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>SK Telecom finally announced its plans for an equity spinoff.</p><div class="content-highlight">
<p><strong>SKT will be split into two companies.</strong></p>
<ul>
<li><strong>The surviving company: tentatively named 'AI &amp; Digital Infra Company'</strong></li>
<li><strong>The newly spun-off company: tentatively named 'ICT Investment Company'</strong></li>
</ul>
</div><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/200/589/original/1.jpeg?1618405943" class="editor-image img-responsive" data-smartkarma-image-id="200589"></figure></section><div class="content-caption">(Source: SK Telecom)</div><p>Here is the regulatory filing at KRX KIND.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/200/588/original/Screen+Shot+2021-04-14+at+9.08.48+AM.png?1618405789" class="editor-image img-responsive" data-smartkarma-image-id="200588"></figure></section><div class="content-caption"><a href="https://engkind.krx.co.kr/common/disclsviewer.do?method=search&amp;acptNo=20210414000385&amp;docno=&amp;formProcsCd=070&amp;language=english" target="_blank" rel="noopener">(Source: KRX KIND)</a></div><hr><div class="content-highlight"><h2>Key points in the announcement</h2></div><ul>
<li>SKT wants this equity spinoff to unlock the market valuation for the telecom (SKT itself), semiconductor (Hynix), and the remaining ICT businesses (ADT Caps, 11st, etc.).</li>
<li>SKT also wants to offer investors two separate investment options: telecom (value and steady) and non-telecom (growth and more volatile).</li>
<li>The spinoff company will actively seek investment activities. It plans to invest in both domestic and overseas semiconductor companies.</li>
<li>The spinoff company will also promote IPOs of its subsidiaries: ADT Caps, 11st, and T Map Mobility.</li>
<li>SKT stated that it has no plans to merge the spinoff company with SK Inc.</li>
<li>SKT plans to complete this equity spinoff within this year.</li>
</ul>

SK Telecom finally announced its plans for an equity spinoff.
SKT will be split into two companies.

The surviving company: tentatively named 'AI &amp; Digital Infra Company'
The newly spun-off company: tentatively named 'ICT Investment Company'

(Source: SK Telecom)Here is the regulatory filing at KRX KIND.(Source: KRX KIND)Key points in the announcement
SKT wants this equity spinoff to unlock the market valuation for the telecom (SKT itself), semiconductor (Hynix), and the remaining ICT businesses (ADT Caps, 11st, etc.).
SKT also wants to offer investors two separate investment options: telecom (value and steady) and non-telecom (growth and more volatile).
The spinoff company will actively seek investment activities. It plans to invest in both domestic and overseas semiconductor companies.
The spinoff company will also promote IPOs of its subsidiaries: ADT Caps, 11st, and T Map Mobility.
SKT stated that it has no plans to merge the spinoff company with SK Inc.
SKT plans to complete this equity spinoff within this year.


