BNK Investment & Securities analyzed that uncertainty is being removed regarding SK due to financial support for its subsidiary's subsidiary and the promotion of SK ecoplant's listing. There are expectations that SK's support could lead to improved performance for its subsidiary. SK's target stock price has been raised from 200,000 won to 215,000 won, while the investment opinion remains 'buy.'
SK has recently supported SK Innovation after providing cash support to SKE&S. SK Innovation, a subsidiary of SK, is planning a third-party allocation capital increase worth 2 trillion won, with SK participating in 400 billion won of that amount. Financial institutions will participate in the remaining amount. SK has also begun supporting backward by signing a 'stock price return swap' contract with the financial institutions participating in the capital increase.
SK will purchase about 50 million shares held by financial investors (FIs) in its subsidiary SK On in the over-the-counter market. This is to help the financial investors relieve their repayment pressure and focus on growth. The size of the equity SK is acquiring amounts to about 3.6 trillion won.
Kim Jang-won, an analyst at BNK Investment & Securities, noted, 'It appears that the large-scale funds have been used to help SK On relieve the burden from external investors.'
The merger between subsidiaries is also expected to serve as a positive factor for SK. SK On will absorb SK Enmove, and if the merger is successful, SK Innovation's equity ratio is expected to increase by 3.3%, strengthening its governance structure.
Researcher Kim stated, 'SK's recent push for SK ecoplant's listing is expected to positively contribute to evaluations, and it is necessary to view this positively in that much of the uncertainty will be removed.'