SK Innovation (SKBTAM, Aa3/NR/NR)
"*SK ENMOVE IPO SEEKS POTENTIAL MARKET CAP. OF ~$4.1B: IFR"
As we commented yesterday, management said during the earnings call that it was considering an IPO of its Lubricants business called SK Enmove (70% owned), which we estimate has an EV of around KRW5-6 trillion (c. $4bn) using an EV/Sales multiple of 1.35x (Fuchs as comp.). Headline, so far, adds possible timing of Q1.
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The trend condition in Gilt futures is unchanged, it remains bearish and yesterday’s fresh cycle low reinforces current conditions. The move lower has confirmed a resumption of the downtrend, maintaining the price sequence of lower lows and lower highs. Sights are on 91.09 next, a Fibonacci projection. Initial resistance is at 92.13, the Jan 7 high. Resistance at the 20-day EMA, is at 92.88, and the average is seen as an important hurdle for bulls.