SK Telecom Equity Spinoff Announcement: Summary, Takeaways, & Price Impact

<p>SK Telecom delivered an 8.09% gain at a 3.63x DTV in the previous session.</p><p>The price peaked at ₩278,000, setting a new 52W high.</p><p>The announced quarterly dividend and SKT split were what drove up the price last Friday.</p><table class="table table-striped">
<colgroup>
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Today"}'>Previous session (March 26, Friday)</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Name"}' data-sheets-numberformat='[null,5,"m\"/\"d\"/\"yy"]'>Name</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"SK Telecom Co Ltd"}' data-sheets-numberformat='[null,4,"[$₩]#,##0"]' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>SK Telecom Co Ltd</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ticker"}' data-sheets-numberformat='[null,5,"m\"/\"d\"/\"yy"]'>Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"017670"}' data-sheets-numberformat='[null,4,"[$₩]#,##0"]' data-sheets-formula='="017670"'>017670</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"MC (₩B)"}'>MC (₩B)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":22124.324814}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula='=googlefinance(R[-1]C[0], "price")*googlefinance(R[-1]C[0], "shares")/1000000000'>22,124.3</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"DTV (₩B)"}'>DTV (₩B)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":76.70187402631579}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula='=googlefinance(R[-2]C[0], "volumeavg")*average(index(googlefinance(R[-2]C[0], "price", today()-30, today()), 0,2))/1000000000'>76.7</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Close"}'>Close</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":274000}' data-sheets-numberformat='[null,4,"[$₩-412]#,##0"]' data-sheets-formula='=googlefinance(R[-3]C[0], "price")'>₩274,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Δ Daily"}'>Δ Daily</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.08086785009861933}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R6C2-R[0]C[1])/R[0]C[1]">8.09%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Open"}'>Open</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.06407766990291262}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R6C2-R[0]C[1])/R[0]C[1]">6.41%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"High"}'>High</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.014388489208633094}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R6C2-R[0]C[1])/R[0]C[1]">-1.44%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Low"}'>Low</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0682261208576998}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R6C2-R[0]C[1])/R[0]C[1]">6.82%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"x DTV"}'><strong>x DTV</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3.6343745568121477}' data-sheets-numberformat='[null,2,"#,##0.00",1]' data-sheets-formula='=googlefinance(R[-8]C[0], "volume")/googlefinance(R[-8]C[0], "volumeavg")'><strong>3.63</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"TV (₩B)"}'>TV (₩B)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":301.933204}' data-sheets-numberformat='[null,2,"#,##0.0"]' data-sheets-formula='=googlefinance(R3C[0], "volume")*R[-6]C[0]/1000000000'>301.9</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"TV/SO"}'>TV/SO</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.013647114953263586}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula='=googlefinance(R[-10]C[0], "volume")/googlefinance(R[-10]C[0], "shares")'>1.36%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"x Open"}'>x Open</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"8.34%p"}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula='=if((R[-5]C[1]-R[-4]C[1])/R[-6]C[1]&gt;0.1, left((R[-5]C[1]-R[-4]C[1])/R[-6]C[1]*100, 5)&amp;"%p", left((R[-5]C[1]-R[-4]C[1])/R[-6]C[1]*100, 4)&amp;"%p")'>8.34%p</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Upper wick"}'>Upper wick</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.18604651162790697}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=if((R[-9]C[0]-R[-7]C[1])&gt;0, (R[-9]C[0]-R[-6]C[1])/(R9C[1]-R10C[1]), (R[-7]C[1]-R[-6]C[1])/(R9C[1]-R10C[1]))">-18.60%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Body"}'>Body</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.7674418604651163}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-10]C[0]-R[-8]C[1])/(R9C[1]-R10C[1])">76.74%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Lower wick"}'>Lower wick</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.046511627906976744}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=if((R[-11]C[0]-R[-9]C[1])&gt;0, (R[-9]C[1]-R[-7]C[1])/(R9C[1]-R10C[1]), (R[-11]C[0]-R[-7]C[1])/(R9C[1]-R10C[1]))">4.65%</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><table class="table table-striped">
<colgroup>
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" style="width: 722.986px;" data-sheets-value='{"1":2,"2":"52W"}'>52W</td></tr>
<tr>
<td style="width: 351.134px;" data-sheets-value='{"1":2,"2":"52WH"}'><strong>52WH</strong></td>
<td style="text-align: right; width: 351.134px;" data-sheets-value='{"1":3,"3":-0.014388489208633094}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-15]C[0]-R[0]C[1])/R[0]C[1]"><strong>-1.44%</strong></td>
</tr>
<tr>
