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

Initial Thoughts on the SK Ecoplant IPO - Impact on SK Inc

Updated NAV on SK Inc Post 660 Billion Pre-IPO Investment in SK Pharmteco

Korean Holdcos Vs Opcos Gap Trading Opportunities in 1Q 2024

SK Square & SK Telecom - Sensitivity Analysis of Dividend Payments & Yields

SK Inc - SoTP Valuation Analysis and 3 Key Catalysts (SK E&S, SK Pharmteco, & SK Siltron)

SK Inc: Shares Cancellation & Updated NAV Valuation

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

Private Capital Markets

<ul>
<li>SK Pharmteco is currently 100% owned by SK Inc. It is one of the largest CMO players in Korea. SK Pharmteco is trying to raise nearly 600 billion won. </li>
<li>SK Pharmteco is seeking valuation of about 5 trillion won which is much higher than its book value of 1.65 trillion won.</li>
<li>Our NAV valuation of SK Inc suggests an implied NAV of 21.2 trillion won or 286,636 won per share, representing 75% upside from current levels.</li>
</ul>


SK Pharmteco is currently 100% owned by SK Inc. It is one of the largest CMO players in Korea. SK Pharmteco is trying to raise nearly 600 billion won. 
SK Pharmteco is seeking valuation of about 5 trillion won which is much higher than its book value of 1.65 trillion won.
Our NAV valuation of SK Inc suggests an implied NAV of 21.2 trillion won or 286,636 won per share, representing 75% upside from current levels.


SK Pharmteco Pre-IPO Funding & Impact on SK Inc