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>At 4 pm today, SK Chemicals announced that it would conduct a bonus issue.</p><p><a href="https://kind.krx.co.kr/common/disclsviewer.do?method=search&amp;acptno=20211007000382&amp;docno=&amp;viewerhost=&amp;viewerport=" target="_blank" rel="noopener">Here is the link to the regulatory filing at the KRX KIND</a>.</p><div class="content-highlight"><ul>
<li><strong>It will be a 50% capital increase ratio, which allocates 0.5 new shares per share.</strong></li>
<li><strong>The number of newly issued stocks is 5,869,384 common stocks and 656,759 preferred stocks, for a total of 6,526,143 shares.</strong></li>
<li><strong>The new stock allocation base date is October 22, and the expected listing date is November 9. </strong></li>
</ul></div><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/233/997/original/1.png?1633605858" class="editor-image img-responsive" data-smartkarma-image-id="233997"></figure><p></p></section><p></p><p>As a result, SK Chemicals' ordinary shares outstanding becomes 17,608,152 after the bonus issue, and the total number of preferred shares will be 1,970,278. Of course, 157,779 treasury shares (Ord: 12,628 and 1P: 145,151) are not allocated new shares.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/233/999/original/2.png?1633606196" class="editor-image img-responsive" data-smartkarma-image-id="233999"></figure><p></p></section><p>In addition, SK Chemicals has also introduced a new dividend policy.</p><p><a href="https://engkind.krx.co.kr/common/disclsviewer.do?method=search&amp;acptNo=20211007000423&amp;docno=&amp;formProcsCd=070&amp;language=english" target="_blank" rel="noopener">Here is the link to the regulatory filing at the KRX KIND</a>.</p><div class="content-highlight"><ul>
<li><strong>A dividend payout ratio of 30% from 2021 to 2023: SK Chemicals will use 30% of the de-consolidated net profit generated for three years from 2021 to 2023 for shareholder return.</strong></li>
<li><strong>In addition, SK Chemicals will actively consider interim dividends starting FY2022.</strong></li>
</ul></div><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/234/003/original/3.png?1633606720" class="editor-image img-responsive" data-smartkarma-image-id="234003"></figure></section>

At 4 pm today, SK Chemicals announced that it would conduct a bonus issue.Here is the link to the regulatory filing at the KRX KIND.
It will be a 50% capital increase ratio, which allocates 0.5 new shares per share.
The number of newly issued stocks is 5,869,384 common stocks and 656,759 preferred stocks, for a total of 6,526,143 shares.
The new stock allocation base date is October 22, and the expected listing date is November 9. 
As a result, SK Chemicals' ordinary shares outstanding becomes 17,608,152 after the bonus issue, and the total number of preferred shares will be 1,970,278. Of course, 157,779 treasury shares (Ord: 12,628 and 1P: 145,151) are not allocated new shares.In addition, SK Chemicals has also introduced a new dividend policy.Here is the link to the regulatory filing at the KRX KIND.
A dividend payout ratio of 30% from 2021 to 2023: SK Chemicals will use 30% of the de-consolidated net profit generated for three years from 2021 to 2023 for shareholder return.
In addition, SK Chemicals will actively consider interim dividends starting FY2022.


SK Chemicals Bonus Issue & New Shareholder Return Policy: Background & Impact

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<p>SK Chemicals announced after the market close that it will improve the company's dividend policy and complete a bonus issue. According to the company, these are part of the company's increased emphasis on ESG improvements. We believe these are positive catalysts that are likely to further boost SK Chemicals' share price.</p><p>If the company pays out 30% of its net income as dividends, this could suggest DPS of nearly 10,000 won per share, which means that its DPS could surge nearly five times versus last year. This would also suggest a dividend per share of 3.4% at current prices which would be much better than last year's level.</p><p>SK Chemicals also announced a bonus issue (0.5 new shares for 1 common share). The total number of newly issued shares will be 5.86 million (common shares) and 0.66 million (preferred shares). After the bonus issue, there will be 17.63 million common shares and 2.12 million preferred shares.</p><p><strong>SK Chemicals NAV Analysis - </strong>Our base case NAV valuation of SK Chemicals suggests a valuation of 530,140 won per share, representing an 82% upside from current levels. This is based on the current market valuation of SK Bioscience (68.4% stake), 8x OP of SK Chemicals' core business, and a 50% NAV discount. </p>