<td style="width: 351.134px;" data-sheets-value='{"1":2,"2":" - Date"}'><strong>- Date</strong></td>
<td style="text-align: right; width: 351.134px;" data-sheets-value='{"1":3,"3":44281.64583333333}' data-sheets-numberformat='[null,5,"m\"/\"d\"/\"yy"]' data-sheets-formula='=index(googlefinance(R[-19]C[0], "all", today()-365, today()+2), (match(max(index(googlefinance(R[-19]C[0], "all", today()-365, today()+2), 0, 3)), index(googlefinance(R[-19]C[0], "all", today()-365, today()+2), 0, 3), 0)), 1)'><strong>3/26/21</strong></td>
</tr>
<tr>
<td style="width: 351.134px;" data-sheets-value='{"1":2,"2":"52WL"}'>52WL</td>
<td style="text-align: right; width: 351.134px;" data-sheets-value='{"1":3,"3":0.611764705882353}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-17]C[0]-R[0]C[1])/R[0]C[1]">61.18%</td>
</tr>
<tr>
<td style="width: 351.134px;" data-sheets-value='{"1":2,"2":" - Date"}'>- Date</td>
<td style="text-align: right; width: 351.134px;" data-sheets-value='{"1":3,"3":43920.64583333333}' data-sheets-numberformat='[null,5,"m\"/\"d\"/\"yy"]' data-sheets-formula='=index(googlefinance(R[-21]C[0], "all", today()-365, today()+2), (match(MIN(index(googlefinance(R[-21]C[0], "all", today()-365, today()+2), 0, 4)), index(googlefinance(R[-21]C[0], "all", today()-365, today()+2), 0, 4), 0)), 1)'>3/30/20</td>
</tr>
<tr>
<td style="width: 351.134px;" data-sheets-value='{"1":2,"2":"20D SMA"}'>20D SMA</td>
<td style="text-align: right; width: 351.134px;" data-sheets-value='{"1":3,"3":0.07863399271725224}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-19]C[0]-R299C[15])/R299C[15]">7.86%</td>
</tr>
<tr>
<td style="width: 351.134px;" data-sheets-value='{"1":2,"2":"20D EMA"}'>20D EMA</td>
<td style="text-align: right; width: 351.134px;" data-sheets-value='{"1":3,"3":0.06978897560576489}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-20]C[0]-R299C[16])/R299C[16]">6.98%</td>
</tr>
<tr>
<td style="width: 351.134px;" data-sheets-value='{"1":2,"2":"120D SMA"}'>120D SMA</td>
<td style="text-align: right; width: 351.134px;" data-sheets-value='{"1":3,"3":0.12600811629937844}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-21]C[0]-R299C[17])/R299C[17]">12.60%</td>
</tr>
<tr>
<td style="width: 351.134px;" data-sheets-value='{"1":2,"2":"20D Δ"}'>20D Δ</td>
<td style="text-align: right; width: 351.134px;" data-sheets-value='{"1":3,"3":0.10707070707070707}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R6C2-R[252]C[14])/R[252]C[14]">10.71%</td>
</tr>
<tr>
<td style="width: 351.134px;" data-sheets-value='{"1":2,"2":"20D SD"}'>20D SD</td>
<td style="text-align: right; width: 351.134px;" data-sheets-value='{"1":3,"3":0.0317752982836343}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=stdev.s(R[252]C[14]:R299C[14])/average(R[252]C[14]:R299C[14])">3.18%</td>
</tr>
<tr>
<td style="width: 351.134px;" data-sheets-value='{"1":2,"2":"120D Δ"}'>120D Δ</td>
<td style="text-align: right; width: 351.134px;" data-sheets-value='{"1":3,"3":0.15126050420168066}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R6C2-R[150]C[14])/R[150]C[14]">15.13%</td>
</tr>
<tr>
<td style="width: 351.134px;" data-sheets-value='{"1":2,"2":"120D SD"}'>120D SD</td>
<td style="text-align: right; width: 351.134px;" data-sheets-value='{"1":3,"3":0.04652453407071372}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=stdev.s(R[149]C[14]:R299C[14])/average(R[149]C[14]:R299C[14])">4.65%</td>
</tr>
<tr>
<td style="width: 351.134px;" data-sheets-value='{"1":2,"2":"180D Δ"}'>180D Δ</td>
<td style="text-align: right; width: 351.134px;" data-sheets-value='{"1":3,"3":0.21777777777777776}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R6C2-R[88]C[14])/R[88]C[14]">21.78%</td>
</tr>
<tr>
<td style="width: 351.134px;" data-sheets-value='{"1":2,"2":"180D SD"}'>180D SD</td>
<td style="text-align: right; width: 351.134px;" data-sheets-value='{"1":3,"3":0.05449534356371748}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=stdev.s(R[87]C[14]:R299C[14])/average(R[87]C[14]:R299C[14])">5.45%</td>
</tr>
<tr><td colspan="2" rowspan="1" style="width: 722.986px;" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><table class="table table-striped">
<colgroup>
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"RSI, %K, &amp; %D"}'>RSI, %K, &amp; %D</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"RSI (14)"}'>RSI (14)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":69.67481814704726}' data-sheets-numberformat='[null,2,"#,##0.00",1]' data-sheets-formula="=R[468]C[7]">69.67</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"%K"}'>%K</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":87.09677419354838}' data-sheets-numberformat='[null,2,"#,##0.00",1]' data-sheets-formula="=R[467]C[10]">87.10</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"%D"}'>%D</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":79.95818399044205}' data-sheets-numberformat='[null,2,"#,##0.00",1]' data-sheets-formula="=R[466]C[11]">79.96</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/197/743/original/chart.png?1616949737" class="editor-image img-responsive" data-smartkarma-image-id="197743"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/197/744/original/chart+%281%29.png?1616949748" class="editor-image img-responsive" data-smartkarma-image-id="197744"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/197/745/original/chart+%282%29.png?1616949759" class="editor-image img-responsive" data-smartkarma-image-id="197745"></figure></section>

