mst.fyi / notes / sk-nav-discount live model

mst@fyi:~$ run nav-discount.sk

SK's Hynix exposure is mostly a discount stack.

SK hynix is the operating asset. SK Square is the direct holding-company wrapper. SK Inc is the group wrapper above that. This page pulls listed prices from Yahoo Finance, then calculates the holding-company discounts from share counts, ownership stakes, and explicit non-listed asset assumptions.

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

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 --

Discount and Exposure Bars

market value and look-through exposure
SK Square market / NAV
--
SK Inc market / calculated NAV
--
SK Inc Hynix look-through / NAV
--

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
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.

Holdco Comps

open all comp pages
Holdco Core exposure Bucket Discount-close mechanism Main trap SK read-through
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.