mst@fyi:~$ analyze sk-nav

SK NAV discount

SK hynix is the operating asset, SK Square is its direct listed wrapper, and SK Inc adds another holding-company layer. Cached market prices and explicit assumptions turn that ownership chain into comparable NAV discounts.

local data: not loaded Yahoo chart endpoint SK Inc shareholder data SK Square NAV reference

hynix listings

Seoul, Frankfurt, and Nasdaq parity

Ratio-adjusted prices, FX parity, post-listing gaps, and conversion constraints.

open analysis ->

discount readout cached prices + editable structure

SK hynix direct NAV discount -- --

SK Square discount to self-calculated NAV -- --

SK Inc discount to self-calculated NAV -- --

base case editable

SK Square NAV is calculated, not copied. The model marks its SK hynix stake to Yahoo's latest 000660.KS price and adds an editable value for other assets and net cash. SK hynix contributes about -- of calculated SK Square NAV.

SK Inc is marked through the same chain. Its SK Square stake is valued from calculated SK Square NAV, then added to editable non-Square SK Inc NAV. Current calculated SK Inc NAV is --, with SK hynix representing -- of that NAV.

Assumptions

KRW tn unless noted

SK Square share price, KRW SK Square shares, mn SK hynix share price, KRW SK hynix shares, mn SK Square ownership of SK hynix, % SK Square other assets + net cash SK Inc share price, KRW SK Inc shares, mn SK Inc ownership of SK Square, % SK Inc other assets - net debt

SK Square

direct Hynix wrapper

Calculated NAV --

Market capitalization --

SK hynix stake value --

NAV per share --

Price as percent of NAV per share --

SK Inc

group wrapper

Calculated NAV --

Market capitalization --

SK Square stake at NAV --

NAV per share --

Hynix look-through stake --

3-Year Current-Structure Backcast

waiting for Yahoo data

This chart still uses the current editable ownership and other-NAV assumptions across the full price history. It is a backcast, not a true historical NAV series.

loading daily closes

SK Square discount to calculated NAV SK Inc discount to calculated NAV

Dated Fundamentals Coverage

loading sourced fields

The first pass collects official dated fields we can defend. It is not yet enough to replace the backcast with a daily historical NAV model.

loading fundamentals cache

SK Square Sensitivity

estimated price per SK Square share

SK hynix value change	25% NAV discount	35% NAV discount	45% NAV discount	55% NAV discount

Buyback Accretion

below-NAV repurchases

repurchase budget, KRW tn buyback price as % of NAV

SK Square NAV/share accretion --

SK Square shares retired --

SK Inc NAV/share accretion --

SK Inc shares retired --

Discount-Close Checklist

what must happen

capital return Buy below NAV.

Repurchases at a large discount are mechanically accretive if they are real, repeated, and not offset by leakage elsewhere.

governance Cancel treasury stock.

Cancellation matters more than announced buybacks when investors distrust group-level capital allocation.

monetization Turn stake value into cash.

The Hynix stake screens liquid, but strategic-control constraints can make market value less realizable.

policy Make Value-Up measurable.

Targets need dates, payout formulas, and progress against NAV/share rather than broad discount language.

01 / purest proxy

SK hynix is the clean asset.

The operating company has no holding-company discount, but it carries direct memory cycle, capex, and valuation risk.

02 / convex wrapper

SK Square is mostly a Hynix NAV trade.

With SK hynix driving nearly all calculated NAV, Square's upside depends on Hynix performance plus discount narrowing.

03 / double discount

SK Inc is broader but less direct.

SK Inc adds portfolio diversification, debt, governance, and another discount layer. It can screen cheaper on look-through NAV, but the unlock path is less clean.