SK Telecom delivered an 8.09% gain at a 3.63x DTV in the previous session.The price peaked at ₩278,000, setting a new 52W high.The announced quarterly dividend and SKT split were what drove up the price last Friday.





Previous session (March 26, Friday)

Name
SK Telecom Co Ltd


Ticker
017670


MC (₩B)
22,124.3


DTV (₩B)
76.7


Close
₩274,000


Δ Daily
8.09%


Open
6.41%


High
-1.44%


Low
6.82%


x DTV
3.63


TV (₩B)
301.9


TV/SO
1.36%


x Open
8.34%p


Upper wick
-18.60%


Body
76.74%


Lower wick
4.65%

Source: KRX







52W

52WH
-1.44%


- Date
3/26/21


52WL
61.18%


- Date
3/30/20


20D SMA
7.86%


20D EMA
6.98%


120D SMA
12.60%


20D Δ
10.71%


20D SD
3.18%


120D Δ
15.13%


120D SD
4.65%


180D Δ
21.78%


180D SD
5.45%

Source: KRX







RSI, %K, &amp; %D

RSI (14)
69.67


%K
87.10


%D
79.96

Source: KRX



Short SK Telecom on Last Friday's Distorted Gain

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Last Week in Event SPACE: Capitaland, Languang Justbon, Fast Retailing, Crown Resorts, Adani Power

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<div class="content-highlight">
<p>On 25 March in the AGM, SK Telecom's CEO Park Jung-Ho emphasized that a major corporate governance reorganization will be completed this year. Following this announcement, SK Telecom's shares are up 8% today. For those investors following <a href="https://www.smartkarma.com/entities/sk-telecom-co-ltd-bbccd86c-474d-4a4d-946d-10e911a225a2" target="_blank" data-smartkarma-citation="entities:395:1" rel="noopener">SK Telecom (017670 KS)</a> closely, the company has hinted about this move for the past 5+ years.</p>
<p><em>So, is the company crying wolf this time around again? This time around, we do not believe SK Telecom is crying wolf. Rather, we believe there is a 95%+ probability that the company announces a major corporate reorganization plan sometime in April/May this year, which should unlock a greater value from SK Telecom. We continue to maintain a positive view of SK Telecom. </em></p>
</div>


