Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

What Arb Trading Opportunities Should We Target in SK Innovation's Rights Offering?

SK Innovation: Rights Offering of 1.2 Trillion Won at a 21% Discount to Current Price

Hanwha Ocean: Big Shares Dilution from Rights Offering of 2 Trillion Won

SK Innovation - A Massive 1 Trillion Won Share Buyback

SK Inc: Shares Cancellation & Updated NAV Valuation

SK On Valuation at 22 Trillion Won - Impact on SK Innovation

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Event-Driven

<ul>
<li>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.</li>
<li>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.</li>
<li>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.</li>
</ul>


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.


Higher Private Market Valuation of SK On: Positive Impact on SK Innovation