SK Chemicals announced after the market close that it will improve the company's dividend policy and complete a bonus issue. According to the company, these are part of the company's increased emphasis on ESG improvements. We believe these are positive catalysts that are likely to further boost SK Chemicals' share price.If the company pays out 30% of its net income as dividends, this could suggest DPS of nearly 10,000 won per share, which means that its DPS could surge nearly five times versus last year. This would also suggest a dividend per share of 3.4% at current prices which would be much better than last year's level.SK Chemicals also announced a bonus issue (0.5 new shares for 1 common share). The total number of newly issued shares will be 5.86 million (common shares) and 0.66 million (preferred shares). After the bonus issue, there will be 17.63 million common shares and 2.12 million preferred shares.SK Chemicals NAV Analysis - Our base case NAV valuation of SK Chemicals suggests a valuation of 530,140 won per share, representing an 82% upside from current levels. This is based on the current market valuation of SK Bioscience (68.4% stake), 8x OP of SK Chemicals' core business, and a 50% NAV discount. 

SK Chemicals - Announces A Big Improvement in Dividends and Bonus Issue

<p>September 18th is the major lockup release date for SK Bioscience. Not only will all 68.43% of the shares owned by SK Chemicals, the major shareholder, be released, but also the largest amount (5.16% of the SO) among the lockup shares held by the IPO institutional shareholders will be released.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/229/852/original/1.png?1631670665" class="editor-image img-responsive" data-smartkarma-image-id="229852"></figure><p>SK Chemicals recently received a shareholder letter from Metrica. In other words, the possibility of selling some of the shares held by the largest shareholder cannot be completely ruled out. But again, all attention is on the 4 million shares held by the IPO institutional investors. These are presumed to be mostly local publicly-raised funds and pension funds. Based on the current share price, their return is 330%. So, at this point, we should conclude that the probability that they will realize profits rather than holding for a longer period of time is quite high.</p><p>In both the 1-month lockup release on April 19 and the 3-month on June 18, the trading volume surged more than 3 times compared to the daily average. On the other hand, the stock price rose 6.44% on April 19th but fell 4.69% on June 18th. The reason that the stock price rose on April 19 was that it had fallen more than 20% since listing, so we may say that this 1-month lock-up release actually led to attracting bargain hunters.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/229/857/original/Trade+volume+%26+daily+price+gain.png?1631672810" class="editor-image img-responsive" data-smartkarma-image-id="229857"></figure><p>But the important thing that we must note here is that both of the previous major lockup releases had led to a huge surge in the trade volume, suggesting that a significant number of the IPO institutional shareholders must have opted to dispose of their holdings.</p>
<p>And this time, there is no reason to believe things would be different, especially considering that even the return is incomparably higher than the previous two lockup releases.</p></section>

September 18th is the major lockup release date for SK Bioscience. Not only will all 68.43% of the shares owned by SK Chemicals, the major shareholder, be released, but also the largest amount (5.16% of the SO) among the lockup shares held by the IPO institutional shareholders will be released.SK Chemicals recently received a shareholder letter from Metrica. In other words, the possibility of selling some of the shares held by the largest shareholder cannot be completely ruled out. But again, all attention is on the 4 million shares held by the IPO institutional investors. These are presumed to be mostly local publicly-raised funds and pension funds. Based on the current share price, their return is 330%. So, at this point, we should conclude that the probability that they will realize profits rather than holding for a longer period of time is quite high.In both the 1-month lockup release on April 19 and the 3-month on June 18, the trading volume surged more than 3 times compared to the daily average. On the other hand, the stock price rose 6.44% on April 19th but fell 4.69% on June 18th. The reason that the stock price rose on April 19 was that it had fallen more than 20% since listing, so we may say that this 1-month lock-up release actually led to attracting bargain hunters.But the important thing that we must note here is that both of the previous major lockup releases had led to a huge surge in the trade volume, suggesting that a significant number of the IPO institutional shareholders must have opted to dispose of their holdings.
And this time, there is no reason to believe things would be different, especially considering that even the return is incomparably higher than the previous two lockup releases.