On 25 March in the AGM, SK Telecom's CEO Park Jung-Ho emphasized that a major corporate governance reorganization will be completed this year. Following this announcement, SK Telecom's shares are up 8% today. For those investors following SK Telecom (017670 KS) closely, the company has hinted about this move for the past 5+ years.
So, is the company crying wolf this time around again? This time around, we do not believe SK Telecom is crying wolf. Rather, we believe there is a 95%+ probability that the company announces a major corporate reorganization plan sometime in April/May this year, which should unlock a greater value from SK Telecom. We continue to maintain a positive view of SK Telecom. 


SK Telecom's CEO Confirms A Major Corporate Governance Reorganization Will Be Completed in 2021

Equity Bottom-Up

<div class="content-highlight">
<p><a href="https://www.smartkarma.com/entities/kt-corp" target="_blank" data-smartkarma-citation="entities:1112:1" rel="noopener">KT Corp (030200 KS)'s </a>stock price has been in a long bear hibernation for nearly 20 years. In this insight, we argue the key investment merits of KT Corp and why it could outperform the market in the next one to two years.</p>
<p>The key investment points of KT Corp are as follows:</p>
<ul>
<li><strong>Emphasis on business customers for AI &amp; cloud services</strong></li>
<li><strong>Solid dividends (dividend yield of 5.1%)</strong></li>
<li><strong>Attractive valuations (EV/EBITDA multiple of 2.2x in 2021)</strong></li>
<li><strong>Warren Buffett's recent investment in Verizon (a sign of big rotation from growth to value, greater interest in global telcos)</strong></li>
<li><strong>Undervalued, huge land &amp; property holdings</strong></li>
<li><strong>Strong growth of 5G services</strong></li>
</ul>
</div>


KT Corp (030200 KS)'s stock price has been in a long bear hibernation for nearly 20 years. In this insight, we argue the key investment merits of KT Corp and why it could outperform the market in the next one to two years.
The key investment points of KT Corp are as follows:

Emphasis on business customers for AI &amp; cloud services
Solid dividends (dividend yield of 5.1%)
Attractive valuations (EV/EBITDA multiple of 2.2x in 2021)
Warren Buffett's recent investment in Verizon (a sign of big rotation from growth to value, greater interest in global telcos)
Undervalued, huge land &amp; property holdings
Strong growth of 5G services



KT Corp - Increasing Value Amid Digital Transformation

South Korea

SK Telecom Co., Ltd. is a Korean mobile and telecommunications operator. The Company provides cellular voice, wireless data, and wireless internet services. SK Telecom also offers fixed line services and platform services.

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SK Telecom (017670 KS)

SK Telecom Equity Spinoff Announcement: Summary, Takeaways, & Price Impact

SKT finally announces an equity spinoff. This post summarizes the announcement along with key takeaways and immediate term price impact.

Sanghyun Park

Short SK Telecom on Last Friday's Distorted Gain

This post explains two reasons why we should short SK Telecom to capitalize on last Friday's distorted gain in the restructuring dynamic.

Sanghyun Park

Last Week in Event SPACE: Capitaland, Languang Justbon, Fast Retailing, Crown Resorts, Adani Power

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

SK Telecom's CEO Confirms A Major Corporate Governance Reorganization Will Be Completed in 2021

We believe there is a 95%+ probability that SK Telecom announces a major corporate reorganization plan sometime in April/May this year, which...

Douglas Kim

KT Corp - Increasing Value Amid Digital Transformation

In this insight, we argue the key investment merits of KT Corp and why it could outperform the market in the next one to two years.

Douglas Kim

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