li>
<li>In addition, large-cap stocks such as SKIET (+0.25x), Ecopro BM (+0.10x), LG Chem (-0.62x), and Posco Chemical (-0.30x) will likely draw much attention.</li>
</ul>


For this March rebalancing, the screening base date is January 28, which is the last trading day of January. So, the 3-month rebalancing review period is now done.
Other than LG Energy (+₩146,2B), we should pay the most attention to AfreecaTV (+1.70x), Chunbo (+0.36x), Douzone Bizon (-4.82x), and SoulBrain (-0.99x).
In addition, large-cap stocks such as SKIET (+0.25x), Ecopro BM (+0.10x), LG Chem (-0.62x), and Posco Chemical (-0.30x) will likely draw much attention.


KRX K-New Deal Index Screening Period Ended: Rebalancing Changes & Passive Impacts Update

Equity Capital Markets

LG Energy Solution / Equity Capital Markets

<ul>
<li>LG Energy Solution provided the confirmed IPO allocations and lock-up periods for institutional investors today. </li>
<li>The final tally for the locked-up shares is 13.6 million shares, representing 58.3% of total shares allocated for the institutional investors.</li>
<li>The immediate free float on the first day of trading will be 20.7 million shares (8.9% of total outstanding shares). </li>
</ul>


LG Energy Solution provided the confirmed IPO allocations and lock-up periods for institutional investors today. 
The final tally for the locked-up shares is 13.6 million shares, representing 58.3% of total shares allocated for the institutional investors.
The immediate free float on the first day of trading will be 20.7 million shares (8.9% of total outstanding shares). 


LG Energy Solution: Confirmed Allocations, Float, & Lock-Up Periods

South Korea

SK Biopharmaceuticals Co., Ltd. researches and develops new drugs. The Company develops and markets brain disorders treatment drugs, central nervous system disorders treatment drugs, and other products. SK Biopharmaceuticals markets its products worldwide.

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SK Biopharmaceuticals (326030 KS)

SK Inc's Common Shares Buyback & Cancellation of 200 Billion Won

SK Inc's decision to buyback and cancel 200 billion won of common shares is a step in the right direction and the company abiding by its promises...

Douglas Kim

Samsung C&T: Deep Discount NAV, Capital Shifting to Value/Holdcos, & Trading Business Boost

Three major positive factors for Samsung C&T include deep discount NAV, capital shifting to value/holdcos, and higher commodity prices boosting...

Douglas Kim