In today’s briefing:
- Higher Private Market Valuation of SK On: Positive Impact on SK Innovation
- WTI and Gold Targets
- Ball Corporation: What Is Its Biggest Competitive Advantage? – Key Drivers
Higher Private Market Valuation of SK On: Positive Impact on SK Innovation
- It has been reported that SK On received 1.2 trillion won investment from a consortium led by MBK Partners and SNB Capital, valuing SK On at about 25 trillion won.
- Our SoTP valuation of SK Innovation suggests a target price of 274,738 won per share, which represents a 38% higher levels than current price.
- SK Innovation’s 96.5% stake in SK On (24.1 trillion won in value) is 130% higher than SK Innovation’s current market cap.
WTI and Gold Targets
- Oil and gold remain under pressure due to a firm US dollar. Use strikes to the downside in oil to re cycle a short near 75 resistance.
- Our sell call in gold at 2,060 is pressing below 1,980 with a target of 1,900 where we start to probe for an intermediate cycle low.
- We view this as a tactical pullback within a more bullish macro cycle. USD counter play.
Ball Corporation: What Is Its Biggest Competitive Advantage? – Key Drivers
- Amid tough year-over-year comparisons, largely driven by business divestments, Ball Corporation delivered a mixed set of results for the previous quarter with revenues well below analyst expectations but managed an earnings beat.
- The company’s aluminum beverage, as well as aerosol shipments, were in line with the regional expectations of the management.
- However, the sales of the quarter decreased because of the sale of the company’s Russian business, lower volumes, currency translation, and pass-through of lower aluminum prices.
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