In today’s briefing:
- Celltrion Siblings Announced Dividends: Trading Based on Past Patterns
- SK Inc: Chairman Chey’s Divorce Settlement Finalized + SoTP Valuation Analysis
Celltrion Siblings Announced Dividends: Trading Based on Past Patterns
- The three Celltrion companies are showing the same pattern of boosting share prices towards the yearend T-1 ex-date. This isn’t unique to Celltrion, but the intensity is high for them.
- Celltrion’s yearend dividend effect has an inverse correlation with the market’s overall performance. Fortunately, this year’s market-wide performance was the worst in the past five years.
- For this year, the dividend yield isn’t bad either, swing on Dec 17 to T-1 ex-date or day trade on T-1 ex-date should provide juicy returns based on past patterns.
SK Inc: Chairman Chey’s Divorce Settlement Finalized + SoTP Valuation Analysis
- In early December, the divorce settlement between SK Group Chairman Chey Tae-Won and his former wife Roh So-Young was finalized after 6+ years of long proceedings.
- The end of the divorce settlement means that there is now a greater probability of SK Inc materially cancelling some of its treasury shares in 2023.
- Our SoTP valuation of SK Inc suggests an implied valuation of 260,712 won per share, suggesting 28.1% upside from current levels.
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