Shorting Entry Timing on SK Bioscience for Sep 23 Lockup Release, Considering Chuseok Holiday

<p>On 13 September, <a href="https://www.smartkarma.com/entities/sk-chemicals-co-ltd-new" target="_blank" data-smartkarma-citation="entities:26190:1" rel="noopener">Sk Chemicals Co Ltd/New (285130 KS)</a> announced after the market close that it will be spinning off its utility business that makes industrial boilers and power generation facilities that produce electricity.</p><div class="content-highlight">
<p>Overall, we believe this spin-off of the utility business will have a positive impact on the company. The utility business is a non-core business of the company and it can realize higher value for this business as it separates this operation into a stand-alone unit.</p>
<p><em>With the six months lock-up ending on September 18th for SK Bioscience shares, investors will be watching carefully to see if indeed SK Chemicals partially sells its shares of SK Bioscience. There are still four trading days left this week and it is likely that investors will likely drive up price of SK Chemicals while drive down the share price of SK Bioscience this week.</em></p>
</div>

On 13 September, Sk Chemicals Co Ltd/New (285130 KS) announced after the market close that it will be spinning off its utility business that makes industrial boilers and power generation facilities that produce electricity.
Overall, we believe this spin-off of the utility business will have a positive impact on the company. The utility business is a non-core business of the company and it can realize higher value for this business as it separates this operation into a stand-alone unit.
With the six months lock-up ending on September 18th for SK Bioscience shares, investors will be watching carefully to see if indeed SK Chemicals partially sells its shares of SK Bioscience. There are still four trading days left this week and it is likely that investors will likely drive up price of SK Chemicals while drive down the share price of SK Bioscience this week.


SK Chemicals - Spinning Off Its Utility Business & Creating Higher Value

<p>Many of the market participants were targeting the value disparity of SK Chemical vs. SK Chemicals. In the end, Metrica Partners became the first to make a move.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/228/700/original/Screen+Shot+2021-09-08+at+6.05.10+PM.png?1631139447" class="editor-image img-responsive" data-smartkarma-image-id="228700"></figure></section><div class="content-caption">(Source: Metrica Partners website)</div><hr><p>SK Chemicals vs. SK Bioscience was still a tight pair until the end of July, maintaining its NAV discount at around 70%. It is hard to see a NAV discount of 70% as severely distorted among Korean holding company/subsidiary pairs. Yes, it is still a harsh discount, but it isn't unprecedented either.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/228/692/original/Screen+Shot+2021-09-08+at+6.09.08+PM.png?1631138966" class="editor-image img-responsive" data-smartkarma-image-id="228692"></figure></section><p>But as SK Bioscience's stock price began to soar from August, the pair's coupling level completely collapsed.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/228/693/original/image_94055596421631139004681.png?1631139006" class="editor-image img-responsive" data-smartkarma-image-id="228693"></figure><p>Despite a significant correction in yesterday's stock prices (both SK Chemicals and SK Bioscience), thanks to Metrica, SK Chemicals is posting a discount to NAV of close to 80% based on yesterday's closing price.</p><table class="table table-striped">
<colgroup>
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"NAV"}' data-sheets-note="Sang Hyun Park: Cases when a company's net cash position and the value of its publically traded interests are worth more than its market cap create the opportunity of a stub trade, in which investors can take a view that the company's core business will rise by shorting the minority stakes whilst going long the underlying. Such an opportunity has arisen in the wake of the Alibaba listing which has seen early investing company Yahoo trade at a discount to the value of its stake in Alibaba.">SK Chemicals NAV</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of listed holdings"}'>Value of listed holdings</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":15024.148650000001}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]' data-sheets-formula="=SUM(R[8]C[5])">₩15,024.1B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - % of Holdco market cap"}'>- % of Holdco market cap</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":4.401029440164908}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[-1]C[0]/((R[3]C[-3]*R[0]C[-3])/1000000000)">440.10%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of unlisted holdings"}'>Value of unlisted holdings</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":82.819}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]' data-sheets-formula="=SUM(R[7]C[5])">₩82.8B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stub value"}'>Stub value</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-11693.187112}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]' data-sheets-formula="=(R[1]C[-3]*R[-2]C[-3]/1000000000)-R[-3]C[0]-R[-1]C[0]">-₩11,693.2B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stub value per share"}'>Stub value per share</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-995046.6405863609}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-1]C[0]*1000000000/R[-3]C[-3]">-₩995,047</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of operating assets"}'>Value of operating assets</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1500}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]' data-sheets-formula="=SUM(R[8]C[5])">₩1,500.0B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"GAV"}'>GAV</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":16606.96765}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]' data-sheets-formula="=R[-6]C[0]+R[-4]C[0]+R[-1]C[0]">₩16,607.0B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"GAV per share"}'>GAV per share</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1414711.2925308687}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-1]C[0]/R[4]C[-3]*1000000000">₩1,414,711</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Discount to GAV (excl. treasury shares)"}'>Discount to GAV (excl. treasury shares)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.7946577499354616}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-1]C[0]-R[-4]C[-3])/R[-1]C[0]">79.47%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Holdco net cash/debt (de-consolidated)"}'>Holdco net cash/debt (de-consolidated)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-6.7}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]' data-sheets-formula="=R[5]C[5]">-₩6.7B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of pref shares"}'>Value of pref shares</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":237.033875}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]' data-sheets-formula="=(R[-5]C[-3]*R[-2]C[-3]+R[-5]C[-2]*R[-2]C[-2])/1000000000">₩237.0B</td>
</tr>
<tr><td colspan="2"></td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"NAV"}'><strong>NAV</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":16363.233774999999}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]' data-sheets-formula="=R[-5]C[0]+R[-2]C[0]-R[-1]C[0]"><strong>₩16,363.2B</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"NAV per share (excl. treasury shares)"}'><strong>NAV per share (excl. treasury shares)</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1393948.1362098644}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-1]C[0]/R[-1]C[-3]*1000000000"><strong>₩1,393,948</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Discount to NAV"}'><strong>Discount to NAV</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.7915991330998386}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-1]C[0]-R[-9]C[-3])/R[-1]C[0]"><strong>79.16%</strong></td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: KRX &amp; DART","6":1}'>Source: KRX &amp; DART</td></tr>
</tbody>
</table><div class="content-highlight"><p><strong>The discount rate of 80% compared to NAV is still very badly distorted even with the local average. This means that, despite yesterday's price corrections, there is still more room to trade for value disparity on SK Chemicals vs. SK Bioscience.</strong></p></div>

