In today’s briefing:
- Sweden’s EQT Partners to Invest Big in SK Shieldus: Impact on SK Square
- KDDI (Buy) – Q2 22 Results Reaction: Mixed Quarter as Power Costs Accelerate
Sweden’s EQT Partners to Invest Big in SK Shieldus: Impact on SK Square
- On 2 November, it was reported that Sweden’s EQT Partners is to acquire a 36.87% stake in SK Shieldus.
- EQT Partners is expected to invest more than 2 trillion won in SK Shieldus which is expected to be valued at about 4.5 trillion won to 5.2 trillion won.
- Our base case valuation of SK Square is NAV per share of 59,272, which is 59% higher than current price.
KDDI (Buy) – Q2 22 Results Reaction: Mixed Quarter as Power Costs Accelerate
- KDDI posted its best revenue growth since 2019 but an acceleration in power costs and expenses associated with the July network outage kept a lid on margins
- On balance, the print is positive and management remains confident on full-year targets
- There are sector reads from corporate sales (good), higher power costs (bad), and stable competitive intensity whilst modest erosion in roaming revenue indicates Rakuten’s rebound from peak losses is modest
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