Many of the market participants were targeting the value disparity of SK Chemical vs. SK Chemicals. In the end, Metrica Partners became the first to make a move.(Source: Metrica Partners website)SK Chemicals vs. SK Bioscience was still a tight pair until the end of July, maintaining its NAV discount at around 70%. It is hard to see a NAV discount of 70% as severely distorted among Korean holding company/subsidiary pairs. Yes, it is still a harsh discount, but it isn't unprecedented either.But as SK Bioscience's stock price began to soar from August, the pair's coupling level completely collapsed.Despite a significant correction in yesterday's stock prices (both SK Chemicals and SK Bioscience), thanks to Metrica, SK Chemicals is posting a discount to NAV of close to 80% based on yesterday's closing price.





SK Chemicals NAV

Value of listed holdings
₩15,024.1B


- % of Holdco market cap
440.10%


Value of unlisted holdings
₩82.8B


Stub value
-₩11,693.2B


Stub value per share
-₩995,047


Value of operating assets
₩1,500.0B


GAV
₩16,607.0B


GAV per share
₩1,414,711


Discount to GAV (excl. treasury shares)
79.47%


Holdco net cash/debt (de-consolidated)
-₩6.7B


Value of pref shares
₩237.0B



NAV
₩16,363.2B


NAV per share (excl. treasury shares)
₩1,393,948


Discount to NAV
79.16%

Source: KRX &amp; DART

The discount rate of 80% compared to NAV is still very badly distorted even with the local average. This means that, despite yesterday's price corrections, there is still more room to trade for value disparity on SK Chemicals vs. SK Bioscience.

Metrica's Activist Move on SK Chemical Is a Well-Thought-Out Strategy

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Hugel, Inc. is a Bio-pharmaceutical company that focuses on developing beauty/cosmetics related products.  The Company's main products include botulinum toxin and fillers.

Green Cross Corporation manufactures household medical drugs. The Company's product includes medicines for cold and fever, nutrition, antiseptic drug, and a lip balm.

Medy-Tox Inc. is a biopharmaceutical company.  The Company researches, develops and manufactures biopharmaceutical products using clostridium botulinum which is a microorganism toxin.

Seegene, Inc. manufactures In Vitro Diagnostic (IVD) products mainly through molecular diagnostic method.  The Company provides diagnostic & screening products for cancer, sepsis, influenza and virus infection.

BIONEER Corp. provides molecular biology products & services.  The Company's product includes oligo synthesis, nucleic acid amplication and purification kits, and instruments for detecting biowarfare agents.

Green Cross Holdings Corporation is a holding company, which operates pharmaceutical, biotechnology, distribution system, life insurance, and healthcare entities.  The Company also invests in biotechnology venture capital and markets medical research information.

SillaJen, Inc. provides medical research and development services. The Company researches and develops treatment of cancer based on genetic recombination virus. SillaJen conducts its business in South Korea and the United States.

Eubiologics Co. Ltd. researches and develops biopharmaceuticals. The Company offers bacterial vaccines for new epidemics and antibiotic resistance. Eubiologics operates in South Korea.

Genexine Co., Ltd. is bio technology company. The Company specialize in the development of therapeutic vaccines and next generation antibody fusion protein medications.

Pharmicell Co.,Ltd. is a Biotechnology company.  The Company's business area inlcudes stem cell therapeutics, Stem cell banking, Bio-based business and Cosmetics.

TG Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the acquisition, development and commercialization of innovative pharmaceutical products for the treatment of cancer and other underserved therapeutic needs. Currently, the company is developing two therapies targeting hematological malignancies, specifically, relapsed and refractory non-Hodgkins lymphoma.

Arrowhead Pharmaceuticals, Inc. operates as a biotechnology company. The Company develops medicines that treat intractable diseases by silencing the genes. Arrowhead Pharmaceuticals offers its services in the United States.

Myriad Genetics, Inc. develops and markets molecular diagnostic products to provide physicians with information to help guide the care of their patients, to prevent disease, delay the onset of disease, or catch disease at an early stage.

Agios Pharmaceuticals, Inc. discovers and develops therapeutics in the field of cancer metabolism. The Company develops drugs focusing on glycolysis, fatty acid metabolism, and autophagy. Agios Pharmaceuticals operates in the United States.

Walvax Biotechnology Company Limited develops, manufactures and sells bio-pharmaceutical vaccination products.  The Company's products include haemophilus influenzae type b conjugate vaccine and meningococcal group A,C bivalent polysaccharide conjugate vaccine.

Geron Corporation is a clinical stage biopharmaceutical company developing a first-in-class telomerase inhibitor, imetelstat, in hematologic myeloid malignancies.

ACADIA Pharmaceuticals Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs for the treatment of central nervous system disorders. The company is currently working on the treatment of induced dysfunction in Parkinson's disease ,schizophrenia, neuropathic pain and glaucoma.

Celldex Therapeutics Inc., a biopharmaceutical company, uses applications of immunology to prevent and treat diseases. The Company's products treat autoimmune diseases, cardiovascular diseases, cancer, and inflammation, as well as infectious diseases and organ transplant rejection.

PTC Therapeutics, Inc. provides biopharmaceutical products. The Company develops orally administered and small-molecule drugs for genetic disorders, oncology, and infectious disease. PTC Therapeutics operates in the United States.

Amicus Therapeutics, Inc. is a biopharmaceutical company that develops orally-administered, small molecule drugs to treat human genetic diseases.  The drugs, called pharmacological chaperones, are being developed to treat Fabray, Gaucher, and Pompe disease.

SK Bioscience Co.,Ltd. operates biopharmaceutical businesses. The Company produces vaccines, sky cellflu prefilled syringes, sky cellflu quadrivalent prefilled syringes, varicella drugs, and other related products. SK Bioscience markets its products throughout South Korea.

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SK Bioscience (302440 KS)

SK Chemicals Bonus Issue & New Shareholder Return Policy: Background & Impact

This post details SK Chemicals' bonus issue and new shareholder return policy, announced late today. It also discusses the background of this...

Sanghyun Park

SK Chemicals - Announces A Big Improvement in Dividends and Bonus Issue

SK Chemicals announced after the market close that it will improve the company's dividend policy and complete a bonus issue.

Douglas Kim

Shorting Entry Timing on SK Bioscience for Sep 23 Lockup Release, Considering Chuseok Holiday

This post discusses short-selling entry timing on SK Bioscience aimed at the next week's major lockup release (September 23), considering the...

Sanghyun Park

SK Chemicals - Spinning Off Its Utility Business & Creating Higher Value

Overall, we believe this spin-off of the utility business will have a positive impact on SK Chemicals. The utility business is a non-core business...

Douglas Kim

Metrica's Activist Move on SK Chemical Is a Well-Thought-Out Strategy

This post discusses why Metrica's activist move against SK Chemicals is a well-thought-out strategy that can further and structurally reduce the...

Sanghyun Park

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